I Read The News Today Oh Boy! 20-Sep-2018

Thursday, Sep 20 2018 by

Morning all!

Inland Homes ( Inland Homes (LON:INL) ) – 63p – £127.3m – PER 8.01

Preliminary Results For The 12 Months To End June 2018 – Revenue up over 50% to £147.4m (2017: £90.7m) with NAV up 9% to 70.46p (2017: 64.62p).

Tempting here but that Debt (although probably quite acceptable in the market space) is enough to keep me Neutral here – Small regular interest rate rises could hurt here, perhaps!

City Pub ( City Pub (LON:CPC) ) – 244p – £142.7m – PER 26.6

Interim Results For The 26 Weeks To 1st July 2018 – Revenue up 24% to £20.0m (2017: £16.1m), Adjusted PBT up 73% to £1.6m (2017: £0.9m) with a Reported PAT of £0.76m (2017: -£0.05m). 11 weeks trading since July 1 has seen sales up 24%. Confident of meeting 2018 FY market expectations.

This is on my Watchlist as a pub company that seems to be doing very well, just wondering if it’s fairly priced here now.

French Connection ( French Connection (LON:FCCN) ) – 50.1p – £48.3m – PER 36.5

Interim Results For The 6 Months To End July 2018 – Revenues down 2.4% to £58.1m (2017: £59.5m) with wholesale up 6.2%, Licensing income flat on last year at £2.6m, Underlying Operating Loss Before Tax reduced to £5.5m, an improvement of £0.4m (2017: loss of £5.9m) with Cash of £12.8m (2017: £6.7m) boosted by sale proceeds from Toast. On track to return to profitability at the year end.

First coverage for me but will keep an eye out for that return to profitability. Neutral for now.

Scisys ( SCISYS (LON:SSY) ) – 186.5p – £55.0m – PER 14.4

Interim Results For The 6 Months To End June 2018 – Revenues up 13% to £28.7m (2017: £25.3m restated), Half-year order book approaching £100m (2017: £64m), Net debt down to £3.3m (2017: net debt £9.0m), Interim Dividend up 10% with Adjusted Basic EPS of 6.1p (2017: 1.4p).

This looks like a good update but I will remain Neutral as the forecasts (on Stockopedia) are quite underwhelming (no Broker notes on Research Tree). Will keep an eye out for updates.…

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Inland Homes plc is a United Kingdom-based company, which is principally engaged in acquiring residential and mixed-use sites and seeks planning consent for development. The Company develops a number of the plots for private sale and sells consented plots to house builders. The Company's segments include Land, House Building, Contracting, Hotel, Investments, Investment property and others. The Company is a developer of urban regeneration projects around Southern England, with a particular emphasis on residentially led mixed-use schemes on brownfield sites. The Company's land portfolio consists of approximately 6,680 plots with the majority in the South and South East of England. The Company's portfolio consists of both brownfield and strategic sites. The Company's projects include Wilton Park, Beaconsfield, Meridian Waterside Southampton and Buckinghamshire. The Company's land portfolio includes Famborough, Woolwich and Bushey. more »

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City Pub Group plc is a United Kingdom-based company. The Company owns and operates an estate of premium pubs across southern England. The Company’s pub estate comprises approximately 41 free houses located largely in London, cathedral cities and market towns, each of which is focused on appealing specifically to its local market. The Company’s portfolio consists of predominantly freehold, managed pubs, offering a range drinks and food tailored to each of its pubs’ customers. The Company provides beer, food, and entertainment facilities, as well as offers rooms and passages on rental basis. more »

