Distributor of technical fluid power products which operates through two divisions: Flowtechnology, which is geographically split into Flowtechnology UK (FTUK) and Flowtechnology Benelux (FTB), and Power Motion Control (PMC).
17-Oct-2017 – 166.88p – £87m
Q3 Trading Update For The 9 Months To End September 2017 – Revenue up 34.4% and trading in-line with market expectations.
Recently broken above 150p and on a PER of 12.5, I’m tempted here.
23-Jan-2018 – 183p – £96.7m – PER 11.3
Trading Update For The 12 Months To End December 2017 – Revenue up 43% CC, to £77.9m (£53.8m last time). PBT to be in the range £8.6m to £8.8m (in line with market expectations). Dividend up 5%. Based on progress made this year, expects to meet market expectations for 2018 and 2019.
This is going on my Watchlist, 170p, may even snap some up this morning!
17-Apr-2018 – 173.25p – £97.8m – PER 10.9
Q1 2018 Trading Update – Revenue up to £26.5m from £17.5, +51.4%. Gross Margin in-line.
Still looks good, just missed out on my 150p Watchlist Entry last month. Remains on my Watchlist but could even be worth paying up here.
Subsequent Note: I bought in here today.
6-Jun-2018 – 170.75p – £90.2m – PER 10.3
AGM Statement – First 3 months Revenue up 49.7% (as per recent Trading Update) and momentum continues into the following 2 months. All seems in-line.
I hold here and on a PER of 10 with EPS forecasts at +39.3% in 2018 and +9.06% in 2019, I will continue to do so.
Subsequent Note: Sold out here on the 12th July after reading a broker note on Research Tree which showed EPS of 14.0 2018A, 16.0 2019E and 17.6 2020E – OK enough on a PER of 10.3 but with the market being negative since the AGM statement I decided to move on.