Autoclenz Hldgs (LON:ACZ) (ACZ, 40.0p, £4.16m), UK's leading provider of outsourced vehicle valeting and specialist cleaning services, reports disappointing interims to 30 June 2010. Underlying PBT was broadly in line with the previous year, down 2% to £0.68m (H109: £0.71m) on an 11% increase in revenues to £13.3m (H109: £12.0m). The Automotive Services division (95% of group revenue) is recovering with sales up 13% whilst the Specialist Cleaning division continues to suffer with a 23% reduction in sales. We are disappointed by the fall in gross profit margin to 24.7% (H109: 27.0%) and the increase in overheads. The sudden insolvency of Connaught (LON:CNT) will adversely impact sales and will recognise £0.04m of bad debt. Stronger cash generation has reduced net debt to £1.1m and encouraged the group to reintroduce a dividend. Autoclenz forecast a further reduction to £1.0m by FY2010. With an inevitable squeeze on both public and private expenditure, Autoclenz cannot of course be immune to any new deterioration in economic circumstances. The challenges of: 1) getting right the new northern Movements business, 2) reacting to public sector cutbacks at Rapid Response and 3) dealing with the unwelcome hiccup of the Connaught demise, will prevent the group from achieving the level of profit generate in 2009.  We now forecast earnings for 2010 to be lower than 12.5p. Assuming EPS of 9p, the group trades on 4.4x - a warranted discount to the support services sector median of 7.5x. The weak outlook encourages us to reduce our recommendation to a HOLD.  

NWF Group (NWF, 97p, £5.57m)AGM statement has highlighted lower consumer demand for ambient food during the summer led to higher stocks and forced the group to use an overflow warehouse, incurring costs and efficiencies. Feeds saw significant price volatility but were able to pass these on to users. Silage levels have been as expected - somewhat surprising given the poor conditions. Fuels saw price volatility but Q1 is the seasonally weakest – the group continues to chase expansion opportunities for that division. We still expect forecasts for the year to decline from the highs of £7.2m and so maintain the HOLD recommendation  

Penna Consulting (LON:PNA) (PNA, 110p, £28.22m) AGM statement effectively covering the H1 period has confirmed trading is in…

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