PYX Resources: Achieving volume and diversification milestones. Watch the video here.
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Further improvement in margin to drive share price up The shares are trading at a premium to our mean prospective PER for UK Tech hardware companies (11.4x excluding semiconductors) but in line for EV/EBITDA (7.3x vs 7.7x mean). We believe that the premium P/E is justified given Zytronic’s higher than average EBIT margin). While mindful of the potential for short-term weakness if H113 results are behind strong H112 comparatives, we believe that this stock could be an interesting margin expansion play
http://www.edisoninvestmentresearch.co.uk/researchreports/Zytronic141212qv.pdf
Outlook We have some very interesting and substantial projects for major customers under development that we expect will provide the basis for growth later this year, and in the future. We are currently experiencing a steady level of business and interest in the application of the multi-touch products but, as expected, current trading is behind the equivalent period last year when the first half benefited from some one-off electronic display orders.
CHAIRMAN'S STATEMENT This Report and Financial statements for the year ended 30 September 2012 show continuing progress with an improvement of 22% in profit after tax to £3.3m (2011: £2.7m), a 21% increase in earnings per share, and a 10% increase in the dividends to 8.5p for the year. The strategy of concentrating on the sale of PCT touch products, which now represent 71% of revenues, continued with PCT sales to UK, USA and Asia showing good progress and increasing by 10%, but there was an 8% decline in sales to Europe. Whilst the slowdown in Europe, some project deferrals, and the planned move away from the traditional electronic display products held back sales growth, the PCT products, and particularly those for large applications, were the basis for the improvement in gross margins which drove the increase in profits. Results Revenue for the year ended 30 September 2012 was £20.4m (2011: £20.5m) with operating profit improving by 16% to £4.3m (2011: £3.7m) on the back of gross margins increasing from 33.7% to 36.3%. Profit after taxation improved by 22% to £3.3m (2011: £2.7m) and earnings per share increased by 21% to 22.2p (2011: 18.3p).
Commenting on the results, Chairman, Tudor Davies said: "The continuing MPCT technical advances and the successful public roll-out of our PCT touch products for vending applications has resulted in further opportunities from major global food and drinks companies, and also for ATM and ticketing applications.
Preliminary Results for the year ended 30 September 2012 (unaudited) Zytronic plc, a leading specialist manufacturer of touch sensors, announces its preliminary results for the year ended 30 September 2012. Highlights § Profit before tax increased by 18% to £4.2m (2011: £3.6m) § EPS increased by 21% to 22.2p (2011: 18.3p) § Total dividends for year increased by 10% to 8.5p (2011: 7.7p) § Touch revenue accounts for 71% of group revenue (2011: 70%) § Gross profit margin increased to 36.3% from 33.7% § Net cash generated from operations of £4.6m (2011: £4.5m) § Net cash balance less borrowings increased by £1.8m to £2.3m
Touch sensor manufacturer Zytronic (ZYT) has performed exceptionally well in a depressed market. This comes after an exports-driven sales strategy that has reaped benefits in Eastern Europe, Asia and America. According to management, to increase profitability, enhance efficiency and boost operating margins, the company is shedding non-core legacy businesses such as its ballistic visor and light diffuser divisions. Zytronic is also going to benefit from a reduced tax rate due to research and development subsidies in the UK. In results for the year to March, profits jumped from £330,000 to £1.43 million on sales that grew from £39.8 million to £48.5 million while EPS stood at 16.1p. Dividends doubled from 1p to 2p in the same period, tying up with an avowed progressive dividend strategy. The largest share of the group revenue came from self-service vending machines and financial ‘consoles’ such as cash machines. Zytronic noted that its Industrial Automation division benefited from a growing demand for ruggedised and durable information ‘kiosks’ and control system displays all over the world. There was also a 27 per cent increase in ATM display sales to £2.4 million. Additionally, the company has recently entered into a partnership with Bosch Siemens for home automation. Interesting new applications for the touch sensor technology include command units for farming and earth-moving equipment. Zytronic has also made a foray into gambling with the deployment of wagering terminals in Australia. Touch sensor revenue grew by 23 per cent to £7.4 million, accounting for 70 per cent of the group sales. Within this high-performing sector more than 90 per cent of the sales were destined for outside the UK. Zytronic also benefited from a steady demand for ATM consoles in new markets in Eastern Europe and China. The management attributes this success to both touch sensor and non-touch sensor expertise in ATMs, which makes the bundling of technology easier for end clients. Analysts at N+1 Brewin forecast pre-tax profits to rise by 8 per cent to £4.1 million (EPS by 9 per cent to 21.2p). A target price of 373p was set. In terms of territorial revenue, the Europe, Middle East and Africa region saw growth of 21 per cent in sales while sales climbed by 35 per cent in the Asia Pacific region. Future targets for the company include a move into automotive applications and industrial and medical tablets. The company’s products are under patent protection until 2015. According to the management, expanding exports into China was a conscious risk as it exposed the company to potential intellectual property theft. In conclusion, Zytronic is one of those rare gems of manufacturing that keep the best of British innovation and resilience flying all over the world. With a robust order book, new touch sensor technological novelties in the offing and a management team devoted to maximisin
