Formerly St Ives (SIV) – The international marketing services group.
Full Year Results For The Year Ended 28 July 2017 – Ouch! Revenues up 7% but Profits clobbered with the Loss Before Tax up from -£5.7m last time to -£44.1m this time. Dividend slashed.
Surely this update will be a set back to the price (or was the market expecting this!), which is up more than double from it’s lows – Following a profit warning at the beginning of the year (which knocked over 70% of the then price).
30-Nov-2017 – 74p – £105.6m – PER 5.85
Trading Update (For The 3 Months To 3 November) – Trading ahead of managements expectations, Revenue running 4% ahead of the equivalent period last year.
It’s cheap for sure but amongst other things, the Net Debt here (£54.6m, over 50% of Mkt Cap) just makes me want to steer clear. I also believe there’s a reasonable sized Pension deficit but have not had time to look into this.
7-Mar-2018 – 74.2p – £105.9m – PER 5.64
Results For The 27 Weeks To 2 February 2018 – Revenue up 7% with a Statutory Loss Before Tax of -£15.0m (-£3.1m last time).
Net Debt is down but at £42.2m (with a Pension Deficit of £15.8m) that’s a sizeable chuck of worry. I will not be investing here at present.
16-Aug-2018 – 95.55p – £146.5m – PER 9.10
Year End Trading Update To 3rd August 2018 – PBT to be at the upper end of expectations with a solid base going into the new financial year.
Nice update but not enough here to change my Neutral stance.
9-Oct-2018 – 101p – £156.4m – PER 9.74
Preliminary Results For The 53 Weeks To 3rd August 2018 – Revenue up 9% from continuing operations (11% CC), Adjusted PBT up 38%, Net Debt down 50% to £26.0m and the Pension scheme now in small surplus of £1.9m (2017: deficit of £16.0m). So far, trading this year has been in-line with expectations.
This looks more interesting and although I remain Neutral for now I think I will have a closer look – Can’t decide if Kin And Carta is a better name than St Ives or not!
14-Feb-2019 – 94.7p – £145m – PER 9
Trading Update For The 6 Months To End January 2019 – Trading has been in-line (Revenue the same as last year). Made a Profit of £2m on a property sale, Net Debt is £33m (so it should be put to good use).
I just don’t see a good enough reason to invest here at present AND I don’t quite like the fact trading has been in-line in H1 (same as last year) with no reference to the FY.
14-Mar-2019 – 94p – £144m – PER 8.8
Interim Results For The Period From 4th August 2018 To 31st January 2019 – “Pillars” struggling it seems, Revenue down -5%, PBT down -4% and EPS down -9%. Net Debt stands at £33.3m. On track to meet the Board’s FY expectations for Adjusted PBT.
I still can’t justify looking into this in any more detail at present.