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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