I Read The News Today Oh Boy! 9-Oct-2017

Monday, Oct 09 2017 by

Morning All!

Cap XX (CPX)

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!

Castleton Technology (CTP)

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.

Plant Impact (PIM)

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.

Trinity Mirror (TNI)

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).

YouGov (YOU)

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…

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CAP-XX Limited is engaged in the development, manufacture and sale of supercapacitors. The Company's prismatic supercapacitors are used in commercial and industrial electronics, such as handheld computers, point of sale terminals, telemetry units and location tracking equipment; consumer handheld devices, such as digital cameras, tablet computers and mobile phones, and clean energy applications, such as energy harvesting and micro-hybrid vehicles. The Company offers G-Series and H-Series of CAP-XX Product. The Company also offers CAP-XX Thinline Series product. CAP-XX supercapacitors can be used alone or in conjunction with batteries to create power solutions for a range of commercial devices. CAP-XX supercapacitors are also used in wireless sensor networks, mobile phones, and Personal Computer Memory Card International Association (PCMCIA) and compact flash. The Company operates in Asia Pacific, Europe and North America. more »

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Castleton Technology plc, formerly Redstone PLC, is an investment holding company. The Company is engaged in providing software and managed services to the public and not-for-profit sectors, mainly the social housing sector. Its segments include Managed Services, which consists of Castleton Managed Services Limited and Keylogic Limited, and Software Solutions, which consists of the results of Castleton Software Solutions Limited, Kypera Limited and Kypera Pty. It offers KYPERA FINANCIALS, a finance solution, which uses a single ledger format; EDRM, which is an electronic document and records management system that allows organization to manage its documents and supporting information; P2P, which manages repairs and non-repairs processes and integrates finance and repairs system; AGILE, OPUS SERVICE CHARGES and MANAGED SERVICES. Its subsidiaries include Castleton Technology Intermediate Holding Company Limited, Castleton Group Holdings Limited and Castleton Information Group Limited. more »

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Plant Impact plc is a United Kingdom-based company engaged in research, development and commercialization of crop enhancement products. The Company’s foliar spray and seed treatment products use synthetic and naturally occurring biostimulants to manage a plant’s natural responses to heat, drought and salinity stress, as well as stresses caused by the application of other chemicals. more »

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

9 Posts on this Thread show/hide all

MrContrarian 9th Oct '17 1 of 9

My morning smallcap tweet:

Earthport (LON:EPO), Digital Barriers (LON:DGB), City of London Investment (LON:CLIG), Accrol Group (LON:ACRL)

Earthport (EPO) wins first contract in Germany from ECB Swiss Euro Clearing Bank ("SECB"), a major euro payment clearing hub for Swiss banks, to provide SWIFT payments. I'm short.
Digital Barriers (DGB) sells its main business for £25.5m + £2m earn-out, following the disappointing financial performance of the Existing Group. A review confirmed that the unpredictable nature of the sales cycles the Group faced was unlikely to change in the near to medium term, and larger sales would exacerbate the lumpy nature of revenue streams. Leaves Thruvision, a people-screening business. Cap at 18.875p is £31.2m.
City of London (CLIG) AGM: Q1 Trading Update. FuM $5.0bn (£3.7bn) up by $0.3bn in the Q. Q1 pretax £2.5m (£2.3m, after an unrealised profit on seed investments of £0.2m).
Accrol Group (ACRL) "The current challenges facing the Company relate largely to FY18 and are likely to have less of an impact on the Company's trading performance in FY19. The Board are therefore confident that, whilst there can be no guarantee, a solution will be found to the Company's short term funding requirements."

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Howard Adams 9th Oct '17 2 of 9

Hi all

For those interested in XP Power (LON:XPP) a trading statement out today. Shares up 6%+ (at time of writing). Trading revenues up 30%+, dividend increased. But, interestingly no mention of profit margins. (I hold).


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doug2500 9th Oct '17 3 of 9

XP Power (LON:XPP)
Delighted with today's update, apart from the fact that I'd like to be a buyer, but not at these prices.
I continue to hold too.

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iwright7 9th Oct '17 4 of 9

My XP Power (LON:XPP) notes:

Strong revenue (+29% YTD vs. brokers YE +22%), of which +1/3rd is currency, so quite currency dependent. “Ahead board expectations” and confident re-occurring sales outlook. High quality and OK value. Broker EPS of +6% for 2018 seems far too low, so likely broker upgrades.  XPP like to Earnings Surprise and are on a roll. Doubled stake this morning.

Edison report added subsequently here: http://www.edisoninvestmentres...

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crazycoops 9th Oct '17 5 of 9

Impax Asset Management (LON:IPX) issued quarterly AuM and added some trading/acquisition commentary. Shares up 8% as I write. Graham has made some useful observations about Impax Asset Management (LON:IPX) in the SCVRs, previously.

Blog: Share Knowledge
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doug2500 9th Oct '17 6 of 9

In reply to post #226403

XP Power (LON:XPP) might not be as currency dependant as you think. The majority of their costs are in USD too so the effects on profits quoted in £'s might not be as much as you think. Certainly it won't have the same effect as a company who sell in dollars but who's costs are in pounds.

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andrea34l 9th Oct '17 7 of 9

In reply to post #226388

Howard, there may be no explicit mention of profit margins, but one would hope that the statement "the Board now anticipates the Group’s performance for the full year will be ahead of its previous expectations outlined at the time of the Group’s interim results on 31 July 2017" would overall provide a good deal of comfort.


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Howard Adams 9th Oct '17 8 of 9

In reply to post #226548

Hi Andrea

Yes I concur with your interpretation.

I was just a bit surprised. As they seemed upbeat about the revenues I thought they would also be upbeat about profit margins. I was surprised they were not. So it was just a little cautionary feeling I had.

That said, it might be they are trying to appreciate the absorption of the recent acquisition. It might be the case that current margins are a little distorted in the short term as they absorb the acquisition.

I am still a contented holder and pleased with the update.

PS I have just seen that Graham has covered XP Power (LON:XPP) in today's SCVP and given it a positive write up.


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andrea34l 9th Oct '17 9 of 9

In reply to post #226578

Hi Howard,
It could be that margins are little-changed in which case they feel that they do not require a mention at this stage.

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