Sep 26th 2012 - Edison Investment Research today published a report on Dillistone (DSG.L, LSE:DSG, LON:DSG) entitled "Robust Despite Difficult Backdrop". In summary, the report says:
DillistoneGroup has released a healthy set of interim results with revenue growth of 58%. This includes 4% organic growth from Dillistone Systems and a first full six-month contribution from Voyager Software, acquired in September 2011. Recurring revenues grew faster than we anticipated and now represent 63% of group revenues, against 60% in FY11.The group continued to generate healthy cash flows in H1 and it maintains a strong balance sheet with £1.6m of cash. The stock looks attractive, trading on c 8x our FY12 earnings on a cash-adjusted basis. There is also potential for upgrades if the global roll-out of Voyager’s new Infinity platform proves successful.
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