A provider of temporary physical structures, seating, ice rinks, furniture and interiors with operations across Europe, the US, the Middle East and Asia – Current clients include Wimbledon Tennis, The Open, PGA European Tour and Ryder Cup.
26-Jan-2018 – 61.5p – £70.5m – PER 15.0
Trading Update For The 12 Months To End December 2017 – “Maiden full year results in line with expectations”, the CEO states “We made strong progress in 2017, growing the business organically, commencing trading on AIM in July and declaring our maiden interim dividend in September. As a management team, we continue to evaluate a number of acquisition opportunities which we believe will further contribute to the growth of our business. The board continues to remain confident in the prospects for the Group”. Net Debt expected to be £11.5m.
Forecasts look OK here but I still can’t work out if this is investible or not (cannot find any broker updates). I will remain Neutral for now.
11-Apr-2018 – 50.15p – £58.8m – PER 11.1
Results For The 12 Months To End December 2017 – Looks slightly better than in-line. Order book looks good and 2018 has started well.
I quite like this but I just find it difficult to get involved as it just doesn’t ever seem to make any real profit. I am going to put this on my Avoid list now – Due to my inability to value it in a sensible way. There’s plenty of simpler, for me, to understand numbers out there.
19-Sep-2018 – 72.5p – £109.9m – PER 12.3
Interim Results For The 6 Months To End June 2018 – Revenue up 23% to £54.9m (H1 17: £44.8m), Gross Profit £16.7m (H1 17: £14.2m), Operating Profit of £0.3m (H1 17: loss of £0.8m) and the Interim Dividend is up 10% or so.
Looks more interesting now there’s a sign of Profit coming through, it’s coming off my Avoid list to Neutral.
Subsequent note: Moved this to my Watchlist – Potential for 200% upside here if forecasts are met and there’s a decent yield (3% or so). A slight concern though as ROCE & Op Margin are not great.
17-Jan-2019 – 58p – £88m – PER 9
Trading Update For The 12 Months To End December 2018 – Expects Revenue in-line with Adjusted EBITDA in the range of £12m – £12.5m with EPS up circa 25%.
I had EPS down for a 300% increase so a reference to 25% is a concern – This is coming off my Watchlist until I see the Actuals.
10-Sep-2019 – 28p – £43m – PER 7
Interim Results For The 6 Months To End June 2019 – Satisfactory H1, H2 weighting and year end changed to March.
I don’t really like anything in this update and am finally going to cease coverage here.