Was planning to write something on this a couple of weeks ago  but did not get round to it.  Paul wrote an excellent piece with a DYOR following the trading update but the actual results came out on  a very busy RNS day.  Thought it's worth flagging the highlights:

  • *H1 REVENUE 38.2 MILLION STG VERSUS 30.9 MILLION STG YEAR
    AGO
  • H1 BASIC EPS ROSE 91 PERCENT TO 2.68 PENCE
  • Robust balance sheet position with £69m of cash and no debt

• Special dividend of 15 pence per share (£44m) declared  - hidden on the last line of a 10+ presentation

• Strong progress in late stage pipeline, but limited contract commitments for early stage projects

• Underlying markets are resilient but not immune to current macro impacts

• We expect 2020 to be 5% ahead of current revenue expectations with the vast majority of this improvement also falling through to EBIT, but remain cautious on 2021

Pretty decent IMO, LON:ALFA has shot up the stock ranks since but what really caught my eye was the 15p special dividend  - which must have helped drive the price up and has not dented it much since it went ex.

Including the divi the price has near doubled since the trading update and everything I read says it has a lot more room to run.  It is also cheap for a growing tech stock that has a very robust balance sheet.  Disclosure I hold but took some profits on my last trade.

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