25 May 2012

Dillistone wins new business

01/02/2012 Miles Nolan

Recruitment software specialist Dillistone (DSG) has reported that despite a softening in the market, it is on course to meet City expectations.

Against a backdrop of clients remaining cautious on buying decisions it has still secured a number of larger than expected order wins, including one with a FTSE 100 company. The result of this is that the AIM counter is now enjoying its highest ever level of recurring revenues.

Towards the end of last year Dillistone significantly enhanced its scale following the acquisition of rival Voyager Software. This has brought 700 active clients and almost 5,000 licensed users, with the business already making a solid contribution to the bottom line. It is also delivering the expected synergies identified at the time of doing the deal.

Despite financing over £1 million of Voyager from its own resources, Dillistone closed the year with a healthy net cash balance of £1.6 million. It is also keen to continue its dividend paying policy - a maintained payout of 3.2p a share is expected for 2011, or a 4.4 per cent yield.

We highlighted the shares in Growth Company Investor in October at 74.5p, largely due to its attractive niche position, strong balance sheet and the Voyager opportunity to cross-sell. The shares are up 1p to 72.5p, which on expectations of a 2011 pre-tax profit (prior to deal costs) of £1.2 million (EPS of 5.3p), remains inexpensive. Buy.

Tags: AIM market, Cash rich, Good dividend, Trading in line

Sector: Software & Computer Services

Companies: Dillistone

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