2 September 2010

Altium Securities

19/06/2006

Full year figures to April are due from Debt Free Direct on 27 June. Analyst Martin Cross at Altium says investors should expect profits of at least £5 million, followed by around £9.6 million the following year. The shares have underperformed rival debt concern Debtmatters by 140 per cent over the past year and ‘investors should buy before results’.

AIM-quoted print management specialist TripleArc, ‘badly shaken’ by challenging trading in 2005, remains a ‘buy’ after management took ‘decisive action’ to strengthen its position – divesting direct mail operations and re-focusing the cost base. Analyst Andrew Nussey says that in 2005 TripleArc’s top 30 accounts grew revenues by 24 per cent and the contracted revenue base now accounts for 44 per cent of turnover, giving ‘far higher levels of earnings visibility’. The shares currently trade at 4.25p, yet despite a revision of projected figures – PBT down to £1 million from £3.2 million and EPS more than halved to 0.5p – Nussey sees a platform for recovery and reiterates a targeted share price
of 10p.

Consumer magazine publisher Future posted ‘disappointing results’ for the six months to March, revealing a continuation of difficult trading conditions that have caused profit warnings. Analyst Roddy Davidson sees these as having ‘significantly damaged management credibility over the last 12 months’. The FTSE Small Cap listed company saw increases in revenue of ten per cent, but profits and earnings were down 56 per cent and 42 per cent respectively ‘due to a poor performance from games and acquired titles’.
Forecasts for the coming year are currently under review but investors could see a downgrade of earnings – possibly by as much as 12 per cent. The company trades on a forward p/e of ten. Altium maintains its ‘hold’ recommendation.

Companies: Fairpoint Group , TripleArc , Future

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