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|20Oct16 07:00||RNS||Posting of Notice of GM to SWP Shareholders|
|17Oct16 07:00||RNS||Proposed AIM Cancellation|
|14Oct16 07:00||RNS||Friars 716 offer for SWP Group PLC first close|
|13Oct16 07:00||RNS||Offer declared unconditional in all respects|
|10Oct16 10:17||RNS||Form 8.3 - SWP Group Plc|
|05Oct16 14:03||RNS||Form 8.3 - SWP Group Plc - Replacement|
|05Oct16 13:58||RNS||Form 8.3 - SWP Group Plc|
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SWP GROUP PLC
SWP GROUP PLC
N+1 Singer - T. Clarke - Strong conclusion to FY16, record order book
28 Mar 17
After significant upgrades at the time of the full year update (PBT forecast +43% FY16; +14% FY17), today’s results are c.4% ahead of our expectations at the PBT level and show strong growth on the prior year (PBT +48%). All regions achieved positive growth in revenue. The outlook statement refers to a still growing order book (£350m at the end of February vs. £330m at the year end) and the strength of recent trading, with London & the South East and Scotland said to be particularly positive. The Group has reiterated its ambitions to improve margins, but we have not incorporated this into our forecasts at this stage. We have nudged up our FY’17 forecasts (PBT +5%) and introduced FY’18 forecasts that imply 2% PBT growth. Despite the well justified bounce in the share price, the shares still trade at a significant discount to the peer group (7.6x FY17 PE, 4% yield).
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - Xaar - 2016 results slightly ahead, reduced visibility in 2017
22 Mar 17
Xaar’s 2016 results were slightly ahead of our forecasts, showing a small decline in profit vs. the previous year. Sales grew by 3% to £96.2m, reflecting lower sales from ceramic tile printing, offset by strong growth from Packaging and licence income and an initial contribution from the Engineered Printing Solutions acquisition. Adjusted PBT reduced by 6% to £19.5m (N+1Se £18.7m). Xaar has made significant progress in terms of strategic development in 2016. Its growth drivers are broadening out and it remains focused on its target of £220m sales by 2020. However near term growth is dependent on new products and management has guided to a higher than normal H2 weighting and reduced visibility, which is likely to restrain the share price.
N+1 Singer - WYG - Mixed conclusion to FY17, reassuring FY18 outlook
23 Mar 17
WYG’s trading update highlights a frustrating conclusion to FY17 for the UK business, where profitability is expected to be below the prior year despite continued revenue growth. More positively, the performance of the international operations has been ahead of expectations for revenue and profit and the February order book remains a healthy £150m, consistent with the prior year end. Revised FY17 operating profit expectations are just under £9m, prompting a 14% reduction in our PBT forecast. The strength of the order book and pipeline mean than management expectations for FY18 are unchanged (we trim FY18 PBT by 3%) anticipating another year of very strong PBT growth (28% forecast for FY18 following 20% growth in FY17). We expect further details on trading with the prelims on 6th June and plan to introduce FY19 forecasts at that stage. The shares are trading on <12x FY17 P/E, falling to <10x FY18.