Swallowfield (SWL)

Swallowfield SWL Logo

A market leader in the development, formulation, and supply of personal care and beauty products, including its own portfolio of brands.

9-Nov-2017 – 395p – £67.5m – PER 16

AGM Statement – Trading in the first 4 months of the year is in-line with expectations. Generally expecting to maintain positive progress and deliver against expectations for the full year.

Quite like the look of this and its on my Watchlist around the 300p area.

27-Feb-2018 – 318p – £53.6m – PER 12.2

Interim Results For The 28 Weeks To 6 January 2018 – Revenue up to £40.0m (2017: £39.7m) driven by strong growth (+25%) in owned brands (now 31% of Group Revenue). Underlying Operating Profit up 11% YoY to £3.40m (2017: £3.07m). Adjusted EPS up 16% year on year to 13.7p (2017: 11.8p). The Interim dividend is up 18% to 2.0p (2017: 1.7p).

Will leave this on the Watchlist at 310p.

11-Jul-2018 – 315p – £54.0m – PER 11.3

Trading Update For The 12 Months To End June 2018 – Broadly in-line, Revenues similar to last year with PBT to be significantly ahead of last year (due to growth in own brand sales). Net Debt at £11m – Expecting it to reduce significantly in the new financial year!

This was on my Watchlist at the 310p level and although we’re there now, I am just not convinced by this update (which I was waiting for) – I am going to go Neutral here and see what the actual results (profits) look like and how that Debt is handled.

25-Sep-2018 – 310p – £53.1m – PER 11.6

Final Results For The 53 Weeks To End June 2018 – Revenue down 3.5% but Adjusted PBT is up 37% to £5.0m (2017: £3.6m) and Adjusted EPS is up 31% 23.2p (2017: 17.7p). The Annual Dividend will be 6.2p (2017: 5.2p), up 19%. Net Debt is up to £11.8m (2017: £3.6m).

I remain tempted here, but Neutral for now.

15-Nov-2018 – 260p – £44.6m – PER 9.39

AGM Statement – First 4 months of trading is in-line with expectations and expect to deliver against FY expectations.

As per my previous comment – I am Neutral but remain tempted, time to “bottom pick” perhaps!

5-Mar-2019 – 195p – £33.4m – PER 6.85

Interim Results For The 28 Weeks To 12th January 2019 – Doesn’t look great with FY to be broadly in-line with market expectations.

My temptation to bottom pick has lessened, I am staying away here for now.

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