News blog
ILX Group
- BY: Andrew Hore |
- POSTED: 21/11/2011 |
Software sales continue to grow at e-learning software supplier ILX Group.
Australasia remains the main growth area, with revenues jumping from £369,000 to £1.21m in the six months to September 2011. That figure is more than for the whole of the previous financial year. There was also growth in Europe, the Middle East and Africa. The main growth will continue to come from international sales. The majority of profit before central costs came from the international business for the first time.
Overall interim revenues rose 7% to £5.91m, with pre-tax profit improving from £68,000 to £115,000. That masks a fall in the contribution from the UK. Revenues from lower margin classroom training are in decline.
The UK remains tough and revenues have fallen. There are an increasing number of larger tenders rather than small orders. A UK government contract worth £1.2m over two years will make a significant contribution in the second half.
Since September, ILX has transferred its bank facilities from Barclays to HSBC and interest charges will fall next year due to this refinancing. Net debt was £1.72m at the end of September 2011 but the total faciliity is £4m.
House broker finnCap forecasts a 2011-12 profit of £1.7m, rising to £2.1m the following year. At 26.5p a share, ILX is valued at £7.31m. The shares are trading on six times prospective 2011-12 earnings.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2011_26.pdf
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