A building, civil engineering, highways and utilities company (formerly North Midland Construction (NMD)).

25-Jan-2018 – 330.2p – £33.5m – PER 10.7

Trading Update For The 12 Months To End December 2017 – In-line, approximately 18% ahead of the previous year BUT there’s some legal dispute that will affect earnings. There’s loads of Cash(£17m).

Quite like this company but it’s Operating Margin is very small. With the legal dispute ongoing I will watch from the side-lines for now.

28-Mar-2018 – 290p – £29.4m – PER 9.37

Final Results For The 12 Months To End December 2017 – Revenue £291.77m (up 16.5%), Underlying PBT £8.30m (up 40.4%), Secured workload circa £299m (£225m last time), about 90% of 2018 budgeted revenue, Total Dividend 6.0p (4.5p last time). Cash £17.01m (£11.41m last time). Outlook is positive.

Still like this company but there is still some legal dispute outstanding and I have no idea what the impact will be (could take 12 months to resolve). With that unknown I have to remain on the side-lines for now.

17-May-2018 – 340p – £32.7m – PER 79.5

AGM Statement – A little strange and lengthy statement. Revenue is up by 19.8% to £74.55m and profitability by 11.0% to £0.64m – Net margin down to 0.86% (which the Board continues to consider to be an unsatisfactory return).

The margin is enough to put me off, Neutral for now.

8-Aug-2018 – 336p – £34.1m – PER 83.0

Interim Results For The 6 Months To End June 2018 – Revenue up 19%, PBT up 103.6%, Cash up £138.4% (to £18.89m), Current Order book £320m (£270m last time), Proposed Dividend up 100%. This statement got my attention “Our focus on margin enhancement (104% ahead of last year) and cash generation (138% ahead of last year) is beginning to show returns and is anticipated to continue going forward.”

This is of more interest after this update but not enough to change my view from Neutral at present.

24-Oct-2018 – 435p – £44.2m – PER 5.34

Trading Update – Revenue to exceed FY expectations, circa £340m – £350m with Net Margins between 1.7% and 1.8% – The Order book is up 10% on last year and trading remains buoyant.

There’s still quite a lot to like here (considering the historic Revenue and EPS CAGR rates) – It’s going on my Watchlist (just wish I could find some forecasts!).

28-Mar-2019 – 695p – £70.5m – PER 8.5

Results For The 12 Months To End December 2018 – In a morning haste, not very easy to work out what’s going on here, I picked this out ” Results overall for the year were marginally better than the Board’s expectations. Profit before tax amounted to £6.03 million (2017 restated: £9.11 million)”.

Been watching this since is was half this price – What stops me buying in is the complete lack of any forecast data.

8-Aug-2019 – 542p – £56m – PER 9.4

Interim Results For The 6 Months To End June 2019 – Revenue up 14.1%, PBT up 38.4%, EPS up 35.1%, Dividend up 50%. Confident Board’s expectations will be achieved with net margins slightly exceeding 2%.

For some strange reason I had this down for no growth in PBT and EPS this year!  Based on the latest Broker note this morning, in my opinion, this looks way undervalued on a 1 Year view and overvalued on a 2 year view even taking into account the 30% or so Net Cash (of current Market Cap).

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