I Read The News Today Oh Boy! 13-Jun-2018 (the last for 2 weeks)

Wednesday, Jun 13 2018 by
22

Morning all!

Eckoh ( Eckoh (LON:ECK) ) – 42.25p – £106.5m – PER 21.7

Final Results For The 12 Months To End March 2018 – In-line with expectations with Revenue up 3% and PBT up 50%. Strong pipeline and confident of long-term growth.

These results although stated as in-line seem to be below those forecast on Stockopedia. Although reasonably comfortable with them I may consider challenging my decision to continue to hold here.

Norcos ( Norcros (LON:NXR) ) – 199.5p – £160.0m – PER 6.47

Results For The 12 Months To End March 2018 – In-line with a ninth consecutive year of growth - Revenue up 10.7% at £300.1m (2017: £271.2m), Underlying Operating Profit up 15.1% at £27.4m (2017: £23.8m), acquisition trading strongly (in-line with expectations and fully integrated), FY Dividend up 8.3% to 7.8p.

Still quite like this (Pension deficit reduced to £48m from £62.7m now) but not enough to yet change my view from Neutral.

Connect ( Connect (LON:CNCT) ) – 52p – £128.8m – PER 3.78

Trading Update From 1st May To 2 June 2018 – Ouch! Performance has been extremely disappointing and the company has materially reduced its expectations for FY PBT, decided to close Pass My Parcel and wind down the associated Parcel Shop network, FY Dividend will be substantially reduced - Group is announcing senior executive changes.

I remain Neutral here as it seems I have about as much idea what is happening as the previous Execs did.

AND THAT’S IT FOR A WHILE, OFF ON A 2 WEEK HOLIDAY – WILL KEEP AN EYE IN BUT WON’T BE UPDATING WHILST AWAY.

As always, all comment most welcome and, be careful out there!


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Eckoh plc is a provider of multi-channel, integration and Payment Card Industry Data Security Standard (PCI DSS) payment solutions for contact centers. The Company's segments include Eckoh UK and Eckoh US. It offers secure payment solutions CallGuard and EckohPAY. CallGuard ensures contact centers remain secure and PCI DSS compliant by avoiding sensitive card data from being heard or seen by agents and from being stored on call recorders in network systems. EckohPAY allows consumers to make automated secure self-service payments through mobile devices, interactive voice response or Web. The Company also offers agent-assisted and self-service automation across voice, mobile and Web channels, giving users to choose how and when they make purchases or get in touch with their providers. more »

LSE Price
38.5p
Change
 
Mkt Cap (£m)
97.3
P/E (fwd)
43.6
Yield (fwd)
1.7

Norcros Plc is a holding company for the Norcros Group. The Company's principal activities include development, manufacture and marketing of home consumer products in the United Kingdom and South Africa. The Company's segments include UK and South Africa. The Company has six United Kingdom businesses, including Triton Showers, Vado, Croydex, Abode, Johnson Tiles and Norcros Adhesives, and three businesses in South Africa, including Johnson Tiles South Africa, TAL and Tile Africa. The Company is focused on showers, taps, bathroom accessories, tiles and adhesives. In the United Kingdom, the Company offers a range of bathroom and kitchen products both for domestic and commercial applications. The Company offers mixer showers and accessories; tile and stone adhesives; taps, bathroom accessories and valves; bathroom furnishings; ceramic wall and floor tiles; kitchen sinks; tile adhesives, pourable floor coverings and tiling tools through its United Kingdom and South Africa business. more »

LSE Price
208p
Change
1.0%
Mkt Cap (£m)
165.4
P/E (fwd)
6.5
Yield (fwd)
4.2

Connect Group PLC is a United Kingdom-based distribution and logistics company. The Company's segments include Connect News & Media: News Distribution (Smiths News); Connect News & Media: Media (DMD); and Mixed Freight (Tuffnells). Smiths News segment distributes newspapers and magazines to approximately 30,000 retailers across England and Wales from over 40 distribution centers. DMD segment supplies newspaper and magazines to airlines. Tuffnells segment provides next day business to business (B2B) delivery of mixed parcel freight consignments. more »

LSE Price
34.8p
Change
0.7%
Mkt Cap (£m)
85.6
P/E (fwd)
3.1
Yield (fwd)
22.9



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7 Posts on this Thread show/hide all

MrContrarian 13th Jun 1 of 7
8

My morning smallcap tweet: Bear bullish. Connect's Cashmore cashiered,.

