Headlam will release their H1 19 results next Wednesday. We update our model for the 3.3% y/y top-line growth in H1 per the July pre-close, and forecast H1 19e adj. PBT of £16.7m (down 5.6% y/y given adverse margin mix from stronger Commercial) and adj. EPS of 16.2p. We expect management will re-affirm FY expectations at this stage (PBT of ~£39-41m), though positive commentary on the start of H2 trading will be a key area of focus in our view given the seasonal weighting. We retai
27 Aug 2019
H1 19 interims should be in line; strong start to H2 could see upside
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
H1 19 interims should be in line; strong start to H2 could see upside
Headlam Group plc (HEAD:LON) | 172 0 0.0% | Mkt Cap: 138.9m
- Published:
27 Aug 2019 -
Author:
Kunal Walia -
Pages:
6
Headlam will release their H1 19 results next Wednesday. We update our model for the 3.3% y/y top-line growth in H1 per the July pre-close, and forecast H1 19e adj. PBT of £16.7m (down 5.6% y/y given adverse margin mix from stronger Commercial) and adj. EPS of 16.2p. We expect management will re-affirm FY expectations at this stage (PBT of ~£39-41m), though positive commentary on the start of H2 trading will be a key area of focus in our view given the seasonal weighting. We retai