St Ives (SIV)

0
154
St Ives SIV Logo

The international marketing services group.

3-Oct-2017

Full Year Results For The Year Ended 28 July 2017 – Ouch! Revenues up 7% but Profits clobbered with the Loss Before Tax up from -£5.7m last time to -£44.1m this time. Dividend slashed.

Surely this update will be a set back to the price (or was the market expecting this!), which is up more than double from it’s lows – Following a profit warning at the beginning of the year (which knocked over 70% of the then price).

30-Nov-2017 – 74p – £105.6m – PER 5.85

Trading Update (For The 3 Months To 3 November) – Trading ahead of managements expectations, Revenue running 4% ahead of the equivalent period last year.

It’s cheap for sure but amongst other things, the Net Debt here (£54.6m, over 50% of Mkt Cap) just makes me want to steer clear. I also believe there’s a reasonable sized Pension deficit but have not had time to look into this.

7-Mar-2018 – 74.2p – £105.9m – PER 5.64

Results For The 27 Weeks To 2 February 2018 – Revenue up 7% with a Statutory Loss Before Tax of -£15.0m (-£3.1m last time).

Net Debt is down but at £42.2m (with a Pension Deficit of £15.8m) that’s a sizeable chuck of worry. I will not be investing here at present.

16-Aug-2018 – 95.55p – £146.5m – PER 9.10

Year End Trading Update To 3rd August 2018 – PBT to be at the upper end of expectations with a solid base going into the new financial year.

Nice update but not enough here to change my Neutral stance.

Advertisement
Research Tree Banner