The niche specialist services provider engaged in the maintenance, inspection, testing, repair and installation of permanent facade access equipment, fall arrest systems and lightning protection systems together with fixed wire and portable appliance testing and high level cleaning.
16-Jan-2018 – 172p – £179.8m – PER 17.4
Trading Update – In-line for 2017 and to be materially ahead of current market forecasts for 2018.
Looks interesting, it’s going on my Watchlist at 180p.
21-Mar-2018 – 177p – £185.0m – PER 16.3
Results For The 12 Months To End December 2017 – “Another year of exceptional growth delivering record turnover and profits” – Revenue up 35% to £52.9m (2016: £39.2m), Adjusted PBT up 36% to £10.2m (2016: £7.5m), Adjusted EPS up 28% to 9.73p (2016: 7.63p) with the Final Dividend up by 14% to 0.80p (2016: 0.70p). This year has started well, further acquisitions being considered.
This was on my Watchlist at 180p awaiting these results, I will now consider a position this morning or else I will leave it on my Watchlist at 180p.
Subsequent note: Bob Morton is involved who has had FCA issues and there’s also a high level of debtors – Caution here means this has been removed to my Avoid list for now.
25-Sep-2018 – 181.5p – £196.1m – PER 15.0
Interim Results For The 6 Months To End June 2018 – Revenue up 38%, Adjusted EPS up 30% and the Interim Dividend is up 13%. Net Debt is down to £11.8m (£18.3m last time), enthusiastic for the future.
Looking more attractive, I will go Neutral for now – Although I recall some FCA related issues here, need to check this.
10-May-2019 – 69p – £85m – PER 4.9
Trading Update For The 12 Weeks To End March 2019 – “Recent acquisitions of Guardian and Trinity are performing ahead of management expectations”, confident of a successful year in-line with the Board’s expectations.
Remains interesting but I believe there are still some FCA issues lingering here plus the Debtor days and Debt levels are high. Not for me.
17-Jun-2019 – 95p – £120m – PER 6.7
AGM Statement – “Working capital utilisation, margin and profit levels are in line with the Board’s expectations” – “This underscores our confidence in achieving a successful full year result in 2019”.
I believe there are still some FCA issues lingering here plus the Debtor days and Debt levels are high – Not for me.