• Mark Watson-Mitchell

Sureserve Group (LON:SUR) - very quick price rise on good results

An 11.1% rise in revenue to £212m for the year to end September 2019 helped to boost adjusted pre-tax profits by 25.7% to £8.3m, with earnings leaping 31.2% to 4.2p per share.

Those were impressive results and we understand that the current year has started strongly.

Brokers Shore Capital estimate that revenue will increase by £12.6m this year, with profits up nearly 15% to £9.5m, jacking earnings up nearly 17% to 4.9p per share.

The shares have had a very good quick run, peaking at 47p last Tuesday, and close the week at around the 44.5p level, just over 9 times current year earnings.

Looking really quite cheap but allow for some profit-taking.

Profile 14.01.20 @ 36p set an end 2020 Target Price of 50p.

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