Norcros (LON:NXR), Haydale Graphene Industries (LON:HAYD), Crystal Amber Fund (LON:CRS), Connect (LON:CNCT), Northern Bear (LON:NTBR)

Norcros (NXR) Even makers of bog-standard stuff like showers, taps and tiles are promising to "leverage Group synergy opportunities." FY looks OK, bullish words but no current trading nos.
Haydale Graphene (HAYD) warns on FY, guides rev up 15 to 20%, pretax loss 'below expectations'. Or worse than expectations if you don't want to be ambiguous. "We remain confident, however, that this is primarily a timing issue and that many of these expected forecast sales should now be recognised in FY-2019." CEO steps down to a sales role or "business development in the UK and abroad" to spin it nicely.
Crystal Amber (CRS) will increase the performance fee paid to Crystal Amber Asset Management (Guernsey) Limited, a related party. Divs will now be included in total return. Why did the sharp chaps at Crystal Amber Asset Management not spot that in the contract in the first place? Or do they just fancy a pay rise?
Connect Group (CNCT) FY materially reduced profit expectation due to 'extremely disappointing' trading. They are able to use such a phrase because the CEO & CFO are sacked. Div will be slashed or passed. CEO was Mark Cashmore.
Northern Bear (NTBR) trading - continuing operations have continued to trade strongly and ahead of management expectations in H2 despite the severe winter weather.

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Beginner 13th Jun 2 of 7

Connect (LON:CNCT) has hit 20p to buy. Given the business remains profitable, and there is now an imminent change of management and strategy, this could be one to buy and tuck away. (PER is now c1!)

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matylda 13th Jun 3 of 7
4

In reply to post #373384

Good luck with that :)

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Beginner 13th Jun 4 of 7

In reply to post #373389

25% in 25 minutes!!! Not a bad hourly rate ;)

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matylda 13th Jun 5 of 7
2

In reply to post #373429

That's the way it always works out.

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ezlifeme 13th Jun 6 of 7
5

Hi Matylda,

A Footie fan and off to the world cup?
Or a Marmite hater and off somewhere without a TV

Have a great time Love your early bird views each day

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andrea34l 13th Jun 7 of 7
3

I am happy to continue holding Norcros (LON:NXR) after these results. The pension scheme may still be a small elephant in the room but a PER of less than 7 is frankly ludicrous considering the growth that is being shown from the collection of businesses they have amalgamated. As usual, the South African business outranks the UK in performance but, excluding a poor performance from Johnson's Tiles UK and a mixed one from Croydex, the UK looks pretty positive too. The ranks picture looks great to me, with a Stockrank of 98 and QVMs of 77, 84, 94.

I hold Northern Bear (LON:NTBR) but I probably won't buy more on this trading update. I am reassured by the announcement, but I do wonder how "strongly" they continue to trade when "preliminary results will show both revenue and operating profit for continuing operations, both before and after the impact of transaction costs and amortisation relating to the H Peel acquisition, ahead of prior year result". Ahead of the prior year doesn't sound strong to me

An update from Victoria (LON:VCP) sounds lacklustre to me, with trading in the first 2 months of Y2019 showing lfl of 3% and that "Preliminary audited results for the year-ended 31 March 2018 will be announced on 24 July 2018" with no mention of what they will be like :-/

Eckoh (LON:ECK) are unsurprisingly down on poor results, with revenue only up 3% and profit before 'Change in contingent consideration' (which I am assuming is a non-cash charge) actually down!

Have a great holiday, Matylda! I'll miss the early morning updates. If nobody takes over maybe I'll think of having a go... if I can get up early enough :-)

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