Half Year Report28 Mar 2024 10:42
It’s good to read statements like “a number of substantial contracts and renewals” and “operational performance has improved markedly” in the context of the Capita businesses that have only been under the ADVT wing for 5 months. Furthermore, results for 12 months to February 2025 are expected to be well ahead of expectations.
Having largely skimmed these results, there doesn’t seem to be a lot not to like - of course the wage bill has increased substantially in view of the new businesses on board, and it will be interesting to monitor how the number of staff changes over time.
Meanwhile, cash balance of £78.7m and SAA ‘investment’ now worth £19.2m represents £98m of today’s MCAP of £170m. Plenty of cash to pursue further investment opportunities. It’s perfectly fine to be deferring dividends in favour of capital growth - I’d be worried if VM was talking about imminent dividends tbh
Certainly glad that I decided to hold tight here. It’s one for the long term hold imo