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WIN

  • BY: Andrew Hore |
  • POSTED: 20/09/2009 |

WIN reported reduced interim profits but this should mark the bottom of its fortunes.

The mobile content and distribution services provider reported a fall in interim profits from £416,000 to £28,000, after £177,000 of exceptional charges relating to cost cutting. Annualised costs have been reduced by £200,000. Revenues edged ahead from £19.4m to £19.7m in the six months to June 2009.

Newer, higher margin operations are becoming more important to the group and WIN’s recovery will be based on these operations. The premium rate phone numbers business is declining. The managed services business has won new contracts from Vodafone, T-Mobile and Sony Ericsson

The interim dividend is maintained at 1p a share. Net cash was £933,000 at the end of June 2009. The cash position has improved since then.

House broker Arden forecasts a dip in full year profits from £1.8m to £1.2m in 2009. The broker expects a recovery in profits to £1.9m in 2010.

At 64p a share, WIN is valued at £6.5m. The shares are trading at less than eight times prospective earnings for 2009.

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