The AIM listed supplier of specialist industrial/ruggedised computers, electronic components, advanced antenna products, communications systems and battery power solutions to the electronics market.
23-Oct-2017 – 480p – £40.6m
Trading Update For The 6 Months To End September 2017 – Revenue up 12%, open order book stands £18.0m versus £14.8m last time.
Quite a volatile share and maybe one worth a look around the 400p level.
21-Nov-2017 – 382.5p – £33.6m – PER 12.2
Interim Results For The 6 Months To End September 2017 – Revenue up 12% but PBT and EPS down 20%, £1.6m and 16.1p respectively. The open order book is £20.1m, up 38% on last year.
I quite like this and thought it was worth a closer look around the 400p level. For now though I am more tempted to wait and see an improvement in that Operating Margin.
12-Apr-2018 – 378.4p – £32.0m – PER 10.8
Trading Update For The 12 Months To End March 2018 – In-line with PBT circa £3m, Revenue to be slightly ahead at £45.5m, up 15%. Order book up slightly but expecting impact from the Communication business in 2018/19 (a profit warning?).
Not enough here to shift my view from Neutral, especially with that “impact” announcement without any guidance.
3-Jul-2018 – 315p – £26.8m – PER 12.5
Final Results For The 12 Months To End March 2018 – Revenue is up 16% to £46.3m with Adjusted PBT down -4% to £3.0m (margins are down slightly), Adjusted Diluted EPS down -2% to 30.9p with the Dividend flat at 12.0p. The order book is about 10% up on last year and on track to deliver in-line with expectations.
Can’t see this being any more than fairly priced here.
6-Sep-2018 – 308p – £26.2m – PER 12.0
AGM Statement – Positive start, confident for the FY.
I still can’t see this being any more than fairly priced here – The decent yield of 4% or so is well covered.
17-Oct-2018 – 285p – £24.2m – PER 11.1
Trading Update For The 6 Months To End September 2018 – Expects to exceed FY market expectations and the order book is up 64%.
This looks much more interesting today than it did yesterday, I am going to add this to my Watchlist in the hope this fuels some upgrades (which I will keep an eye out for).
Subsequent note: With EPS forecast to fall next year and rise less than 1% the year after I have decided to move to Neutral here for now.
20-Nov-2018 – 316p – £26.8m – PER 11.2
Interim Results For The 6 Months To End September 2018 – Revenue up 4%, Adjusted PBT up 6% with Adjust Diluted EPS up 5% – The Interim Dividend is also up 5%. Confident of a stronger H2 and continued longer term growth.
I quite like this but with EPS forecast to go nowhere over the next couple of years I will remain Neutral for now.
30-Jan-2019 – 365p – £31m – PER 12.9
Trading Update For The 12 Months To End March 2019 – Revenue to be above current guidance with Adjusted Profit to he significantly ahead. Confident in an improved outlook for 2020.
I quite liked this previously but was unimpressed with the growth forecasts. I will be keeping an eye out for updated Broker notes now and may be tempted here.