23/06/2006
Supporta, the services venture run by ex-Capita director John Jasper, is due to deliver full year results for the year to March on Monday 26th June - and they should make for interesting reading.
The group operates three divisions - Supporta Services, Supporta Property Services and Supporta Care. The first delivers an array of payroll, systems support, audit and consultancy functions, principally to the NHS. The property arm, established in August last year following an acquisition, provides the public sector with design, planning and project management expertise. The largest outfit by some way is Supporta Care, the domiciliary care division (a provider of care services to people in their own homes).
At the interim stage to September 2005, Supporta made a loss of £403,000 on sales of £11.2m. At that stage the forward order book stood at £53m, of which care services accounted for over £40.4m.
Since the half time results where released in November, Jasper has completed two acquisitions in the care space. ILO was bought in December for an initial £4.87m (funded by placing). At the time, it had an order book of £16m and made profits of £750,000 on sales of £7.5m. In March this year, he added Cringan Care Services for an initial £6m, funded from a debt facility. Cringan's last set of full year accounts showed a profit of £0.76m on sales of £5.2m.
The results on Monday won't include a full year's contribution from a few acquisitions and nothing from Cringan. However, they should see the group deliver a profit of around £2.2m on sales of £30m. What will be of more interest to investors though is news on how well the integration of the new businesses is progressing and how profitable Supporta is likely to be this year.
At 85p Supporta sports a market cap of £53m. This could look very good value in a short space of time if Jasper's acquisitions start to deliver.
| Market cap: | £53m |
| Share price: | 85p |
| AIM | £17.29m |
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