Enterprise software supplier Sanderson Group has switched banks from Royal Bank of Scotland to HSBC.
There is a four year facility of £7.4m and a £1m working capital facility. The new facility will cost £400,000 in fees to RBS but it will save £300,000 a year for four years.
Trading is strong in the manufacturing sector but retail is tougher. There is a strong order book.
Products that help customers save electricity are selling well.
Sanderson is still on course to make a profit of £2.4m in the year to September 2011 – excluding the £400,000 charge. At 39p a share, up 1.5p, Sanderson is valued at £16.9m. The shares are trading on more than eight times prospective 2011-12 earnings.
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