A leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels.
Closure Of Grain D’Or And Trading Update For The Year To End June 2018 – Closure of a loss making factory (for the financial year to end June 2017 it reported an operating loss of £3.33 million on revenues of £28.5 million). Costs could be up to £10m spread over 7 years, but likely to be in the region of £6m. The Company will benefit from the cancellation of planned capital investment programmes in Grain D’Or, which were significant. The Board’s expectations for the year to end June 2018 remain consistent with the guidance previously delivered to the market, albeit that the adjusted profit performance will be achieved from a lower revenue base. This Seems like a positive move but I just get a bit of a calm before the storm feeling here – For some strange reason.
Not something I would be investing in at present.
22-Nov-2017 – 103.5p – £134.9m – PER 10.1
Trading Update For The First 4 Months Of The New Financial Year – An in-line update.
I am not more excited about this company now, as I was before the update.
18-Jan-2018 – 111.23p – £145.0m – PER 10.7
Will keep an eye out for actuals (Profits) when they come in.
19-Mar-2018 – 116p – £151.2m – PER 11.2
Interim Results For The 26 Weeks To End December 2017 – Revenue of £157.8m up 0.7% (H1 2016: £156.6m), Operating Profit Margin of 5.5% (H1 2016: 5.3%), PBT of £8.4m up 6.3% (H1 2016: £7.9m), Adjusted Diluted EPS up 4.3% at 4.8p per share (H1 2016: 4.6p per share), Interim Dividend up 10% to 1.1p (H1 2016: 1.00p) and Net Debt is £16.6m (H1 2016: £21.0m).
Seems just about OK to me, not enough to get me invested though.
16-Jul-2018 – 115p – £149.9m – PER 10.7
Trading Update For H1 The 12 Months To End June 2018 – Revenue down slightly but still expects profits to be in-line with market expectations.
Still not enough here to get me interested.
17-Sep-2018 – 124p – £161.7m – PER 11.5
Preliminary Results For The 12 Months To End June 2018 – LFL Revenue up 2.4% to £290.2m, Adjusted PBT up 4% to £17.2m, Adjusted Basic EPS up 4.1% to 10.2p with the Total Dividend up 10% to 3.3p.
Still not enough here to get me interested – I remain Neutral.
21-Nov-2018 – 113p – £147.3m – PER 10.2
AGM Statement – Cautious enough but expects to be in-line.
Same as last time for me here “Still not enough here to get me interested – I remain Neutral”.
16-Jan-2019 – 93p – £120m – PER 8.4
Trading Update For The 6 Months To End December 2018 – Revenue flat at best.
With the price down -7.5% yesterday perhaps this was to be expected. Not for me at present.
15-Jul-2019 – 68p – £88m – PER 6.9
Results For The 12 Months To End June 2019 – Revenue up 3.1% (LFL) and 3.8% total, expects FY Profit to be in-line.
I see FY Revenue growth forecast at 4% with EPS down slightly on last year so this is not for me at present.
16-Sep-2019 – 65p – £85m – PER 7
Results For The 12 Months To End June 2019 – Revenue up 4% LFL to £315.3m, PBT up 203% to £13.6m, EPS up 329% to 7.3p and the Dividend is up 6.1% to 3.5p.
With Net Debt standing at £35.6m that’s just way too much for my liking.