Flash note: Strong growth continues in Q1
In a brief Q1 update, NetDimensions (AIM: NETD, OTCQX: NETDY) has reported that the strong momentum has continued into FY15. The company says that both revenue and invoiced sales in the typically quietest quarter were substantially ahead of Q114, and invoiced sales from new business rose by 29% to $2.2m. This follows the impressive 40% growth in statutory revenue reported in FY14. We are conservatively maintaining our forecasts, although the update indicates that the risks to our forecasts are weighted to the upside. The stock trades on 1.6x our FY16 EV/sales, compared to typically 3.5-7.6x for its US peer group, hence we continue to believe the shares could warrant a significant re-rating.
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