Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SWEETT GROUP PLC. We currently have 13 research reports from 2 professional analysts.
|24Aug16 01:35||RNS||Holding(s) in Company|
|19Aug16 04:13||RNS||RICS Hearing|
|10Aug16 12:09||RNS||Director/PDMR Shareholding|
|09Aug16 02:08||RNS||Director/PDMR Shareholding|
|09Aug16 10:51||RNS||Issue of Equity|
|09Aug16 07:49||RNS||Notice of cancellation of trading of shares|
|03Aug16 11:21||RNS||Form 8 (DD) - Sweett Group plc|
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SWEETT GROUP PLC
SWEETT GROUP PLC
Trading update for FY2016
26 Apr 16
In its core operations Sweett Group expects to report for year-end March 2016 adj. PBT (before three “one-offs” totalling £0.8m) of c.£3.0m on revenue of £54.9m (vs £51.5m in FY2015). For FY2016 the aggregate exceptional charge is c. £5.1m. Net debt of £2.6m at end March 2016 was lower than the company expected but a number of significant cash outflows are due shortly and banking facilities need renewing. Our coverage should resume when final results are reported.
Legacy issues not quite put to bed
08 Mar 16
Sweett has been notified of a claim relating to the sale of its APAC and India businesses. The businesses were sold last October for £9.3m before transaction and separation costs of c.£1.3m. The purchaser now claims an adjustment in their favour of £1.8m relating to adjustments to the net asset value of the business at 31st October. Sweett believes a lesser adjustment of £540k is appropriate, principally relating to FX movements. The dispute will be referred for expert determination and the company will provide further updates as appropriate. It is clearly disappointing to see legacy issues come to the fore again, following the resolution to the SFO case. We move to HOLD from BUY awaiting further clarification of the financial implications of the dispute.
SFO fine draws a line under legacy issues
22 Feb 16
Sweett Group announced the conclusion to the SFO investigation on Friday. The sentence confirmed that the Group is to pay a total of £2.3m in relation to the admission of bribery over two Middle East contracts entered into in 2013. The result was as good as could have been hoped for. The company has avoided what could have been a potentially crippling fine. The charges will be paid over the course of the next three years, leaving Sweett well within its covenants. Clearly the fine is a black mark against the Group but it related to a period under previous management in a region that Sweett is now exiting. The long awaited decision draws a line under these legacy issues and should allow the Group to move forward unencumbered with a strong core business remaining (UK, Europe and North America).
Strategic disposal of APAC and India businesses
21 Oct 15
In our note titled “Conviction Ideas – Q4” we said that the strategic divestment from the APAC and India businesses could provide a catalyst for the shares in Q4. Today, Sweett has confirmed the sale of both businesses for an initial consideration of £9.3m in cash (before transaction costs and separation costs of £1.3m), in line with our expectations. This is a positive update and should provide a catalyst for the shares. The net proceeds of the sale will be used to reduce the Group’s net debt which post-completion of the sale, the Group expects to be c.£4.0m (FY’15 year end: £9.7m). We expect net debt to continue to trend downwards. The SFO investigation continues to hang over the shares, but today’s update provides a solid underpinning to the Group’s medium term strategy.
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.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. 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 - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.