A global publisher involved in the publication of books and other related services.
24-Oct-2017 – 161.5p – £121m
Interim Results For The 6 Months To End August 2017 – An in-line update with Revenue up 15% to £72.1m (£62.7m last time). Adjusted PBT up 74% to £2.5m (£1.5m last time). Net cash up 85% to £16.9m (£9.1m last time), Interim dividend up 5%.
Stockopedia likes this, StockRank 96 and on a PER of 12.6 and a reasonably well covered 4%+ yield – I am quite liking it too. Just wondering though, how long term this will be – Especially when the Harry Potter cow has finally been completely milked! Perhaps this will never happen and perhaps I am being a little too cautious.
22-May-2018 – 207p – £155.9m – PER 15.6
Results For The 12 Months To End February 2018 – Revenue up by 13% to £161.5m (2016/17: £142.6m), PBT up 10% to £13.2m (2016/17: £12.0m), above market expectations, proposed final dividend of 6.36p, 7.51p for the year, up 12% (2016/17: 6.7p per share), Diluted EPS up 10% to 13.92p (2016/17: 12.63p) – Strong autumn book list and acquisition of I. B. Tauris & Co. Ltd (“IBT”) will mean performance for 2018/19 will be well ahead of our previous expectations.
With a breakout to a 5 year high this certainly looks even more interesting now. If I don’t take a position this week, will put it on the Watchlist, 200p, to keep an eye on it.
18-Jul-2018 – 242p – £182.3m – PER 16.1
Trading Update For The 4 Months To End June 2018 – Revenues up 7.1% at CC or 5.5% LFL – FY in-line.
Remains on my Watchlist at 200p as I just can’t quite convince myself (probably wrongly) to pay up here.
Subsequent note: Bought in here on 2-Aug-2018.
23-Oct-2018 – 200p – £150.7m – PER 12.8
Unaudited Preliminary Results For The 6 Months To End August 2018 – Strong performance and on-track to achieve the Board’s FY expectations.
I hold here and continue to do so for now – Although I am considering selling out as this is looking perhaps reasonably priced.
Subsequent note: Decided to sell here.
19-Mar-2019 – 226p – £170m – PER 13.8
Trading Update For The 12 Months To End February 2019 – In-line with Net Cash circa £27m.
I reckon this is about fair value around this level.
21-May-2019 – 234p – £177m – PER 14.5
Results For The 12 Months To End February 2019 – PBT (before exceptionals) ahead of expectations up from £13.2m to £14.4m, Diluted EPS up 16% ro 12.25p with the Final Dividend up 6%. This YTD is performing in-line.
Looks reasonable value although I reckon 250p could be a cap.
