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Computer Software Group (CSW; 103p) has been a successful recommendation for us as it continues the process of consolidating the smaller suppliers of legacy software systems for the IBM iSeries. When it has come to consolidation in the space, only CSW has been a success. This has proved a reflection of at least two related factors; the ability... ...
CSW has reported results for the year to 28 February ahead of expectations. Sales were up 79% to £25.2m helped by two acquisitions (the underlying organic sales growth was 6%). Pretax profit grew to £5.3m with eps of 7.8p, on a 15% tax charge due to past tax losses. Gross margin was up from 80% to 85% due to a higher proportion of ow... ...
The long-awaited shakeout came this month with falls across the board; the portfolio declined by 6%, more or less in line with the two benchmarks. Most of this decline came from longstanding holdings where we have good profits and in fact, the more recent additions like Caretech, Scott Wilson and Interactive Prospect (IPT) hardly flinched. On on... ...
Our meeting with Vin Murria, chief executive of IT services business Computer Software Group (CSW), was a poignant reminder of how overzealous business lenders will usually try it on by imposing the most ridiculous requirements in the form of additional security or higher lending rates on even their best customers. Beating up commercial lending... ...