I Read The News Today Oh Boy! 23-Nov-2018

Friday, Nov 23 2018 by

Morning all!

Fuller Smith & Turner ( Fuller Smith & Turner (LON:FSTA) ) – 934p – £517.7m – PER 14.1

Results For The 26 Weeks To 29th September 2018 – Revenue up 6% to £222.1m (£209.3m last time), Adjusted PBT down 1% to £23.6m (£23.8m last time), Adjusted EPS down 1% to 33.83p (34.22p last time) and the Interim Dividend is up 3% to 7.80p (7.55p last time). “Front loaded investment” blamed for drop in Profit and the outlook is not exactly the most optimistic.

I remain cautious and Neutral here - And in the sector in general for now.

Gateley Holdings ( Gateley Holdings (LON:GTLY) ) – 149p – £165.2m – PER 11.9

Trading Update For The 6 Months To End October 2018 – Revenue expected to be up 20% (acquisitions accounting for about half of this). Expects FY Revenue of at least £102m with a similar EBITDA margin as last year.

This looks impressive enough and although I am Neutral at present I will be more keen now to see those actual results when they’re available, early next year.

Interserve ( Interserve (LON:IRV) ) – 35p – £52.4m – PER 1.97

Q3 Trading Update – Overall trading for 2018 has seen strong profit growth in-line with management expectations, still on track to deliver its target of £15m savings in 2018, Year-end Net Debt expected in the range of £625m-£650m (ouch!). Deleveraging plan moving forward for announcement in early 2019.

Considering that Debt level I have decided to move this to my Avoid list for now.

Future ( Future (LON:FUTR) ) – 483p – £393.7m – PER 19.1

Results For The 12 Months To End September 2018 – Revenue up 48% to £124.6m (2017: £84.4m), Statutory Operating Profit of £5.3m (2017: £0.8m), Reported EPS of 5.1p (2017: 3.7p (restated for rights issue)). Confident of continued strong growth.

This has been on my Watchlist for some time and it will remain there for now – I will keep an eye out for revised forecasts and may be tempted although I am not a keen buyer in the present market environment.

As always, all…

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Fuller, Smith & Turner P.L.C. is a pub and hotel company. The Company's operating segments include Managed Pubs and Hotels, and Tenanted Inns. The Managed Pubs and Hotels segment includes managed pubs and managed hotels, and The Stable Pizza & Cider Limited. The Tenanted Inns segment includes pubs operated by third parties under tenancy or lease agreements. The Company runs 181 Tenanted pubs and 204 Managed Pubs and hotels with a focus on home-cooked food, cask and craft ale, wine and service. The Company also has 817 boutique bedrooms in its Managed estate. Its pub estate stretches from Brighton to Birmingham and from Bristol to the Greenwich Peninsula, including 173 locations within the M25. The Company owns The Stable, a craft cider and gourmet pizza restaurant business, which has 17 sites in England and Wales. more »

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Gateley (Holdings) Plc provides commercial legal services together with complementary non-legal services, including acting as independent trustees to pension schemes and also provides specialist tax incentive advice. Its segments are Banking and Financial Services, which is engaged in the provision of legal advice in respect of asset finance, banking and corporate recovery services; Corporate, which is engaged in the provision of legal advice in respect of corporate, family, private client and taxation services; Business Services, which is engaged in the provision of legal advice in respect of commercial, commercial dispute resolution, litigation, regulatory, shipping, transport and insurance services; Employees, Pensions and Benefits, which is engaged in the provision of legal advice in respect of employment and pension services, and Property, which is engaged in the provision of legal advice in respect of construction, planning, real estate and residential development services. more »

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Interserve Plc is a United Kingdom-based support services and construction company that offers advice, design, construction, equipment, facilities management and frontline public services. The Company provides a range of integrated services in the outsourcing and construction markets. It operates through three segments: Support Services, Construction and Equipment Services. The Support Services segment focuses on the management and delivery of operational services to both public and private-sector clients in the United Kingdom and internationally. The Construction segment offers design, development, consultancy and construction services for building and infrastructure projects. The Equipment Services segment operates globally, designing, hiring and selling formwork and falsework solutions for use in infrastructure and building projects. It provides outsourced services in sectors, such as hospitality, leisure, education, defense, retail, and oil and gas across the Middle East region. more »

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

5 Posts on this Thread show/hide all

MrContrarian 23rd Nov '18 1 of 5

My morning smallcap tweet:

Gateley Holdings (LON:GTLY)

Gateley (GTLY) H1 trading: rev up at least 20%. Guides FY rev at least £102m. F/C is £99m.

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Beginner 23rd Nov '18 2 of 5

Interesting farm-out agreement at Amerisur Resources (LON:AMER) for those interested in that stuff:


And a nice looking disposal at Ibstock (LON:IBST) which will help bring down the debt:


Thanks to M and Mr C for their hard work and help. Much appreciated.

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andrea34l 23rd Nov '18 3 of 5

Yes, thanks Matylda and Mr C for posts this week; have a good weekend all.

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beatingmrindex 23rd Nov '18 4 of 5

Great info as always Matylda thanks for your updates

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matylda 23rd Nov '18 5 of 5

Thanks all hope to see many of you on Monday :)

Blog: Briefed Up
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