I Read The News Today Oh Boy! 25-May-2018
Morning all!
Volvere ( Volvere (LON:VLE) ) – 975p – £35.8m – PER 25.4
Results For The 12 Months To End December 2017 – Record Revenue and PBT of £43.4m (2016: £33.0m) and £3.5m (2016: £2.0m) respectively – EPS up from, 32.6p to 56.4p. Looking forward to an encouraging 2018, lots of cash and will probably buy back more shares (£3m+ bought back in 2017).
Bought in here just yesterday ahead of these results, expecting them to be at least in-line. These seem (much) better than in-line. If there is a concern it’s perhaps that they need to put that cash to work (hopefully on new companies). The 3 companies (all profitable but only one of them growing) currently on the books don’t seem exactly inspiring - Auto business (the main leader which probably justifies Volveres current rating on its own) has had a great year and looks like it should be OK (don’t expect this years stellar growth to be repeated, but who knows), Food business not so sure about (although spending on equipment (quite a lot (£1m)) is in progress, to increase margins) and the Security business also doesn’t look too great (looking to licensing). I will continue to hold for now with a keen interest on how these 3 companies perform and how that cash is deployed.
As always, all comment most welcome!
Disclaimer
This is not financial advice. Our content is intended to be used and must be used for information and education purposes only. Please read our disclaimer and terms and conditions to understand our obligations.
2 comments
Draper Esprit (LON:GROW) - placing at 420p to raise up to £115m for further investment; as is often the case these days, it's an accelerated book-build, so mere mortals can hardly get involved :-( Meanwhile, final results look smashing to me with NAV now 431p (up from 370 in 2017) or 402p (319) excluding goodwill, value of core holdings +119%, profit after tax 65.3m+97%
EU Supply (LON:EUSP), Local Shopping Reit (LON:LSR), Fandango Holdings (LON:FHP), Defenx (LON:DFX), Surgical Innovations (LON:SUN), Volvere (LON:VLE)
EU Supply (EUSP) Placing and subscription to raise £0.6m at 15p, a 9% premium. Cash "will be used primarily to invest in the development of certain micro-procurement features within the Group's CTM platform to better address needs within the Company's client base and target markets and for working capital purposes" = keeping the lights on.
Local Shopping REIT (LSR) H1. NAV down 3p to 39p/sh in half.
Fandango Holdings (FHP) Possible Acquisition and Suspension of Listing. Has signed a non-binding letter of intent to acquire the entire issued share capital of two companies. Would be an RTO, hence shares suspended pending the publication of a prospectus and the application for re-listing.
Defenx (DFX) CEO resigns, leaves end May. He is thanked for his service, all six months of it.
Surgical Innovations (SUN) Delays in the supply of products for its UK distribution business, Elemental Healthcare , sourced from Meccellis Biotech. Guides rev hit of 10% "on the cautious assumption that sales do not resume in the current year." Guides modest growth in pretax.
Volvere (VLE) FY pretax £3.5m (£2m). NAV 659p/sh, up 36p in half. Strong performance from Impetus Automotive with pretax £3.3m (2016: £1.1m). Satisfactory performance from Shire Foods with rev up a little but pretax only £0.4m (2016: £0.9m). I hold.