25 May 2012

Escher declares Saudi win

17/01/2012 Ben Jaglom

Irish postal software specialist Escher (ESCH) has announced it is to work on a project with Saudi Arabia's Post Office.

The AIM-quoted concern - which joined the junior market last August in a float that raised £15.4 million - declared that it is to work on a partnership with Saudi technology group Abana Enterprises to 'modernise Saudi Arabia's Post Office'. Abana provides products such as cashpoints to customers within the Kingdom.

Escher notes the deal will see it supply the Saudi Post Office with its 'RiposteEssential' product, which enables a variety of functions to be carried out including banking transactions and parcel tracking. Escher remarks to provide what it describes as 'optimum' value to the Saudi Post Office it will be carry out service and maintenance on a phased basis.

Analysts at Panmure Gordon are forecasting pre-tax profits of $5.4 million (£3.5 million) and EPS of 14.9p on sales of $19.2 million (£12.5 million) for the year to December 2012.

Having joined AIM at 170p, shares in Escher are currently trading at 177.5p. Having previously reported in December that it had won a five year contract worth $1.5 million with the Armenian Post Office, Escher looks as if it has made considerable progress in growing its overseas footprint. Worth a look.

Tags: Business in the Middle East, Doing business with Saudi Arabia, Irish businesses, Postal software

Sector: Software & Computer Services

Companies: Escher Group

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