I Read The News Today Oh Boy! 9-Oct-2019

Wednesday, Oct 09 2019 by

Morning all!

Codemasters Group ( £CDM ) – 212p – £298m – PER 17

Trading Update For The 6 Months To End September 2019 – As a result of the strong performance in H1, expects FY to be in-line.

I would love to back one of the winners in this space, I am just not sure it’s Codemasters though, will keep an eye out for any updated Broker notes though.

Redcentric ( £RCN ) – 86p – £128m – PER 17

Trading Update For The 6 Months To End September 2019 – H1 in-line, no mention of FY expectations, remains focused.

Still interested in seeing FY actuals here but am not tempted ahead of that.

Vertu Motors ( £VTU ) – 33p – £120m – PER 7

Interim Results For The 6 Months To End August 2019 – Resilient H1, on track to meet FY expectations.

I still remain cautious regarding the industry and am still an observer here.

Volution ( £FAN ) – 169p – £335m – PER 11

Results For The 12 Months To End July 2019 – Revenue up 14.6% with Adjusted PBT up 11.5% and EPS up 10.3%, the FY Dividend is up 10.4%.

Some value here perhaps but not enough for me.

As always, all comment most welcome!

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Vertu Motors plc is an automotive retailer in the United Kingdom. The principal activity of the Company is the sale of new cars, motorcycles, and commercial vehicles and used vehicles, together with related aftersales services. The Company is engaged in the provision of management services to all subsidiary statutory entities. The Company operates a chain of franchised motor dealerships offering sale, servicing, parts and bodyshop facilities for new and used car and commercial vehicles. The Company also operates various franchise dealerships, such as Volvo, Volkswagen, Land Rover, Audi, Mercedes-Benz and Jaguar, and operates Honda dealerships in the United Kingdom. The Company operates approximately 125 franchised and over three non-franchised operations across England and Scotland. The Company's subsidiaries include Bristol Street First Investments Limited, Bristol Street Fourth Investments Limited, Vertu Motors (VMC) Limited and Grantham Motor Company Limited. more »

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Redcentric plc is a holding company. The Company is engaged in supply of information technology (IT) managed services. The Company's segments include Recurring, Services, Product and Central. The Company's Recurring segment is engaged in the provision of its services to customers under long-term agreements, including data, connectivity, hosting, cloud, and support services. The Services segment is engaged in provision of consultancy, or installation services regarding the provision and set-up of a new service. The Product segment is engaged in the sale of third party products, which comprises hardware. Its services include Network Services, Collaboration Services, Infrastructure, Applications Services, Security and Mobile. Through Internet protocol (IP) telephony, messaging and video conferencing, it helps organizations enable communication among their staff. It offers a suite of Cloud services, as well as colocation, data management and virtualization services. more »

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Volution Group plc is a United Kingdom-based company, which is a supplier of ventilation products to the residential and commercial construction markets in the United Kingdom and northern Europe. The Company is principally engaged in designing, manufacturing and distribution of unitary and systems ventilation products and equipment. It is also engaged in the designing, manufacturing and distribution of a range of motors and components for use in air movement applications and gas boilers. It operates in two business segments: Ventilation Group and Original Equipment Manufacturer (OEM (Torin-Sifan). The Ventilation Group segment consists of 15 brands, focused primarily on the United Kingdom, the Nordic, Central European and Australasian ventilation markets. The Torin-Sifan segment is a supplier of motors, motorized impellers, fans and blowers for the European heating, ventilation and air conditioning (HVAC) industry. The Company offers Revive, which is a bathroom and kitchen fan. more »

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

4 Posts on this Thread show/hide all

andrea34l Wed 8:02am 1 of 4

As revenue is practically stationary as reported in the trading update from Codemasters Group (LON:CDM) then it is utter froth to state they have had a "strong financial performance".

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MrContrarian Wed 8:07am 2 of 4

My morning smallcap tweet: Tricorn forlorn.

Tricorn (LON:TCN), Pressure Technologies (LON:PRES), Good Energy (LON:GOOD)

Tricorn Group (TCN) H1 trading. Rev down 7%. Guides FY results materially lower than market expectations. Blames weak UK and USA margin squeeze.
Pressure Technologies (PRES) significant contract worth £3m from EDF.
Good Energy Group (GOOD) admits error in H1 a month ago. Misclassification of £4.9m within cash and cash equivalents and other current assets and liabilities on the balance sheet. "No impact on either the total net asset position, nor on earnings, and management's view of the current financial performance of the business and financial outlook is unchanged."

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Edward John Canham Wed 8:39am 3 of 4

In reply to post #519861

Codemasters Group (LON:CDM)

That was my original reaction as well. However, Liberum note:-

"H1’20 revenues were £39.8m for the six-month period flat on £39.7m for the same period last year.
However, the first half last year included the agreement with Subor and Xbox Game Pass deals
(which combined we estimated contributed well over £5m). "


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simoan Wed 9:18am 4 of 4

Re Vertu Motors (LON:VTU) I started building a position last week and I'm pretty happy with these results. It's a proper value share IMHO at a significant discount to TBV and a decent well covered dividend. Given the asset backing I can just about look past the terrible operating margin, although the growth in high margin aftersales is encouraging. It's also interesting that they have been selling some freehold properties at a decent premium to book value so the discount to TBV  may be larger than reported to increase the margin of safety.

I realise it won't be everyone's cup of tea but that's part of attraction too.

All the best, Si 

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