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I think results are better than they look. H1 last year was exceptional due to the factory shutdown in Q4 the previous year. H2 last year had operating profit of 60m so they've smashed that. The business didn't have much of a seasonal split pre-covid.
Paying a dividend to treasury shares is a violation of section 726 of the companies act. It doesn''t happen, there's no need to wait and see.
It doesn''t matter whether they cancel them or not, once the shares are bought back into treasury they don't get dividends anyway.
Companies tend to only cancel them all once the buybacks are finished so they only have to do the paperwork once. It really doesn't matter.
General market drop.
Quiet isn't a bad thing if you ask me. Just a solid boring company at a cheap valuation.
Dividends are always variable here, they've got no interest in pleasing the market so it tends to just be whatever cash they have lying around. If they've invested in some new factory equipment, or increasing stock, or animations for Warhammer+, then they might have less cash available this month. They also didn't pay a dividend between Jan 2020 and Aug 2020 due to COVID uncertainty so the 50p this time last year could have been a bit of a catch up.
It's not a profit warning, trading was in-line with management expectations, they just don't like saying what those expectations are which is the annoying part. They could be the same as broker forecasts but they could be a bit higher.
Well that was uninformative.
Have to admit I was hoping for a trading update as well.
Yep solid results against a tough comparator.
No worries.
Good results today, first dividend increase in 4 years, with net debt continuing to fall.
The p/e is about 18.....
"The Options are granted subject to the rules of the Plan and based on a stretching range of EPS performance measured over the three years to 31 December 2023. 25% of the award is payable for threshold performance at a CAGR of 10%, with full vesting at a CAGR of 30%."
3-Year CAGR of 30% would be a good performance on the face of it, although they've managed over 40% over the last few years so I would think this is not going to be too tough to achieve.
Strange reaction to a great update.
So far during COVID people have moved away from supermarket own brands and towards more premuim brands. If people are stuck at home instead of being able to eat out they want to treat themselves not buy the cheapest stuff. This matches what we see in PFD's revenue updates, with branded sales growing ahead of non-branded.
As someone invested in both BOO and PFD this is all very tedious. BOO investors should grow a thicker skin. When I like a company I welcome contrary views, they help make sure I haven't missed anything and that i'm aware of potential issues that might come up in the future.
Lowball offer. Company is still very cheap compared to the sector and wider market.
I think most of us were hoping for better than "in line with expectations". Also previous trading updates (i.e. 6th November) gave us actual numbers.
Great results.
"With a growing pipeline of titles in production combined with more internal IP, development costs capitalised in the period have increased by 134% to £7.5m (2019: £3.2m)."
I think they're going to smash current 2021 forecasts.
Jazim, when calculating the p/e ratio there are more costs to come in, i.e. drilling costs, staff costs etc. In the interim results there was cost of sales of £2.2m, admin exps of £0.6m and interest charges of £0.7m so a total of £3.5m for half the year = £7m for the full year. I would expect the costs to go up a bit with more wells online.
I agree the company is extremely undervalued based on current production and oil price.
The results looked good to me, highly cash generative which will feed into growing dividends as they pay down debt. Trading at about 10x FCF by my reckoning, and outlook says trading in line so far this year which according to stockopedia implies roughly 10% revenue growth.