IDE Group (IDE)

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IDE Group IDE Logo

Formerly Coretx Holdings PLC, the Company provides a broad portfolio of information technology (IT) services and technology solutions, including cloud and hosting, network and connectivity, collaboration, cyber-security, managed services and device management.

27p – £56.2m – PER 17.5

Trading Update For The 12 Months To End December 2017 – 50% revenue growth to £65.3m (2016 £43.5m), including organic growth of 18%. Performance broadly in line with expectations, which is to deliver revenues of approximately £65 million (2016: £43.5million) and trading EBITDA in the region of £6.7 million (2016: £5.9million) for the full year. Net Debt is £9.9m and a major cost reduction programme was launched on 2 January 2018, target £3.5m cost reductions, benefits should start to come through before the end of March 2018.

The EBITDA increase is poor compared to Revenue growth (and there’s no mention of actual profit). This could be a good company but I will take no further interest at present.

8-May-2018 – 15p – £30.1m – PER 9.38

Final Results For The 12 Months To End December 2017 – Revenue up 50% (to £43.4m) with EBITDA up just 10%. Operational review in progress which will include board changes, profitability in 2018 to be significantly lower than 2017.

Based on this update I find it hard to want to invest here at present.

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