A UK based specialty pharmaceutical company engaged in the acquisition, marketing and distribution of pharmaceutical products.
27-Mar-2018 – 66.6p – £320.2m – PER 14.9
Results For The 12 Months To End December 2017 – Revenue up 6% to £103.3m (2016: £97.5m), 3% CC, Underlying PBT up 8% to £24.0m (2016: £22.2m), Underlying Adjusted Basic EPS up 10% to 4.06p (2016: 3.69p), Net Debt at £72.3m (2016: £76.1m), FY Dividend will be 10% up at 1.331p (2016: 1.210p). This year has started well.
Still quite like this. Previously my Watchlist at 60p, I will leave it there for now.
24-May-2018 – 89.2p – £424.1m – PER 18.8
AGM Statement – In-line.
Was on my Watchlist at 60p but looks like growth is forecast to slow now. I am going to go Neutral here for now.
25-Jul-2018 – 94p – £483.4m – PER 19.2
Trading Update For The 6 Months To End June 2018 – FY Revenue and Underlying PBT to be in-line with expectations.
Was on my Watchlist at 60p and missed the boat somewhat – At present on a PER of almost 20 I am not so attracted here, Neutral for now.
19-Sep-2018 – 91p – £468.8m – PER 18.3
Interim Results For The 6 Months To End June 2018 – Revenue up 10% (12% CC) with Underlying Basic EPS up 4%, Net Debt stands at £86.3m, £72.3m last time. The Interim Dividend is up 10% to 0.487p.
On a PER of almost 20 I remain Neutral for now.
26-Mar-2018 – 65p – £335m – PER 12.8
Results For The 12 Months To End December 2018 – Revenue up 23% (CC), with reported PBT down -19% and reported EPS down -39%, Net Debt at £85.8m (£72.3m last time). The Final Dividend is up 10%, 2019 has started well and is in-line.
Not enough to get me any more interested here yet.
23-May-2019 – 79p – £405m – PER 15
AGM Statement – FY trading in-line.
I still see no value here at present.
17-Jul-2019 – 70p – £365m – PER 12.8
Trading Update For The 6 Months To End June 2019 – Revenue up 29% (10% ex. acquisitions), expects FY to be in-line. Net Debt down and new Credit Facility in place (to facilitate future acquisitions).
Still looks fairly priced here (at best) to me.
24-Sep-2019 – 73p – £377m – PER 14
Interim Results For The 6 Months To End June 2019 – Revenue, PBT and EPS all up 20% or so, the Interim Dividend is up 10%. H2 started well, expecting FY to be in-line.
Still looks fairly priced around the 70p level.