Member Info for BuyHold

I first bought into PCF about 5 years ago and I've added more shares when cashflow allowed. During that time, I've noticed a few things about PCF: - consistent and steady growth following the plans they set out each year - as far as I can recall, their results have always been equal or slightly better than forecast - there is no hype - they let their record do the talking - the share price dips shortly before results day, then bounces back up when the good news is confirmed If they can continue the same growth over the next 5 years, shareholders will be delighted.

6 June 2017 - research reports on PCF website: Panmure Gordon have a 38p target price, Stockdale 42p. Regarding Bermuda Bank, I can't recall seeing anything to suggest when they are going to offload some of their stake.

Interesting research note from Stockdale Securities yesterday 16 May - available on PCF web site. It suggests the weakness in the SP due to industry concerns which will not affect PCF and sees the current price as a good buying opportunity,

Good progress, and he says growth could accelerate this year.

Another excellent RNS today.

Extracts from today's RNS: "PCFG, the AIM quoted finance house, advises that the Group's results for the year ended 31 March 2015 are expected, subject to audit, to be ahead of market expectations." "Progress continues on the banking licence application and the Group intends to present its business plan to the relevant authorities in the coming month."

The chairman has purchased £40,000 shares this week.

The ESS share price has been rising steadily over the past month and today they issued an upbeat trading statement. The financial statements are not the easiest to understand because of loan notes with notional interest and annual reviews of the provisions for onerous leases. However, the key point seems to be that there is no bank debt, the company is generating cash, and sales are on the increase. Management has worked hard to turn the business round in recent years.

I agree that the company looks to be heading in the right direction. Very promising results.

IC published a positive blog article on 13 August featuring TAST, author Kerry Belenthiran.

My understanding is that the company is intending to open quite a few new restaurants in the next year and I would assume that the borrowing is to help fund start up costs for these. I'm glad to see that the funding is coming from debt rather than new equity. They could have financed several new openings from cash flow but the rate of planned expansion clearly needs some extra funding.

I don't think that one can assume that transactions around the 1.90 mark are 'sells' - unless you've actually been quoted 1.85 or 1.90 to sell. I don't know why 'buys' are going through below the official share price but it is happening. Time will tell as to whether the business can be turned around but GCO seems to have bought some time with the recent part sale of the fire division, as well as the reported cost saving measures during 2013.

Several small buys today and the SP is well up. No news release today, but I see from the 25 June 2013 research reports on the PCF website that Daniel Stewart have increased their target price from 12p to 18p, and Westhouse have a new 7 page note and have reiterated 14p. Perhaps these broker updates have stirred some interest.

RNS today - sale of part of fire business for £1.5 million initial consideration plus a further £0.5m contingent on results. At 30 June 2013 GCO had net bank debt of £8.6m and immediately post completion it decreased to net £7m. Also the RNS is sounding pretty upbeat

Interesting. Thanks.

The 100,000 trade timed at 16.34 yesterday was an OK type trade according to other information sources, including stock exchange site. I know very little about short term trading but I'd be interested in your views as to why this one was a delayed report, particularly in view of the 'earlier' 200,000 O type trade.

Lego, you said to wait for the big boys. I guess the 100,000 must be one of them.

Westhouse Securities have forecast £1.6m pretax for the year to March 2014 compared to 829K in 2013. Looking at the Westhouse note of 5 December 2012, this is based on 15% revenue growth and the same % gross margin as 2013. In the 2013 accounts, the chairman stated that "the last quarter of the year [Jan to Mar 2013] saw a 27% increase in new business volumes over the equivalent period in 2012. This has been followed by a strong start to the new financial year with sustained, better than budgeted new business volumes".

Margins have improved delivering an extra £2 million profit on an increase of £7 million in revenues. Key to the improvement was the performance of the two smallest divisions (R&W Scott and Haydens) which improved EBITDA by over £2 million (-£1.6m to +£0.7m) on a combined turnover of £36 million. With total company revenues of £265 million a further increase in margins could bring big bottom line gains. The company is also aiming for revenue growth "actively recruiting more sales management at all five divisions".

The results look pretty good to me. Also, Westhouse have reiterated their 14p share price based on improving EPS of 2.1p in 2014 (PER 3.3) and 3.1p in 2015 (PER 2.3). Also the chairman's statement is pretty upbeat and looks forward to restarting dividend payments in due course.