The global aviation services group.
18-Jan-2018 – 151.5p – £79.1m – PER 17.5
Trading Statement – Revenue to be at least £6.4m (£5.1m last year) which is ahead of market consensus of £5.9m. Group retains a strong net cash position.
A decent update, I hold and will continue to do so.
6-Feb-2018 – 137.5p – £71.8m – PER 15.8
Trading Update For The 12 Months To End January 2018 – Expectations of PBT of at least £6.4m remains unchanged. That’s it.
Not exactly inspiring but I hold and will continue to do so for now.
3-Apr-2018 – 143.5p – £74.9m – PER 15.6
Year End Update – Something about an accounting balls up to the tune of £3.3m.
No idea of the impact here. The last Trading Update For The 12 Months To End January 2018 mentioned expectations of PBT of at least £6.4m. Does this mean PBT will be halved? I hold but may be looking for a sharp exit this morning.
Subsequent note: I sold out here today.
11-Jul-2018 – 111.25p – £58.1m – PER 11.6
AGM Statement – Lots of mention of strong and growth but no mention of Revenue or Profit performance, or at least it wasn’t clear to me.
I sold out here after the accounting issue (which they intend to learn from!) and I don’t see anything in this statement to want to buy back in at present.
28-Aug-2018 – 113p – £59.0m – PER 12.2
Trading Update For The 6 Months To End July 2018 – H1 (Underlying PBT) in-line with Board’s expectations (and with the same period last year).
A rather lack lustre update means I will remain Neutral here for now.
25-Oct-2018 – 106.5p – £55.6m – PER 11.5
Results For The 6 Months To End July 2018 – Underlying PBT flat at £4.2m (statutory down 30%) with Underlying EPS up 8.9%. Outlook “challenging” but “in-line”.
I remain Neutral here as this just doesn’t sound particularly exciting to at present.
26-Feb-2019 – 85.5p – £44.6m – PER 8.8
Trading Update For The 12 Months To End January 2019 – Seems in-line and steady as she goes, with the usual caveat about the airline business.
This update seems rather uninspiring and even on a lowly valuation I am not quite tempted.
26-Jun-2019 – 85p – £44m – PER 9.5
AGM Statement – Challenging but still expect to meet FY expectations (with H2 weighting).
Even on a lowly valuation I am still not tempted here, especially with such a cautious statement.
