The international exhibitions group.
3-Oct-2017
Pre-Close Trading Update For The 12 Months Ended September 2017 – Positive – Revenue expected to be £151m (forecast on Stockopedia was £145.5m). Debt has been reduced to around £50m (£59m previously) and the bookings for 2018 stand at £79m versus £58m in 2017. The board is confident in the future prospects.
Expecting the market to like this recent update.
28-Nov-2017 – 180p – £484.7m – PER 21
Final Results For The 12 Months To End September 2017 – Revenue up 5% YoY (by 5%) for the first time in 5 years. But there’s a loss, again, not sure that was expected by the market.
Looking a bit closer at the Stockopedia numbers I actually decided to pass on this (and this update backs me up). I just don’t like the flat Revenues, EPS inconsistencies, the variable Operating Margin and ROCE. It just seems like an “anything can happen” here company – Not for me.
25-Jan-2018 – 179p – £482.0m – PER 20.0
Trading Update For The 12 Months To End December 2017 – In-line with £113m in Revenue booked for 2018 (£99m last year) which is 70% of market expectations for the full year. Net Debt is circa £52m. The board is pleased with performance to date.
Just not enough to get me interested here.
4-Apr-2018 – 157.4p – £424.5m – PER 17.1
Trading Update For The 6 Months To End March 2018 – In-line and confident in FY expectations.
There’s still not enough here to get me interested any further at present.
15-May-2018 – 145.8p – £404.5m – PER 16.1
Interim Results For The 6 Months To End March 2018 – Revenue up 8% to £75.4m, Statutory PBT £1.3m (£3.1m last time), Diluted EPS -0.7p (0.6p last time), Interim Dividend the same (1.5p, in line with policy). Order book is 31% ahead on a like-for-like basis.
There’s just not enough here to get me interested any further at present.
10-Jul-2018 – 79p – £213.0m – PER 12.7
Trading Update For The Period From 1st April 2018 (Q3) – In-line and confident of achieving FY expectations.
If they hit forecasts here this is probably due a re-rating but at present I will remain Neutral.
4-Dec-2018 – 61.1p – £468.7m – PER 12.9
Preliminary Results For The 12 Months To End September 2018 – Revenue up 11% to £175.7m, Statutory Loss of -£3.7m (was –£3.2m last time) with Diluted EPS at -1.6p (-1.9p last time).
There’s nothing here to move my stance from Neutral at present.
