UP Global Sourcing Holdings (UPGS)

UP Global Sourcing UPGS Logo

The owner, manager, designer and developer of an extensive range of value-focused consumer goods brands.

7-Nov-2017 – 88p – £71.2m – PER 11.4

Full Year Results To End July 2017 – Revenue up 39.1% to £110.0m (£79.0m last time), PBT up 18.7% to £7.4m (£6.3m last time), Net debt of £6.0m (£10.0m last time) – Full year dividend of 5.115p per share (3.32p last time). Although current trading is in-line, as previously announced “the Board therefore anticipates that revenue growth for FY 18 is unlikely. In addition, approximately £4-5m of FY 18’s revenue will now be recognised in FY 19 as a result of the move from FOB to landed arrangements with a key European customer”.

Attractive enough except for that sting in the tail – “Revenue growth for FY 18 is unlikely”.

12-Feb-2018 – 61p – £50.1m – PER 7.31

Trading Update For The 6 Months To End January 2018 – Revenue of £48.4m versus £68.1m last time. Also, some Revenue expected in H2 2018 will now be booked in 2019. Now expecting EBITDA of £6.0m to £7.0m which is below current market expectations.

Remains on my Avoid list for now.

30-Apr-2018 – 36.2p – £29.7m – PER 6.85

Interim Results For The 6 Months To End January 2018 – Revenue is as per the previous trading update (£48.4m versus £68.1m last time). However, it seems EBITDA is just £4.5m versus the £6.0m to £7.0m (which was already below current market expectations) mentioned in the same update. Trading for FY 2018 is currently in-line with management expectations.

Remains on my Avoid list.

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