News blog
Xpertise
- BY: Andrew Hore |
- POSTED: 28/02/2008 |
Training company Xpertise’s 2007 figures were slightly better than expected.
The main growth is coming from the learning services business, which involves large, outsourced training contracts. Computacenter was the main customer last year but Experian and Sage were added near to the end of 2007.
Group revenues increased from £15.9m to £22.3m, while profits more than doubled to £646,000. There was a tax credit of £585,000 which flattered the earnings per share of 23.1p.
Net cash is £2.1m so Xpertise has the ability to make acquisitions. The main problem is the sellers’ price expectations.
Xpertise has returned to the dividend list with a 2.5p a share final dividend. Even if the tax credit is stripped out and a normal tax charge applied, the dividend is covered more than three times by earnings.
House broker Daniel Stewart has upgraded its forecast profit for 2008 from £900,000 to £940,000 on turnover 8% higher at £24m. There is likely to be a normal tax rate on these profits.
The shares rose 8p to 116p. That puts the shares on around 11 times prospective earnings for 2008.
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