gretel
08 Aug 2017
Good interim results today N+1 Singer today increase their EPS forecast to 12.1p for this year and increase next year's to 13.2p EPS after yesterday's acquisition.They see £10m net cash at the end of this year rising to £12.3m going forward - against a £38m m/cap (basem1, I assume cash is seasonal - it was lower last H1 and increased greatly at the year end)..They see an intrinsic value of 100p+.The results are good, though not as blow-out as I'd hoped (as igoe said) due to the disappointing performance in one area (Central and South-West), which should be remedied in H2. The order book is still large, though also has slipped slightly to under £400m since the last update - presumably due to Central and South-West.Remains undervalued and a quality outfit.The share price has fallen first thing as short-termers have sold, as many were expecting blow-out results which didn't materialise, due to one geographical area's underperformance. I'd expect a big bounce from the initial markdown to 73p or so.
schwee
07 Aug 2017
Re: Information deficit And it looks as though said employees are going to have to move. As always, the decent ones will walk into other jobs.
gretel
07 Aug 2017
Re: Good acquisition today N+1 Singer will be updating their forecasts after tomorrow's results.They expect the results "to strike a positive tone following upbeat recent reports from sector peers (notably Morgan Sindall). The acquisition looks a very sensible fit, as T Clarke’s clients are demanding ever more sophisticated systems to control their buildings. The combination enhances T Clarke’s range of services in the targeted growth area of Intelligent Buildings."The acquisition alone will probably result in 4% EPS upgrades per Singer - hopefully the results themselves will prompt additional upgrades.
pearlsasinger
07 Aug 2017
Information deficit Hopefully a positive move.But amount of debt being taken on is not spelt out.And why are accounts only available to end May 2016?And what is the size of Eton' order book?With 80 specialised Eton employees it wouldnot be difficult to see problems in the event ofany lull in the future flow of orders/work in hand.Results tomorrow may shed further light.
schwee
07 Aug 2017
Re: Good acquisition today Yes, but good for who?
gretel
07 Aug 2017
Good acquisition today Good news. Looks like a sensible - and sensibly priced - acquisition, with £2m plus deferred buying £0.3m PBT, £0.7m net assets and an entrée into a new, complementary sector.Plus it's earnings-enhancing next year (and not this year probably only because CTO are on such a cheap rating already!):[link]
pearlsasinger
20 Jul 2017
Re: RNS : good news re recovery of cash Schwee-- I agree.But my expectation of money- recovery in this case was very low.Very often - in this type of situation-the alleged wrongdoer will havealready squandered the monies on 'slow horses andfast women' or such like - and the legal fees often exceed the amount recovered.The settlement suggests asset disposals by the alleged wrongdoer ("against the individual concerned and related parties."
And there is always the possibility that auditors might contribute some monies.Restez optimistique !
schwee
20 Jul 2017
Re: RNS : good news re recovery of cash But I do not think CTO have received the cash yet, and there seems to be a never ending drop dead date if not received by 31st December.And the boys in blue appear to have been frozen out. Pour encourager les autres, such a strategy is high risk.
pearlsasinger
17 Jul 2017
Re: RNS : good news re recovery of cash It is unusual to retrieve such monies.So very well done!What surprises me is the soft share pricefollowing upon the profit upgrade statementissued on 3rd May..I was able to add recently at 82p. (long term holder)
faddy10
17 Jul 2017
Re: RNS : good news re recovery of cash Special Divi?
Blanketstacker
17 Jul 2017
Re: RNS : good news re recovery of cash Increases operating profit for the year by 25%!
gretel
17 Jul 2017
RNS : good news re recovery of cash Good news - £1.43m more cash to come in following stage one of the fraud monies recovery, with more hopefully to come:[link] is actually pretty material in respect of a £35m m/cap.
vik the ram
22 May 2017
Re: New attack coming on the highs? I read the AGM statement as stating that market expectations are for earnings of 11.92 EPS and that the company expects profits to be ahead of market expectations. So something like 14P is very possible, with very significant cash flow that will boost the cash balance. There is certainly considerable scope for an increase in the share price to put it on, say, a P/E of 12., and the company can afford to be generous with the dividend.
gretel
22 May 2017
New attack coming on the highs? Worth remembering the AGM statement from only two weeks ago - this year's forecast is now up to 11.92p EPS (with a 3.46p dividend), but that should be conservative with say 12.5p+ EPS likely and perhaps even the 14p EPS suggested above:[link] confidence for the medium term is underpinned by this ability to secure significant projects in the markets where we operate. As a result of new project wins our replenished order book has for the first time surpassed £400 million and as at the 30th April stood at £402 million an increase of 22% since the beginning of the year.As a result of the strengthening order book and based upon current project programmes we expect revenues and profits for 2017 to be ahead of current market expectations, which are revenues of £300 million, underlying profit before tax of £6.1 million and underlying EPS of 11.3p."
gretel
10 May 2017
Another good article from CTO about the complete package they now offer:[link] is 22 Bishopsgate a true ‘gamechanger’?Posted: 05th May 2017 TClarke’s Group CEO Mark Lawrence explains why 22 Bishopsgate merits that title and changes the landscape for both the commercial office construction sector and the TClarke group.This is a world-scale construction project with 1.275 million sq ft of office space, plus 100,000 sq ft of amenity space for 12,000 occupiers. Sir Stuart Lipton of Lipton Rogers calls it “a new Vertical Village campus, reflecting the City’s ever changing consumer base.” Pierre Vaquier, the CEO of the building owners AXA IM - Real Assets, says “22 Bishopsgate will deliver a new standard of workplace.” When you look at the project specification, both of those statements are readily validated; that’s why it is a very big deal to be involved, as TClarke are, in delivering the full range of M&E services.A new standard for intelligent office buildingsWhen you walk into 22 Bishopsgate, advanced recognition systems will identify you automatically and give you entry to the building. The building’s systems will have the ability to then go on to find your team’s location on that day and the specific workspace you’ve been allocated. You will then get access to all of the services that you need - from lockers to gyms and so on - as well as your computer and, crucially, your data.If you pause to think all of that through, you can see that this makes huge differences to the way in which people can occupy, manage and use their space and services. Everything has the potential to become far more dynamic and far better attuned to the ways will want to work and collaborate with colleagues.The TClarke package is complex and comprehensiveWhen you realise how advanced the building will be, you can understand the significance of being selected to deliver not just one but the whole series of mechanical, electrical, fire alarm, information systems and the extra low voltage packages.Bringing a building like this to life, helping to maximise the practical buildability of design, identifying key areas of challenge and opportunities for value creation and then having the capability and scale to deliver through the construction phase is a world-scale engineering challenge.We recognise the scale of the challenge and also the opportunity, working with Multiplex, to establish our expertise and leadership in the market, doing something that takes the whole industry forward.A project with strategic potential for the TClarke groupTClarke is a highly skilled, value adding engineering business. We work on some of the most complex and challenging construction projects and this is what allows our people to remain among the most skilled and expert in the industry.This new standard of intelligent building gives building owners and occupiers vast extra potential to maximise the usage and value of a commercial office. As well as creating a fresh standard for new-build office developments, there may be market opportunities to retrofit this standard of intelligence and integration into existing buildings. Being a leader in that capability will be a major commercial advantage."
