GedW4 Jan 2011 18:38
Hi Ged, I feel that the company has really turned a corner since the CVA was passed.
Intellego returned to profit for the first half of the year. Revenues rose 17% while net profits of £63,000 are a marked improvement on last year’s figures of a net loss of £323,315.
In November the company announced that the launch of the first 2 libraries of training products, aimed at clients in financial services and healthcare services have been well received and in trial programmes with several leading financial institutions including a high street bank, an assurance companies, and a number of ifas. Intellego are confident of achieving the minimum target of £0.5m of sales with further sales in 2011 & 2012. With potential sales approaching £2.5m for the year the group will be sitting on 0.5 price/sales.
Recently there has been some institutional buying as well as director purchases... A holdings RNS was released on the 5th November stating that Williams de Broe Ltd had gone from a holding of 10% to an increased holding of over 19%! Also the 17th November saw a further RNS detailing that SVM Asset Management Limited had gone above the 5% threshold. Then on the 20th December Angus Forrest (Chairman) acquired 2,000,000 ordinary shares of 0.05p each at a price of 0.25p per share. Mr Forrest is now interested in a total of 18,510,234 ordinary shares, representing a holding of 5.27 per cent.
All in all since the company got the CVA agreed it looks as though they have turned a corner. Achieved profit for the first time in the first half and a very decent sales pipeline approaching £2.5M currently. A great recovery play IMHO and a very good price to be buying at the moment, below the recent director purchase. Not one to put the mortgage on but well worth a punt at current levels (possibly more). GLA
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