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Vindon Healthcare

  • BY: Andrew Hore |
  • POSTED: 27/03/2012 |

Storage equipment manufacturer and storage services provider Vindon Healthcare is performing strongly in the UK and in the US.

A large order for storage equipment meant that second half sales were strong. Revenues grew 15% to 6.83m in 2011, while pre-tax profit improved from 1m to 1.1m. The dividend was also increased by 10% to 0.182p a share. 

US revenues doubled to 781,000 and this business is following the same trajectory as the Irish storage business, where capacity has been trebled. Overall contracted revenues are 4.5m.

Although there has been consolidation and contraction in the UK there is scope for further equipment sales overseas. Storage demand was flat in the UK but there is still siope for growth.

Net debt was 1.58m at the end of 2011 and cash generation should mean that Vindon will have net cash during 2013. Capital investment is likely to be much lower in the next couple of years. There is still spare capacity in the US and Ireland.

WH Ireland forecasts a 2012 profit of 1.26m, which is an upgrade on the previous estimate.

At 11.5p a share, Vindon is valued at 10.2m. The shares are trading on 10 times prospective 2012 earnings.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf

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