Morning Brief – 13-Sep-2018

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Morning Brief Images 13-Sep-2018

UK Stock Market News Today – 13-Sep-2018

Morning all!

Ricardo (RCDO) – 832p – £442.2m – PER 14.1

Interim Results For The 6 Months To End June 2018 – Record order intake at £413m, up £47m on FY 2016/17, Record year-end order book at £288m, up £40m on June 2017, Revenue up 8% to £380.0m, Underlying PBT up 2% to £39.0m on FY 2016/17, Net Debt £26.1m (from £37.9m at June 2017 (after £6m acquisition of Control Point). Outlook is positive with a good pipeline – Dividend increased by 6% to 20.46p from 19.30p.

The Order book growth always seems better than Revenue, PBT, EPS and Dividend growth – I remain Neutral.

Gresham House (GHE) – 470p – £94.3m – PER 23.5

Interim Results For The 6 Months To End June 2018 – AUM up 148% to £1.6bn with an Adjusted Operating Profit of £0.4m (-£0.8m Loss last time). Intends to implement an accelerated dividend policy next year.

A new one to me which I need to research more – Seems worth it now it’s moving into Profit and starting a Dividend payment.

SafeCharge International (SCH) – 305.5p – £447.4m – PER 19.8

Interim Results For The 6 Months To End June 2018 – Revenue up 26% to US$66.8m (H1 2017: US$53.0m) driven by new customer wins and expanded relationships with existing customers, Adjusted EBITDA up 15% to US$18.0m (H1 2017: US$15.6m), Cash balances of US$86.1m (no debt), the Interim Dividend is up 15%. FY to be in-line with market expectations. Note: PBT was down slightly as was EPS.

I sold out here in July (2018), sure takeover potential remains but it seems about fairly priced (at best) at present to me.

Colefax (CFX) – 540p – £53.0m – PER 14.2

AGM Statement – Sales are in-line with expectations (does that mean Profits are not?).

Not much to go on here so no change here from my current Neutral stance.

As always, all comment most welcome!

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