12-Jan-2018 – 342.51p – £192.6m – PER 13.6
Trading Update For The 12 Months To End December 2017 – The Board now expects 2017 revenues will be slightly ahead of market expectations of $84.7m, EBITDA will be comfortably ahead of market expectations of $26.0m. Net Cash expected to be not less than $18.5m, well ahead of market expectations of $16.5m (intends to maintain a $15m Net Cash position). Lower US Corporate Tax, seems to be uncertainty of the benefit (or not) at present. Outlook, confident of another year of profitable growth.
I already hold here and intend to continue to do so for now. I am a little nervous though that the recent update was not clearer on the US Tax change (as a lot of revenue is from the US).
14-Mar-2018 – 364.75p – £205.1m – PER 13.7
Results For The 12 Months To End December 2017 – Revenue up to a record US$ 85.6m, up 8% from 2016, Adjusted EBITDA up 14% to a record US$ 28.0m (2016: US$ 24.6m), Debt-free balance sheet, Net cash of US$ 19.0m despite US$ 13.9m of dividend payments in 2017, Final Dividend of 12.75c for a total 2017 Dividend of 15.5c, a 40% increase over last year and a supplemental Dividend of 3.6c to be paid with final 2017 Dividend. Outlook is confident.
I hold and will continue to do so even though the growth is not as exciting as I was anticipating. The Dividend progress helps.
11-Jun-2018 – 402.5p – £226.6m – PER 16.6
AGM Statement / Trading Update – Trading ahead of the prior year in-line with market expectations.
I hold here and will continue to do so. Although growth is nothing special at present the ROCE and Operating Margins give me assurance.
17-Jul-2018 – 397.5p – £223.7m – PER 16.2
Trading Update For H1 2018 – In-line.
I hold here and will continue to do so although I would of course liked to have seen a little more in the way of growth (the ROCE and Operating Margin provide me with some level of comfort).