I Read The News Today Oh Boy! 15-May-2018

Tuesday, May 15 2018 by

Morning all!

Xpediator ( Xpediator (LON:XPD) ) – 60.5p – £71.0m – PER 15.9

Final Results For The 12 Months To End December 2017 – Revenues up 60% to £116.3m (2016: £72.8m), PBT up by 65% to £2.4m (2016: £1.5m), Adjusted Basic EPS 3.27p (2016: 1.52p) and a Final Dividend of 0.64p (2016: nil). Positive Q1, well placed to deliver a successful 2018 (no mention of in-line or targets) and the CFO is stepping down.

I hold and will continue to do so.

Patisserie Holdings ( Patisserie Holdings (LON:CAKE) ) – 433p – £441.4m – PER 22.4

Interim Results For The 6 Months To End March 2018 – Revenue of £60.5m up by 9.1% (2017: £55.5m), PBT of £11.1m up by 14.2% (2017: £9.7m), Diluted EPS of 8.92p up by 13.2% (2017: 7.88p) and the Interim Dividend is up 20% to 1.44p (2017: 1.20p).

Still remaining on the side-lines here, these results seem a little underwhelming, is the Dividend increase a sweetener? Perhaps.

Elegant Hotels ( Elegant Hotels (LON:EHG) ) – 87p – £77.3m – PER 10.4

Interim Results For The 6 Months To End March 2018 – Revenue up 8%, Adjusted PBT down 7% to $11.4m (H1 2017: $12.2m), Adjusted EPS 10.5c (H1 2017: 11.0c)and the Interim dividend is 1.33p (H1 2017: 3.5p). Comfortable with the FY market expectations.

The Dividend was one of the attractions here (for me). I did hold here but got sold out - It just wasn’t doing much and I decided that perhaps a hotel group is unlikely to grow very fast – In a downturn or with the continued rise of Airbnb. I remain happy with that decision so far.

Zytronic ( Zytronic (LON:ZYT) ) – 450p – £72.2m – PER 14.5

Interim Results For The 6 Months To End March 2018 – Revenue £10.6m (H1 2017: £11.3m), PBT £2.2m (H1 2017: £2.5m), Interim dividend increased by 100% to 7.60p per share (H1 2017: 3.80p), Basic EPS 11.7p (H1 2017: 13.8p), Net cash of £13.7m (30 September 2017: £14.1m) following an increase to dividend payments. H2 started well but growth may be suppressed (vs recent years).


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Premier Foods plc is a food company. The Company is engaged in the manufacture and distribution of branded and own label food and beverage products. The Company's segments include Grocery, Sweet Treats and International. The Grocery segment primarily sells savory ambient food products. The Sweet Treats segment sells sweet ambient food products. The International segment has been aggregated within the Grocery segment for reporting purposes. The Company offers a range of brands, such as Ambrosia, Bisto, OXO, Paxo, Sharwood's, Loyd Grossman, Homepride, Batchelors, Smash, Bird's, Paul Hollywood, Marvel and Angel Delight. Its Grocery strategic business unit (SBU) includes cooking sauces and accompaniments, flavors and seasonings, Quick meals and soups, and ambient desserts. Its Sweet Treats SBU includes the Company's cake brands, such as Mr. Kipling, Cadbury and Lyons. Its International SBU is focused on new markets across the world. more »

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Lookers plc operates as a motor retail and aftersales company in the United Kingdom. The Company operates through two business segments: motor distribution and parts distribution. The motor division consists of over 150 franchised dealerships representing over 30 marques from approximately 100 locations. Aftersales represents the servicing, repair and sale of franchised parts to customers' vehicles. Its parts division operates in the independent aftermarket sector of the United Kingdom's motor retail market, where it operates through three operating companies: FPS, Apec Braking and BTN Turbo. FPS is a warehouse distributor of automotive parts. Apec Braking is a provider of dry braking (pads and discs). BTN Turbo is a distributor of turbochargers and supplier of related value added services. Its operations are also carried out across Ireland. It sells approximately 180,000 new and used cars and vans per year. In addition, it has an independent parts distribution business. more »

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Xpediator PLC is a United Kingdom-based provider of freight management services. The Company operates in the supply chain logistics and fulfillment sector across the United Kingdom and Europe. It operated through three main business areas: Freight forwarding, Logistics and warehousing and pallet distribution services, and transport services. It does its freight forwarding and logistics business under the brand name Delamode. It operates its transport services business under the Affinity brand. Delamode acts as a broker and collects and consolidates freight on behalf of its customers. Its EshopWedrop is a business to customer delivery service, which enables consumers to make online purchases. Its logistics and warehouse activities comprise three core businesses: Delamode Logistics UK, Delamode Logistics Romania, and Pall-Ex Romania. Affinity offers a comprehensive range of services that support the activities of transport companies throughout central and eastern European countries. more »

