The manufacturer and distributor of performance ceramic and related products to hospitality and retail markets worldwide
4-Jan-2018 – 1135p – £124.4m – PER 19.3
Full Year Trading Update (To End December 2017) – Expects operating performance to be slightly ahead of expectations.
Seems fairly priced to me at this level.
27-Mar-2018 – 945p – £101.9m – PER 15.7
Results For The 12 Months To End December 2017 – Revenue up 5% to £53.5m (2016: £51.1m), Profit before exceptional item and tax up 15% to £7.5m (2016: £6.5m), Adjusted EPS up 15% to 55.3p (2016: 48.2p), Proposed Final Dividend up 16% to 17.2p (2016: 14.8p). Look forward to the coming year with confidence.
Still quite like this but don’t see any scope for anything extraordinary to happen here, except perhaps a bid for the brand. I’m Neutral.
17-May-2018 – 1087.5p – £119.2m – PER 17.7
AGM Statement – In-line.
I remain Neutral on the basis I don’t see much still don’t see much scope for anything extraordinary to happen here, except perhaps a bid for the brand.
4-Jul-2018 – 980p – £107.5m – PER 15.8
Trading Update For The 6 Months To End June 2018 – Expects trading to be ahead of earlier expectations.
I remain Neutral as I see this fairly priced, perhaps even over priced on anticipation of a bid (for the brand name)?
30-Aug-2018 – 1000p – £109.7m – PER 15.4
Interim Results For The 6 Months To End June 2018 – Revenue up 6% to £27.2m (H1 2017: £25.8m) with PBT up 24% to £3.3m (H1 2017: £2.7m) and EPS up 24% to 24.4p (H1 2017: 19.6p). The Interim Dividend is upped 18% to 8.7p (H1 2017: 7.4p) – Good progress against strategic objectives.
On a PER of 15.4 I am being swayed (slightly) away from my Neutral view here. Requires a little more research on my behalf.
7-Jan-2019 – 940p – £103m – PER 13.9
Trading Update For The 12 Months To End December 2018 – Expects operating performance to be ahead of current market estimates.
Liking this more following this update, it’s going on my Watchlist for more research, perhaps even today. Note: On a PER of 14 or so – It’s got Cash, a Brand, great ROCE, Op Margin, Double Digit growth, a well covered 2.5% Yield.
27-Mar-2019 – 1362p – £149m – PER 19.5
Results For The 12 Months To End December 2018 – Revenue up 7%, PBT up just over 10%, Adjusted EPS up 26% with the Final Dividend up 18%. 2019 has started well.
Still a lot to like here – It’s got Cash, a Brand, great ROCE, Op Margin, Double Digit growth and a well covered 2% or so Yield. However, it does look like all that is priced in at this level.