News blog
Sanderson
- BY: Andrew Hore |
- POSTED: 08/12/2008 |
Enterprise software provider Sanderson grew underlying profits in the year to September 2008.
Revenues grew 53% to £27.6m helped by a full year contribution from retail software provider Sanderson RBS. Recurring revenues accounted for 49% of revenues. Underlying pre-tax profits edged up from £3.14m to £3.22m. Underlying earnings per share are around 7p.
Management has decided to reduce the total dividend for the year in order to conserve cash to help pay down debt. The final dividend has been cut from 1.55p to 0.2p a share. The total dividend has fallen from 2.7p to 1.4p a share.
Net debt is £10.7m and that should fall to around £8m by September 2009. The debt was taken on to acquire Sanderson RBS.
Sanderson has found a way of utilising more tax losses so it should not pay tax for at least two years.
The manufacturing software division produced flat revenues but an improved profit contribution. Multi-channel retail produced the growth in revenues nd some growth in profit.
Sanderson shares rose 2p to 21p a share, which values the company at £9.11m. The shares are trading on three times earnings.
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