Valuation Analysts at house broker Brewin Dolphin are forecasting a £300,000 increase in pre-tax profits for the year to September to £3.2 million on sales of £26 million (2010: £25.2 million.) Furthermore, EPS of 16p and 18.4p are forecast for 2011 and 2012. Trading at its current price of 235p the shares trade at 14.7 times 2011 earnings and 12.8 times 2012 earnings. In addition, a dividend per share of 7.7p and 8.7p are forecast for 2011 and 2012, a yield of 3.3 per cent and 3.7 per cent respectively on the current price. Trading well below the sector average and having benefited immensely of late from interest in its niche technology, the company looks well placed to grow its touch sensor division, and with it its profits. Boasting an impressive list of big-name clients such as Coca-Cola and Bosch, the possibilities for the company are only restrained by the imaginations of the companies with which it works, with the chance to work with a number of vending machine operators in particular likely to stir the imagination of investors. As a long-term investment and paying a respectable dividend, we think the shares are well worth buying and not touching for a while.
Hearing you loud and clear. Problem is I haven't got any more money. I sold Noventa and bought Playtech. I have reached my limit on the amount of dough I can put on the market. Also, apart from you and I noone seems interested in this share.
Methuselah - more good figures !
Commenting on the results, Chairman, Tudor Davies said: "The 18% increase in operating profits is a good result and particularly since it has arisen from the continuing worldwide rollout of the Group's touch sensor products which now represent 66% of total revenues." "The increasing acceptance of our touch sensors across an expanding number of geographic regions and applications, and the current healthy inflow of orders, provides a good platform for continuing growth and shareholder value."
Zytronic plc, a leading specialist manufacturer of touch sensors and optical filters for electronic displays, announces its consolidated interim results for the six months ended 31 March 2011. Highlights · Revenue increased by 11% to £9.1m (2010: £8.2m) · Touch sensor sales now 66% of total sales (2010: 56%) · Sales revenues from touch sensors increased by 29% · Profit before tax increased by 19% to £1.3m (2010: £1.1m) · Earnings per share ("EPS") increased by 19% to 6.4p (2010: 5.4p) · Interim dividend increased by 5% to 2.1p per share (2010: 2.0p) · Tudor Davies appointed Chairman on 4 March 2011
http://www.investegate.co.uk/Article.aspx?id=201105110700073278G
Yes, we seem to be only ones on this site. I held off buying some because they looked too good. Comparing them with some others I've got, all with negative eps, operating in potentially unstable environments etc I thought, blimey here's a company that is actually making money, can't be one for me! Very little interest in them at the moment, does the market see them as fully valued at the moment?
methuselah - howdy - yes I feel like a hermit here sometimes lol...yes in IFL ( unfortunately) - nursing a sezeable loss with that just now. I am actually out of this just now - made 50p a share in here and left - however I may have to have another dabble soon perhaps!
AGM TRADING UPDATE At the AGM, to be held at 2.00pm today, the Chairman, David Banks, will make the following comments on current trading: "Zytronic continues to benefit from its strong export bias and diversified end-user markets. Revenue and profitability for the year to date are ahead of the same period last year, driven by growth in touch sensor sales, including the expected growth from specific customer projects in self-service & vending and home automation. The Company is also able to identify the Customer and Product in the "white goods" sector to which we have referred in recent Chairman's Statements. The Customer is BSH Bosch und Siemens Hausgeräte GmbH, the largest manufacturer of home appliances in Western Europe and one of the leading companies in the sector worldwide. The product is BSH's new Gaggenau CX480 range of induction hobs which uses a Zytronic 6.5" ZYBRID™-X touch sensor, integrated behind the hob's ceramic glass surface, to control all aspects of the hob's use. BSH launched this new range of Gaggenau hobs in January 2011 at the "Living Kitchen" exhibition in Cologne."
http://www.investegate.co.uk/Article.aspx?id=201102101213120251B
Thought I'd drop you a line as you seem to be speaking to yourself on this site. Noticed your name on another bb , Noventa maybe, of IFL? Anyway, I haven't bought any ZYT yet but their figures look good.
ZYT come good for Microsoft - and themselves hopefully!
http://www.investegate.co.uk/Article.aspx?id=201101270700201470A
Nice rise since results on wednesday.
Good strong movement on the back of good results today.
+12%