Sirvis It Share Discussion Threads

[ponty] 16/3/2006 17:17

Please, in your words,
holding 5 years

[tp100] 16/3/2006 17:07

sorry hotfinance, i'm sure there are compliance restrictions.

[hotfinance14] 15/3/2006 17:57

Can somebody paste the research note ?

[nick] 15/3/2006 16:53

holding and waiting. Off back to hibernate for a while longer its not spring yet is it?

[tp100] 17/2/2006 17:44

Very happy with that Finn research note tiltonboy. I suspect our patience will be rewarded.

[tiltonboy] 02/2/2006 10:56

I'm afraid I can't. I only get the research on the basis that it's not transmitted onwards.

[hotfinance14] 02/2/2006 10:50

Can you paste the note to this thread ?

[tiltonboy] 02/2/2006 10:44

I've got the J M Finn update on SRV.

Their 2007 EPS forecast is 0.69p, which I believe looks conservative. The note, generally, is upbeat.

tiltonboy

[ponty] 01/2/2006 16:57

we have had our day in the sun, see what the next 6 months bring

[hotfinance14] 01/2/2006 15:55

I need that for the next 10 weeks!!!!!

[ponty] 01/2/2006 15:54

4th largest riser to day at 28%

[tiltonboy] 01/2/2006 15:24

tp100,

I agree. The City need to be able to trust the company again, and that may take some time. Hopefully I will get hold of a broker's note, when one is issued, and see what they have to say.

tiltonboy

tiltonboy

[hotfinance14] 01/2/2006 15:23

I need 84p to breakeven...i could be here a while!!!!

[tp100] 01/2/2006 15:16

up 29% but market cap pretty low still (£4m). I fancy a run up to 5p but not sure it will go much higher in the short-term.

[tiltonboy] 01/2/2006 15:04

With a bit of headwind I can't see why these can't make a penny of earnings next year.

If they repeat the 0.28p of earnings in the second half we should get to 0.56p for the full year. Add in the 300K of savings which equates to another 0.28p, and a slight firming in turnover, and we should be there.

A p/e of 10 shouldn't be out of the question, so we could see them back up to 10p, which would be nice.

I've just talked myself into buying another 100K at 3.25p.

tiltonboy

[hotfinance14] 01/2/2006 14:46

The main item in the results is that the cash flow is getting better.Lets hope we soon have over £1m!!!!

[ponty] 01/2/2006 13:59

i can not afford to average down at the moment,holding a large amount at 12.23p

[tiltonboy] 01/2/2006 13:43

I read the results first thing,and it was obvious that they were the wrong price. It will be interesting to see what message comes out from the meetings, and whether the institutions will buy it.

tiltonboy

[tp100] 01/2/2006 13:33

thats more like it, up 19%. I spotted your buy tiltonboy and guessed it was you. I bet you are glad that the MMs reacted slowly.

[hotfinance14] 01/2/2006 12:26

I need this to rocket!!!!!

[tiltonboy] 01/2/2006 11:37

ponty,

The management are doing three days of presentations to the City, so hopefully there will be a better message coming across.

I managed to pick up 50K at 2.9p first thing, to average my holding down.

tiltonboy

[ponty] 01/2/2006 11:31

A few good buys this morning,results better than i thought,long term holder

[hotfinance14] 01/2/2006 08:21

SiRViS IT PLC
01 February 2006

SiRViS IT plc

Interim report for the six months to 30 November 2005

Highlights


• Turnover on continuing activities increased 7.5% to £4,028,000
(2004: £3,746,000)

• Operating profit before goodwill amortisation on continuing activities of
£318,000 (2004: £567,000)

• Net cash inflow from operating activities increased to £547,000
(2004: £209,000)

• Adjusted basic earnings per share before goodwill 0.28p per share
(2004: 0.35p per share)

• Continuing high level of recurring income of over 75%

• Profitable, growing and cash generative


Chairman's Statement

Interim Report for the six months ended 30 November 2005

Whilst sales are ahead of the corresponding period last year, the last six
months have proved to be a challenging period for the Group and we have
experienced significant pressure on gross margins. However in response to this,
the Board has carried out a full review of the Group's cost base and the impact
of this review is referred to in the operational performance below.

Financial results

Turnover on continuing activities of the Group for the six months ended 30
November 2005 was £4,028,000 (2004: £3,746,000) an increase of 7.5%, although
gross margins during the period declined from 39.4% to 31.7%. Operating profit
before goodwill amortisation on continuing activities was £318,000 (2004:
£567,000) and operating profit after goodwill amortisation on continuing
activities was £97,000 (2004: £350,000). Following receipt of the final tranche
of the sale proceeds from the education software business of £117,000 (2004:
£150,000), profit before taxation for the period was £202,000 (2004: £345,000).
Net cash inflow from operating activities was £547,000 (2004: £209,000).
Adjusted basic earnings per share (before goodwill amortisation) was 0.28p per
share (2004: 0.35p per share), basic earnings per share was 0.09p per share
(2004: 0.16p per share).

