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New Records For James Halstead
James Halstead plc JHD The year to the 30th June again produced record turnover and profits and saw the final dividend increased to record levels with a rise of 8.8%. Revenue rose by 6.5%, profit before tax by 2.5% and earnings per share by 3.5%, achieved despite the uncertainty caused by Brexit and tougher than normal trading conditions.
Stanley Gibbons SGI survived another difficult year with turnover falling by 28%. The adjusted loss before tax for the year to 31st March rose from £4.9m to £11.1m.and net asset value fell by a further 48%. Trading has continued to be difficult since the last update on the 9th May.
Ashley House ASH Preliminary results are so full of pipeline references that it sounds more like an oil and gas company, than a rather unsuccessful property company specialising in health and community care. The lack of success is of course the governments fault and apparantly nothing to do with the management or the Board. The best claim it can make for the year to the 30th April is that it remained profitable but only just. Revenue fell by 10% and adjusted profit before tax slumped from £1,160,000 to £53,000. On an unadjusted basis the figures were £67,000 compared to £241,000.
Angling Direct plc ANG confirms that the conversion of fishing from a hobby, to big business is proceeding apace with the announcement that it has acquired the entire issued share capital of Fosters Fishing Limited for £3.0 million payable in cash. Angling is the largest specialist fishing tackle and equipment retailer in the UK. Fosters on the other hand which trades from a 17,000 sq ft superstore some 3.5 miles from the centre of Birmingham, is one of the largest fishing tackle retailers in Europe and has been in business for over 30 years. It appears that the Fosters who have built the business up are not really required any more by the new management, with Mark Foster remaining for only a few weeks to help the hand over and Richard Foster reduced to working part time in the business.
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Stanley Gibbons Throws in the Towel
Stanley Gibbons SGI has completed a restructuring programme which included a complete overhaul of the board and the executive leadership, costs have been reduced by some £10m and parts of one division have already been sold off but in the end it looks like things are so bad that value for shareholders can only be unlocked if the company puts itself up for sale and that is what it has now done, announcing this morning a formal sales process which could result in a sale of the company. Interested parties are invited to contact the company.
Mitie Group MTO is not paying a final dividend meaning a slump of 66% in dividends for the year and all the Chief Executive can say by way of explanation is that it has been a challenging year. In fact it was so challenging that the company managed to turn last years profit of £107.6m into an operating loss of of £42.9m. Basic earnings per share of 20.1p in 2016 were turned into a loss of 14.7p. Revenue for the year to 31st March fell by 1%.
Accounting adjustments are said to be responsible but why is the Chief Executive so tight lipped with his excuses. What were the challenges, shareholders may ask, which management failed to meet. The share price has stood up fairly well during the course of the year. After a sudden drop to 180p last September it recovered to 245p. and has jumped another 30p on opening this morning.
Eckoh ECK revenue rose by 30% and gross profit by 21% for the year to 31st March, making it the fourth consecutive year of double digit growth in both revenue and gross profit. In what the company describes as a breakthrough year, revenuei n the US jumped by 145%. The final dividend is to be increased from 0.45p to 0.48p per share. A strong start has been made to the new financial year, with monthly revenue averaging £2m.
Northern Bear NTBR claims excellent results which will be ahead of prior year results and management expectations for continuing operations in the year to 31st March. The order book for the new financial year is particularly strong and it is proposed to increase the final dividend from last years 2p. per share.
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Stanley Gibbons Comes Unstuck
Stanley Gibbons SGI. Final results for the year to 30th March reveal a horror story of mismanagement with admissions that previous accounting did not accord with applicable accountancy standards. In a buoyant market for collectibles, SGI found trading conditions difficult. The results are not surprising. Turnover was flat and 28% below budget, the final dividend has been abolished and net borrowing soared from £11.7m to £ 20.4m. but since the year end as a new board kicks in, this has already fallen to £18m.Net assets fell by 43%. The loss before tax rose from £1.8m for 2015 to £28.9m
Stanley Gibbons share price has slumped as the company’s fortunes declined. Two years ago it was at a heady 378p., a year ago they were down to 140p and today they stand at a miserable 11.25p
James Halstead plc JHD is raising its final dividend by 8.2% after rises of 3% in profit before tax and 3.7% in earnings per share for the year to 30th June. Exports now represent 67% of business so a positive impact for the current is expected from the decline in sterling, despite the fact that last years fall is claimed to have had an adverse impact on turnover, which fell by 0.5%.
