Indian business processing outsourcer iEnergizer successfully floated on Aim at the end of September, raising £37m for acquisitions while seeking to increase the group's profile in the west. And its closely-watched maiden results were slightly ahead of analysts' expectations, with revenues of $22.8m (£14.5m) compared with a full-year figure of $34.6m at its March year-end.
Founded in 2000, the group achieved an average annual profit growth rate of 33 per cent until flotation, and that momentum continued in the period. Chief executive Anil Aggarwal said the group won three major clients during the period, which included an international bank, India's largest travel portal and one of the country's biggest employment consultants. The group now expects to see strong growth in its biggest divisions: financial services and entertainment. Meanwhile, two of the major deals signed could significantly impact full-year earnings in the IT business, while second-half price rises in its telecoms operation will provide support for the group's industry-leading operating profit margin, which was 32 per cent in the first half. .
Management aims to pursue a progressive dividend policy and expects to declare its first payout at the full-year results. Broker Arden Partners upgraded its full-year figures for March 2011, and expects adjusted pre-tax profit of $15.8m and EPS of 10¢ (against $11.3m and 7.1¢ in 2010).
IENERGIZER (IBPO) | ||||
|---|---|---|---|---|
| ORD PRICE: | 161p | MARKET VALUE: | £242m | |
| TOUCH: | 157-165p | 12-MONTH HIGH: | 161p | LOW: 116p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 7¢ | NET CASH: | $4.4m | |
| Half-year to 30 Sep | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (¢) | Dividend per share (¢) |
|---|---|---|---|---|
| 2010* | 22.8 | 7.3 | 8 | nil |
| % change | - | - | - | - |
*No previous year figures £1=$1.57 | ||||
