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Diversity offers comfort for Electric Word
Specialist information publisher Electric Word (ELE) has unveiled an 11 per cent fall in sales for the year to November.
The AIM-quoted venture unveiled adjusted pre-tax profits of £1.943 million, roughly flat against last year's profits of £1.9 million. These came on sales that fell 11 per cent as the company, which generates a significant proportion of its revenue from the education market, saw the effects of the CSR (Comprehensive Spending Review) dent sales.
Speaking to Growth Company Investor Chief executive Julian Turner argued that 'given a difficult year' to 'come out with such profits was an achievement.' He added that the results show the 'benefits of operating in a number of different market sectors.'
Regarding the outlook for the company, which generates a large proportion of its income via the selling of teacher training and educational materials, in light of the spending cuts to the sector Turner remarked that the decrease in money 'makes things tighter and more cautious.'
However he believes there is potential for Electric Word following the government's decision to cut quangos such as the Teacher Development Agency, adding that the removal of such enterprises will 'increase competition' in the space and present opportunities for companies such as Electric Word.
Following the announcement house broker Panmure Gordon held its forecasts. Panmure is forecasting EPS of 0.5p for the year to November 2011, which leaves the shares currently trading at just under nine times earnings.
Last recommended by Growth Company Investor at 4.13p, the shares, which have fallen eight per cent today after the results, have gained six per cent since our recommendation last July. We think the company has moderate growth prospects and as a result we reiterate our 'hold' recommendation.
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