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  • BY: Andrew Hore |
  • POSTED: 19/09/2010 |

Electronic goods repairer Regenersis reported a higher profit in the year to June 2010 as an initial contribution from Total Repair Solutions offset a decline in the equipment recycling business.

Revenues grew from 98.3m to 116.4m. The main growth in revenues came from Poland and TRS. Underlying profit rose from 4.79m to 5.37m.

The business has been reorganised into three divisions which are mobile communications, media and entertainment and information technology. Mobile accounts for two-thirds of revenues.

Regenersis has invested in automated testing equipment to improve its efficiency. House broker Arden forecasts a profit of 5.4m this year.

The lower margin mobile phone recycling services are being run down and that has had a negative effect on working capital in the short-term. This is unwinding over the next few months.  Net debt is just short of 4m and it is expected to be a similar figure at the end of June 2011.

At 46.25p a share, Regenersis is valued at 20.7m. The shares are trading on five times prospective earnings for 2010-11. 

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