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French Connection Group PLC designs and supplies branded fashion clothing and accessories for men and women. The Company operates retail stores and concessions in the United Kingdom, Europe, the United States and Canada and also operates e-commerce businesses in each of those territories. Its principal brand is French Connection, which designs, produces and distributes branded fashion clothing, accessories, such as toiletries and fragrances, shoes, watches, jewelry, eyewear, furniture and homeware through its distribution channels: retail stores, e-commerce, wholesale and licensing. Its other brands include, Great Plains and YMC. The Company operates in approximately 50 countries around the world. The Company's subsidiaries include French Connection Limited, French Connection UK Limited, French Connection (London) Limited, Contracts Limited, French Connection Group Inc., French Connection (Hong Kong) Limited, French Connection (Canada) Limited and YMC Limited. more »

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

4 Posts on this Thread show/hide all

MrContrarian 20th Sep '18 1 of 4

My morning smallcap tweet: £20m cash gone in 12m? Would you Adam & Eve it?

Minoan (LON:MIN), French Connection (LON:FCCN), Parity (LON:PTY), Tanfield (LON:TAN)

Minoan Group (MIN) to sell Stewart Travel Limited for £6.6m + £0.7m loan repayment.
French Connection (FCCN) H1 rev down 2.4%. LFL sales in UK/Europe down 7%. Adj pretax -£5.8m (-£5.7m). Net cash cash £12.8m (£6.7m). "We remain on target to return the business to profitability this year and we will be doing everything we can to ensure that happens." Pretax-ttm -£1.7m. Pretax adjustments: £2.8m for bad debts (HoF?) and £6.8m provisions for onerous leases and store disposals. Is this a fiddle to get to profitability? I hold.
Parity (PTY) H1 rev virtually flat, pretax up 25%, EPS up 19%. "Whilst we are experiencing a short-term client-side delay on one large contract, the rest of the Group is performing in line with Board expectations. Without any further delays, we expect a stronger second half, in line with the Group's traditional seasonality, and to deliver on current expectations for the year as a whole."
Tanfield Group (TAN) 49% owned Snorkel balance sheet $50m out of kilter. Snorkel CFO (was TAN's) account is dispupted by TAN. Fight!

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andrea34l 20th Sep '18 2 of 4

I think the valuation of City Pub (LON:CPC) is utter nonsense, there's more froth in the share price than in the beer they serve :-) I'm rather happier holding my EI (LON:EIG) shares.

I think I'm happy enough to continue holding SCISYS (LON:SSY) on these results, the huge increase in the order book is reassuring.

I'm in two minds as to whether to continue to hold Inland Homes (LON:INL) on these results, I guess they are okay, there's a big increase in dividend, the statement about completions being lower in the coming year doesn't sound great though they seem to have a big exposure to affordable housing which is good.

Northern Bear (LON:NTBR) have announced a trading update today, it's typically restrained: "The Board is delighted to announce that, having sufficient visibility of results for H1 FY19, the unaudited interim results will show" pre-exceptional "operating profit ahead of prior year results". The share price is back up after recent weakness, so I'm expecting results will at least stack up with the lowly valuation.

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mrosbiston 20th Sep '18 3 of 4

i sold out of French Connection (LON:FCCN) this morning as i viewed the results as disappointing, the gain on the sale of Toast is less than i thought and the turnaround doesn't seem to be happening as quick as i would like.

i have serious doubts on the return to profitability this year, i would buy back in if this looked more likely - with the current retail environment i'm preferring to wait on the sidelines for anything retail (other than £SOS).

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matylda 20th Sep '18 4 of 4

Thanks for the comment guys.

City Pub (LON:CPC) - If it hits forecasts I consider it fair value here but any upgrades would make it more interesting for sure, perhaps this expectation is built into the current price, more reason why it's not for me at present. EI (LON:EIG) is new to me as it's above my usual £500m cut off - Quick look seems OK but the Debt would personally put me off.

SCISYS (LON:SSY) - That order book could well translate in decent EPS growth, perhaps!

Inland Homes (LON:INL) - Hopefully someone with more sector knowledge can comment.

Northern Bear (LON:NTBR) - A wee bit too small for me at present, will keep an eye out, thanks.

French Connection (LON:FCCN) - Reckon that's fair comment, market seems to be having a similar view at present.

Thanks again.

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