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PSG Solutions
- BY: Andrew Hore |
- POSTED: 16/07/2009 |
Property search business PSG Solutions hardly made any profit in the second half of the year to March 2009.
Full year profits fell from £3.24m to £1.33m but nearly all of that profit was made in the first half. At the time of the interim figures FinnCap forecast a full year profit of £1.5m. Revenues fell from £14.5m to £10.1m.
Nearly all the decline came from the property search business. This was partly offset by an improved contribution from surveillance technology company Audiotel, where operating profit improved from £274,000 to £724,000. Audiotel’s revenues tend to be volatile so it is difficult to assess whether this is repeatable. Packaging company Moore & Buckle made a lower contribution.
At 23.5p a share, PSG is valued at £6.01m. Net cash is £3.2m.
PSG needs an upturn in the house buying market to significantly improve its figures.
Southwind has a 53.3% stake following its recent mandatory bid of 17.125p a share.
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