Good morning, it's Paul here again.

My initial review of the RNS has thrown up 5 interesting small cap sets of results for us to look at;

Zytronic (LON:ZYT)  (in which I hold a long position) - full year results

Ted Baker (LON:TED) - another profit warning, and management leaving

Begbies Traynor (LON:BEG)

Photo-Me International (LON:PHTM)

Nexus Infrastructure (LON:NEXS)

Estimated time of completion - circa 4pm - let's see how we get on.
Update at 16:15 - fairly predictably, I'm running late. Should be finished by 17:30. Apologies for any inconvenience.
Update at 17:51 - today's report is now finished.




Zytronic (LON:ZYT)

Share price:  192.5p  (pre-market open)
No. shares:  16.0m
Market cap:  £30.8m

(at the time of writing, I hold a long position in this company)

Preliminary results

Zytronic plc, a leading specialist manufacturer of touch sensors, announces its preliminary results for the year ended 30 September 2019.

I've braced myself for lousy results here, because the share price has been grinding relentlessly downhill since the profit warning, which I reported on here on 2 May 2019.  However, the figures this morning are actually not that bad - only slightly below broker consensus forecast (16.8p actual EPS, versus 17.0p forecast). That's a PER of 11.5

Key numbers for FY 09/2019;

  • Revenues £20.1m, down 9.2% on LY, and down 0.5% on forecast (near enough to not matter)
  • Gross profit down 17.6% on last year
  • Profit before tax down 27% in LY
  • Dividends - final payout of 15.2p flat against last year, giving 22.8p total divis - which is only covered 74% by earnings, yielding a monstrous 11.8% yield - divis are under review, so it sounds like a cut might be on the cards in future.


Balance sheet - a stand-out feature of this share, is its astonishingly strong. It's tying up unnecessarily large amounts of surplus cash, and this really should be paid out to shareholders, or otherwise used (e.g. buybacks make a lot of sense at the current valuation), or used for a sensible acquisition.

Cash has fallen 10%, but is still way above what the company needs,…

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