News blog
Strontium
- BY: Andrew Hore |
- POSTED: 08/03/2010 |
Professional services provider Strontium has refocused its business activities and the latest figures show that it is reaping the benefits.
Revenues grew by 23% to £1.23m in the six months to December 2009 and pre-tax profit nearly doubled from £74,000 to £145,000.
Strontium sold its Executive Development Consultants business last year and it is focusing on its training activities. The NHS is a major customer. A new Australian operation is near to breaking even.
Strontium has switched its nominated adviser and broker from Astaire to Cairn, whose employees used to work for Dowgate before it was acquired by Astaire.
Strontium has paid £25,000 of deferred consideration in shares for Miad. These shares were issued at 16p each. At 11.5p a share, Strontium is valued at £1.54m.
There is £359,000 of cash in the bank at the end of 2009.
Management is still looking for suitable professional services businesses to add to the group. The cash in the bank will help to finance acquisitions. The low rating of the shares makes it difficult to finance an earnings enhancing acquisition with shares.
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