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|06/10/2016 07:00:10||London Stock Exchange||Further Expansion into Asia|
|14/09/2016 07:00:08||London Stock Exchange||Pre-close Trading Update|
|19/07/2016 07:00:08||London Stock Exchange||Board Change|
|02/06/2016 07:00:07||London Stock Exchange||Major New Product Upgrade and Launch|
|06/05/2016 14:56:03||London Stock Exchange||Holding(s) in Company & Total Voting Rights|
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Panmure Morning Note 14-09-2016
14 Sep 16
Today’s FY16 pre-close trading update is brief but reassuringly solid. FY16 has been another year of good progress and continued successful product launches for TUNE in a growing global music equipment market. This update indicates our FY16 EBITDA forecasts will be beaten mildly (c.2%), rising to £9.6m, albeit we do not reflect that upgrade in our official forecasts for now. We also leave our FY17 and FY18 forecasts unchanged, preferring to reassess in light of the FY16 results to be released on November 22nd, but clearly there is good scope for these to be moved upwards. We reiterate our BUY and TP of 223p.
“I don’t hear any music.”
29 Jul 16
So replied the violinist Fritz Kreisler to the lady who said “your violin makes such beautiful music.” And so we learn that the instrument (ie the hardware) is of no use whatsoever without the human element. This week we saw Sage debut a rack of new products at SageSummit, there was the US$9.3bn Netsuite acquisition by Oracle, which in the wake of ARM plc acquisition pushed share prices up as M&A thoughts drove thinking. We frame all of these moves relative to our SMAC stack scenario. However our Compliance Officer David Langshaw (off to read for an MSc in History of Science, Medicine and Technology at Kellogg College, Oxford - whatever) tells me that I have missed the essential truth – namely Kranzberg’s Six Laws of Technology. Kranzberg’s core message is, ‘Technology merely presents an opportunity: the choice of what to do with it remains ours’ – and so the thing is the intercourse of people with the product. ‘People’ have pushed equity values higher and people will throw up some lucrative opportunities as the economy struggles to generate growth and so looks to technology to be the growth driver. Furthermore the rash of new products show us that technical developments have environmental, social, and human consequences that go far beyond the immediate purposes of the technical devices and practices themselves – note the seemingly sudden burst of interest in IoT and in PokemonGo this month – and this reminds us that “software is eating the world”. As always tech bounces up and down through the Summer months – July was an ‘up’ month. It is still too early to know the operational ramifications of Brexit. But so far the mood music has been more positive than expected, even if I am playing second fiddle to Mr Langshaw. Enjoy the Summer break.
Panmure Morning Note 19-07-2016
19 Jul 16
We learn that Focusrite CEO Dave Froker (60 years) is to retire towards the end of the calendar year and head back to his native California. To echo the thoughts of Executive Chairman Phil Dudderidge Mr Froker leaves Focusrite in a strong position with a three year strategic growth plan in place and depth in the Board room and wider management team to execute on those plans. While news of any CEO departure is unsettling we remind that trading remains in line, Mr Froker is there for another six months, and he has been working with the executive team to develop a 3-year product roadmap so we do not envisage operational disruption. Remember, Founder and local lad, Phil Dudderidge (CEO from 1989 – 2012) is well-ensconced as Executive Chairman and will doubtless ensure that Focusrite remains one of the crown jewels in the UK tech sector. Shares have drifted backwards in the post-Brexit malaise, so the Summer lull is a great time to build a holding. We retain our Buy.
Panmure Morning Note 04-07-2016
04 Jul 16
We learn from the trade press that AV systems integrator Second Wind Productions has installed five RedNet 1’s, one RedNet 2, seven RedNet MP8R’s and one RedNet D64R, in order to create a venue’s live and broadcast network for Spokane Veterans Memorial Arena. RedNet was installed in order to bring a new level of routing flexibility and sonic clarity to the venue. With RedNet, Focusrite moves not just into a higher value products but also into a market which has more of an ‘enterprisey’ feel to it with multiple purchases, upgrades and a larger spend. With this user we have more evidence of the early use, and importance, of networked audio systems. We also offer some thoughts regarding the impact of Brexit. We retain our Buy.
“Never let a good crisis go to waste”
01 Jul 16
History tells us that the way to make money from shares is to “sell when others are greedy and to buy when others are fearful”. Yet for many investors the current market is less Churchill, less Buffet and more ‘Texas hold 'em’. Our soundings through the industry in the wake of the UK decision to Brexit are mixed; there are currency translation winners, there are whispers of projects being iced, there are concerns about the UK being a less attractive destination for staff and some EU tech workers (a third of IT staff in London) unsure of whether to stay or go. There is a vacuum of leadership – regular compass points don’t seem to work right now. This should throw up some lucrative opportunities as the economy struggles to generate growth and should be a positive as the stock market appetite for tech – the growth guys - will then be whetted. Whilst the retreat in valuations is partly healthy – too high for too long (see table), in truth we find the latest ‘spring back’ a surprise. As always tech bounces up and down through the Summer months – and in that respect there is some ‘continuity’. To reprise – Sell in May usually works.
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UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
Safe as houses
17 Oct 16
Telford Homes is in as strong a position as it has ever been in the 15 years since flotation. The company has a strong balance sheet, with an expanded equity base and significant headroom on its banking facilities, a large development pipeline and impressive forward sales position, and good levels of demand for its product and geography from a diverse group of buyers.
“Encouraging”Q1: Positive transformation momentum continues
24 Oct 16
“Encouraging” AGM/Q1 (July-Sept 2016) FY17 trading update should reassure further as it builds on the strong momentum of the recent FY16 results. Management’s self-help initiatives appear increasingly sure-footed. Reflecting the balance of this encouraging Q1 outcome and the highly uncertain backdrop (e.g. raw material prices/input cost inflation, currency movements, and other macro pressures), we think it prudent to keep our FY17 forecasts unchanged for now, not least as there are another 3 financial quarters to navigate. That said, so far so good. We therefore retain our BUY.
Short term blip provides an attractive entry point
04 Aug 16
Portmeirion Group has reported their interim results this morning which are inline with our revised estimates. The company has had a mixed first half year but should be well positioned to rectify underlying issues in South Korea and India and hit our full-year numbers. The recent profit warning should be viewed as a blip and should not overshadow the company’s fantastic track record.
N+1 Singer - Swallowfield - GQ Grooming Award
25 Oct 16
Swallowfield has announced a prestigious award win for The Real Shaving Company's Sensitive Shave Gel. The Shave Gel won the Best New Shaving Gel at the GQ Grooming Awards. The aerosol product has been introduced since Swallowfield acquired The Real Shaving Company brand in May 2015. It is a good example of Swallowfield's ability to innovate and enhance its brands using its formulation expertise and technologies.