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ACS soars in sales
Bolstered by the acquisition of COA Solutions, software concern Advanced Computer Software (ASW) has declared a 216 per cent increase in full year sales.
The AIM-quoted group declared sales of £95.4 million for the year to February. Due to a number of costs including one off restructuring costs and share-based payments pre-tax profits fell from £4.2 million to £3.2 million, however adjusted pre-tax profits rose from £6.8 million to £21 million. EPS rose nine per cent from 1.1p to 1.2p.
The Surrey-headquartered business, which develops HR and accounting software for the healthcare sector last year acquired software venture COA solutions in a deal worth £100 million. COA contributed £57 million worth of sales to ASW's results, with the company having also purchased two smaller social care-focused companies - Cerrus and Caresys for £370,000 and £2.6 million, respectively.
In an interview with Growth Company Investor, ASW's CEO Vin Murria enthused that the acquisition of COA has been 'working beautifully' adding that 'a number of synergies have taken place across the businesses.' Looking forward she noted that an ageing population will see the 'biggest opportunity in chronic care' in care homes and hospices with Murria keen to note 'we service the SMEs (small to medium enterprises) not big companies like Southern Cross'.
Following the results analysts at finnCap held their forecasts. The broker is forecasting adjusted pre-tax profits of £22.5 million for the year to February 2012 on sales of £99.1 million. In 2013 it see profits climbing to £24.6 million on revenue of £104 million. EPS of 4.2p and 4.6p are pencilled in for 2012 and 2013, respectively.
Currently trading at 35.5p shares in ASW are trading at just 8.5 times 2011 earnings. Though they do not offer a dividend the company has grown impressively since a 2007 price just north of 10p. With some strong plans for growth in a niche sector we rate the shares a long-term buy.
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