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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.
Following the summer resignations of its CEO and CFO, we maintained faith in technology specialist recruitment group InterQuest (ITQ). It has now followed a recent announcement of an appointment of a new CEO, with news that it has also reached agreement with a new CFO.
The company has announced that David Bygrave will assume the CFO role at the start of December having most recently been the CFO of financial technology group Caplin from 2010 until its sale earlier this year.
InterQuest’s experienced founder, major shareholder and Chairman Gary Ashworth added that Bygrave’s “experience combines the entrepreneurial skills learned from working with private equity backed businesses with the rigour of global businesses having qualified as a chartered accountant and spent nine years with PwC” and that “we are delighted that we have now managed to secure our first choice candidates for both the CEO and CFO roles”.
This follows the news earlier this month that Chris Eldridge is to become CEO, when the company also updated that “trading has continued to be strong and in line with management expectations” and us noting its interim results looking 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.
At a current 85p, the shares are little changed from that last update and we continue to consider the rating much too harsh and the shares a value 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 next week and to catch the next value investment share tip from Tom & Steve out on November 30 click HERE
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