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SDI Group: Pleasing contract wins and cash in the bank
Posted 30/11/09
AIM quoted SDI Group which designs, builds and supports integrated materials handling solutions for international retail, wholesale, fulfilment and e-commerce distribution operations, issued its interim results for the six months ended 30 September 2009. The group has had an interesting time since arriving on AIM in June 2007.
Having disposed of its US business at the end of 2008 there was a change of year end from 30th November to 31st March to confuse matters somewhat and therefore there were no true comparatives.
During the period ended 30th Sept 2009 revenue increased in both the contract and maintenance business with pleasing contract wins with Decathlon, TK Maxx, Jack Wills and Wolverine.
Profit before tax for the period was £0.3m which compares with a loss of £2.7m for the six months ended 31st May 2008 and a loss of approximately £1.1m in the retained European operations.
Cash and cash equivalents at period end were £3.9m (31 May 2008 £4.4m) with net assets standing at £22.8m.
Management commented that despite of improving signs economy through the eyes of some observers, the outlook for the next six months is going to remain tough.
The shares have had a terrific run over the last 7 months rising from a low of 1.5p back April to the current price of 8p, having soared as high as 12p in August. It’s still along way from the float price of 49p but many had clearly written this one off as a lost cause.
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