Ramsdens Holdings (RFX)

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Ramsdens Holdings RFX Logo

The diversified financial services provider and retailer.

27-Nov-2017 – 184p – £56.7m – PER 11.6

Interim Results For The 6 Months To End September 2017 – Revenue up 18% to £21.8m, PBT up 63% to £5.2m and there’s an Interim Dividend of 2.2p. Net assets and Net Cash are also up.

I’m a holder here.

10-Apr-2018 – 183.75p – £56.7m – PER 11.2

Trading Update – Trading in the second half of the year has remained strong and, as a result, anticipates reporting results for the year slightly ahead of expectations.

As a holder, that will do for me. EPS is forecast to go from 10.8 to 16.2 this year.

7-Jun-2018 – 185.5p – £56.4m – PER 11.2

Results For The 12 Months To End March 2018 – Revenue up 16% from £34.5m to £39.9m, Underlying PBT up 60% from £4.0m to £6.5m, Basic EPS up 61% from 10.1p to 16.3p with a Dividend of 6.6p versus 1.3p. 2018 has started well in-line with the Board’s expectations.

This looks slightly better than forecast, I continue to hold.

Subsequent Note: Sold out here on 19-Jul-2018, main reason based on forecasts. On a PER of 9.47 the EPS growth rates were +94.6% (2017A), +49.4% (2018A), +3.57% (2019E) and +8.64% (2020E), Revenue growth for 2019 and 2020 was forecast at about +10% each year. I still like the ROCE and Operating Margin here but the EPS forecasts reflected signs of a decent sized deceleration. I am now Neutral here.

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