A provider of Information Technology (IT) and communications services.
29-Jan-2018 – 88.2p – £455.6m – PER 19.6
Trading Update For The 12 Months To End March 2018 – On track to deliver an overall EBITDA performance slightly ahead of the Board’s expectation, and a revenue performance slightly behind.
A decent ROCE and Operating Margin plus a HUGE Dividend (almost 7%). I am tempted here, but why is that Dividend so big?
20-Nov-2018 – 91.8p – £474.2m – PER 19.7
Trading Update And Revised Dividend Commitment – Trading for current FY to be weaker than originally expected (an EBITDA to down -5%) with next FY to be significantly below expectations. Net Debt has ballooned to £108.5m (expect to be 10% higher than expectations at FY) – The Dividend will now be not less than 3p instead of the committed 6p.
I pondered last time why the Dividend was so big, well there you have it! This is going on my Avoid list for now.
22-Mar-2019 – 70p – £361m – PER 21
Trading Update – FY Trading and Net Debt expectations remain in-line, Final Dividend to be no less than 2p.
On a PER of 20+ with growth forecast to fall in 2019E and again in 2020E I have no interest here – Remains on my Avoid list for now.
