A leading provider of software and services to the international education markets.
14-Dec-2017 – 79.22p – £155.3m – PER 23.9
Trading Update – Great headline “Board anticipates that Group revenues will be slightly ahead of expectations and the financial performance of the Group will be materially ahead”. This is good too – “Balance sheet remains strong, with no long-term debt. As previously indicated, the Group anticipates ending the year with a larger cash balance than reported in 2016”.
Looks all round OK here. I guess the main thing putting me off is the PER of 23.9 – I want to invest here but I just can’t bring myself too at this price. Decided to put it on the Watchlist, somewhere around the 70p level.
16-Aug-2018 – 89.4p – £175.3m – PER 22.6
Unaudited Results For The 6 Months To End June 2018 – Positive H1, FY unchanged.
This was on my Watchlist at an optimistic 70p (from the days when I used to wait for retracements). As it now seems reasonably priced here, I am going Neutral.
19-Mar-2019 – 71p – £140m – PER 17
Results For The 12 Months To End December 2018 – Revenue down about -5% but Adjusted Operating Profit is up 27% (Operating Margin up from 10.1% to 13.5%) and EPS 34%. The Dividend is up 10%. Expects Revenue this year to be similar but focus is on margin.
I am on the fence here and need to look into this in more detail although I am little inspired by flat Revenue projections.