The UK’s largest tile specialist.
Trading Update For The 52 Weeks Ended September 2017 – Bit of a miss here and a mild profit warning with PBT due to be “at the lower end of the current range of market expectations” – But no mention of what this is – Arggggggghhh!
Seems like this update is not going to do much for the share price this morning!
28-Nov-2017 – 60.75p – £116.9m – PER 8.5
Final Results For The 12 Months To End September 2017 – Don’t like the look of this much – Highlights, Revenue down slightly, PBT down 15% (£17m), Final Dividend cut 8% and Net Debt also increased.
I can’t see any attraction here.
9-Jan-2018 – 80p – £154.5m – PER 11.0
Q1 Trading Update – LFL Revenue up 3.4%.
With Revenue forecast to be £218.2m this year, based on £211.8m last time, this seems in-line. I still don’t see any attraction here although some may welcome the well covered yield, circa 4.5%.
4-Apr-2018 – 80.5p – £151.0m – PER 11.0
Trading Update For The 6 Months To End March 2018 – LFL Revenue up 0.6%. Market remainschallenging and CEO is cautious regarding the rest of the year.
Still seems kind of in-line here and the well covered yield, circa 4.5%, is attractive. But, it may become a lot more attractive at a lower price than today, I’m on the side-lines for now.
22-May-2018 – 69p – £133.5m – PER 10.1
Results For The 6 Months To End March 2018 – LFL for the 7 weeks to 19 May 2018 down 0.2% (2017: decreased by 5.8%), expecting FY PBT to be within the current range of market expectations.
Improvement, LFL is down but not as much as a year ago and is it fair to guess FY PBT will be at the bottom of market expectations? The Dividend is attractive here but not attractive enough for me – Yet.
4-Jul-2018 – 63p – £121.9m – PER 9.25
Trading Update For The 13 Week Period To 1 July 2018 – LFL Revenue down 2.3% – This seems not to be below forecasts (which seems to be a slight FY increase).
I will remain on the side-lines (Neutral) here.
3-Oct-2018 – 62.7p – £123.2m – PER 9.93
Trading Update For The 52 Weeks To 29th September 2018 – Flat Revenue with FY Adjusted PBT to be slightly ahead of top end current expectations (£14.6m – £15.2m).
The yield could be tempting to some but I will remain Neutral as I don’t see much more than a pedestrian growth opportunity here at present.
9-Jan-2019 – 63.7p – £124.2m – PER 9.6
Trading Update For The 13 Weeks To 29th December 2018 – LFL Revenue down -1.4%.
The yield is good (5%+) but there’s just not enough else to make me a Buyer here at present.