Morning All!
Audited Results For The Year To End June 2017 – Revenue down to A$4.1m which seems in-line with estimates (on Stockopedia). Losses of A$1.2m vs A$0.7m last time. Still cannot see the justification for a 3x rise here in the past 12 months – Perhaps I am naively missing something!
Trading Update For The 6 Months To End September 2017 – Encouraging update with Revenue and Profit due to be up 10% to support a full year performance in-line with market expectations. Debt is down from £9.4m to £7.9m (about 15% of Mkt Cap). On a PER of 12 seems to be priced about right here.
Preliminary Results For The Year To End July 2017 – Revenue up 17% to £8.5m vs £7.2m last time, Gross profit up 19% to £6.7m vs £5.6m last time. Cash up to £7.2m vs £5.6m last time. Revenue seems in-line with forecast (according to Stockopedia) - CAGR is 34.7%! But, the Net Loss is up -£3.1m vs -£0.7m last time. Expecting 2018 Revenue to be in-line but margins to be lower (does this mean bigger losses? If so, it will need that Cash!). Not sure I can see any case for investment here.
Trading Update For Q3 2017 – Confident that performance for the year will be in-line with expectations. Has bought back £9m in shares in the past 12 months and started paying down the pension deficit (which I think is £400m+). And, also progressing discussions to acquire 100% of the publishing assets of Northern & Shell. Can’t help but think this is positive news for a company yielding 6.5%+ on a PER of 2.45. Cheap if you accept the risks; the print sector (is not in terminal decline) and the pension deficit (can be sorted).
Preliminary Results For The Year To End July 2017 – Revenue up 21% (9% CC), PBT and EPS up 24%. Cash up to £23.2m vs £15.6m last time. Dividend increased by a whopping 43%! Further to this, current trading is in-line with the boards expectations. This all sounds great and seems to justify the PER of 24. However, it’s on my…
