Morning all!
Avingtrans ( Avingtrans (LON:AVG) ) – 210p – £65.3m – PER 16.5
Interim Results For The 6 Months To End November 2018 – Revenue from continued operations up from £26.9m to £47.7m (acquisition and 11% underlying organic growth). PBT of £1.6m (-£0.1m Loss last time) with Adjusted Diluted EPS of 4.1p (0.4p last time).
To be honest I just can't work out if this is a good update or not. I reckon it is worth waiting to see a full 12 months results here after the Hayward Tyler take-over, see how the intergration is really doing.
Beeks Financial Cloud ( Beeks Financial Cloud (LON:BKS) ) – 127.5p – £64.7m – PER 43
Interim Results For The 6 Months To End December 2018 – Revenue up 36%, Underlying PBT up 46%, Underlying Basic EPS up 88%, Net Cash down from £2.55m to £1.84m, there's a proposed Maiden Interim Dividend of 0.2p. Confident of continued strong organic growth following the historic trend of stronger H2. However, FY Revenue expected to be broadly in-line with underlying PBT growth expected to be circa 25% (due to platform and operations spend). 99% of Revenue is recurring.
Not sure this is quite enough given the rating, I will keep an eye on the market reaction here as there is still a lot to like. Not at this price though, perhaps!
Redde ( Redde (LON:REDD) ) – 187p – £573.4m – PER 13.2
Interim Results For The 6 Months To End December 2018 – Revenue up 14.9%, Adjusted PBT up 7.6%, Debtor days up from 105 days to 109 days with Cash down from £24.4m to £11.6m, Net Debt £41.2m (£22.5m last time). Adjusted Basic EPS is up 6% and the Interim Dividend sees no change.
I prefer to remain on the side-lines here as they also warn of a tougher H2 (compared to last year). I will now cease coverage unless (until!) this slips back below my usual £500m Market Cap limit.
As always, all comment most welcome!
