Having taken over at bombed-out training services provider iTrain in 2006, executive chairman Ian McNally understandably wants to put some distance between his regime and the 'appalling performance' of the previous management.

Following his arrival, he effected a boardroom clearout and then changed the group name to the more aseptic 'ILT Solutions'. In 2007, the South African-born McNally, who built a £100m-sales company in his native land in the 1990s, tightened his steely grip on the business and turned 2006’s loss into a small pre-tax profit.

iTrain's plan to produce e-training for Microsoft Office programmes fell down after Microsoft brought out a new Office update every time iTrain had caught up with them. ‘They never achieved any financial goals,’ summarises McNally, who has cut costs, re-focused on delivering ‘solutions’, rather than products, and grown recurring revenues.

From its bases in Bedfordshire and Cologne, Germany, ILT offers ‘blended learning’, cutting costs for clients by diluting instructor-led training with its own e-learning software programmes – its strong blue-chip client base includes Bayer, Bentley, Deutsche Bank, Toyota and Vodafone.

This year, the sales team, which last year increased revenues 58% to £1.9m, is focusing on 'mining' these larger clients, whose training budgets are huge. This year will also see the full benefits of recent restructuring and sales from a range of improved products. Now profitable, ILT’s lowly valuation reflects its disappointing history rather than future prospects.