Blick Plc’s interims look pretty uninspired with everything up only in mostly low single figures, but the underlying trend is rather more encouraging with cash balances up a striking UKP3m to UKP5.6m and future rentals under contract up by 25% at UKP45.2m. And, given that that is in the face of weak UK demand for its time-recording systems, entitles the company to look forward with some confidence. The higher margin business – rentals, maintenance and supplies – rose 16% to offset the fall in direct sales, but paging products did well in both the health sector and overseas. At times like these, even those long term contracts are less than completely secure and Blick has to report significantly higher contract terminations as a result of business failures and rationalisations – but that did not stop it increasing its customer base. The Swindon company begins to look like a thoroughbred.
