ICM results better than expected

Attractive bid target

ICM Computer Group has come in comfortably ahead of forecasts in its London Stock Exchange maiden set of set of results. The Leeds-based company reported £3.43 million PBT (on continuing activities), 43 per cent up on 1997, and ahead of the £2.85 millon flotation forecast. The figures include a one-off loss of £502,000, related to the sale of ICM’s Dutch business to an MBO team, and the sale of Applied Computer Systems. Sales on continuing operations grew 28 per cent to £35.1 million (£28.8 million) ICM’s business is organised around three core activities: IT Customer Support; Business Continuity Services (more usually termed "Disaster Recovery"); and IT Solutions (a corporate reselling arm). Richard Holway, the UK’s best known software and services analyst, reckons ICM is an attractive bid target. ICM is a "super little company which came to the market at a sensible rating and has performed well. Even more importantly, with its long term relationships, it is the kind of operation which could be relatively immune to the inevitable slowdown", he says. ®

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