Hardboy
03 Jan 2018
Re: Happy New year! "Hope we will have some news in early 2018" AGM is on 24th Jan. Companies often release trading update in conjunction. I believe last year they also released a pre close trading statement ahead f the interims in mid March. I'm hoping to go to the AGM.
Muzzletoff
03 Jan 2018
Happy New year! Hope we will have some news in early 2018 regarding ongoing commercial contract discussions, between an acquired Tracsis division and their customer.In a recorded discussion with Paul Scott back in November 2017, John McArthur explained that there was some deferred considered on the balance sheet (circa £5m) due to the two most recently acquired companies, if they hit year 2 targets.JM said one of them had already hit the target, and the other had until November 2018, but was currently negotiating a customer contract which would ensure this would be paid out, if achieved. He seemed to think that they were not that far away from securing it, but predicting was difficult. Fingers crossed.
Bigmike2
14 Nov 2017
Re: IC thanks for the response "hardboy" much appreciated.
Hardboy
13 Nov 2017
Re: IC Mike: -"good review in Investors chronicle and buy recommendation"That explains the continued strength since the results."is the spread always so big?"It's not something I keep an eye on, but it is a very lightly traded share (average daily volume around 33k) which may mean it is not very liquid, which often results in a large spread.
Bigmike2
13 Nov 2017
IC good review in Investors chronicle and buy recommendation. I am new here is the spread always so big?
Hardboy
10 Nov 2017
Re: Is something going on? The average no. of shares traded over the last 3 months is 33k. (Yahoo Finance provide this figure as part of their basics of a share. I keep an eye on this for all my shares.)Volumes often increase heading up to results as people take a punt on which way the results will send the share, and after results there can be some large trades from directors, who have been held in a closed period before the results, or as you suggest fund managers who have changed their opinion on the basis of the results. One thing I can confirm is that this morning's large trade was not mine!
Muzzletoff
10 Nov 2017
Re: Is something going on? Obviously there is increased demand since the results have been released. Tracsis has always been a bit start/stop in terms of volume purchases. The headline spread is rather ridiculous, mostly I suspect because it is averagely a low volume share, and still a very modest sized business by Stock Exchange standards. Paul Scott of Stockopedia usually does at least an annual interview of the management following results, and they hint as they do in the results to a good start to H1, and at least one promising deal which is being negotiated. I provide the link to the interview below. As ever they are pretty sensible, cautious, and probably canny (as the Scots would say). Next couple of years could be interesting?![link]
LKGLKG
10 Nov 2017
Is something going on? As a holder of Tracsis for many years, I'm (of course) hoping that share price will increase when fund managers realise the potential this company has. Well I think somebody has. Normally the number of daily share trades in Tracsis are in the 10's, sometimes, in the 100's.This morning somebody made a trade of a quarter of a million shares, a couple of weeks ago, 3 trades where made totalling almost three quarters of a million shares. Hopefully this activity will add a couple of quid to the share price in the next few months, fingers crossed
Muzzletoff
08 Nov 2017
Re: Finals I haven't done an in depth analysis of the results, but it looks like most of what might be termed the original core business has declined, but that the most recent acquisitions have contributed to enabling it to beat last years results.Its true to say the N.American opportunity originally helped give it a racy multiple of earnings, but the business generally is starting to look more steady than racy in outlook. On the America front, they have always tended to say it would be a longer game to leverage opportunity there. They have appointed a channel partner in the US to exploit opportunity, but didn't name them. Of course that means sacrificing some margin if it eventually makes sales.A solid cash generator I guess it could surprise to the upside if certain parts of the business do well, but maybe unexciting in terms of results for an unpredictable period yet?
shovelier
08 Nov 2017
Re: Finals "As for the overseas story, yes, of course North America counts as overseas. But they won their first contract in N America in 2013 - 4 years ago, and we keep hearing how well the projects they've won over there have been going; so 4 years later a turnover of less than 1/2 a million is a little disappointing. Would have hoped things might have opened up a bit more."Yes and we might reasonably have expected the successful North American business to have generated more. After all ; success breeds success.
Muzzletoff
08 Nov 2017
Re: Finals Hi HardboyI think some of the difference in eps calcs, relates to a calculation that includes issued shares as they stand at the time of the RNS, then re-calculating earning per share to include issued options (but not necessarily exercised) to give fully diluted earnings, as if they were issued.I suppose that tells you that Directors are improving earnings even after remunerating themselves with options
Hardboy
08 Nov 2017
Re: Finals Shovelier:"all the figures are up on last year so what’s not to like?" I agree. I hope I wasn't coming across as negative. I suppose after years of double digit percentage increases in sales, 6% is a little below par. But as they say they are bedding in the new acquisitions, so it's been a year of consolidation.As for the overseas story, yes, of course North America counts as overseas. But they won their first contract in N America in 2013 - 4 years ago, and we keep hearing how well the projects they've won over there have been going; so 4 years later a turnover of less than 1/2 a million is a little disappointing. Would have hoped things might have opened up a bit more.
shovelier
08 Nov 2017
Re: Finals I haven’t examined the figures in minute detail but it seems to me that all the figures are up on last year so what’s not to like? I would say that the North American contract counts as overseas business doesn’t it?
Hardboy
08 Nov 2017
Finals Just had a very quick skip through them, and they look OK. I think they've beaten expectations (just) though it's hard to tell which profit figure to compare the brokers' forecast with. I'm also confused by the EPS figures. "Fully diluted adjusted Earnings Per Share increased 4% to 23.29p (2016: 22.37p)"Then in their P&L statement they quote Basic Earnings per ordinary share as 13.36p (12.71p)and Diluted Earnings per ordinary share as 12.93p (12.26p). I could not find an explanation of the discrepancy. But overall - sales are up, profits are up by a greater % than sales, the acquisitions are settling in well, the software boffins have won their largest contract, and they say their North American contract has been delivered successfully. (Though such statements I'd rather hear from the client.) It's a bit disappointing that the international business is not taking off, but hopefully there is plenty of time and scope for this to happen.THere's probably scope to get the share price up towards 550 again, but that's probably being a bit optimistic. I really must try to get to the AGM this year.
Muzzletoff
30 Oct 2017
Re: Upswing Hi Hardboy. They were cutting costs I believe, so maybe they have trimmed some extra profit, though this is usually only achieved in the 1st year, by adjusting profits by exceptional reorganisation costs going into adjusted profit. Unfortunately getting rid of people is expensive and the time it takes also eats away any gains in a limited reporting period.Their trading statement was a rather coy presentation of 2nd half compared to first half rather than prior year, and from memory their second half figures looked relatively flat compared to prior year.I hope I am doing them an injustice, because its nice to see the price go up,. An important adjunct to the year end will also be current trading.
