I Read The News Today Oh Boy! 10-Oct-2017

Tuesday, Oct 10 2017 by
21

Morning All!

Lidco (LID)

Interim Results For The 6 Months To End July 2017 – Nothing to excite me here really - Revenues up 4% to £3.9m (H1 2016: £3.8m), Gross Profit up by 7% to £2.7m (H1 2016: £2.5m), EBITDA Loss for the period -£0.6m (H1 2016: £0m).

1Spatial (SPA)

Interim Results For The 6 Months To End July 2017 – Improvements, slow and steady as the company “Turnaround (is) delivering improved results”. Adjusted EBITDA up from a -£0.4m Loss to a Profit of £0.3m. The CEO is confident for the full year and the board believes that that the current bank overdraft facility is sufficient to support the company's working capital requirements. After a Profit warning at the end of 2016, the share has doubled from the low – This update may encourage others to believe a corner has been, or is at least starting to be, turned.

Iofina (IOF)

Q3 2017 Market Update – Seems quite positive “a landmark period for Iofina - The Group produced more iodine than expected and began implementing management's strategic expansion plans by starting the construction of IO#7, at a time when global iodine prices continue to recover”. I don’t like the Net Debt here (almost 100% of Mkt Cap) or the fact it’s never made a Profit. I am sure there’s a business case here for those that understand the industry – I do not.

Note - If this is particularly good news - It's a concern the price is up 50% in the past 12 months (10% yesterday) - Smells fishy to me!

Redstoneconnect (REDS)

Interim Results For The 6 Months To End July 2017 – Seems rather flat, actually perhaps, even a slight miss here to the downside. The fact I am not particularly attracted to this company on the basis it is good at improving Revenue but Profit just doesn’t seem to follow – It is a slight concern they are reporting flat Revenue here.

Robert Walters (RWA)

Trading Statement For The Quarter Ending September 2017 – Gross Profit up 21% (CC) on a LFL basis. The board is also confident "that profit before tax for the full year will be ahead of current market expectations” – On a PER of 15.4 RWA still looks reasonable value here. It’s a share on my “buy on a general market pullback list” but also one I keep considering paying up for and look back regretting I did not.

SRT Marine Systems (SRT)

Trading Statement For The 6 Months To End September 2017 – Seems like a bit of a profit warning here – Even though LFL Revenue is up 10%, there’s a Loss of £1.7m and “No material milestones from projects were completed during H1 2017 and thus no project revenues were recognised”. The CEO does however look forward with confidence to the second half of the year”. I am not so sure!

EasyHotel (EZH)

Trading Statement For The 12 Months To End September 2017 – The CEO defines this as a “year of accelerated growth” with LFL Revenue for owned hotels increased by 13.7% and for franchised hotels by 8.6%. A lot of talk about added and planned rooms. I am not a big believer here, in the sector (hotels) or in the ability of this company to turn increased rooms (Revenue) into increased Profits. It may be true that there is “accelerated growth” here, in terms of number of rooms but that’s about it for me.

Volution (FAN)

Final Results For 12 Months To End July 2017 – Revenues up about 20% (14.5% CC), Profits, EPS and Dividend up about 10%. Seems to be pretty much in-line. The CEO states that the “new financial year has started well with organic growth ahead of that achieved in the same period in the prior year”. Considered trading the break-out above 200p here but I don’t think this update warrants either action – A break-out or a subsequent participation.

Will have an eye on RWA and FAN this morning...


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LiDCO Group Plc is a United Kingdom-based supplier of non-invasive and minimally invasive hemodynamic monitoring equipment to hospitals. The Company is engaged in the development, manufacture and sale of cardiac monitoring equipment. It operates in the segment of supply of monitors, consumables and support services associated with the use of its cardiac monitoring equipment. The Company's products include LiDCOplus, a computer-based platform monitor; LiDCOrapid, a cardiac output monitor; LiDCOview, a graphical display, and LiDCOunity, which is its hemodynamic monitor. Its LiDCOrapid is designed for multi-parameter monitoring of both depth of anesthesia and fluids. Its products are used in the treatment of high-risk patients in both critical care units and in the operating theatre. They monitor the amount of blood flowing around the body helping clinicians and nurses to ensure that organs are kept perfused with oxygenated blood by the adjustment of supportive fluid and drugs. more »

LSE Price
5.88p
Change
-2.1%
Mkt Cap (£m)
14.7
P/E (fwd)
n/a
Yield (fwd)
n/a

1Spatial plc is a holding company. The Company's principal activity is the development and sale of information technology software along with related consultancy and support. It operates through three segments: Geospatial, Cloud Services and Central costs. The Geospatial segment includes the core 1Spatial Group, including France and Belgium, and Laser Scan Inc. The Cloud Services segment is represented by Enables IT and its two smaller businesses: Avisen and Storage Fusion Limited, and its associate, Sitemap Limited. Its geospatial technology enables organizations to manage, validate, integrate and interpret spatial data from different sources. Its products and services include 1Integrate for ArcGIS, 1Spatial Cloud, 1Spatial Management Suite, Elyx Suite, FME, Geocortex, G-Cloud Services, consultancy, support and training. Its clients include national mapping and cadastral agencies, utility and telecommunications companies, and government departments, including census bureaus. more »

