The global business aviation services provider.
19-Jan-2018 – 236p – £103.8m – PER 9.14
Trading Update For The 12 Months To End December 2017 – In-line and confident for 2018.
Fundamental wise looks OK (ish) but for now it’s not for me.
19-Mar-2018 – 260p – £165.4m – PER 10.8
Final Results For The 12 Months To End December 2017 – In-line with Revenue of $207.4m (2016: $196.1m) up 5.8% (CC), Underlying Operating Profit $18.7m (2016: $14.6m) up 28.3% (CC), Net Debtdown by $6.4m to $13.0m (2016: $19.4m) and current trading is in line – Well placed to achieve its expectations for the current year.
Done very little in the past 5 years except go sideways, I just can’t get excited here at present.
5-Jun-2018 – 226.5p – £144.1m – PER 10.2
AGM Statement – Broadly satisfactory trading (flat compared with last year).
I last commented that this had “Done very little in the past 5 years except go sideways” and I am not sure this statement is going to affect that position much.
12-Jul-2018 – 202.5p – £128.8m – PER 8.57
Trading Update For The 6 Months To End June 2018 – Expecting FY results to be at the higher end of Board expectations – Expect to propose an interim dividend in line with the stated progressive policy.
This should help push the price back up towards the 250p level – But not sure there’s enough here to see more than that. I will remain Neutral and keep an eye out for updates.
19-Jul-2018 – 200p – £127.2m – PER 8.41
I remain Neutral.
24-Sep-2018 – 194p – £123.4m – PER 8.39
Interim Results For The 6 Months To End June 2018 – Revenue and Gross Profit both down slightly but there’s now Net Cash of $21.1m versus a Net Debt of $14.3m last time. FY expectations unchanged.
I remain Neutral.
29-Oct-2018 – 152p – £96.7m – PER 6.45
Trading Update For The 12 Months To End December 2018 – From FY expectations being unchanged just 1 month ago it now seems FY Underlying Operating Profit will miss by $3m – I am guessing that’s a 30% – 40% miss (hard to spot that a month ago I guess!).
Would have to do a lot to earn some trust and respect back here – I remain Neutral.
29-Jul-2019 – 85p – £54m – PER 8.4
Trading Update For The 6 Months To End June 2019 – In-line with FY also expected to be in-line.
I remain uninterested.
23-Sep-2019 – 75p – £48m – PER 7
Interim Results For The 6 Months To End June 2019 – Revenue up 22.5%, Gross Profit up 19.9%, FY outlook unchanged.
This seems quite good but I have no interest until I see the FY actuals.