Bottom Line: Blenheim keeps looking better

BLENHEIM, the organiser of exhibitions and conferences, has produced another set of unfashionably good results, with more record profits, more money for shareholders, and yet more bullish statements on prospects. Oh yes, and the share price hit another all-time high with a 3p rise to 602p.

No, this is not a repeat of an Eighties results report but yesterday's figures for the extended 16-month period to December. Pre-tax profits climbed to pounds 49.7m, an annualised rise of 32 per cent on the pounds 28.3m attained in 1991. A 15 per cent annualised rise in earnings per share to 36.9p filtered through to dividends, which have gone up from 7.83p to 12p.

Less than 7 per cent of the profits growth came from acquisitions over the period, which marked the end of what Neville Buch, chairman, said were two years of consolidation of operations in the UK, France, Germany and the US.

More than 80 per cent of profits come from 45 branded annual and biennial events, like the huge Batimat construction exhibition and the Inter Clima central heating and ventilation show.

Blenheim looks sound. Gearing is meaningless for a company with negative net worth of pounds 135.2m - struck after a negative goodwill reserve of pounds 324m - but the cover on the pounds 8.6m interest paid in 1991/2 is a healthy seven times.

Analysts are predicting 1993 profits of pounds 47m, which the company will undoubtedly beat and which represent annual growth of 26 per cent. The p/e, on projected earnings per share of 32.2p, is 19. The shares have outperformed the market by 700 per cent over the last seven years, but still look a worthwhile buy.