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Interquest - another management change, don't panic buy!

By Tom Winnifrith & Steve Moore | Monday 31 August 2015

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

InterQuest Group (ITQ) has announced that Chief Financial Officer Michael Joyce has tendered his resignation in order to take up a role at a private business, though reassured that “trading has continued to be strong since the half year”.

A process to identify Joyce's successor is noted to have commenced, with he to work with the company during his six-month notice period to ensure a smooth handover. This also swiftly follows an announcement of the resignation as Chief Executive of Mark Braund and the shares remain below the 88p offer price at which we tipped them on the Nifty Fifty website – currently at 84p.

However, as well as the re-assurance on current trading, the announcement also updates that “the operational management of the business is increasingly devolved to the company's highly experienced divisional directors” and sees the company’s experienced founder, major shareholder and previously non-executive Chairman Gary Ashworth revert to an Executive Chairman role, “giving strategic direction to the company with operations managed by the divisional heads”.

Ahead of 8th September scheduled interim results, the company has already updated on “an encouraging first half of the year with net fee income up 6% and adjusted earnings before interest and tax up 16%” and we look for those numbers to put it on course for full-year earnings per share of 11p+ (a pre-tax profit of more than £5 million, 2014 earnings per share: 9.6p) and a further fall in net debt (2014: reduced to £8.33 million). There is a more than decent yield on offer as a bonus.

The shares thus continue to look very lowly rated currently and we continue to rate them a Recovery buy.

This article first appeared  on the Nifty Fifty website run by Tom Winnifrith, Steve Moore and Lucian Miers - sorry paying customers come first. To read Lucian's next shorting idea later this week and to catch the next value investment share tip from Tom & Steve out shortly click HERE

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  1. Should this be “don’t panic buy” or should it be “don’t panic, buy” ?

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