Huntsworth improves investor relations with profit upgrade

16th Feb 2017 10:09

(ShareCast News) - Public relation group Huntsworth has revealed 2016 trading was ahead of consensus forecasts thanks to strong growth at its health communications arm.Analysts at house broker Numis raised their PBT and EPS forecast by 3% to £15.5m and 3.4p, with the consensus range for headline PBT for 2016 having been £14.7-£15m.Net debt at the calendar year end was roughly £31m, versus the £33m consensus estimate, leaving the group on a ratio of circa 1.5 times EBITDA and operating well within its £70m bank facility.The restructuring of PR business Grayling was said to be "complete" and it said "early indications" were that trading in the first quarter was in line with management expectations."The group is focused on driving operating profit and the board is confident of further progress in 2017."Numis raised 2017 PBT and EPS estimates by 4% to £18.0m and 3.9p, which flows through to an increased target price of 60p from 57p.Broker N+1 Singer calculated pre-tax profit was north of £16m.