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WH Ireland ups forecasts on AdEPT Telecom after strong half-year results

The broker reiterated its ‘buy’ recommendation and lifted its target price 17%, or 45p, to 305p.

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Shares have risen 7.5% to 270p so far this week.

WH Ireland has said AdEPT Telecom’s interim results, released earlier this week, were “solidly” and “robustly” ahead of its forecasts.

The broker added that a better-than expected interim dividend hike topped off the good results.

On Tuesday, AdEPT reported a 23% rise in sales to £13.9mln in the six months to September, with profits 20% ahead at £2.6mln stripping out one-off and acquisition costs. Including those, pre-tax profits increased 4% to £1.17mln.

It was the first chance for the market to gauge the success of the company's £7mln acquisition of Centrix, which contributed five months of revenue.

WH Ireland has upgraded its 2016 forecast accordingly, with revenue expected to rise to £28.9mln from £28.2mln and earnings [EBITDA] boosted by higher margins of 39.8%, which were originally expected to be around 35.9%.

The broker reiterated its ‘buy’ recommendation and lifted its target price 17%, or 45p, to 305p.

Shares were flat today, having risen 7.5% to 270p so far this week.

Quick facts: AdEPT Technology Group PLC

Price: 215 GBX

LSE:ADT
Market: LSE
Market Cap: £53.81 m
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