Market leading superyacht painting, supply and maintenance company.

18-Apr-2018 – 106.89p – £49.9m – PER 9.05

Final Results For The 12 Months To End December 2017 – Revenue up 14.7% to €62.6m (FY161 €54.6m), Operating profit of €1.4m which includes €3.9m of exceptional items, mainly related to the IPO (FY16 operating profit of €1.9m), Net Debt reduced to €6.7m at 31 December 2017 (FY16: €10.4m). Total dividend of 3.2p, reflecting the 6 month period from IPO to the year end.

I just don’t know here – Looks decent value but I am just not sure with those “exceptional items”. I will remain Neutral for now.

12-Jul-2018 – 132p – £61.6m – PER 9.95

Trading Update For The 6 Months To End June 2018 – Trading has been significantly weaker, expecting FY Revenue to be flat and EBITDA to be materially below the Board’s expectations at circa 5m Euro.

I don’t like the sound of this at all – This is going on my Avoid list for now.

31-Oct-2018 – 66p – £30.8m – PER 9.66

Trading Update – Still challenging (there’s a list of excuses as long as your arm) and expects to report FY Revenue and Profit significantly below current market expectations with Revenue of about 44m Euro and an EBITDA loss. The Dividend is also being cancelled. The CEO remains excited.

I am less excited than the CEO and this remains on my Avoid list for now.

21-May-2019 – 72p – £34m – PER 30.4

Trading Update For The 12 Months To End December 2019 – Expects FY to be ahead of market expectations.

This seems to mean a return to profitability – Although this is quite encouraging I will wait until I see those FY actuals, or more accurate guidance.

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