Numis Corporation NUM saw revenue from its core activities rise 14% during the year to 30th September, reaching record levels of over £100m for the first time. During the second half Numis claims that activity in UK equity markets was impacted by Brexit.
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Bloodletting at Stanley Gibbons
Stanley Gibbons SGI today issues an update on the night of the long knives which has cut a swathe through the board and senior management.
Firstly out go the auditors, replaced by a new lot who are not happy that the way in which revenue was previously recognised, was “appropriate”. To allow them to get to grips with things, the annual results for the year to 31st March are having to be delayed.
The company is reconsidering the benefits of offshore status and has decided that the Executive Board should have more UK emphasis, so it is redundancy for the Chief Executive and chief Financial Officer, The group MD appointed on the 31st May has today joined the board and becomes Chief Financial Officer, whilst another newbie, Harry Wilson who joined the board on the 17th May, become Executive Chairman. The former Chairman who stepped down on the 17th May has now resigned from the board, joined by a non executive director who resigns with immediate effect.
Andrew Cook, the author of today’s update can not avoid a certain amount of double think as he proclaims in one breath that the roles of Chief Executive and Chief Financial Officer will become redundant and then immediately announces the appointment of a new Chief Financial Officer. Just guess who it is. Its himself of course.
The new Chairman does have the grace to admit that the restructuring is “unsettling” for all concerned which will perhaps go down as one of the understatements of the year. Some may have regarded devastating as a more appropriate description.
It certainly makes Brexit politics look clean and simple.
One of the few cheering factors in the update is that at least the cost reduction target, has already been exceeded.
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Daily Actions – UK Main & AIM markets 05042016
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London
AIM Market
| ST Rec. changed | ||
| From | To | |
| Basic Resources | ||
| BMR Mining | Neutral | Buy |
| Bezant Resources | Neutral | Buy |
| Landore Resources | Buy | Neutral |
| Rare Earth Minerals | Buy | Neutral |
| Financial Services | ||
| Manx Financial | Neutral | Buy |
| Fairpoint Group | Buy | Neutral |
| Polar Capital Holdings | Buy | Neutral |
| Health Care | ||
| Eco Animal Health Group | Sell | Neutral |
| Futura Medical | Buy | Strong Buy |
| Industrial Good & Services | ||
| Dart Group | Neutral | Sell |
| Hargreaves Services | Buy | Neutral |
| Sutton Harbour Holdings | Buy | Neutral |
| Retail | ||
| Stanley Gibbons Group | Neutral | Buy |
| Technology | ||
| Belgravium Technologies | Sell | Neutral |
| Brady | Sell | Neutral |
| Pennant International Group | Neutral | Buy |
| Sopheon | Buy | Neutral |
| Zoo Digital Group | Neutral | Buy |
| Travel & Leisure | ||
| PPHE Hotel Group | Sell | Neutral |
Main Market
| ST Rec. changed | ||
| From | To | |
| Leisure & Hotels | ||
| Intercontinental Hotels Group | Sell | Neutral |
| Restaurant Group | Neutral | Buy |
| Media & Entertainment | ||
| WPP | Neutral | Sell |
| Oil & Gas | ||
| John Wood Group | Neutral | Buy |
| Real Estate – REIT | ||
| The Local Shopping REIT | Sell | Neutral |
| Software & Computer Services | ||
| Micro Focus International | Sell | Neutral |
| Speciality & Other Finance | ||
| Intermediate Capital Group | Sell | Neutral |
| Transport | ||
| Stagecoach Group | Buy | Neutral |
RISK WARNING
Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com
The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.
| DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.
Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report. The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK. Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise. Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance. Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW. |
Daily Actions – UK Main & AIM market 14032016
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London
AIM Market
| ST Rec. changed | ||
| From | To | |
| Basic Resources | ||
| BMR Mining | Neutral | Buy |
| Uranium Resources | Neutral | Buy |
| Stellar Diamonds | Neutral | Buy |
| Financial Services | ||
| Advanced Oncotherapy | Neutral | Buy |
| LMS Capital | Buy | Neutral |
| RAB Special Situations Company | Buy | Strong Buy |
| Industrial Good & Services | ||
| Christie Group | Buy | Neutral |
| Dart Group | Neutral | Sell |
| Sabien Technology Group | Sell | Neutral |
| Media | ||
| Totally | Buy | Neutral |
| Oil & Gas – Explorers | ||
| Petrel Resources | Buy | Neutral |
| Personal & Household Goods | ||
| Colefax Group | Neutral | Sell |
| Tandem Group | Buy | Neutral |
| Retail | ||
| Stanley Gibbons Group | Neutral | Buy |
| Technology | ||
| IS Solutions | Neutral | Sell |
| StatPro Group | Sell | Neutral |
| Telecommunications | ||
| MXC Capital | Buy | Neutral |
Main Market
| ST Rec. changed | ||
| From | To | |
| Banks | ||
| Royal Bank of Scotland | Buy | Neutral |
| Building Materials & Fittings | ||
| CRH | Neutral | Sell |
| House Construction | ||
| Redrow | Buy | Neutral |
| Electronics & Electrical Equipment | ||
| Laird | Sell | Neutral |
| Engineering & Machinery | ||
| Hill & Smith | Sell | Neutral |
| Insurance | ||
| Novae Group | Neutral | Sell |
| Leisure & Hotels | ||
| Mitchells & Butlers | Buy | Neutral |
| Life Assurance | ||
| Aviva | Neutral | Sell |
RISK WARNING
Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com
The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.
| DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.
Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report. The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK. Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise. Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance. Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW. |
Daily Actions – UK Main & AIM markets 07032016
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London
AIM Market
| ST Rec. changed | ||
| From | To | |
| Basic Resources | ||
| Atalaya Mining | Buy | Neutral |
| Goldstone Resources | Buy | Neutral |
| Jubilee Platinum | Buy | Neutral |
| Mariana Resources | Buy | Neutral |
| Solgold | Buy | Neutral |
| Paternoster Resources | Neutral | Buy |
| Construction | ||
| Michelmersh Brick Holdings | Neutral | Buy |
| Financial Services | ||
| Amphion Innovations | Neutral | Buy |
| Tengri Resources | Neutral | Buy |
| Manx Financial | Neutral | Buy |
| Fletcher King | Neutral | Buy |
| Impax Asset Management Group | Neutral | Buy |
| EKF Diagnostics Holdings | Buy | Neutral |
| Ortac Resources | Buy | Neutral |
| Food & Beverage | ||
| Asian Citrus Holding (London) | Neutral | Sell |
| Distil | Neutral | Buy |
| M P Evans Group | Neutral | Buy |
| Health Care | ||
| Omega Diagnostics Group | Neutral | Buy |
| Verona Pharma | Neutral | Buy |
| Industrial Good & Services | ||
| Christie Group | Neutral | Buy |
| Hargreaves Services | Buy | Neutral |
| Nakama Group | Neutral | Buy |
| Hydro International | Neutral | Sell |
| The Kellan Group | Neutral | Buy |
| Petards Group | Neutral | Buy |
| Sutton Harbour Holdings | Buy | Neutral |
| Univision Engineering | Neutral | Sell |
| Retail | ||
| Stanley Gibbons Group | Neutral | Buy |
| Technology | ||
| Indigovision Group | Sell | Neutral |
| Simigon | Neutral | Buy |
| SQS Software Quality Systems | Neutral | Buy |
| Travel & Leisure | ||
| Goals Soccer Centres | Neutral | Buy |
| Minoan Group | Buy | Neutral |
| Tasty | Neutral | Buy |
Main Market
| ST Rec. changed | ||
| From | To | |
| Aerospace & Defence | ||
| Cobham | Neutral | Buy |
| Heavy Construction | ||
| Carillion | Neutral | Sell |
| Media & Entertainment | ||
| Photo-Me International | Neutral | Sell |
| Pharmaceuticals & Biotechnology | ||
| BTG | Buy | Neutral |
| Speciality & Other Finance | ||
| London Stock Exchange Group | Sell | Neutral |
| Support Services | ||
| British Polythene Industries | Sell | Neutral |
| Diploma | Neutral | Sell |
| Transport | ||
| Easyjet | Buy | Neutral |
RISK WARNING
Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com
The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.
| DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report.
The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK. Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise. Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance. Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW. |
Stanley Gibbons Leads Corporate Cock Up Day
As recently as mid January Stanley Gibbons (SGI) said that it would be comparatively unattractive to raise by way of new equity the 10m funding, which it desperately needed. So here we are less than 6 weeks later and guess what? The funding is being raised by way of new equity. Otherwise it would be unable to repay its additional overdraft facility of 6m., by the end of March.
