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Safestyle UK

Interims: profit recovery building into FY20

H119 revenue increased 6.4% to £64.4m (HY18: £60.5m) with Gross Profit increasing 14.2% to £16.6m (HY18: £14.6m) as margins increased 177bps to 25.8%. The improvement in the top line combined with cost savings meant the Adj loss before tax of £0.8m was a material improvement yoy (HY18: £3.4m). All operational and financial KPIs reflect the improvement in the underlying business, these include revenue, volumes, market share and profitability. Importantly and as previously expected, the business returned to profitability in Q2 and is expected to further increase profitability in Q3 and Q4 of this year. It should be noted that the improvement has been achieved despite the consumer environment for large ticket items remaining difficult. Looking forward, we leave FY20 profit forecasts unchanged but due to increased investment needed to drive lead generation and marginally weaker revenue than expected, as a result we reduce estimates in FY19 from a small profit to a small underlying loss of £0.5m.

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  • 19 Sep 19
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Strix Group

Interim results: On course to meet estimates, Controls margin strong

Revenue increased 2.5% to £43.9m (HY18: £42.9m), 1.0% on constant currency basis, with gross margin 10bps ahead yoy at 38.0%. Good cost control combined with lower finance charge leads to a 4.6% yoy increase in pre-tax profit to £11.5m (HY18: 11.0m). Today’s interim results indicate that the Controls business has a had a strong start to the year on the back of positive mix and the price increases put through on legacy product at the end of FY18. Aqua Optima is flat yoy due to timing of contracts, ZC expect a stronger H2 as material private label contracts come on stream and the majority of additional revenue from HaloSource lands in H2. Net debt at period end stood at c. £33.4m and is on course to meet ZC FY19 forecast of c. £32.0m, sub 1.0x EBITDA. Interim dividend increased 13% to 2.6p and is in line with the Board’s commitment to pay 7.7p in FY19, a 10% yoy increase. No change to ZC forecasts, albeit today’s results increase confidence in achieving FY19 forecasts. The shares trade on 11.8x FY19 earnings falling to 10.9x in FY20.

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  • 18 Sep 19
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JTC

8% net organic revenue growth

32.0% rise in revenue to £46.6m (1H18: £35.3m; FY18 29% rise to £77.3m): +23.8% from acquisitions and net organic growth of +8.2%; EBITDA margin of 30.6% (1H18: 29.9%; FY18: 30.8%) with strong performance from both Institutional “ICS” and Private Client Services “PCS” divisions; 35.2% rise in adj underlying EBITDA to £14.3m (1H18: £10.5m; FY18: £23.8m) Cash conversion (underlying) of 101% (1H18: 56%; FY18: 80%); Net debt of £60.9m (June 2018: £23.7m)

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  • 17 Sep 19
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City Of London Investment Group

Report & Accounts published

6% rise in Group Funds under Management to US$5.4bn (£4.2bn), with Emerging Market products contributing 78% and diversification products (i.e. Developed Market, Opportunistic Value and Frontier products) 22%. Profit before tax of £11.4m (in line with Zeus forecast of £11.4m), with a profit before tax attributable to shareholders of £8.8m (Zeus old forecast of £8.8m). Fully diluted EPS of 34.1p (Zeus forecast of 34.2p) and Full Year DPS of 40.5p (Zeus old forecast of 40.5p).

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  • 16 Sep 19
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OnTheMarket

Adding Property Developers

OnTheMarket, the agent-backed company which operates the OnTheMarket.com property portal, is pleased to announce that it has signed a portal listing and additional advertising products agreement with Barratt Developments PLC, Britain's largest housebuilder.

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  • 12 Sep 19
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Epwin Group

Interim results: Strong margin progression underpins FY19 outlook

Underlying operating profit (pre IFRS 16) of £8.3m is 11% ahead of the £7.5m reported in HY18 as margin improved 60bps to 5.9%. FY19 expectations of £20.1m are predicated on a £1.4m yoy improvement with the business having delivered £0.8m in H1. Further cost recovery, positive volume expectations and additional efficiency improvements in H2 mean that confidence in achieving FY19 estimates is increasing. Despite the UK RMI market remaining difficult, Epwin should continue to outperform in terms of market share and, having weathered material cost headwinds, has an opportunity to rebuild margin back towards the double digit achieved at the EBITDA level historically (pre IFRS 16). We leave forecasts unchanged but with increased confidence in achieving the FY19 estimates.

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  • 11 Sep 19
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