Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on REDCENTRIC PLC. We currently have 41 research reports from 3 professional analysts.
|06Feb17 15:22||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi|
|26Jan17 14:17||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|23Jan17 07:00||RNS||Exercise of Options|
|19Jan17 14:51||RNS||Holding(s) in Company|
|17Jan17 16:01||RNS||Holding(s) in Company|
|10Jan17 07:00||RNS||Appointment of Non-Executive Director|
|03Jan17 14:34||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
Interims: restoring forecasts
11 Jan 17
Redcentric released interims before Christmas, with an analyst meeting this morning, however no new related news is available. The extent of the accounting misstatement has already been quantified at £20.8m, of which £5.9m related to the interim period ending September 2016, relating to accounting practices, policies, and errors regarding cost accrual, cost deferral, and revenue recognition. Having withdrawn original forecasts with the initial revelations, we reintroduce amended forecasts, assuming that the forensic accounting investigation has uncovered the issues, and having been corrected that 2H17 performance (to March) continues to replicate performance in 1H17 (to September 2016), as management guidance indicates. Target 117p.
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)
N+1 Singer - Redcentric - Update on forensic review
14 Dec 16
Redcentric has provided an update on the forensic review following the discovery of misstated balances in the group’s balance sheet. The cumulative overstatement of net assets and profits after tax up to 30 September 2016 is c.£20.8m. Management currently believe that c.£5.9m of this misstatement (£4.7m at the EBITDA level) arose in the six months ended 30 September 2016. The group’s previous indications had been that all issues related to prior periods. H1’16 revenue is now expected to be c.£53.0m with EBITDA of c.£9.1m. The average net debt position over the past 8 months to November 2016 was £42.0m. This is materially higher than originally reported. The group expects to report its interim results before 31st December which will provide more detail on the forensic review and remedial action plan. Our forecasts and recommendation remain Under Review until the full detail can be released.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Morning Song 13-02-2017
13 Feb 17
eg solutions has issued a positive full year trading update indicating that results will be in line with market expectations. Strong trading in the second half made up for a poor start to the year, with renewed focus on sales and distribution delivering significant new contract wins. We are highly encouraged by the outlook for the business given the strength of current trading and a record order book, so make no changes to our recommendation or target price. We will revisit forecasts when results are released on 22 March.
13 Feb 17
Middlesbrough-based pawnbroker Ramsdens Holdings is set to join AIM on 15 February. Its growth is not coming from its core business but from providing foreign currency, pre-paid travel cards and international payments. The strategy is to increase the group’s online activities and grow the number of branches. In the year to March 2016, group revenues improved from £29.2m to £30m. The accounts of the main subsidiary show that foreign-currency margin rose from £5.36m to £7.59m. This contributes 35% of group gross profit. By contrast, the core business of pawnbroking, precious metal purchases and retail sales fell from £21.3m to £19.8m. Revenues from other financial services were flat at £2.6m. Ramsdens has 127 sites and last year it made an operating profit of £3.19m. In the six months to September 2016, revenues increased from £16.2m to £18.4m and operating profit improved from £2.81m to £3.48m. The placing will raise £15.6m at 86p a share, valuing the company at £26.5m. NorthEdge Capital, which backed a buyout in September 2014, will receive just over £10m from share sales. The NorthEdge stake will fall from 75.6% to 30.7%. The other £5m will go to the company and be used to repay the remaining loan notes and the costs of the flotation. By the end of March 2016, there were still £4m of loan notes outstanding to NorthEdge, with £4.86m paid off during the previous year.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small Cap Breakfast
14 Feb 17
Xafinity –Publication of prospectus. The pensions actuarial, consulting and administration business has conditionally raised £179.6m. At 139p. Due to join main market 16 Feb. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management