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S&P Capital IQ reiterated its “sell” rating, and stated that despite a good first quarter which saw a six per cent rise in recurring revenue and total customer numbers up five per cent year-on-year, it remains concerned about content and product costs. Target price was lowered to 800p.
Shore Capital reiterated its “buy” rating, with reference to a “confident third quarter IMS” with management stating that the business has performed well. According to the broker, Vanquis UK was once again the star of the show while “the Polish pilot continues as planned”.
S&P Capital IQ reiterated its “hold” rating, on the basis that guidance for 2014 indicated sales would fall due to deteriorating economic conditions and Russian trade sanctions, which led customers to delay or cancel orders, particularly in nuclear and energy and power systems.