Morning Brief – 5-Jun-2018

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Morning Brief Images 5-Jun-2018

UK Stock Market News Today – 5-Jun-2018

Morning all!

Altitude (ALT) – 79p – £42.1m – PER 87.8

Preliminary Results For The 12 Months To End March 2018 – Revenue up 41.2% to £6.1m (2016: £4.3m) with PBT flat at £0.1m.

Up 50% or so since the end of last, I fail to see why and remain Neutral for now.

Carlco (CAR) – 90p – £66.0m – PER 8.09

Preliminary Results For The 12 Months To End March 2018 –  Revenue up 5.7% to £146.2m and Underlying PBT tax of £9.1 million (2017 – £11.0 million).

With little mention of outlook here I am keeping this on my Avoid list for now.

Discoverie (DSCV) – 426p – £304.2m – PER 16.6

Preliminary Results For The 12 Months To End March 2018 – Revenue up 11% to £387.9m with Underlying PBT up 27% to £21.9m and Underlying EPS up 16% to 22.3p.

This is a new one for me and I’m just not quite sure what to make of it based on these results and limited time this morning. Up nicely 50% or so YTD, I will try and spend more time on it later this week.

Fulrcum Utility Services (FCRM) – 71.5p – £151.1m – PER 16.6

Preliminary Results For The 12 Months To End March 2018 – Revenue up 18.8% to £44.8m (2017: £37.7m), PBT (before exceptional items) up 20.3% to £7.8m (2017: £6.5m) with basic EPS of 4.0p (2017: 3.3p). Order book strong.

I hold here but was not so sure of the recent acquisitions – These results seem to indicate things seem to be progressing reasonably well so I will continue to hold for now.

Quiz (QUIZ) – 178p – £221.1m – PER 22.2

Preliminary Results For The 12 Months To End March 2018 – Revenue up 30% with Underlying EBITDA up 24% to £12.7m (FY 2017: £10.3m), Maiden Dividend proposed (0.8p).

Up 14% yesterday I hope this is good news for those on the inside. I still can’t get past Neutral myself.

Vianet (VNET) – 128p – £36.2m – PER 14.7

Final Results For The 12 Months To End March 2018 – Revenue £14.56m (2017: £14.26 million) with recurring revenues at 90%, Gross margin 70% (2017: 70%), PBT up 41.5% to £2.05m post exceptional items (2017: £1.45m), Basic EPS (before tax) and post-exceptional costs at 7.42p (2017: 5.30p) with the FY Dividend flat at 5.70p (2017: 5.70p).

I am Neutral here.

VP (VP.) – 941p – £377.9m – PER 10.0

Final Results For The 12 Months To End March 2018 – Revenue up 22% to £303.6m (2017: £248.7m) with Statutory PBT flat at £30.8m (2017: £30.3m) and Statutory EPS of 61.72p (2017: 60.31p), the FY Dividend will be up 18%. Net Debt is £179.2m (2017: £98.9m) after funding.

Looking at the forecasts this looks like a slight miss profit and EPS wise. Anyway, with the recent acquisition integration still in progress and Net Debt almost 50% of the Market Cap, I will be staying Neutral for now.

Driver (DRV) – 77.5p – £41.7m – PER 15.7

Interim Results For The 6 Months To End March 2018 – Revenue up by 3% to £31.7m (2017: £30.9m) and confusing but, it seems, Underlying EPS is up about 10%, 3.4p versus 3.0p last time.

I remain Neutral.

Gooch & Housego (GHH) – 1345p – £329.7m – PER 23.0

Interim Results For The 6 Months To End March 2018 – Revenue up 6.6% with Adjusted PBT up 12.7% and Adjust EPS up 15.0%.

I do quite like this but it only seems fairly priced at best here – I’m Neutral.

FairFX (FFX) – 96p – £149.2m – PER 14.3

AGM Statement – Encouraging start to the year and in-line.

I hold here and will continue to do so – In-line at year end here would be an amazing achievement, just hope they don’t disappoint.

Filta Group (FLTA) – 209p – £56.7m – PER 24.8

Trading Update – Strong progress YTD, in-line with management expectations. However, a weak USD has impacted revenue with EBITDA 11% ahead (23% CC).

I am long here and will remain so for now. I will however keep a close eye here on the market reaction to this USD impact.

Gama Aviation (GMAA) – 226.5p – £144.1m – PER 10.2

AGM Statement – Broadly satisfactory trading (flat compared with last year).

I last commented that this had “Done very little in the past 5 years except go sideways” and I am not sure this statement is going to affect that position much.

As always, all comment most welcome!

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