Castleton Technology (CTP)

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Castleton Technology CTP Logo

A software and managed services provider to the public and not-for-profit sectors.

9-Oct-2017

Trading Update For The 6 Months To End September 2017 – Encouraging update with Revenue and Profit due to be up 10% to support a full year performance in-line with market expectations. Debt is down from £9.4m to £7.9m (about 15% of Mkt Cap).

7-Nov-2017 – 62.75p – £49.4m – PER 12.3

Unaudited Interim Results For The 6 Months To End September 2017 –  Revenues up 10.9% to £10.8m (£9.7m last time), PBT £0.2m (£0.04m last time).

On a PER of 12.3 there’s little to excite here at present.

5-Apr-2018 – 75p – £59.2m – PER 13.2

Trading Update For The 12 Months To End March 2018 – In-line and optimistic for future growth.

Based on being in-line this seems fairly priced for me. I’m Neutral although it could be a market leader, will keep an eye out for updates.

9-Oct-2018 – 100.5p – £81.7m – PER 16.5

Trading Update For The 6 Months To End September 2018 – In-line.

I like this company but at present I see it as fairly priced.

6-Nov-2018 – 90.5p – £73.6m – PER 14.7

Unaudited Interim Results For The 6 Months To End September 2018 – Revenue up 20% to £12.9m, PBT doubled from £0.2m to £0.5m – Intention to implement a progressive dividend policy for the FY.

I still quite like this but still see it fairly priced around the 100p level.

8-Apr-2019 – 112p – £91m – PER 16.4

Trading Update For The 12 Months To End March 2019 – FY to be in-line.

Insiders liked this as the price was up almost 10% on Friday. I also quite like it and any upgrade to forecasts would make me consider a purchase here – It’s on my Watchlist.

Subsequent note: Fairly priced without upgrades, so back to Neutral here for now.

18-Jun-2019 – 106p – £86m – PER 15.7

Results For The 12 Months To End March 2019 – Revenue up 13% (to £26.4m), EBITDA up 24%, Net Debt down from £6.3m to £5.1m, EPS down from 5.23p to 5.08p.

I don’t see value here at present.

10-Oct-2019 – 93p – £76m – PER 13

Trading Update For The 6 Months To End September 2019 – H1 below expectations, lower than last year, H2 to show a material improvement but, not enough to meet current market expectations.

I will not be investing here any time soon, at least not before seeing FY actuals.

5-Nov-2019 – 63p – £52m – PER 9

Interim Results For The 6 Months To End September 2019 – Revenue up 10%, LBT of -£0.2m (PBT of £0.5m last time).

Even the introduction of a Dividend doesn’t give me enough to get any more interested at present.

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