Member Info for JordiMendes

Yeah, plt poor. Debenhams doing fairly well though.

Not anything to take notice of tbh. Chop and change all the time and rarely are even close

HHH81, no valuation chart or valuation metric, just would be happy with that figure. I already sold some to use elsewhere, but still have a healthy amount and 500p would bag me a nice profit. You're right, the "real" rise should be a lot higher than this, I just wonder when that will be.

Markets understandably a bit jittery atm. Once the macro environment sorts itself out, this will climb. The problem child has been sorted and there is a clear path to growth. Don't get me wrong, cpi is a lot smaller now, so don't expect crazy prices but the current sp is ridiculous. I think a lot of people would take old 60p which would be 900p now. I would sell at about 500p personally which is still around 33p which is mental.

People still responding to Aim? 😂😂😂😂😂😂

Agree Culley, if this had been put out on results day, we'd have surpassed £4 and probably be sitting somewhere closer to £4.50

Still ridiculously undervalued. 280p is pleasing to see, but should be double this at the very least.

"Stock doubles over 5 years: Excellent outcome"

That would be absolutely shocking. 36p or so

Cheers mate. Good show of confidence.

Director money or company money?

Deffo in a downward trend with shorts increasing. As someone said the other day, probably going to just drift and sit unfortunately. Just a waiting game, but how long do they expect investors to wait?

Serco reported an underlying operating margin of 5.6% for the full year 2025

"Inclusive of contract exits". I mean, at least he is still forecasting a tiny amount of fcf, but it's contract exits/"one off" costs that have continued to kill this share.

@Heatseeker77 Cool. I read it as that initially, I just don't trust them fully. Especially when reading fcf expectations being dramatically reduced:

"Brockton said his earnings-per-share forecast for 2026 had been cut by 11%, with free cash flow expectations reduced from £16 million to £2 million, inclusive of contract exits."

@Trisor they're probably growing tired of me now 😂.

Stuff like the below has to be taken notice of:

"Brockton said his earnings-per-share forecast for 2026 had been cut by 11%, with free cash flow expectations reduced from £16 million to £2 million, inclusive of contract exits"

What's everyone's thoughts on the fcf? Usually Helen from IR responds, but just noticed the last time was Stephanie. As others have pointed out on here, fcf could be eaten up by costs and some reports say the same.

Part of my email to IR said:

"I am worried about analysts views that the fcf that has been talked about is going to be eaten up with the pension debacle.

I know you put "The cash flow in 2026 is expected to be positive between £20-40m after a number of negative years – so that will be the first milestone", but reports from analysts think differently. Thank you for your responses so far."

Stephanie replied with what I put below:

"I think there may be some confusion between the two pensions businesses here. The difference between our free cash flow guidance of £20 - £40m and net debt movement is the costs associated with the closed book Life & Pensions business exit. This follows the agreement to hand back the remaining contracts in this space which was announced last year we’ve said this will be £100m over 5 years, front end loaded over the 5 years, but eliminating a major long term cash drag from the Gorup. The £20m - £40m free cash flow is inclusive of the CSPS contract."

So they see some costs from the closed book Life & Pensions business exits and that fcf £20m - £40m free cash flow is inclusive of the CSPS contract. So without the costs of the closed book Life and pensions, fcf would be higher.

I'm not sure what to make of things as one analyst now see's fcf as around £2 million I think it said.

All up in the air Adam. 17.5p (old money) share price is absolutely mental.

Aim, you long now?

Very true Savage. One is a behemoth, the other has been priced to go bankrupt. The turnaround story here keeps failing to live up to expectations and often updates are littered with excuses. F1 car obviously never going to happen, but surely old 50p can be hit (a dacia sandero). Let's see if this team have called it right with their tech plan.

"Whilst the SP in Amazon was going south Bezos could see things were gearing up and improving internally

Different scale , same is happening here imho"

Fingers crossed. The right tech is being put in place, it's if this management team can deliver now.