Good rise...14 Jan 2010 12:39
Further to FRESHMATTS comment - here it is (nicely found btw!)
Styles & Wood Group (STY, 25.25p, £15.6m), the provider of retail property services to UK retailers, reports trading for the year ended 31 December 2009, is in line with expectations of PBT of 0.3p. The balance sheet has been strengthened following the refinancing, with net cash of £6.3m at 31 October 2009 (£8.7m on 30 June 09), but the company has spent £2.3m in 4 months. The company does not state the net cash position at the end of December, which suggests it is lower than £6.3m. Customers remain cautious with their investment programmes and management maintains a cautious outlook for 2010. However, the group is well placed to take advantage of any market upturn. Consensus estimates for 2010 of PBT of £1.1m and EPS of 1.2p could be downgraded. The stock trades on a 2010 P/E of 21x. On 19/11/09, we initiated with a Sell recommendation and a target price of 25p. Our target price has been achieved and we therefore upgrade our sell recommendation to a HOLD.
Im a little cautious on their comments but at least it was upgraded! :)