Morning Brief – 21-Mar-2018

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Morning Brief Images 21-Mar-2018

UK Stock Market News Today – 21-Mar-2018

Morning all!

Premier Technical Services (PTSG) – 177p – £185.0m – PER 16.3

Results For The 12 Months To End December 2017 – “Another year of exceptional growth delivering record turnover and profits” – Revenue up 35% to £52.9m (2016: £39.2m), Adjusted PBT up 36% to £10.2m (2016: £7.5m), Adjusted EPS up 28% to 9.73p (2016: 7.63p) with the Final Dividend up by 14% to 0.80p (2016: 0.70p). This year has started well, further acquisitions being considered.

This was on my Watchlist at 180p awaiting these results, I will now consider a position this morning or else I will leave it on my Watchlist at 180p.

Subsequent note: Bob Morton is involved who has had FCA issues and there’s also a high level of debtors – Caution here means this has been removed to my Avoid list for now.

Ten Entertainment (TEG) – 251p – £163.2m – PER 13.0

Results For The 12 Months To End December 2017 – Revenue up 5.5% to £71.0m (52 weeks vs 53 weeks, 8.9% over 53 weeks), Reported Profit After Tax up 43% to £5.2m (FY16: £3.6m). IPO exceptional costs of £3.1m, Adjusted EPS up 18% at 16.2p, Total FY Dividend of 10.0p. 2018 (11 weeks) started with LFL Revenue affected by weather, 1.7% up instead of 2.8%.

Just going to leave this on my Watchlist at 210p for now.

Xaar (XAR) – 268p – £209.5m – PER 22.3

Results For The 12 Months To End December 2017 – Revenue up 4% in 2017 to £100.1m (2016: £96.2m) with Adjusted PBT £18.0m, down from £19.5m.

I don’t like the way these guys provide updates, hard for me to get to the bottom of them. That and the fact these results are uninspiring, I have no further interest here at present.

Centaur Media (CAU) – 49p – £70.8m – PER 14.8

Results For The 12 Months To End December 2017 – Revenue down, Operating Profit and Margins down, Dividend flat.

Still not interested here.

Moss Bros (MOSB) – 58.6p – £59.1m – PER 12.0

Trading Update For The 52 Weeks To 26 January 2018 – Ouch – 2019 Profit to be materially lowerthan current market expectations, 2018 to be in-line with expectations.

With that useful Dividend now also being (rightly) cut this is on my Avoid list for now.

Alpha FX (AFX) – 491.55p – £161.0m – PER 24.2

Results For The 12 Months To End December 2017 – Revenue up 60% to £13.5m (2016: £8.5m), Reported operating profit up 29% to £5.6m (2016: £4.4m), Reported EPS up 6% to 14.2p (2016: 13.4p) with a Final Dividend of 3.4p (FY 4.9p). Also launching an institutional division.

I like the expansion here, in Revenue. However, I am not yet convinced that Profit can keep up, I remain Neutral for now.

SCS (SCS) – 205p – £82.0m – PER 8.68

Interim Results For The 26 Weeks To 27 January 2018 – Revenue up 1.8% to £160.7m (2017: £157.9m), Operating Profit improved by £2.9m to £0.3m (2017 loss: £2.6m), EPS of 0.1p (2017 loss: 5.6p), Cash of £51.8m (2017: £36.8m) and the Interim Dividend is up 8.2% to 5.30p (2017: 4.90p). YTD in-line.

This is starting to look more attractive, that yield is increasing, it’s currently 7%+ and covered 7 times – But still not an area of much certainty!

As always, all comment most welcome – Have a great day!

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