05/10/2005
IT solutions and services play Anite has warned lower sales in its travel and technology arms will hit first half figures to October. Compared to last year, when Anite enjoyed exceptional orders in the travel and telecoms divisions, the summer months of 2005 were far quieter, and this lacklustre trading twinned with a planned hike in development spend will hurt the half time figures.
There were some bright spots in the statement. For the full year investors can expect continued progress in the telecoms division and a broadly similar outcome for the public sector, although profits in the travel division will disappoint.
Sadly, certain parts of Anite’s business remain shrouded in uncertainty. Performance and stability issues highlighted at the year-end with the Australian state of Victoria contract have ‘been remedied to our satisfaction’, although management admits ‘the contract continues to be a risk to the group’s performance’, as does the Pericles product project.
Last year to April, Anite pleased investors with a return to profit after two years of restructuring, with losses of £28.9m converted to profits of £6.8m and profits before exceptional items and disposals up 40% at £17.3m. The interim figures are out in early December.
Although Anite is in the best shape it has been for a number of years, there are still many uncertainties . Avoid.
| Market cap: | £206.8m |
| PE Forecast: | 14.8 |
| Share price: | 59.25p |
| LSE | £84.62m |
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