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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Inspicio | INP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 226.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 226.00 | 226.00 |
| Top Posts |
|---|
Posted at 23/3/2007 15:21 by jonwig And Citywire;Small may have been beautiful towards the end of the 20th century, but in these days of globalisation, increased regulation, high barriers to entry and growing world trade, size has become increasingly important. In some areas you need to be big to compete, and one of these is in the testing of oil and petroleum in terms of quantity and quality. If results are to mean anything, tests need doing in the same way by the same company when oil is piped into a tanker and when it's pumped out at the other end of its voyage. The highly fragmented nature of the international testing market is why AIM-listed international inspection and testing group Inspicio (INP) was formed nearly two years ago, explains chief executive Mark Silver. Group turnover for the 12 months to 31 December was £161.9 million against £26.2 million in 2005. The comparative figures for 2005 include head office costs from the date of incorporation in April and the trading results of the petroleum specialists Inspectorate from its acquisition in October 2005. Close to half the turnover came from America. Although Inspicio is involved with metal and mineral testing, where high gold and other precious metal prices increased analysis requirements, the business was driven by oil and petroleum testing. South America was more diversified with new laboratories in Venezuela and water testing in Argentina. Europe, the Middle East and Africa accounted for £52.4 million or 41.5% of sales while Asia chipped in with £11.3 million, or 9.1%. Earnings before exceptional items, amortisation, interest and tax were £7.6 million compared to a loss of £500,000 in the 38 weeks to 31 December 2005. Group profit before interest and tax was £3.2 million against of loss last time of £4.3 million, in-line with expectations. There is no dividend. Market consensus was for pre-tax profit of £5.42 million and earnings per share of 3.92p. The shares fell 5.25p to 165p giving the group a stock market value of £146.5 million. The company has seen 70% growth and its shares have outperformed the market by 27% over the last year. Investors in Inspicio include Framlington's UK Smaller Co's fund and F&C's open ended UK Smaller Co's Fund. Cycladic, JO Hambro and SG Asset Management also have stakes. Broker Bridgewell kept its buy recommendation and said it would review its 210p target price. It noted the results were in line with its forecasts and reflect excellent performance across its divisions, but that forecast higher interest charges would lower forecasts by about 5%. Altium also maintained its buy recommendation with a 200p price target. 'Encouragingly, the Inspectorate turnaround is proceeding to plan and the wider market outlook remains positive,' the broker wrote in a note to investors. With turnover of £126.1 million, the Inspectorate side of the Inspicio group is by far the biggest. Operating profit before exceptional items was £5.2 million compared to a loss of £600,000 in the 12 months to 31 December 2005 on a pro forma basis. The balance of turnover came from the Environmental Services Group with £28.1 million in the eight months since acquisition and the Eclipse Scientific Group with £7.7 million with 20 weeks. The Environmental Services Group, bought from Carillion for £16 million, specialises in the testing of ground used for development, anything from a house to a football stadium. It includes businesses in the soil, environmental and building testing sector and provides laboratory-based tests and consultancy services. On 11 August 2006, Inspicio acquired the Eclipse Scientific Group for £47 million. It concentrates on food testing and is a market leader in both the UK and Ireland. There were a number of smaller acquisitions costing around £4.9 million which added £1.1 million to turnover. These included a majority stake in Inspectorate's Libyan agent, while the minority interest in Hungary was acquired outright. Inspectorate also bought an agent in Portugal and expanded its metals and minerals services in Australia by taking over the Renton Laboratory. Group margins were 4.2% against a pro forma loss last time of 0.6%. The turnaround was achieved by reducing costs, taking on a larger proportion of higher margin testing work and higher prices, explains Silver. Margins are expected to reach 8% in the second half of this year. Analysts were forecasting profit before tax of £13.2 million for 2007, but this is expected to increase after the analysts' meeting later today. |
Posted at 23/10/2006 10:46 by mr hangman On the second line, Intertek Group shares were 8 pence firmer at 811 after Merrill Lynch upgraded to 'buy' from 'neutral' following the group's upbeat investor day and as it sees further sector consolidation.Merrill Lynch said it has upgraded its earnings estimates by 2 to 3 pct on the back of the stronger margin improvement prospects, while pointing out that the group's balance sheet looks under leveraged, which opens opportunities to make earnings accretive acquisitions in a consolidating sector, as well as double-digit dividend growth. Regarding valuation, the broker highlighted the stock trades at a 20 to 30 pct discount to nearest rival SGS, and said Intertek looks "too cheap". |
Posted at 07/9/2006 07:57 by jonwig Shares Mag this morning:New US rules for closer monitoring of sulphur content in diesel are set to drive up sales at oil tester Inspicio (INP:AIM). Monday's interims from rival Intertek (ITRK) revealed tightening regulation had boosted revenues. This bodes well for Inspicio's own half-year numbers next week. Nick Spoliar, analyst at Inspicio's house broker Bridgewell, says, 'We would flag the strong outperformance of Intertek as another buy signal.' Intertek comfortably beat market expectations, its numbers exceeding Spoliar's estimates and prompting analysts at Merrill Lynch to upgrade their 2006 and 2007 forecasts by 2%, despite a weakening dollar. Intertek's shares posted a 6.3% rise on the day of the results, leaving all eyes focussed on Inspicio. Both companies derive a large portion of their revenues from oil testing and have a strong exposure to the US market. Inspicio, whose clients include oil giant BP (BP.), secured its position in the oil testing business with the acquisition of Inspectorate in October, after reversing into a cash shell company. But it is not only the top-line on which investors should be focusing, chief executive Mark Silver is on a cost-cutting mission too. Silver aims to bring operating margins in line with Caleb Brett, the oil testing arm at Intertek. |
Posted at 19/4/2006 17:46 by robsy2 Looks like a great area of business. I have done very well of late investing in the environmental sector so I am really happy with this move, if it comes off, see below. Environmental testing looks like a perfect business fit. I am very confident of the future of this company. Robsy 13 April 2006 Inspicio looks over environmental offer Inspicio is preparing to add to its inspection and testing business with the acquisition of Environmental Monitoring Services from Mowlem. The deal would give Inspicio substantial environmental testing resources, and follows its acquisition of commodities inspection specialist Inspectorate for £52m in October. Inspicio won't reveal the value of the deal, but is raising £4.5m from investors. Inspicio promises to build a significant inspection and testing business, but this deal is not done yet. At 125p, the shares are fairly priced. |
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