The geotechnical engineering contractor offering a wide range of ground engineering techniques and services to customers in a variety of UK construction end markets.
22-Nov-2017 – 79p – £63.2m – PER 5.82
Trading Update For The 6 Months To End October 2017 – “Overall trading in the first half of the financial year has been positive and the Board expects to report turnover of approximately £53m (H1 2016: £43.1m) with underlying profit before taxation increasing by approximately 15% (H1 2016: £4.7m)”. “Challenging” and “H2 weighting” also mentioned. Just doesn’t seem positive here at all.
The numbers don’t actually look too bad here, it’s the outlook that concerns me.
25-Jan-2018 – 86.69p – £69.4m – PER 7.18
Interim Results For The 6 Months To End October 2017 – Revenue up by 22.1% to £52.6m (H1 2016: £43.1m), underlying Operating Profit by 15.6% to £5.7m (H1 2016: £4.9m) with Gross margin of 31.7% (H1 2016: 36.2%) reflecting specific contract issues, now resolved. Net debt is £4.6m (H1 2016: £4.1m) and there’s an Interim Dividend of 1.4p per share, reflecting the Board’s confidence in the Group’s prospects.
Will be affected by Carillion but not sure by how much yet, potentially £1.6m. The Interim Dividend seems like a sweetener. I just have to remain Neutral here for now.
3-May-2018 – 81.5p – £65.2m – PER 7.13
Year End Trading Update (To End April 2018) – This looks like a miss (PBT to be £10.5m) by I reckon, about 25% (based on Stockopedia 2018E £10.4m Net Profit (my rough calculation being, add 25% for 20% Corp Tax).
Too much doubt here, I remain Neutral.
25-Jul-2018 – 82p – £65.6m – PER 6.92
Preliminary Results For The 12 Months To End April 2018 – Looks about in-line (not so great) and H1 this year has been challenging.
I remain Neutral.