Shares digital

Globo (GBO:AIM) – Finals PTP: €2.1m (€1.0m) Divi: n/a (n/a)

Despite a doubling of pre-tax profits in 2007, shares in the Greek IT firm slipped 8% to a new low of 13p, suggesting the market has yet to be convinced this strong momentum can be maintained in 2008, despite a number of recent contract wins. A €4 million deal to digitise Greek state and parliamentary archives has contributed to a bulging order backlog, as the £18 million cap continues to pursue its strategic goals of continued product development, international expansion and debt repayment. Globo, which provides e-business and telecom software products and services, backed into PLUS-listed cash shell Israeli Acquisitor I prior to a one-for-ten share consolidation and a £3 million cash raising priced at 20p which saw the company move to Aim last December.

Shares says: Performance post flotation means valuation looks realistic.

by: Russ Mould