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By the
PLUS Market specialists at UnQuoted-Analyst.co.uk
Vocational education provider Woodspeen Training has announced its maiden results as a PLUS-quoted company – for the year to 31st March 2009. The firm generated revenues of £1.97 million in the period, all coming from subsidiary Futures Training Centres, which was acquired in May 2008. Although no specific figures were given the firm said that Futures performed well in the year, with its turnover and profit before tax figures being higher than in previous years. Operating losses for the group in period were £14,654, however £69,595 in interest income helped Woodspeen to record a pre-tax profit of £48,564. Earnings per share came to 0.14p.
The company, which listed on 17th March 2008, has pursued an aggressive acquisition policy since its founding. Since buying Futures Training Centres, in May this year Woodspeen completed the acquisition of A&R Training Services, a West Yorkshire based firm which provides apprenticeships for 16-18 year olds and adults in the areas of childcare, health and social care and customer service. Under its acquisition policy, Woodspeen seeks to consolidate a fragmented market which has operators earning revenues of between £2 million and £5 million and to achieve cost savings through synergies.
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Back to the results and on the balance sheet Woodspeen had net assets of £3,180,976 at the period end, which consisted of £1.93 million pounds in cash and short-term deposits. This position will have been reduced since then as, along with the proceeds of a £976,000 open offer and £220,000 placing, £2.7 million in cash was spent on the A&R acquisition.
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At a mid price of 47.5p, Woodspeen is capitalised at £9.75 million. The price earnings multiple is irrelevant at this stage in the company’s life as the accounts are yet to benefit from a full year’s trading from either of the acquisitions made. However, on a pro-forma basis, doing rough calculations, we estimate that Woodspeen trades on a multiple of around 13 times operating profits given the historical performance of Futures and A&R.
LONG TERM BUY.
Key Data
EPIC: WSTP
MARKET: PLUS
SPREAD: 45p – 50p (10%)
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