The nonsense does not end there. The company now expects to make a full year loss of between 1 and 2m. due to lower revenues and failing to achieve the planned cost savings.
The auditors have resigned because the risks and uncertainties of doing the audit, exceed what they regard as acceptable. Unfortunately the board still seems to be in situ and senior management is still clinging on but for what purpose, one can only guess.
Ladbrokes (LAD) has slashed its 2015 dividend by 66.3% as profit before tax plummets by 46.4% and group operating profit by 35.7%. It claims that this is a good start to the delivery of its new strategy.
Drax (DRX) has decimated its final dividend with a cut from 7.2p to 0.6p meaning that 2015 total dividends have halved from 11.9p to 5.7p. Earnings per share are down 52% from 23.7p to 11.3p. The disastrous performance is all due to severe market deterioration and believe it or not, difficult regulatory challenges.
As on every bad day, there is some good news and of course it comes from the property sector, where else? Unite Group (UTG) which now has 46,000 operational student beds is raising its full year dividend by 34% to15p after profit before tax soared from 108.4m. to 388.4m and earnings per share rose by 66%
Croda International (CRDA) also delivers good news with record sales and pre tax profits. The full year dividend is being increased by 5.3% in addition to which a special dividend of 100p has already been paid. The company made strong progress, driven by innovation and by sales growth in all four divisions and in all its geographical regions.
Looking for a villa in Greece; http://www.hiddengreece.net
Stanley Gibbons SGI – Management Denies Responsibility
Stanley Gibbons was a stamp collector, he knew about stamps, he knew the value of stamps and he led the company he founded, to become the worlds largest stamp dealer. For decades postage stamps outshone stocks and shares for capital growth and made many a collector, wealthy men.
Then eventually the company took on management. 10 years ago the shares were worth 98p. Yesterday they were worth 99p, a rise of 1p over 10 years and having fallen 10p on the day of disastrous interim results which included the cancellation of the interim dividend.
The reason for the company’s problems is that the board decided to abandon philately as their sole business and expertise and change to a broader based collectibles group with significant on-line distribution potential. Senior management was supposed to manage the transition but it didn’t. The Board was supposed to supervise Senior Management but it didn’t
Only since early September, two months ago, has Senior Management been focused on putting in place the right organisation, structure and team to execute strategy in accordance with the Board’s expectations.’
Why was it not in place previously. How is it that management was unaware before September that the transition had apparantly become become a shambles.
Were the Directors asleep during the summer whilst business collapsed around their ears.What supervision did they exercise over senior management before September. What did they do to earn their directors remuneration.
Even now they have decided that only the shareholders will suffer with the interim dividend being abolished. Not a single apology, not a single resignation from the board, not a single sacking of those responsible. Even now there is an absolute refusal to accept responsibility. The Chairman tries to justify himself and the whole of the senior management team by claiming that “only in retrospect” could it be seen that their expectations were premature and over optimistic. Were they all blind ?
And the results ?
Like for like sales down 21%; Profit before tax down to a meagre £0.4m. from last years £3.7m. Earnings per share down some twelvefold from 7.02p 0.57p. Net debt up over 500% from £3.3m. to £17m.
Let it be hoped that eventually the shareholders demand answers and get them.
Villas and houses for sale in Greece – click here; http://www.hiddengreece.net
Stanley Gibbons SGI – Losing The Stamp Of Approval
A continually collapsing share price eventually forced Stanley Gibbons to rush out an interim trading update and publish the bad news for the first half year before the end of that first half. Now the full figures for the first half are known, things look somewhat grim.
Half year sales are only the same as last years, despite the contribution from Mallets which was acquired in October 2014 and also despite the completion of high value sales last month. Continuing weakness in its Asian operations has only added to the gloom.
The result is that first half profits and gross margins to 30th September are expected to be substantially below last years figures. Whilst there are better hopes for the second half, which is expected to produce materially higher revenue and profit, Gibbons now admits that it is unlikely to achieve market forecasts for the full year.
The share price now standing at 142.96p., has fallen by over 50% during the last year, having reached a peak of 378p in February 2014. Prior to the issue of the interim update last month if tell for 21 consecutive days.
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