News blog
ILX Group
- BY: Andrew Hore |
- POSTED: 16/11/2009 |
Online and classroom training provider ILX Group reported better than expected interim results.
Revenues fell from £7.87m to £7.4m in the six months to September 2009. Interim profits before exceptionals declined from £1.07m to £491,000. The best practice division improved its revenues and profits but the finance division reported more than halved profits in its peak period. Graduate recruitment by financial institutions has declined and that hit the division’s revenues. The second half will remain difficult for the finance division.
ILX will start to benefit from annualised cost savings of £1.3m in the second half.
Net debt was £4.33m at the end of September 2009.
ILX is expected to report a profit of £1.1m in the year to March 2010. ILX reported a profit before non-recurring costs of £1.7m in 2008-09 – although the reported loss was £1m. There may be scope for profit upgrades if the best practice division continues to improve its performance.
At 34.5p a share, ILX is valued at £6.73m. The shares are trading on less than nine times prospective 2009-10 earnings.
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