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Norcon Plc
Full Norcon Plc profile hereProviding project management and outsourcing services for operators of telecommunications networks including fixed line and mobile telephone systems and data networks, assisting them with the installation, operation or optimisation of telecommunications systems and to countries seeking advice on regulatory matters, defence systems, equipment and command and control facilities.
Daniel Stewart & Co expects Norcon 2009 results to meet expectations, gives forward PE of 5.2x
Daniel Stewart & Company issued a note on telecoms infrastructure consultant and project manager Norcon PLC (AIM: NCON), which has recently said that revenues and earnings for the full year 2009 would meet analyst expectations.
Norcon said that revenues developed positively with an estimated increase of 12% from 2008, while operational cash flow also improved with a positive net cash result at year end, which led to expectations of meeting analyst estimates.
The company’s first half revenue rose 7% year on year to US$37.4 million with a pre-tax profit of US$5.2 million, or 5% higher than a year prior, and US$5 million in net cash. The consensus pre-tax profit estimate for 2009 stands at £6.9 million with consensus earnings per share estimate for full year 2010 of 12.60 pence, which would mark a 7% improvement over 11.7 pence for full year 2009 to place Norcon on a forward PE (price to earnings ratio) of 5.2x.
Norcon raised £4.8 million last April through a share placing at 65 pence per share to secure funding for possible acquisitions.
The company is pursuing additional project management opportunities in the defence sector where project spending is accelerating in the Gulf region. With its 30 years of experience in this area, it believes to be well positioned to capitalise on the substantial number of opportunities in this field. With typically long lead times, Norcon expects only a minor impact on revenues from this area in 2010, building into 2011.
It is also seeking profitable acquisition and joint venture opportunities. While retaining its focus on the Middle East and Southeast Asian markets, Norcon will continue to look at opportunities to further extend into the Asiatic and African regions and plans to pursue this strategy more aggressively in the second half of the year.
Norcon is set to release its preliminary results in March 2010.
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