A data and analytics company whose segments include Custom Research, Data Products and Data Services.
Preliminary Results For The Year To End July 2017 – Revenue up 21% (9% CC), PBT and EPS up 24%.Cash up to £23.2m vs £15.6m last time. Dividend increased by a whopping 43%! Further to this, current trading is in-line with the boards expectations. Also, interesting to see today – The CFO is stepping down at the end of the year – Accounting issues to be revealed within the next 12 months – Perhaps?
This all sounds great and seems to justify the PER of 24. However, it’s on my AVOID list after reading this update – Identifying potential accounting issues in May 2016. In my opinion DYOR (a term I hate but have to use at times) can be relying on comment from those you respect, especially if it is “negative” comment, where things seem rosy. And the CFO stepping down!
30-Jan-2018 – 331.5p – £349.1m – PER 25.8
Trading Update For The 6 Months To End January 2018 – Expected to be ahead of previous expectations and confident of achieving full year targets.
I keep avoiding this one and although this sounds good and the forecasts look good – I still can’t bring myself to be more interested. I think my bias has mainly been affected by the accounting warnings by many respected contributors on Stockopedia. It’s just something I cannot ignore. I also note the CFO was changed in December 2017 too.
26-Mar-2018 – 360p – £379.1m – PER 31.1
Interim Results For The 6 Months To End January 2018 – Revenue up 10%, with Statutory PBT up78% and EPS up 60%. There’s Net Cash of £21.3m (£15.0m last time). Confident for the FY.
Great results but I will mention it again – I keep avoiding this one, my bias mainly affected by the accounting warnings by many respected contributors on Stockopedia.
26-Jul-2018 – 481.5p – £507.9m – PER 31.6
Looks good (great even) – My bias to invest here was swayed by the accounting warnings by many respected contributors on Stockopedia, it looks like it’s now too late to overlook that, or is there more to come here. I remain Neutral and but will keep a keen eye on updates.
9-Oct-2018 – 472p – £490.5m – PER 28.5
Preliminary Results For The 12 Months To End July 2018 – Revenue up 9% to £116.6m (12% CC), Adjusted PBT up 42% to £23.3m and Adjusted EPS up 52% to 16.6p. Net Cash of £30.6m (2017: £23.2m) and the Dividend is up 50% to 3.0p.
I remain Neutral (even though there’s probably still value here) having acknowledged I called this wrong well over a year ago.
31-Jan-2019 – 437p – £461m – PER 25.2
Trading Update For The 6 Months To End January 2019 – Half year ahead and expects FY to be slightly ahead of market expectations.
I have always remained Neutral here due to accounting warnings by many respected contributors on Stockopedia. I remain so.