Morning Brief – 7-Nov-2017

Morning Brief Images 7-Nov-2017

Morning All!

Blancco Technology (BLTG) – 54.5p – £34.9m – PER 6.68

Final Results For The Year Ended June 2017 – This is in the “too hard for me pile” with the update being based mainly on adjusted 2016 figures. Stand out is no final Dividend.

The fact the latest results are just too complicated for me to figure out – And, the fact there will be no final Dividend is enough for me to be avoiding this one for now.

Castleton Technology (CTP) – 62.75p – £49.4m – PER 12.3

Unaudited Interim Results For The 6 Months To End September 2017 –  Revenues up 10.9% to £10.8m (£9.7m last time), PBT £0.2m (£0.04m last time).

On a PER of 12.3 there’s little to excite here at present.

Ideagen (IDEA) – 88.5p – £177m – PER 19.8

Trading Update For The 6 Months To End October 2017 – Strong H1 and expects Revenue and adjusted EBITDA to be significantly ahead of the same period last year – Trading in-line with market expectations for the full year to end April 2018. Cash is up to £5.9m (end April 2017, £4.8m).

Generally – Like the look of this but that PER of 19.8 looks a little too rich.

UP Global Sourcing Holdings (UPGS) – 88p – £71.2m – PER 11.4

Full Year Results To End July 2017 – Revenue up 39.1% to £110.0m (£79.0m last time), PBT up 18.7% to £7.4m (£6.3m last time), Net debt of £6.0m (£10.0m last time) – Full year dividend of 5.115p per share (3.32p last time). Although current trading is in-line, as previously announced “the Board therefore anticipates that revenue growth for FY 18 is unlikely. In addition, approximately £4-5m of FY 18’s revenue will now be recognised in FY 19 as a result of the move from FOB to landed arrangements with a key European customer”.

Attractive enough except for that sting in the tail – “Revenue growth for FY 18 is unlikely”.

Generally – There’s nothing of particular interest here for me this morning.

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