Software and services provider to the publishing and media industry, Ingenta (ING) has updated on its year ended 31st December 2019 and emphasised “a leaner, more responsive business better equipped to service its diverse customer base”…
The update commences that the company “expects to report revenue of £10.9m and adjusted EBITDA of approximately £1.3m… cash performance was improved by £0.5m of accelerated cash receipts from the year end annual renewal cycle… resulting in net cash balances at year-end of £2.6m… intention to pay a dividend of at least 1.5 pence per ordinary share for the 2019 financial year”. The latters are also after £0.5 million of “reorganisation costs” and £0.3 million of dividends (the prior year’s 1.5p per share payout) – and the cash compares to £1.8 million at the half-year and £1.3 million at the end of 2018.
The update also emphasises “6 new customer sales of our Commercial product during the year, having gained significant traction in the SME market which the group has identified as a key strategic opportunity” and “we have broadened our offering to new verticals, including Conchord as an IP management solution for the music industry, and look forward to promoting its benefits in 2020. We have also taken steps to strengthen Vista's offering for our customers in the wider publishing industry”.
This follows, initially having risen following the November recommendation, the shares having fallen towards 70p, to capitalise the company at circa £12 million. They have recovered a bit on the back of the trading update - to a current 76p offer price - but, as per our November view, we believe the operational and financial progress will gain wider attention and can spark a return to 100p+. Ahead of a potential catalyst of a full results statement expected “at the end of March”, our stance remains buy.
Filed under: Ingenta, Versarien, Hurricane Energy, Royal Mail, Catenae Innovation, HotStockRockets
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