VANCO (VAN).
Investors Chronicle - magazine and web content, April, 2007
Vanco's annual results met most analysts' expectations, so why did its shares crash over 20 per cent? A downgrade from 'buy' to 'hold' from Goldman Sachs didn't help, but the main reason seems to be unease about cash flow at the virtual network operator. That said, the first half's free cash outflow of GBP15.1m was due to investment in new operations software, an office move and training for its channel partners. And the success of the latter was borne out with GBP30m in new contracts, while the second half's free cash flow of GBP5.4m suggests next year's cash generation should be positive overall. "That's behind us now as a question mark," says chief executive Allen Timpany.
A projected 0.5 per cent fall in gross margins shouldn't be blown out of proportion,...
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