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InterQuest Bid Talks off but Trading going Great Guns

By Tom Winnifrith | Wednesday 24 December 2014

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 (ITQ) has announced that talks with a potential purchaser are off. In fact it held talks with a number of parties and one was serious but not at a price that Gary Ashworth and his team found acceptable. Gary is the largest shareholder, he has a great track record and I back his judgement 100%.

We chatted today at length and I am sure that he will grow the group and sell out before the cycle turns to maximise his gains. Trading is going very well. InterQuest stated today:

Since the Company announced its half year results on 9 September 2014, which showed a 34% increase in net fee income and an 82% increase in adjusted profit before tax, the performance of the Company continues to be strong. The Ecom acquisition is proving an excellent addition to the Company's product offering and is also now providing good cross selling opportunities. Permanent recruitment in the second half of the year has performed as planned and the Company has seen continued growth in the contract book which has increased by approximately 18% between January 2014 and November 2014 (comparing £'s per day net fee income in November to January). 

So if anything the risks to forecasts are on the upside. There will be a more detailed trading statement in January and I stand by my view that Ashworth will get an exit at 150p plus - it is just a matter of when. The shares are off 1.5p on the news so take that as an opportunity. At up to 105p the stance is buy.

This article first appeared on the Nifty Fifty, the premium website of Tom Winnifrith & Steve Moore. To gain access ahead of our next share tip OUT ON DECEMBER 29 go HERE

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