Engaged in the design and manufacture of specialist engineering products and the provision of related services, the Company’s segments include Defence, Forgings and Petrol Station Superstructures.
30-Nov-2017 – 181p – £30.3m – PER 19.9
Half Year Report For The 6 Months To 28 October 2017 – PBT up to £1.64m (2016 – £0.61m) on a notable uplift in revenue to £34.63m (2016 – £25.00m). EPS up to 7.8p (2016 – 3.3p) and there’s Net Cash of £14.53m.
This looks OK but with concerns about the UK MoD spending also pointed out – For me, with already unimpressive ROCE and Operating Margin figures, it’s just a little too risky in the present environment.
6-Jun-2018 – 208p – £34.8m – PER 15.2
Final Results For The 12 Months To 28th April 2018 – PBT up £4.04m (2017 – £1.53m) on Revenue of £68.09m (2017 – £53.82m), EPS of 20.5p (2017 – 9.1p) with a Final Dividend of 8.25p (8p last time).
There’s a lot to like here but with no broker coverage at all (that I can find) and the company outlook difficult to interpret it’s not easy to get involved. I will remain Neutral for now.
4-Dec-2018 – 199.5p – £33.4m – PER 9.72
H1 Report – PBT of £3.19m (£1.64m last time), Revenue of £37.74m (£34.63m last time), EPS 15.2p (7.8p last time), Net Cash of £16.55 (£15.87m last time) and the Interim Dividend of 1.75p is maintained.
Still looks quite tempting but there’s no forecasts available at all and little to go on in this update – Just a little too risky with no solid outlook (loads of Net Cash!).
17-Sep-2019 – 197p – £33m – PER 9
Trading Statement – Highlights “interesting times” and warns to “expect a substantial weakening in the Company’s results”.
Enough there to make it onto the Avoid list for now.
