News blog
Vero Software
- BY: Andrew Hore |
- POSTED: 08/04/2009 |
Computer aided design software supplier Vero Software managed to grow its profits in 2008 but they are likely to fall back in 2009.
Vero reported a 20% increase in underlying profits to £1.37m, while revenues improved from £12.7m to £13.9m. There were £445,000 of restructuring charges for the UK, Italy and China. Maintenance revenues grew and revenues were helped by the weakness of sterling against the Yen, US dollar and the Euro. That also led to a rise in net debt to £2.86m. Vero plans to refinance £860,000 of loans from Fortis Bank.
Vero has changed its nominated adviser and broker from Blue Oar to Daniel Stewart. The new house broker forecasts 2009 profits of £1.1m and a higher tax charge.
At 12.25p a share, Vero is valued at £4.56m. The shares are trading on five times prospective 2009 earnings.
Current trading is continuing at similar levels to last year. Recurring revenues are strong and overall revenues should continue to grow in 2009.
A capital reduction during 2008 means that Vero can pay dividends but it has put this off until there are signs of an economic upturn.
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