Morning Brief – 23-Nov-2018

Morning Brief Images 23-Nov-2018

UK Stock Market News Today – 23-Nov-2018

Morning all!

Fuller Smith & Turner (FSTA) – 934p – £517.7m – PER 14.1

Results For The 26 Weeks To 29th September 2018 – Revenue up 6% to £222.1m (£209.3m last time), Adjusted PBT down 1% to £23.6m (£23.8m last time), Adjusted EPS down 1% to 33.83p (34.22p last time) and the Interim Dividend is up 3% to 7.80p (7.55p last time). “Front loaded investment” blamed for drop in Profit and the outlook is not exactly the most optimistic.

I remain cautious and Neutral here – And in the sector in general for now.

Gateley Holdings (GTLY) – 149p – £165.2m – PER 11.9

Trading Update For The 6 Months To End October 2018 – Revenue expected to be up 20% (acquisitions accounting for about half of this). Expects FY Revenue of at least £102m with a similar EBITDA margin as last year.

This looks impressive enough and although I am Neutral at present I will be more keen now to see those actual results when they’re available, early next year.

Interserve (IRV) – 35p – £52.4m – PER 1.97

Q3 Trading Update – Overall trading for 2018 has seen strong profit growth in-line with management expectations, still on track to deliver its target of £15m savings in 2018, Year-end Net Debt expected in the range of £625m-£650m (ouch!). Deleveraging plan moving forward for announcement in early 2019.

Considering that Debt level I have decided to move this to my Avoid list for now.

Future (FUTR) – 483p – £393.7m – PER 19.1

Results For The 12 Months To End September 2018 – Revenue up 48% to £124.6m (2017: £84.4m), Statutory Operating Profit of £5.3m (2017: £0.8m), Reported EPS of 5.1p (2017: 3.7p (restated for rights issue)). Confident of continued strong growth.

This has been on my Watchlist for some time and it will remain there for now – I will keep an eye out for revised forecasts and may be tempted although I am not a keen buyer in the present market environment.

As always, all comment most welcome!

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