Offers information technology products and services to clients in a range of markets, including government, healthcare and financial services.
27-Nov-2017 – 288p – £240.8m – PER 25.4
Interim Results For The 6 Months To End September 2017 – An in-line update which looks pretty flat.
Looks OK but on a PER of 25.4 I would be expecting a little more progress than this.
16-Apr-2018 – 327p – £387.0m – PER 25.9
Although there’s a lot of positives here on a PER of 25+ I expect to see a little more than in-line. Having said that, the ROCE and Operating Margin are great.
29-May-2018 – 387p – £458.0m – PER 30.7
Preliminary Results For The 12 Months To End March 2018 – In-line, Revenue up 16%, Profits up 8%, EPS up 10%, Dividend up 5%.
I said this at 327p and I still feel it’s appropriate – Although there’s a lot of positives here on a PER of 25+ (now 30) I expect to see a little more than in-line (and circa 10% Profit/EPS growth). Having said that, the ROCE and Operating Margin are great (as is the Order book level). On the fence so, as usual, when I get that feeling – I will remain Neutral for now.
5-Sep-2018 – 365p – £438.3m – PER 26.9
Trading Update For The Period From 1st April 2018 To Date – Expects FY to be ahead of current market expectations.
I remain tempted here but just feel it may be fairly priced at this level.
26-Nov-2018 – 420p – £505.9m – PER 27.7
Interim Results For The 6 Months To End September 2018 – In-line with upgraded market expectations – Revenue up 62%, Adjusted PBT up 42%, Backlog up 29%, Diluted EPS up 24% and the Interim is up 40%.
Great interims however forecasts indicate all round annual growth around the 10% level – Not for me at present.