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.

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