Morning Brief – 20-Sep-2018

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Morning Brief Images 20-Sep-2018

UK Stock Market News Today – 20-Sep-2018

Morning all!

City Pub (CPC) – 244p – £142.7m – PER 26.6

Interim Results For The 26 Weeks To 1st July 2018 – Revenue up 24% to £20.0m (2017: £16.1m), Adjusted PBT up 73% to £1.6m (2017: £0.9m) with a Reported PAT of £0.76m (2017: -£0.05m). 11 weeks trading since July 1 has seen sales up 24%. Confident of meeting 2018 FY market expectations.

This is on my Watchlist as a pub company that seems to be doing very well, just wondering if it’s fairly priced here now.

French Connection (FCCN) – 50.1p – £48.3m – PER 36.5

Interim Results For The 6 Months To End July 2018 – Revenues down 2.4% to £58.1m (2017: £59.5m) with wholesale up 6.2%, Licensing income flat on last year at £2.6m, Underlying Operating Loss Before Tax reduced to £5.5m, an improvement of £0.4m (2017: loss of £5.9m) with Cash of £12.8m (2017: £6.7m) boosted by sale proceeds from Toast. On track to return to profitability at the year end.

First coverage for me but will keep an eye out for that return to profitability. Neutral for now.

Scisys (SSY) – 186.5p – £55.0m – PER 14.4

Interim Results For The 6 Months To End June 2018 – Revenues up 13% to £28.7m (2017: £25.3m restated), Half-year order book approaching £100m (2017: £64m), Net debt down to £3.3m (2017: net debt £9.0m), Interim Dividend up 10% with Adjusted Basic EPS of 6.1p (2017: 1.4p).

This looks like a good update but I will remain Neutral as the forecasts (on Stockopedia) are quite underwhelming (no Broker notes on Research Tree). Will keep an eye out for updates.

Begbies Traynor (BEG) – 69.2p – £76.4m – PER 15.9

AGM Statement And Trading Update – Sounds cautious, anticipating to continue a track record of annual earnings growth.

This is a strange one and I will remain Neutral. This year Profits and EPS (according to Stockopedia) are expected to at least double yet this update just mentions growth will “exist”.

As always, all comment most welcome!

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