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.

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