The healthcare-led marketing consulting group.
18-Jan-2018 – 124p – £129.6m – PER 15.1
Trading Update For The 12 Months To End December 2017 – In-line and moved into a Net Cashposition.
Looks OK but I just don’t like consistency – Revenue and Profit. Down, Up, Profit, Loss… Nice to have moved into Net Cash but still not enough here for me at present.
22-Mar-2018 – 117p – £122.3m – PER 13.9
Results For The 12 Months To End December 2017 – Revenue up 2.4% to £169.3m (2016: £165.3m), Reported PBT of £5.8m (2016: loss of £1.7m), Net Cash of £1.6m (2016: net debt of £5.1m), FY Dividend up 2.9% to 3.50p (2016: 3.40p). A good start to 2018.
I still can’t find enough here for me to be anything but Neutral.
9-May-2018 – 119.5p – £125.0m – PER 13.8
AGM Statement – Strong start, confident of achieving a successful result in 2018.
Seems like an OK company but there’s not enough here to make me want to invest at present.
19-Sep-2018 – 133p – £139.3m – PER 14.9
Interim Results For The 6 Months To End June 2018 – Revenue flat, with Statutory PBT up 23.5% and Statutory Basic EPS up 9.3%. Net Debt is down about 10% and the Interim Dividend is up 4.8%.
I said this last time “Seems like an OK company but there’s not enough here to make me want to invest at present”, I will remain Neutral.
21-Mar-2019 – 124p – £130m – PER 14
Results For The 12 Months To End December 2018 – Revenue up 2.3%, PBT up 6.4%, EPS 13.7% and the Dividend is up 10%.
I keep saying this “Seems like an OK company but there’s not enough here to make me want to invest at present” – Don’t see much reason to change that view.
8-May-2019 – 132p – £138m – PER 14.4
AGM Statement – Expects FY to be in-line.
All seems fine but would have to be on a single digit PER to get me interested.
18-Jul-2019 – 124p – £131m – PER 13.5
Trading Update For The 6 Months To End June 2019 – Strong 6 months, confident of FY at least in-line, continues to assess suitable acquisitions.
I still reckon I would need to see a single digit PER here to make me more interested. Based on the latest Broker note this morning, in my opinion, this looks way overvalued on a 1 Year and 2 Year view.
