A global provider of engineered electronics for performance critical applications.
20-Nov-2017 – 216.25p – £351.3m – PER 18.2
Trading Update For The 4 Months To End October 2017 – An in-line update.
Looks OK here but just not enough to tempt me at present.
8-Mar-2018 – 215p – £350.4m – PER 18.4
Results For The 12 Months To End December 2017 – Revenue up 5% (CC) from £332.7m to £360.0 with PBT up 28% from £16.1m to £22.0m, EPS 29.5p (10.3p last time), Dividend 5.8p (5.6p last time) and Cash of £47.0m, Net Debt of -£55.4m last time. Expecting strong progress in 2018.
I don’t get the EPS figure reported here (seems way out of sync) but there’s a decent amount to like. I will however remain Neutral for now and keep an eye out for updates.
10-May-2018 – 228p – £371.6m – PER 15.6
Trading Statement For The 4 Months To End April 2018 – Seems positive but no mention of in-line.
I remain Neutral.
8-Aug-2018 – 220p – £358.7m – PER 14.3
Interim Results For The 6 Months To End June 2018 – Revenue up 12%, Underlying Operating Profit up 45% and the Interim Dividend is up 11%. Confident of progress for the FY ahead of prior expectations.
Still quite like this but can’t get past being Neutral at the moment.
13-Nov-2018 – 216p – £352.2m – PER 12.7
Trading Update – Expects to meet expectations and is in good shape for 2019.
Still quite like this but again, I just can’t get past being Neutral at the moment.
28-Jan-2019 – 197p – £322m – PER 11.2
Updated Offer Of Intention (for Stadium Group) And Trading Update – Reasons for updated offer of intention is to enhance the collective operation and service. Trading to end December in-line.
I will have a closer look at this next time I see some results and the how those enhancements pay off.
6-Mar-2019 – 202p – £330m – PER 11.2
Results For The 12 Months To End December 2018 – Underlying Revenue up 19%, PBT up 43% and EPS up 49%. On a statutory level PBT and EPS are both down 20% or so. On track to deliver further progress in 2019 and beyond.
Just way too confusing for me this morning, perhaps because I have a horrible cold – I will try and look in more detail later in the week.
9-May-2019 – 239p – £400m – PER 13
Trading Update For The 4 Months To End April – Revenue ahead 27% (10% organic) on last year, Order book also ahead, Profits and not mentioned.
I am a little wary that there’s no mention of profitability in this update as they do seem to like a game of hit and miss in this area (looking at the historics). Cannot really be interested until I see some actuals.
7-Aug-2019 – 221p – £361m – PER 11.5
Interim Results For The 6 Months To End June 2019 – Revenue up 20% (CC), Underlying Operating Margin up 50bp to 8.1%, PBT up 20%, EPS up 22%, the Interim Dividend is up 8%, Net Debt is up from £41.7m to £82.4m). No FY guidance given.
This looks encouraging and worth keeping an eye out for updates and in particular FY actuals. That Net Debt is a concern though!