The specialist services and engineering group.

15-Jan-2018 – 6.38p – £48.4m – PER 31.9

Trading Update For The 12 Months To End December 2017 – In-line despite challenging conditions, Board remains confident.

Quite like the look of this, will keep my eye out here for actuals and some forecasts.

17-Apr-2018 – 5.60p – £42.6m – PER 28.1

Results For The 12 Months To End December 2017 – Revenue up 39% to £29.5m (2016: £21.2m) with an Operating Loss £0.5m (2016: £0.3m). Closing cash of £21.9m (2016: £9.2m), £20.8m from an equity raise to “fund ambitious growth plans”. Order book up 89% to £32.1m (2016: £17.0m).

A bit of a mixed bag here and it seems quite a miss on the Profit front, e.g. making a Loss instead of a Profit. Problems handling growth perhaps? And, the intention is to grow more? Will remain on the side-lines for now.

7-Jun-2018 – 7.55p – £57.3m – PER 52.8

AGM Statement – A positive start to the year in-line with market expectations.

Based on forecasts I could be tempted here but that would just be breaking too many of my own rules – I will remain Neutral.

16-Jul-2018 – 6.95p – £52.7m – PER 45.3

Trading Update For The 6 Months To End June 2018 – Strong start and confident of delivering in-line with FY expectations.

I still quite like this but will wait until I see the actual results (to see if they actually start making a profit – It’s long overdue!).

11-Sep-2018 – 6.85p – £51.2m – PER 40.0

Interim Results For The 6 Months To End June 2018 – Revenue up 52% to £16.0m (H1 2017: £10.5m), Adjusted Operating Profit grew to £0.9m (H1 2017: £0.1m), Closing order book up 31% to £56.5m (31 December 2017: £43.0m), Cash of £21.0m (31 December 2017: £21.9m). On track to deliver FY in-line.

Still quite like this, it’s on the Watchlist although I will probably wait to see how the FY looks.

Subsequent note: Further research indicated 0 EPS next year so I am going back to Neutral here for now.

15-Jan-2019 – 6.4p – £48.5m – PER n/a

Trading Update For The 12 Months To End December 2018 – Revenue and Cash to be ahead of market expectations with Operating Profit in-line. Expecting further growth in 2019 and beyond.

Will wait to see the actuals here.

2-Apr-2019 – 6.2p – £47m – PER n/a

Results For The 12 Months To End December 2018 – Revenue ahead of forecast, up 40% from £27.9m to £39 and a break-even has been achieved after a -£1m Loss last time. Cash stands at £22.4, the Order book is up 16%.

Seems like sound steps being made here – Will keep an eye on the profitability here.

6-Jun-2019 – 7p – £55m – PER 20.7

AGM Statement – Expects to deliver another good year of progress, no numbers, no mention of performance against expectations – A pity!

I hold here and was hoping for a little more information than this, makes me a little nervous! Will keep an eye on the market reaction to this.

16-Jul-2019 – 6.6p – £52m – PER 18.7

Trading Update For The 6 Months To End June 2019 – Significant increase in sales pipeline, expects to deliver FY in-line with market forecasts.

I continue to hold here and if FY is in-line I would hope to see a re-rating.

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