A market leading, vertically integrated UK manufacturer, recycler and distributor of innovative window, door and roofline PVC products.
13-Dec-2017 – 215p – £215m – PER 9.63
Trading Update On Performance For The 11 Months To End November 2017 – In-line and taking market share (from Safestyle?).
Although the fundamentals look attractive enough here, this update is not exactly inspiring.
9-Mar-2018 – 217p – £217.0m – PER 9.69
Preliminary Results For The 12 Months To End December 2017 – “Good progress with strategic priorities and robust financial results” – Revenue up 10% (8% excluding acquisitions) to £224.9m (£204.8m last time). PBT and EPS flat (raw material price inflation). Net Debt down from £20.3m to £14.5m. Markets remain challenging but the first 2 months are in-line with expectations.
These results just don’t inspire me.
18-May-2018 – 234p – £234.3m – PER 10.4
AGM Statement – Positive start to 2018 in-line, as expected to be greater in H2.
Not exactly inspiring, certainly not inspiring enough to change me from being Neutral here.
2-Aug-2018 – 252p – £252.8m – PER 11.0
Results For The 6 Months To End June 2018 – Nice to see a head line “Financial results in line with expectations and good progress with strategic priorities”. H2 weighting should see FY in-line with expectations.
Looks about fairly priced here to me, I remain Neutral.
12-Dec-2018 – 232p – £232.7m – PER 10.2
Trading Update For The 11 Months To End November – Expects FY EBITDA to be slightly below FY 2017.
Looks like “H2 weighting” mentioned in the previous update – Strikes another stock! Not for me at present.