These half-year results from marketing analytics specialist, Alterian, were easily overshadowed by news that language translation software company
Meanwhile, at the operating level, the group's half-year figures demonstrate that its ongoing review and restructuring was beginning to bear fruit - even though there remains some distance to go before Alterian can return to profitability. In particular, some £10.6m of costs have been cut after the group's global offices were consolidated into six main centres. And Alterian will also enter 2012 with £23.3m of deferred revenue and renewals to look forward to, as well as more than 800 active customers - including 200 new customers secured this year. Although £15m of one-off costs - including a £12.7m goodwill impairment - explain the sizeable pre-tax loss.
| ALTERIAN (ALN) | ||||
|---|---|---|---|---|
| ORD PRICE: | 109p | MARKET VALUE: | £67.8m | |
| TOUCH: | 109-110p | 12-MONTH HIGH: | 210p | LOW: 48p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 30p* | NET DEBT: | £1.9m | |
IC VIEW:
Analysts believe that Alterian should make a decent fit with SDL, while the bid premium looks like an attractive enough exit for shareholders - especially after a fairly prolonged period of uncertainty. What's more, the offer - which is being pursued through a scheme of arrangement - has already received 64 per cent acceptances. Expect the scheme documents to be posted by around 14 December. Bid situation.
Last IC view: Sit tight, 80p, 25 October 2011
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