25 May 2012

Maiden profit for i-design

10/10/2011 Ben Jaglom

Advertising for cash points specialist i-design Group (IDG) has confirmed it is to report a maiden profit for the year to September.

The AIM-quoted concern said that it was expecting its first profit, ahead of prior expectations of a loss of circa £144,000. Sales are also expected to be above existing forecasts, with sales of £3.5 million penciled in, while cash of approximately £900,000 is anticipated.

I-design noted that the better than expected results were driven by two deals in particular - the agreement signed with Barclays in May to supply its entire UK estate - as well as the contract made last October with Netherlands-focused ATM operator YourCash to provide its technology to a number of YourCash's cash points.

Following the announcement, analysts at house broker Arbuthnot upgraded their forecasts for the year to September 2011 from a loss of £144,000 to a profit of £32,000, raising its sales forecast from £3.2 million to £3.5 million.

Recommended by Growth Company Investor this May at 30.5p and most recently in July at 52.5p the shares have since climbed to 64p. The company has been one of the strongest performers on AIM this year, having more than doubled in value as investor confidence in the Dundee-headquartered concern has returned. Hold on for further gains.

Tags: British technology, Cash points, Maiden profit

Sector: Media

Companies: i-design

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