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Red24

  • BY: Andrew Hore |
  • POSTED: 27/04/2015 |

Security and crisis consultancy Red24 has made back the share price decline following the loss of its contract with HSBC and profit forecasts have been upgraded by one-fifth. 

The share price has risen 2.75p to 18.75p, which is just short of its 12 month high. The company is valued at £9.19m. Net cash was £3.2m at the end of March 2015.

The consultancy and special risk activities have finished the financial year more strongly than anticipated and costs have been kept under control. The new year has also started strongly.

The underlying 2014-15 profit forecast has been improved from £900,000 to £1.1m, while the 2015-16 forecast has been increased by a similar amount to £1.2m. The shares are trading on less than ten times 2015-16 earnings.

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