News blog
Sanderson Group
- BY: Andrew Hore |
- POSTED: 20/05/2012 |
Enterprise software provider Sanderson Group is continuing to benefit from growth in multi-channel retailing.
Revenues from continuing operations fell from £7m to £6.14m in the six months to March 2012, although operating profit improved from £752,000 to £801,000. There was a £227,000 charge for a change in bank arrangements but pre-tax profit still increased from £365,000 to £413,000.
The balance sheet has been transformed by the sale of the high street retail software business to Torex for £11.75m. This wiped out debt and left Sanderson with net cash of £3.56m. Some of this will be used to reduce the pension deficit but Sanderson is also looking at potential acquisitions. Dividend payments will also be increased.
Recurring revenues rose from £3.61m to £3.79m.Charles Stanley forecasts a full year profit of £1.8m. The shares are trading on 10 times prospective 2011-12 earnings.
Since the results announcement, non-exec David Gutteridge bought 30,000 shares at 41.8p a share and 15,000 shares at 40p each.
At 39p a share, Sanderson is valued at £17m.
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