25 May 2012

Order-winning Ila Group raises £1.55m 

08/08/2011 Robert Tyerman

Women's security devices maker Ila Group (ILA) has secured £1.55 million at 1.2p and won £800,000 of orders from a 'major multi-national'. The Jersey-based company, steered by ex-Panmure Gordon investment manager Simon McGivern, says the new orders are the most it has yet received from a single, new customer and points out they are for products made at its recently-acquired Premium Factory arm.

AIM-quoted Ila says it now has a 'strong pipeline' of sales, including $365,000 (£227,000) for Austria/Germany and $445,000 for Elkjop in Norway. The company, which cut its losses from £881,000 to £382,000 in the six months to December on sales up 375 per cent to £647,000, says it has raised the new money to fund 'continued growth', which McGivern says is expected to be 'significantly stronger' than earlier forecast.

He says that means the company now expects to reach breakeven 'earlier than previously predicted'. Floated at 10p in 2006, Ila shares have hitherto performed dismally and now trade at 1.33p, valuing the company at £11.1 million.

If Ila really is now able to accelerate a move into the black, the shares, though by no means risk-free, might be worth a strong-nerved recovery flutter.

             

Tags: AIM market, Breakeven expectations, Simon McGivern, Women's security devices

Sector: Support Services

Companies: Litebulb

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