LSE Price
4.15p
Change
 
Mkt Cap (£m)
31.5
P/E (fwd)
n/a
Yield (fwd)
n/a

Iofina plc is a holding company. The Company is involved in the exploration and production of iodine, iodine specialty chemical derivatives, produced water and natural gas. Its segments are Iodine and Iodine Derivatives, and Montana. The activities of the Iodine and Iodine Derivatives segment include the production of raw iodine, and the production of iodine derivatives and other non-iodine based chemical derivatives. The Montana segment includes the Atlantis Field project for the exploration and production of natural gas, iodine and water for use in various applications, and the Montana Water Depot project, which includes volumes of water retrieved, stored and shipped to customers in close proximity to be used mainly for fracking. It is also engaged in recycling of iodine using iodinated side-streams from waste chemical processes in Europe, North America and Asia. Its Wellhead Extraction Technology (WET) and WET IOsorb methods enable the co-production of iodine from brine. more »

LSE Price
14.63p
Change
0.3%
Mkt Cap (£m)
18.6
P/E (fwd)
74.4
Yield (fwd)
n/a



  Is LON:LID fundamentally strong or weak? Find out More »


5 Posts on this Thread show/hide all

MrContrarian 10th Oct '17 1 of 5
2

My morning smallcap tweet:

SRT Marine Systems (LON:SRT), easyHotel (LON:EZH), FreeAgent Holdings (LON:FREE), Robert Walters (LON:RWA), Johnston Press (LON:JPR), Mytrah Energy (LON:MYT)

SRT Marine Systems (SRT) Dismal H1 trading but jam tomorrow. Rev £2.9m, pretax (pre-exceptional) £-1.7m. No project milestones completed so no project rev. "Our regular OEM & Module, and em-trak businesses have continued to perform ahead of our expectations during H1 2017. With the exception of the delayed project and resulting provision announced on 31 July 2017, our projects business has been very busy during the six month period. We have several projects which are either pending or under contract, therefore we look forward confidently to the second half of this financial year." I'm long.
easyHotel (EZH) FY trading a little ahead of the Board's expectations. Owned hotels significantly outperforming competitor set.
FreeAgent (FREE) H1 trading. Rev £4.6m, adjusted EBITDA -£0.4m, broadly in line with our expectations. Net cash £3.4m, comfortably ahead of internal forecasts. FY will include a higher contribution from consultancy fees.
Robert Walters (RWA) Q3 trading. Rev up 21%. Exp FY ahead of market expectations.
Johnston Press (JPR) Strategic Review (AKA debt disaster) update. Still talking to Pension Trustees. Seeking to form an Ad Hoc Committee of bondholders.
Mytrah Energy (MYT) Unauthorised loan of $2.4m was made to chmn in Sept. He will repay it. "Board intends to engage an independent law firm in order to assist in a comprehensive review of the transaction." Yeah, you don't want to just dismiss someone on the board just because he abused his position and is totally untrustworthy.

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FREng 10th Oct '17 2 of 5
3

I welcome SRT Marine Systems (LON:SRT) not recognising any work-in-progress revenue for contracts until the project payment milestones have been achieved. That seems wholly in line with the new IFRS 15 reporting standard that comes in next Spring. Many tech companies have run into serious trouble by aggressive revenue recognition followed by write-offs of WIP when the project is deleyed or cancelled.

I have no shares in SRT but find this update encouraging.

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FREng 10th Oct '17 3 of 5
3

1Spatial (LON:SPA) and Redstoneconnect (LON:REDS) have been covered today in the excellent and respected TechMarketView daily email review of tech companies.

REDS's prospects seem to depend on whether it wins some big contracts. SPA looks to have turned round but there is still a lot to do. Could be worth a small investment. The newly-confirmed-as-permanent CEO, Claire Milverton, was formerly CFO and she seems to be making good decisions so far.

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matylda 10th Oct '17 4 of 5

In reply to post #226928

Thanks - Just signed up to the Daily email there - Not heard of it before.

Blog: Briefed Up
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andrea34l 10th Oct '17 5 of 5

In reply to post #226928

In my mind REDS remain as ever lacklustre with a poor revenue performance and only moderate improvement in "adjusted profit".

Does anyone have a view on the trading statement from FREE? The price is down 7-8%, I can't make up my mind whether it is justified or not...

I'm a happy holder of RWA since June :-)

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