Morning all!
Ricardo ( Ricardo (LON:RCDO) ) – 832p – £442.2m – PER 14.1
Interim Results For The 6 Months To End June 2018 – Record order intake at £413m, up £47m on FY 2016/17, Record year-end order book at £288m, up £40m on June 2017, Revenue up 8% to £380.0m, Underlying PBT up 2% to £39.0m on FY 2016/17, Net Debt £26.1m (from £37.9m at June 2017 (after £6m acquisition of Control Point). Outlook is positive with a good pipeline - Dividend increased by 6% to 20.46p from 19.30p.
The Order book growth always seems better than Revenue, PBT, EPS and Dividend growth – I remain Neutral.
Gresham House ( Gresham House (LON:GHE) ) – 470p – £94.3m – PER 23.5
Interim Results For The 6 Months To End June 2018 – AUM up 148% to £1.6bn with an Adjusted Operating Profit of £0.4m (-£0.8m Loss last time). Intends to implement an accelerated dividend policy next year.
A new one to me which I need to research more – Seems worth it now it’s moving into Profit and starting a Dividend payment.
SafeCharge International ( SafeCharge International (LON:SCH) ) – 305.5p – £447.4m – PER 19.8
Interim Results For The 6 Months To End June 2018 – Revenue up 26% to US$66.8m (H1 2017: US$53.0m) driven by new customer wins and expanded relationships with existing customers, Adjusted EBITDA up 15% to US$18.0m (H1 2017: US$15.6m), Cash balances of US$86.1m (no debt), the Interim Dividend is up 15%. FY to be in-line with market expectations. Note: PBT was down slightly as was EPS.
I sold out here in July (2018), sure takeover potential remains but it seems about fairly priced (at best) at present to me.
Colefax ( Colefax (LON:CFX) ) – 540p – £53.0m – PER 14.2
AGM Statement – Sales are in-line with expectations (does that mean Profits are not?).
Not much to go on here so no change here from my current Neutral stance.
As always, all comment most welcome!
