A leading international supplier of industrial chains and related power transmission products.
14-Nov-2017 – 46.75p – £103.1m – PER 8.33
Interim results For The 6 Months To End September 2017 – Even from a high numbers level they’ve managed to provide a most confusing update here. My reading between the lines is Revenue is flat and PBT is down about 40% from £4.0m to £2.4m.
Not only do I not like the confusing update, I don’t like my interpretation of what I think is what they meant to day (should have said). There is also a huge pension deficit here around the £100m mark (100% of the Mkt Cap).
29-May-2018 – 22.8p – £51.4m – PER 4.53
Preliminary Results For The 12 Months To End March 2018 – Revenue up slightly to £191.6m, Adjusted Operating Profit down slightly too (to £14.2m) with Adjusted EPS also down slightly at 4.5p. Outlook seems so so.
Pension still circa £100m mark (200% of the Mkt Cap), Dividend stopped – Remains on my Avoid list.
18-Jul-2018 – 29.25p – £65.9m – PER 5.89
AGM Statement – In-line.
Nothing to excite me enough to take this off my Avoid list.
11-Oct-2018 – 36.5p – £82.3m – PER 7.17
Trading Update For The 6 Months To End September 2018 – In-line.
This was on my Avoid list but if this is to be in-line it could well be worth a look. Going Neutral here and will keep an eye out for the Actuals.
14-Nov-2018 – 34.6p – £78.0m – PER 6.73
Interim Results For The 6 Months To End September 2018 – Revenue up 6.3%, Underlying Adjusted Operating Profit up 36.7% – Looking forward to continuing momentum into H2.
I remain Neutral but will keep an eye out for Broker updates as this is starting to look more attractive given the current valuation.
11-Apr-2019 – 28.5p – £64m – PER 5.4
Trading Update For The 6 Months To End March 2019 – Revenue up 5.7%, FY to be in-line.
If it wasn’t for the Net Debt this would be much more attractive, at present there’s just not enough to get me any more interested today that I was yesterday. The move to AIM may help.
28-May-2019 – 29p – £65m – PER 5.6
Results For The 12 Months To End March 2019 – Revenue up about 5% (£202.4m), Statutory Operating Profit up almost 200%, EPS up about 10% with Net Debt at £30m.
I still see attractions here but that Net Debt (amost 50% of current Market Cap) keeps me away.
14-Oct-2019 – 22p – £50m – PER 7
Trading Update For The 6 Months To End September 2019 – Expects to deliver Board’s FY expectations.
Even if it does meet expectations, the Net Debt is enough to keep me away for now.
