Stock data
| Market cap. | £50.1m |
| Last close | 78.50p |
| High / Low (52 weeks) | 84.0p / 64.5p |
| Stock market listing | AIM |
| Forecast net cash (£m) | 3 |
| Forecast gearing ratio (%) | N/A |
| Team | Technology |
| Sector | Technology |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (1.26) | (3.09) | 6.8 |
| Relative * | 3.59 | 4.87 | 17.37 |
* % Relative to local index
Other companies covered in sector
| Y/E May | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 22.0 | 3.7 | 3.5 | 6.3 | 12.5 | 8.3 |
| 2011A | 30.1 | 5.8 | 5.4 | 6.2 | 12.7 | 8.5 |
| 2012E | 36.0 | 6.2 | 5.7 | 6.5 | 12.1 | 9.8 |
| 2013E | 38.8 | 7.0 | 6.5 | 7.3 | 10.8 | 7.1 |
Last updated on 17/04/2012
Latest research
A game of two halves
Update | Technology | 06/02/2012
Healthy start
Update | Technology | 09/01/2012
Healthy cash generator
Update | Technology | 19/09/2011
Strategic acquisition
Update | Technology | 12/08/2011
Australian acquisition
Update | Technology | 05/07/2011
Positive Q4 update
Update | Technology | 13/06/2011
Opportunities for growth
Outlook | Technology | 07/03/2011
A healthy start
Update | Technology | 01/02/2011
H1 update
Update | Technology | 20/12/2010
Executing well
Update | Technology | 10/08/2010
Crossing the Rubicon?
Flash note | Technology | 03/06/2010
Dynamic Change
Update | Technology | 07/05/2010
Investment summary
Allocate substantially solidified its position in H1. It now supplies 45% of NHS trusts, all of the Australian army and is a market leader in the Australian healthcare market. Notable deals since the interims include the selection of Healthroster by Ramsay, a leading independent hospital services provider who will deploy the solution on a national basis and the cross selling of HealthAssure to Stockport NHS Foundation Trust. The rating, which is significant discount to most UK healthcare software peers looks too low considering the company’s track record, growth opportunity and market position.
Last updated on 23/04/2012
Industry outlook
Disruption within the NHS is lengthening approval cycles, but Allocate does have a genuine spend to save offering and 39% of trusts have yet to deploy a workforce rostering solution. Cross-selling opportunities are substantial. Continued progress overseas should be supported by a new software platform which should reduce the development overhead of country specific customisations.
Last updated on 23/04/2012
Key management
| Terry Osborne, Chairman |
| Ian Bowles, CEO |
| Chris Gale, CFO |
Company address
| 180 Piccadilly London W1J 9ER United Kingdom +44 (0)20 7355 5555 View website |
