25 May 2012

Netdimensions in rude health

17/01/2012 Miles Nolan

Software seller Netdimensions (NETD) has issued a pleasing statement, with news that it is on track to beat market expectations.

Buoyed by a strong performance in the final quarter, the AIM firm now expects to surpass both sales and profit forecasts. In addition, thanks to strong cash generation, Netdimensions continues to rake in cash and at the year-end was sitting on approximately $6.9 million, or 17.8p a share.

It is on a strong growth trajectory. Indeed, it recently opened an office in Shanghai and also hopes to tap into France, Russia, India and Brazil. The first half of its financial year is typically weak, but last year the group still notched up sales growth of $4.4 million, though losses also more than doubled to $700,000 (2010: $300,000) following a goodwill writedown and share-based compensation.

Prior to the news today, outgoing broker Arden predicted a pre-tax profit of $900,000 and EPS of 3.2 cents – there was also the expectation of a 0.4 cent dividend payout. We highlighted the attractions of Netdimensions at 23p in September, so the rally to 25.25p since then is pleasing. Still too cheap.

Tags: Acquisition hunt, Ahead of forecast, AIM market, Growth company, New offices

Sector: Software & Computer Services

Companies: NetDimensions

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