A global provider of trading, risk management and settlement solutions to the energy and commodities sectors
13-Mar-2018 – 57.13p – £47.6m – PER 95.2
Preliminary Results For The 12 Months To End December 2017 – Revenue down, Loss After Tax up, Net Cash down.
I am just not interested in companies reporting results like this, it’s going on my Avoid list for now.
10-Sep-2018 – 66.25p – £55.2m – PER 56.4
Interim Results For The 6 Months To End June 2018 – Revenue flat, losses getting smaller. 95% visibility of revenue and FY to be in-line with market expectations (a loss).
Remains on my Avoid list for now.
29-Jan-2019 – 63.5p – £52.9m – PER 52.9
Trading Update For The 12 Months To End December 2018 – Revenue to be circa £23m and EBITDA £2.6m – Broadly in-line with consensus market expectations.
Going to keep this on my Avoid list for now.
25-Mar-2019 – 56.5p – £47m – PER 48
Results For The 12 Months To End December 2018 – Revenue up 4%, Gross Profit up 15%, Net Cash at £4.6m (£4.1m last time).
Will take this off my Avoid list now and move it to Neutral.
30-May-2019 – 58p – £48m – PER 29.1
AGM Trading Statement – Substantial progress in the first 4 months – In-line.
Recently taken off my Avoid list – It makes sense to wait and see actuals here.
21-Aug-2019 – 56p – £47m – PER 25
Trading Update – Expects FY Revenue to be circa £19m which looks like a miss of 20%+ and this will have an impact on EBITDA.
I said last time that it makes sense to wait and see actuals here – I stand by that. Latest Broker note this morning indicates negative EPS forecast for 2019E (no forecasts available for 2020E).