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  • BY: Andrew Hore |
  • POSTED: 05/04/2010 |

Employee benefits and promotions organiser Motivcom improved its profits in a difficult year.

Revenues declined from 110.5m to 102.4m in 2009, while gross profit was 3% lower at 22.8m. Underlying pre-tax profit improved from 2.87m to 3.5m. The total dividend for the year was 2.5p a share.

All three divisions, motivation, events and promotions, managed to make higher profit contributions in 2009. Cost savings were the main reason for that. Cancellation fees helped to keep up profits from the events division. An extended contract with Pfizer will boost the events side during the next few years.

House broker Numis forecasts a further rise in profit to 3.7m in 2010. The shares are trading on nine times prospective 2010 earnings.

Net cash was 1.83m at the end of 2009 and that is expected to increase to 3m by the end of 2010.

Motivcom is still interested in acquisitions in its core areas but has not found anything at the right price. It says that owners do not want to sell good businesses at the moment. Higher tax rates may motivate some owners to sell up. 

At 83.5p a share, Motivcom is valued at 24.3m.

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