A building, civil engineering, highways and utilities company.
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.