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9 Posts on this Thread show/hide all

Graham Ford 15th May '18 1 of 9

Hi Matylda. Results from Patisserie Holdings (LON:CAKE) are sweet enough for me. A business with a large part of its operations on the high street that can grow diluted EPS by double figures and looks to be doing it in a sustainable way must be a very well run business in the current climate as I see it. Share price is a bit on the expensive side perhaps but not unduly so.

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matylda 15th May '18 2 of 9

In reply to post #363847

Hi Graham.

Yep, re: Patisserie Holdings (LON:CAKE) - Pretty much agree with all of that.

Blog: Briefed Up
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Weasel 15th May '18 3 of 9


Great effort to get through 13 companies!

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sharmvr 15th May '18 4 of 9

Wow - you must read fast!!
I like Cake - I am pro owning it and eating it!
Too expensive to buy more - a decision I have regretted in the past and probably will again.
I would argue this was a slight beat given that they tend to have better 2nd half than first and there seem to be a few specific incidents this here.
Online tiny, but great growth.
Bullet Proof Balance Sheet with lots of cash and cash generation.
Why so expensive????

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andrea34l 15th May '18 5 of 9

Thanks for the thorough report, Matylda, and for mentioning Xpediator (LON:XPD) - I had a look at the results and they look rather good (though I can't tell how much of that growth is organic). Anyway, I picked up an initial holding at 62p.

I agree with your view on pretty much all other stocks mentioned. I'll particularly say that any company losing 2/3 of their operating profit to debt repayment is one to avoid ( Premier Foods (LON:PFD) ). I also consider Patisserie Holdings (LON:CAKE) are overrated when the PER is not far short of double the eps growth... and I usually walk past their window after a quick glance at the cakes, thinking of both my purse and my waistline!

I'd suggest anyone tempted to invest in £G4M wait to see if all of this "planned investment" turns into profit growth. European admin&distribution expenses are up 220%!!!

As a holder of Cenkos Securities (LON:CNKS) I am a little disappointed in the AGM statement, it sounds a lot less upbeat than Numis (LON:NUM) :-(

Today's announcement from Symphony Environmental Technologies (LON:SYM) provides yet another illustration of how the share price survives on pure froth! Buried in there is a sentence about a reasonable, though unspectacular, growth in revenue, but the rest is all about global politics, potential pipelines, and saving the planet... and I am of course in favour of the latter, but it seems like they are still mostly jam tomorrow.

To me, Lookers (LON:LOOK) appear to be guiding us to single-digit profit (and likely revenue) growth.

I hold Charter Court Financial Services (LON:CCFS) and am happy with the Q1 update today: loan book £5.5b+28%, new loan originations £668m, strong demand and confident of FY outcome; I expect they are too big for you to consider.

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matylda 15th May '18 6 of 9

Thanks all as always for the input, the fingers were on fire this morning :)

Symphony Environmental Technologies (LON:SYM) - Was on my list to look into but I will put that off for a while now

£CENK - I just recently bought Numis (LON:NUM) and my finger is already on the sell button, just a bit nervy of the lumpy and quite unpredictable Rev/Profit with these guys.


Blog: Briefed Up
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john652 15th May '18 7 of 9

Re Patisserie Holdings (LON:CAKE), SCSW monthly newsletter commented a few months ago that majority owner Luke Johnson, who also owns Gail’s Bakery (very expensive bakers but always full), is/maybe performing a strategic review/synergies review of the two. The price seemed to move up after that news. As a company, all stores opened through cash flow, steady eddy returns and Luke Johnson is, so far, a model of good Corp governance, and excellent record in this sector, which I am sure supports the price.

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monions 15th May '18 8 of 9

In reply to post #363903

Matyida - I'm in the same position with Numis (LON:NUM) . I avoided buying it back in Dec 16 as all the broker type companies have limited visibility and rely on good markets and IPOs. I finally bought some back in Feb as met the CANSLIM screen, then I topped up on results day. Today I was very tempted to close as it was struggling at 430 and it had had a good run. Glad I didn't as it's popped up to 444 in the last hour on good volume.

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herbie47 15th May '18 9 of 9

In reply to post #364031

I also bought Numis (LON:NUM) quite recently because of Canslim screen, I'm considering selling but will let it run and see where it goes.

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