A luxury interior furnishings company that designs, manufactures and markets wallpapers, fabrics and paints – Also derives significant licensing income from the use of its designs on a wide range of interior products such as bed linen, rugs and tableware.
Interim Results For The 6 Months Ended July 2017 –Revenue “up 9.9% to £54.3 million (H1 2016: £41.8 million) including £10.3 million from Clarke & Clarke, the fabrics and wallpaper business acquired in October 2016”. PBT up 55.3% to £5.9m (includes £1.1m from an insurance reimbursement), EPS up 39.4% and the interim Dividend is up 25.5%.
Based on these highlights this update looks good – However, much of the report just clouds things too much for my simple (brain) approach. I really have no idea how the market will take this so for now I have to remain on the fence – Leaving this for more educated investors.
15-Nov-2017 – 210.5p – £149.2m – PER 12.6
Trading Update In Respect To The Year Ending January 2018 – Expects Profits for the year to be 10% lower than it’s expectations (only 6 weeks after saying it was growing ahead of expectations!).
I considered the previous update “cloudy” and I think this is naughty (6 weeks!). I will be avoiding this one for now.
6-Feb-2018 – 130p – £92.2m – PER 8.68
Trading Update For The 12 Months To End January 2018 – In-line with the Board’s expectations. Looks like decent all round Revenue growth of 15%+. There’s no mention of profit here though, assume it’s covered by “In-line with the Board’s expectations”.
This is going on my Watchlist at 130p but not sure I will be a buyer today.
5-Apr-2018 – 135.75p – £96.2m – PER 8.84
Results For The 12 Months To End January 2018 – Sales up 17.7% to £108.8m (2017: £92.4m), Adjusted Underlying PBT up 20.2% at £12.5m (2017: £10.4m), Adjusted EPS up 6.2% at 14.52p (2017: 13.67p), FY Dividend up 21.1% at 4.37p (2017: 3.61p). However, trading in the first 9 weeks of this year is poor (down about 6%) in a difficult market place. Expecting FY to be ahead of last year butbelow expectations.
This was on my Watchlist at 130p but I will now switch to Neutral.
2-Aug-2018 – 78p – £55.4m – PER 6.19
Trading Update For The 6 Months To End July 2018 – “The Board’s expectations for the full year remain unchanged following the trading update issued on 24 July 2018, which stated that Adjusted PBT for the year ending 31 January 2019 is likely to be in the range of £9.5m to £10.0m.”
I remain Neutral here.
10-Oct-2018 – 74.5p – £50.8m – PER 6.63
Interim Results For The 6 Months To End July 2018 – Revenue down -1.4%, Adjusted PBT and EPS both down circa -30%. Interim Dividend unchanged at 0.69p and Net Debt is down from £5.2m to £3.4m. Expects FY to be in-line.
I can’t get past being Neutral here for now.