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Red24

  • BY: Andrew Hore |
  • POSTED: 15/11/2012 |

Risk management and security assistance services provider Red24 continues to make steady progress.

In the six months to September 2012, revenues improved 15% to £3.34m, while profit edged ahead from £412,000 to £440,000. The tax charge is increasing as tax losses run out. There was £2.11m in the bank at the end of September 2012 even though debtors were higher because of crisis responses in Africa during August. This cash has come in since the half year end. The interim dividend has been increased by 25% to 0.4p a share.

The product safety operations generated revenues of £433,000 during the period, against nothing in the first half of the previous year, although last time there were revenues of £196,000 relating to a similar product previously included in the main division.

Training revenues grew but the core security assistance revenues fell 1%. The HSBC contract has been renewed for another year. Red24 is buying its Crisis Response and Management Centre in Cape Town.

Management warns that the outlook for the dollar could have a negative impact on the company’s figures. It knocked £40,000 off interim profit.

At 11.88p a share, Red24 is valued at £5.82m. The shares are trading on eight times earnings.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2012_38.pdf

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