Though the price has waned over recent weeks, we remain avid fans of Accuma, backed by Growth Company Investor at 181.5p and which has just delighted investors with a second year of record growth following flotation on AIM in March 2005.

Figures for a transformational year to July revealed 250% turnover growth to £9.98m, and a swing from losses of £473,000 to pre-tax profits of £1.78m. Significantly, Accuma, which closed out the year with £4.4m cash on the balance sheet, has undergone a recent acquisitive transformation through three key earnings enhancing acquisitions that were funded by well-supported share placements.

The group has thus evolved from a pure provider of Individual Voluntary Arrangements (IVAs) to a wider consumer financial solutions firm, a shift that has de-risked the model, diversified earnings and already brought cross selling and marketing spend benefits.

Accuma is now able to offer IVAs, re-mortgages, consolidation loans and informal debt solutions, and with all the foundations in place, looks poised for bumper profits growth in a market continuing to grow at a rapid pace.

Chief executive Charles Howson addressed recent concerns regarding possible rising regulation in the personal insolvency sector, explaining Accuma is a stringent adherent to ‘best advice’ – only 4% of the people that contact the group undertake an IVA. He reckons further legislation will only enhance Accuma’s prospects.

Recent price weakness presents an opportunity to top up holdings in this highly cash generative counter. Add.

Accuma	AIM	£1.06m	3.25p	0.00p
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