Operational performance

It is encouraging to note that the contracted recurring annualised income is in
excess of £6m (2004: £6m), over 75% of turnover, and that the net cash inflow
from operating activities continues to be positive.

The decline in gross margins was disappointing, however the review of the
Group's cost base referred to above has led to a reduction in headcount which
will result in significant cost savings and in turn should lead to an
improvement in margins. The restructuring includes a reduction in the size of
the Group Board with the elimination of the positions of Operations Director and
Service Director, however these roles will continue to be maintained at the
operating level. Consequently Colin Sales, formerly Operations Director, and
Hugh Pollock, formerly Service Director, have left the Group and the Board
wishes them every success in the future.

Overall, the Group has reduced its headcount by five people however staffing
levels remain sufficient to maintain both current and anticipated service
levels. The annualised cost savings anticipated from this restructuring are
expected to be in excess of £300,000.

Outlook

The Directors anticipate that the savings from the cost base review are expected
to impact positively on gross margins in the second half of the current
financial year although the full benefit will not be apparent until the next
financial year.

The Board will continue to focus on its strategy of organic growth whilst
actively seeking suitable acquisitions in what is a fragmented market. Although
the industry remains competitive, the Directors expect to make progress in the
second half of the year and look forward to building on what is a solid
underlying business with substantial recurring revenues.

Acknowledgement

The Board recognises the importance of the Group's customers and shareholders
and thanks them for their continued loyalty and support during the period. I
would also like to thank the staff and management for their contribution to the
Group.

Peter Addison
1 February 2006

[hotfinance14] 01/2/2006 08:21

SiRViS IT PLC
01 February 2006

SiRViS IT plc

Interim report for the six months to 30 November 2005

Highlights


• Turnover on continuing activities increased 7.5% to £4,028,000
(2004: £3,746,000)

• Operating profit before goodwill amortisation on continuing activities of
£318,000 (2004: £567,000)

• Net cash inflow from operating activities increased to £547,000
(2004: £209,000)

• Adjusted basic earnings per share before goodwill 0.28p per share
(2004: 0.35p per share)

• Continuing high level of recurring income of over 75%

• Profitable, growing and cash generative


Chairman's Statement

Interim Report for the six months ended 30 November 2005

Whilst sales are ahead of the corresponding period last year, the last six
months have proved to be a challenging period for the Group and we have
experienced significant pressure on gross margins. However in response to this,
the Board has carried out a full review of the Group's cost base and the impact
of this review is referred to in the operational performance below.

Financial results

Turnover on continuing activities of the Group for the six months ended 30
November 2005 was £4,028,000 (2004: £3,746,000) an increase of 7.5%, although
gross margins during the period declined from 39.4% to 31.7%. Operating profit
before goodwill amortisation on continuing activities was £318,000 (2004:
£567,000) and operating profit after goodwill amortisation on continuing
activities was £97,000 (2004: £350,000). Following receipt of the final tranche
of the sale proceeds from the education software business of £117,000 (2004:
£150,000), profit before taxation for the period was £202,000 (2004: £345,000).
Net cash inflow from operating activities was £547,000 (2004: £209,000).
Adjusted basic earnings per share (before goodwill amortisation) was 0.28p per
share (2004: 0.35p per share), basic earnings per share was 0.09p per share
(2004: 0.16p per share).

Operational performance

It is encouraging to note that the contracted recurring annualised income is in
excess of £6m (2004: £6m), over 75% of turnover, and that the net cash inflow
from operating activities continues to be positive.

The decline in gross margins was disappointing, however the review of the
Group's cost base referred to above has led to a reduction in headcount which
will result in significant cost savings and in turn should lead to an
improvement in margins. The restructuring includes a reduction in the size of
the Group Board with the elimination of the positions of Operations Director and
Service Director, however these roles will continue to be maintained at the
operating level. Consequently Colin Sales, formerly Operations Director, and
Hugh Pollock, formerly Service Director, have left the Group and the Board
wishes them every success in the future.

Overall, the Group has reduced its headcount by five people however staffing
levels remain sufficient to maintain both current and anticipated service
levels. The annualised cost savings anticipated from this restructuring are
expected to be in excess of £300,000.

Outlook

The Directors anticipate that the savings from the cost base review are expected
to impact positively on gross margins in the second half of the current
financial year although the full benefit will not be apparent until the next
financial year.

The Board will continue to focus on its strategy of organic growth whilst
actively seeking suitable acquisitions in what is a fragmented market. Although
the industry remains competitive, the Directors expect to make progress in the
second half of the year and look forward to building on what is a solid
underlying business with substantial recurring revenues.

Acknowledgement

The Board recognises the importance of the Group's customers and shareholders
and thanks them for their continued loyalty and support during the period. I
would also like to thank the staff and management for their contribution to the
Group.

Peter Addison
1 February 2006

[ponty] 25/1/2006 17:39

not tempted to buy more until after results