25 May 2012

Delcam to smash forecasts

14/11/2011 Miles Nolan

Software solutions specialist Delcam (DLC) has given shareholders a shot in the arm today, with news that profits will be ahead of market expectations.

Interim results to June revealed a 13 per cent hike in sales to £20.1 million, which led to a 87 per cent jump in pre-tax profits to £1.5 million. The AIM counter stated that the second half had got off to a good start, so much so that analysts at house broker WH Ireland have upped their full-year pre-tax profit forecast from £2.8 million to £3.2 million.

The final quarter is traditionally the strongest trading period for Delcam, but the broker even argues that if trading continues at current level that there may even be scope for further upgrades. All trading regions have helped drive the performance, with sales in Germany proving particularly strong.

We urged readers to buy Delcam in May at 430p, so the rise to 562.5p (up 27.5p today) is encouraging. Our recommendation was on the basis that Delcam is extremely cash rich, and is a supplier of niche software products. On track to deliver a record sales performance for 2012, we remain optimistic on its prospects.

Tags: Ahead of expectations, AIM market, Good progress, Impressive growth, Share recommendation

Sector: Software & Computer Services

Companies: Delcam

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