Gattaca (GATC)

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The specialist Engineering and Technology (IT & Telecoms) recruitment solutions business.

9-Nov-2017 – 310p – £97.9m – PER 8.56

Preliminary Results For The Year Ended July 2017 – Revenue up slightly, PBT down 20% or so (in-line with market expectations (apparently)). Dividend maintained but no increase.

A small lake in the middle of a forest in the middle of nowhere – I see this as quite stagnant with little chance of reasonable growth.

19-Apr-2018 – 193p – £57.7m – PER 5.19

Interim Results For The 6 Months To End January 2018 – Growth but not much of it, Dividend cut 50%. February and March broadly in-line but (Ouch!) expects FY PBT to be about 15% belowprevious expectations.

I remain Neutral for now.

2-Aug-2018 – 125.25p – £40.3m – PER 4.09

Trading Update For The 12 Months To End July 2018 – FY PBT expected to be broadly in-line, Net Debt will be £46m (the Market Cap is just £40.3m).

I was Neutral but considering the progress here and that huge Net Debt, this in now going on my Avoid list.

8-Nov-2018 – 131p – £44.7m – PER 5.5

Preliminary Results For The 12 Months To End July 2018 – Revenue up ever so slightly with Underlying PBT of £12.7m (2017: £16.1m), in line with market expectations – Year end Net Debt remains high at £40.9m (2017: £40.3m). No Final Dividend (in line with revised policy communicated at Interim Results).

Remains on my Avoid list (that Net Debt is just too high for my liking).

7-Feb-2019 – 111p – £35m – PER 4.6

Trading Update For The 6 Months To End January 2019 – Net fees up 2% with Net Debt down from £36m to £29m – FY in-line.

In this environment that Net Debt (coupled with pedestrian growth (reflected in the PER)) means I will be keeping this on my Avoid list for now.

3-Apr-2019 – 116p – £37m – PER 4.7

Interim Results or The 6 Months To End January 2019 – Rather complicated but seems to be in-line to deliver on FY expectations.

I said this last time, it still seems relevant “In this environment that Net Debt (coupled with pedestrian growth (reflected in the PER)) means I will be keeping this on my Avoid list for now”.

6-Aug-2019 – 149p – £48m – PER 6

Trading Update For The 12 Months To End July 2019 – FY PBT to be slightly above market expectations and Net Debt lower than expected.

Good to see a more positive update and Net Debt down to £25m however it’s still a little too high to get me interested.

6-Nov-2019 – 118p – £38m – PER 5

Results For The 12 Months To End July 2019 – Revenue up 1%, PBT up 5%, Net Debt at £40.9m.

Can’t touch this because of that Debt.

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