Friday 11 December 2015

UPDATED IMPACT NUMBERS #IHUK



More detailed financial review



REVENUE (£000S)
HALF 2 2015
1,082
HALF 1 2015
906
HALF 2 2014
783
HALF 1 2014
958
HALF 2 2013
885
HALF1 2013
425


COST OF SALES (£000s)
HALF 2 2015
91
HALF 1 2015
376
HALF 2 2014
786
HALF 1 2014
521
HALF 2 2013
318
HALF 1 2013
113


OPERATING EXPENSES (£000S)
HALF 2 2015
503
HALF 1 2015
765
HALF 2 2014
1079
HALF 1 2014
435
HALF 2 2013
320
HALF 1 2013
309


PROFIT (£000s)
HALF 2 2015
488
HALF 1 2015
-226
HALF 2 2014
-1082
HALF 1 2014
2
HALF 2 2013
247
HALF 1 2013
3


IHUK has gone through a difficult period involving litigation that has had a drain on profits and resources but they appear to have turned the corner with the closing of the large AIG litigation and winning of over £1mill. 

This can be demonstrated in terms of average number of staff employed in EOY 2014 vs 2015…
2014 – 85 average monthly employees
2015 – 35 average monthly employees

 
Going forward I would assume the operating expenses of £500k to be nearer the mark with reduced staff numbers.

I am unsure what constitutes “cost of sales” and the company are in a closed period pre interims, confirmed for this month. However, it is good to see a continued downtrend to the lowest ever level in the last half year.

Revenues continue to grow after the large litigation is out of the way too.

Complete guess, finger in the air interim prediction…

Revenues £1,100k
Cost of Sales £200k
Operating Expenses £600k
Profit £300k (I am hoping this is conservative)

On this basis with a yearly profit of £600k+ they should be on a PE of say 12 and an MCap £7.2mill and an SP of around 275p

ROLL THE DICE

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