The global provider of secure payment products and customer contact solutions.
18-Oct-2017 – 51.5p – £129.7m
Trading Update For The 6 Months To End September 2017 – An in-line update and a confirmed move into Net Cash to the tune of £1.7m – At the end of H1 2017 Net Debt was £2.1m.
On a PER of 28.3, this looks a little overcooked here.
22-Nov-2017 – 51p – £127.9m – PER 27.6
Interim Results For The 6 Months To End September 2017 – An in-line set of results.
I just can’t see how this rated so highly, perhaps I am missing something.
14-May-2018 – 43.5p – £109.7m – PER 22.1
Trading Update For The 12 Months To End March 2018 – In-line with Market expectations with several sizeable contract wins.
This is looking quite interesting, will add it to the Watchlist at 40p to keep an eye on it.
Subsequent note: I decided to buy in here.
13-Jun-2018 – 42.25p – £106.5m – PER 21.7
Final Results For The 12 Months To End March 2018 – In-line with expectations with Revenue up 3% and PBT up 50%. Strong pipeline and confident of long-term growth.
These results although stated as in-line seem to be below those forecast on Stockopedia. Although reasonably comfortable with them I may consider challenging my decision to continue to hold here.
Subsequent note: I did sell out here on the 13-Jun-2018 – Quite a quick decision for me having only bought the previous month but, although FY Results were in-line they were behind those (which I expected and based my buying in decision on) forecast on Stockopedia.
19-Sep-2018 – 33.25p – £84.0m – PER 40.1
AGM Statement – In-line.
I sold out here in June 2018 as results, although in-line were behind those (which I expected and based my buying in decision on) forecast on Stockopedia. I remain Neutral for now.
25-Oct-2018 – 39p – £98.6m – PER 44.1
Trading Update For The 6 Months To End September 2018 – In-line with Net Cash up to £3.4m (from £1.7m).
I remain Neutral as (according to Stockopedia) EPS will be down almost 50% if in-line.
20-Nov-2018 – 37.25p – £94.1m – PER 40.5
Unaudited Results For The 6 Months To End September 2018 – Revenue down -2% and a -£0.2m Loss has been made (£0.8m Profit last time) – Net Cash has doubled to £3.4m. Results are in-line with Board expectations. Note the recurring Revenue (87%).
Great recurring Revenue but not enough here to shift me from Neutral.
14-May-2019 – 40p – £102m – PER 32.2
Trading Update For The 12 Months To End March 2019 – In-line, Net Cash at £8.3m (£3.6m last time), excellent sales pipeline.
There’s a lot to like here but I notice negative EPS growth forecast for 2019E with 2020E still being lower than 2018A – I remain on the side-lines for that reason alone.
12-Jun-2019 – 44p – £112m – PER 36.2
Results For The 12 Months To End March 2019 – In-line, Revenue up 5% (83% recurring) with PBT up 7% and Diluted EPS down -31%. There’s £8.3m Net Cash (up from £3.6m) and the Total Dividend is up 11%.
On a PER of 30+ there’s just not enough clarity here for me, I remain on the side-lines for now.