Provider of online B2B platforms for the UK conveyancing and financial intermediary markets.
31-Oct-2017 – 129.88p – £84.1m – PER 20.3
Trading Update For The 6 Months To End September 2017 – Trading ahead of the Board’s expectations. LFL Revenue expected to be approximately 56% up on last year at £15.28m with underlying PBT up approximately 42% to £2.74m. Cash generation continues to be strong and netdebt has been reduced.
I hold this and on a PER of 20.3 I will continue to do so.
28-Nov-2017 – 152.88p – £99.1m – PER 22.9
Interim Results For The 6 Months To End September 2017 – Revenue up 56% to £15.28m (H1 2017: £9.78m), Underlying Operating Profit up by 44% to £2.81m (H1 2017: £1.95m), Adjusted EPS up by 45% to 3.48p (H1 2017: 2.40p) but Net Debt is £2.3m (FY 2017: Net Cash £3.7m). The Interim dividend is up an uninspiring 5%.
I am a holder here and remain so.
Subsequent Note: On a freeing up some Cash exercise I also sold out here on 19-Jul-2018 as price had drifted to just over 20% off it’s ATH. In addition to this, although EPS was forecast to grow 31.5% in 2019E it was forecast to grow just +5.88% in 2020. Revenue growth in both years was forecast to be <10%.
31-Oct-2018 – 109.5p – £71.0m – PER 15.6
Trading Update For The 6 Months To End September 2018 – Revenue and Profit in-line up 3% and 5% respectively. Warns slowing housing market (perhaps due to Brexit) may impact H2.
I sold out here in July and remain Neutral for now.
3-Dec-2018 – 77.4p – £50.2m – PER 11.7
Interim Results For The 6 Months To End September 2018 – Revenue up 3% to £15.79m (H1 2017: £15.28m), Underlying PBT up 6% to £2.89m (H1 2017: £2.74m), Adjusted Basic EPS up 7% to 3.73p (H1 2017: 3.49p), Net Debt stands at £3.4m (FY 2017: £2.3m) and the Interim Dividend is up 4%.
I sold out here in July and am not yet tempted to re-enter.
1-May-2019 – 77p – £50m – PER 11.4
Trading Update For The 12 Months To End March 2019 – Broadly in-line with Revenue slightly below last year (£29.9m versus £30.7m), Adjusted PBT is £5.4m versus £5.5m. Outlook doesn’t read very Bullish.
Still not tempted to re-enter here having sold out almost 12 months ago.
19-Jun-2019 – 80p – £52m – PER 12.5
Results For The 12 Months To End March 2019 – Revenue down slightly, as it Underlying PBT and EPS, Net at £2.9m (£1.9m last time). The Total Dividend as a sweetener is up from 2.3p to 2.4p.
Still not tempted to re-enter here having sold out over 12 months ago.
5-Nov-2019 – 51p – £33m – PER 8
Trading Update For The 12 Months To End September 2019 – Revenue down -9%, PBT similar level.
Still not tempted to make this ex-holding a holding again.