25 May 2012

Eruma lights up

01/02/2012 Miles Nolan

Eruma (ERU), a supplier of counter terrorism, intruder prevention products and intelligent lighting has reported bulging order books.

The AIM listed firm enjoyed a solid second half of 2011, which has led to a doubling of its order book to almost £1 million. This is in additon to the completion of a number of significant contracts last year.

As highlighted in Growth Company Investor last month, this surge in business has led to a strain on working capital, largely as a result of payment cycles in the sectors it serves. Eruma is currently assessing various funding options to allow it to deliver on larger contracts.

The lighting arm Illuminex has traded well, indeed it recently landed a £325,000 contract with a police authority and has a number of new projects in the pipeline. It is also doing well in its security blinds business, which has enjoyed its strongest ever year since the inception of Eruma. The outlook is good following the signing of a strategic partnership in South Korea, and the plan is to extend this to other geographies such as the Middle East.

We highlighted the attractions of Eruma at 8.75p last May, so the news today clearly confirms that it is gaining traction. At 12.5p, there should be further upside from here, though the shares remain speculative.

Tags: AIM market, Gaining traction, New contracts, Strong pipeline

Sector: Support Services

Companies: Eruma

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