25 May 2012

Turnaround at NetServices

18/11/2008 Robert Tyerman

Unfavoured converged business communications supplier NetServices is cautiously optimistic after turning a £444,000 annual loss into £49,300 pre-tax profits.

The Salford-based company experienced a £296,000 slide in turnover to £7.1 million in the year to August, reflecting the disposal of its loss-making wholesale broadband division but moved into profit for the first time since its AIM float at 71p in 2006. The company, which became a ‘select partner’ of internet network manager Cisco and now hopes for further Cisco accreditation, spent £400,000 upgrading its core hardware and monitoring equipment, and ended the financial year with cash down by £600,000 at £1.3 million.

Chief executive officer Mark Vickers says the company will spend the coming 12 months exploiting relationships established in the past year to drive its core managed services business.  He concedes that NetServices’ current dependence on direct customers poses ‘short-term risks to both revenue and profitability growth’, but expresses confidence in ultimate success and says directors will keep ‘all opportunities’ under review.

The company’s previous problems helped topple its shares from 83.5p in March 2006 to a mere 5.25p last July. Since then, they have inched up to 6.5p,valuing the company at a lowly £1.9 million.       

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