AIM-listed specialist bank

2-Mar-2018 – 29.78p – £63.2m – PER 12.3

AGM Trading Statement – First 5 months, strong and in-line – Quite a positive update and outlook.

Quite like this update but can’t find myself finding this more interesting at present.

22-Oct-2018 – 35.5p – £76.0m – PER 11.7

Trading Update For The 12 Months To End September 2018 – Trading in-line with market expectations.

Still quite like this and although it’s got a HUGE amount of Net Debt (it’s part the nature of the business here) this is now going on my Watchlist – (based on Stockopedia) EPS growth forecast as 26.8% in 2018E and 63.7% in 2019E.

Subsequent note: After some more research, noticed EPS was forecast to fall next year before then rising in the subsequent year – Will go Neutral and keep an eye out for further updates.

5-Dec-2018 – 36.9p – £79.2m – PER 11.8

Preliminary Results For The 12 Months To End September 2018 – Portfolio up 50%, PBT up 44% with EPS up 33%, the Dividend is also up 50%!

These results look great – Very tempting to take a position here but just need to research more, on my Watchlist and may even get attention today.

8-Mar-2019 – 32p – £69.3m – PER 9.2

Trading Update – First 5 months in-line with management’s expectations.

Huge DEBT here but it is probably acceptable given the nature of the business. This remains on my Watchlist and I am quite tempted (if I can get my head round that Debt!).

Subsequent note: I am now Long here.

5-Jun-2019 – 33p – £83m – PER 9

Interim Results For The 6 Months To End March 2019 – Trading is strong (PBT up 57%, EPS up 50%) and results are in-line with market expectations.

I am Long here and hopefully this provides support for that recent decision.

24-Oct-2019 – 30p – £75m – PER 11

Trading Update For The 12 Months To End September 2019 – In-line.

I am Long here and in-line should be fine due to the forecast excellent double digit EPS growth versus a single digit PER for 2020.

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