Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FLOWTECH FLUIDPOWER PLC. We currently have 28 research reports from 4 professional analysts.
|13Mar17 18:07||RNS||Posting of Circular|
|10Mar17 11:06||RNS||Confirmation of successful £10 million fundraise|
|10Mar17 07:15||RNS||Close of accelerated bookbuild|
|09Mar17 17:03||RNS||Proposed Accelerated Bookbuild|
|06Feb17 16:23||RNS||Holding(s) in Company|
|23Jan17 07:00||RNS||Trading, Acquisition, Strategy & Notice of Results|
|20Jan17 07:00||RNS||Appointment of Joint Corporate Broker|
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Research reports on
FLOWTECH FLUIDPOWER PLC
FLOWTECH FLUIDPOWER PLC
Placing to raise £10m
10 Mar 17
The group has announced it has conditionally raised £10m in cash via a placing at 120p. No change to underlying trading forecasts, while the placing results in EPS moving to 13.3p, dilution of 10.8%. With increased firepower, the group is in a good position to pursue its strategic ambitions and we therefore anticipate earnings upgrades as acquisitions occur. The shares remain very attractively rated, standing on a considerable discount to the peer group averages, with growth rates accelerated by acquisitions.
Trading conditions difficult but acquisitions underpin growth
23 Jan 17
FY16 revenue will be £53.7m (FY15: £44.8m), in line with ZC estimate of £53.9m, showing growth of c. 20% yoy underpinned by the three acquisitions undertaken in the year. However, due to higher costs relating to the acquisitions and, to a lesser extent, gross margin pressure, PBT will be in the region of £7.0 to £7.2m equating to growth of between 5.5% and 8.0%. As a result, FY16 ZC profit forecast is reduced by 8.0% to £7.0m. The impact in FY18 and FY19 is muted by the announcement of a further acquisition leading to an increase in revenue estimates of 8.7% whilst profit estimates fall c.4.5% in each year, respectively. Despite the decrease in forecasts the PER multiple on FY17 earnings remains single digit at just 9.1x, against a distributor average of 15.8x. With commitment to the forecast dividend increase reiterated, Flowtech offers an above average yield of 4.1%
Year-end trading update and bolt-on acquisition
23 Jan 17
The group’s year-end trading update points to subdued customer demand continuing and some additional costs. The group continues its acquisition programme, announcing the £1.65m purchase of HTL, which appears an ideal bolt on that enhances its position in the fluid power market. We reduce our 2016 EPS by 8.1% and by 4.4% in 2017. Despite forecast reduction, we believe the story remains intact and the shares remain cheaply rated. We continue to be firm supporters.
Small Cap Breakfast
23 Jan 17
Jackpotjoy — Prospectus now approved by the FCA. Admission to Official List expected 25 January. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
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