The national financial adviser of choice for Middle Britain.
20-Feb-2018 – 24p – £31.4m – PER 16.0
Final Results For The 12 Months To End December 2017 – Revenues up 13% to £54m (2016: £48m), PBT up 32% to £2.5m (2016: £1.9m) and the combined annual Dividend will be 55% higher than 2016.
Quite liking this, it’s going on my Watchlist, 22p, for now.
20-Jul-2018 – 37.5p – £47.9m – PER 22.0
Trading Update For The 6 Months To End June 2018 – In-line.
2017 growth was excellent but looks like Revenue in 2018 and 2019 will see just a small rise with EPS growth of 10% each year. On a PER of 22.0 this seems at best fairly priced here – I will take this off my Watchlist for now and go Neutral.
4-Sep-2018 – 31p – £39.6m – PER 17.9
Interim Results For The 6 Months To End June 2018 – Revenue up 5% (£26.88m), PBT up12% (£1.26m), EPS up 13% (0.99c) with Net Cash of £9.6m (£8.1m in June last year). The Interim Dividend is increased 67% (0.2p). Expecting to meet FY expectations – The Chairman (of 6 years) is stepping down and search for a replacement will start soon.
I remain Neutral here as the growth rate (with a small Dividend), to me, does not seem to warrant a PE of almost 18.
11-Jan-2019 – 25p – £32m – PER 13.8
Trading Update For The 12 Months To End December 2018 – In-line.
Seems perhaps about fairly priced around this level.
26-Feb-2019 – 26.5p – £34m – PER 14.7
Results For The 12 Months To End December 2018 – Revenue down slightly, PBT up 5%, FY Dividend up 67% and Net Cash is up about 10% or so to £9.55m.
Still seems (perhaps) fairly priced around this level to me.
