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Vianet

  • BY: Andrew Hore |
  • POSTED: 03/12/2013 |

Fluid monitoring systems supplier Vianet continues to be hit by the uncertainty surrounding the government consultation relating to the pub sector.

In the six months to September 2013, revenues fell from 11.2m to 9m as iDraught sales declined and low margin business was shed by the fuel solutions division.  Pre-tax profit, before exceptional and amortisation, declined from 1.87m to 1.3m. Annual savings of 440,000 have been secured in the first half.

The vending division moved into profit and the fuel solutions loss was reduced. Both these divisions should continue to recover. However, the market needs to absorb the result of the consultation on the pub sector before the effect on the core business will be known. US iDraught pilots have been successful and there is scope for further roll outs.

The interim dividend has been maintained at 1.7p a share. It appears possible that the total dividend for the year of 5.7p a share could also be maintained but that depends on the outcome of the government consultation.

At 71.5p a share, down 2.5p, Vianet is valued at 19.3m. The yield on an unchanged dividend is 8%.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2013_50.pdf

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