The developer and provider of advanced surface coating technology.
12-Dec-2017 – 165.5p – £71.1m – PER 18.2
Trading Update – In-line.
Drifting North since the collapse in May this year. I will remain on the side-lines for now.
30-May-2018 – 164.5p – £70.6m – PER n/a
AGM Statement – First half in-line, encouraged for the second half.
After collapsing from North of 350p in 2016 it’s hard to tell from this statement if it’s back on track. Remaining Neutral, need to wait for more information.
9-Jul-2018 – 205p – £88.0m – PER n/a
Interim Results For The 6 Months To End May 2018 – Revenue up 2.6% to £41.4m (2017: £40.3m), LBT reduced to £1.0m (2017: £5.8m), Net debt £8.5m at period end (2017: £18.5m). Confident of further progress.
Looks like it’s maybe back on track here but would rather see the FY situation before changing my Neutral stance.
17-Dec-2018 – 226p – £97.1m – PER 21.9
Trading Update For The 12 Months To End November 2018 – Expects FY to be slightly ahead of market expectations with Net Debt down from £4.3m to £0.7m.
This is looking much more interesting now and it’s on my Watchlist.
18-Jun-2019 – 220p – £95m – PER 21.2
Trading Update For The 6 Months To End May 2019 – On track to meet FY expectations with results more H2 weighted than usual.
Will be waiting to see the actuals here aswell as revised forecasts for 2020E!
22-Oct-2019 – 211p – £91m – PER 22
Trading Update For The 12 Months To End November 2019 – Results to be significantly below current market expectations, Adjusted Operating Profit of circa £1.5m.
Ouch, this looks like a huge miss! H2 weighting mentioned 4 months ago, a case of waiting to see how the dust settles here now.