Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Cash at 31 Dec 2023 - £209.3m (31 Dec 2022 £195.8m) despite share buy back and special dividend.
From RNS:
Returning excess cash
We continue to assess the cash requirements of the business to ensure the Group remains well positioned to deliver on its Sustainable Growth Strategy and has sufficient funds to invest in the business. In September 2022, having reviewed the Group's strong cash performance and ongoing capital requirements the Group launched a share buyback programme of up to a maximum of £15m. On 17 November 2023 we announced the completion of the share buyback programme with a total of 8,404,148 shares repurchased and subsequently cancelled, representing approximately 7.5% of issued share capital. In addition to this, the Group paid a special dividend of 12.0 pence per share (amounting to £12.5m) on 27 October 2023 as announced on 8 June 2023. As previously announced, where average month-end cash and PPP assets increase above the level required, the Board will consider making additional returns to shareholders.
That the price has held since the vote on the bid was adjourned (AKA voted down) is encouraging. I assume existing bids will still be valid if the meeting goes ahead on the new date. I think most on this board want to own a share in what promises to be a profitable operation. Let's hope we get some more info on trading before the meeting if it still goes ahead.
Seems to be edging down and as you say will go either one way or another on news. Plan is to buy the day before the RNS is out then at least will be the lowest price if the RNS is positive. Trouble is I dont knw when the RNS is coming!!
Have sold, but wondering about buying in again. The wait for a RNS seems to be interminable. Will the independent analysis confirm the 4.7% He figure - this was the best result but what was the average? Will there be any indication of actual flow rates - 4.7% of what volume? A massive gamble on the market's reaction to the RNS.
The independent testing is taking longer than expected - surely all depends on whether the results confirm the on site results. Anything over 0.5% Helium would apparently be viable but would a result less than 4.7% be considered bad news?
Can anyone explain the multiple trades of 1 or 2 shares. The share looks very good value - hope for more share buybacks and/or an increased dividend - perhaps a repeat special dividend. Final results due 6th March
Trading is ahead of the prior year period and the Board's expectations, which were previously increased at the time of the full year results in September 2023. With good visibility over the second half, revenue for the full financial year is now expected to be approximately 5 per cent. ahead of current market expectations1, with an equivalent increase in expected profit before tax.
The average month-end cash for the six months ended 31 December 2023 was circa £149m (year to 30 June 2023: £135m) and period-end cash at 31 December 2023 was circa £209m (31 December 2022: £196m).
After significant dividend payments and share buybacks- cash result is very encouraging
This order, combined with expected additional conversion of our existing pipeline in Q4, means that the Company now expects financial performance to be ahead of market expectations for FY24* and further underpins FY25……..
* The current market forecast for the year ending 31 March 2024 is revenue of £18 million and adjusted EBITDA of £5.2 million.
He isn't - but agree that without announcements of significant contracts , which may come soon they will need to raise cash. The director buys are a positive and the improving share price - look forward to seeing if they are justified.
MyID seems to be very useful to US federal agencies and major suppliers to US government. Hope for more good news as others realise the importance of using MyID to protect data. Good news for Lutterworth based Interceed.