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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Civica | CIV | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 269.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 269.25 | 269.25 |
| Top Posts |
|---|
Posted at 12/12/2006 12:09 by sivadnoj Civica software rides public sector efficiency drive 604 words 12 December 2006 Citywire English (c) 2006 Citywire.co.uk. All Rights Reserved. S & P code for assoc. stock..: E:CIV Public sector software provider Civica has benefited from recent government initiatives to improve efficiency, build better schools and tackle persistent grime and crime. Sir Peter Gershon's 2004 review of public sector efficiency, the Blair governments Building Schools for the Future programme and the post-9/11 atmosphere of intensified security are just some of the background stimulus helping Civica expand its market share and buy other companies. Civica (CIV), which supplies software and other management services to some 700 local governments and 47 out of 53 UK police forces, is also delving into postal sector review and social housing improvements. It has expanded to Australia, New Zealand and Singapore. The company hiked its full year adjusted pre-tax profit by 58% in line with market expectations after an earlier trading statement. Adjusted pre-tax profit on ordinary activities for the year to 30 September increased to £16.1 million from last years £10.2 million on revenue of £125 million against £106 million, an 18% jump. Diluted earnings per share reached 19.5p compared with 14.7p last year. The order book increased 67% to £91 million from £54.5 million in 2005. Part of the success could be attributed to the growth in sales of Civicas proprietary software and the first half acquisition of Comino, which specialised in local government efficiency, and social care-focused Flare last year. Proprietary software revenue rose 52% to £73.7 million from £48.6 million last year. Consulting revenue was up 58% to £26.2 million; software application revenue grew 28% to £21.5 million; and managed services revenue jumped 70% to £26.0 million. Chief executive Simon Downing said the company won new business with existing customers while successfully expanding into related markets. The Comino purchase strengthened its public sector offering to front and back office solutions, he added. The integration of recent acquisitions and expansion in existing and related public sector markets continues to strengthen the group's market position. With customers expected to continue investment in process improvement, integrated services and of course efficiency, the outlook for the Group remains positive, Downing said. Dividends are to be 1.45p per share for a full year total of 2.18p, a 10% increase on 2005. Jonathan Imlah at Altium Securities maintained a buy recommendation on the stock, noting the Comino acquisition was completed ahead of expectations and with strong benefits. Perhaps more importantly, the order book grew 67% to stand at £91 million, suggesting that growth is likely to continue in the business in spite of several comments from local government solutions providers that growth in the public sector market has slowed over the past few months, Imlah said. He placed a 300p target price on the shares with a price to earnings ratio based on 13 times 2007 full year earnings. He said revenue forecasts might decline, reflecting a reduced base in third party licenses, but that it would have little impact on profits because of their low margins. The shares were at 275.125p, up a fraction in light trading. Market capitalisation stood at £171.48 million. Civicas new business in the local government and housing markets included more than 50 software contracts and expansion into social care with projects for Liverpool and Hackney. The company also added five contracts in Australia. Civica was selected as the preferred technology partner in the consortium for Sheffield's Building Schools for the Future programme, and it won the £1.5 million South East library management shared service contract. |
Posted at 25/4/2006 20:35 by tole Civica CIV 25-Apr Altium Capital Buy 251.00p 300.00p - Reiteration Civica CIV 25-Apr Seymour Pierce Outperform 251.00p - - Reiteration |
Posted at 04/11/2005 20:19 by simon gordon I notice that the suppport servicing outsourcers are starting to buy IT companies, so as to offer a bundled service. CIV looks like an excellent takeover target - someone would probably have to pay £3.00 plus. Forward P/E is 13 whilst peers are on 14.5.My only doubt in buying this share is I dislike buying IT companies as they can be lumpy in landing contracts. The return since they floated is 25% which for two years in a dynamic, niche, growth sector is of concern. |
Posted at 14/12/2004 14:46 by aly48 Good article on CitywirePlenty of Civica pride Published: December 2004 By Joanne Wallen, Associate Editor Civica's maiden annual results have come in slightly ahead of expectations as the profitable and mature software firm proves why so many shrewd investors backed its March placing. When Civica floated in March and Citywire identified no fewer than nine shrewd investors buying in to the initial placing. The company provides IT systems to local government and the police, and according to chief executive Simon Downing, business is booming. Figures for the year to September have been stated on a pro-forma basis due to the reorganisation of the group prior to flotation, but actually reflect true trading performance. Turnover grew 17% to £104.1 million, pre-tax profits increased by 24% to £8.3 million, earnings per share advanced 25% to 12.9p and the company will pay a final dividend of 1.2p, making a total of 1.8p for the year. Cash generated from operating activities was strong at 174% of operating profit and the company finished the year with cash in the bank of £6.8 million and net current liabilities of £6.3 million. Downing said he was 'very pleased' with the results, which show a considerable strengthening of the business both financially and operationally. 'We've made some important investments that are really starting to pay off,' he said. The group won 50 new customers during the year, and now boasts some 327 local authorities in the UK and 47 of the UK police forces. It is also the number one software provider to local authorities in Australia. Civica applications include finance, e-procurement, parking, revenues and benefits. On the police side applications include surveillance and number plate recognition. Following a review of public sector efficiency by Sir Peter Gershon CBE, the 2004 government spending review included a target for efficiency gains of over £20 billion by 2007/8, (£6.45 billion in local government alone). Downing reckons Civica is well placed to benefit from the recommendations in the review. He said Civica has broad knowledge of a range of the back-end systems used in local authority, and is therefore very well equipped to help drive efficiencies by linking these systems. The company provides both software and consultancy, and has a growing recurring revenue stream from managing these software systems on behalf of customers. Recent wins include 10-year deals at London Boroughs of Kingston and Southwark and a 10-year partnership with NCP to provide parking services for St Albans City and District Council. There is also a seven-year agreement with City of Lincoln to provide services for Revenues, Benefits, Environmental Health and ICT departments. The company does not yet offer full business process outsourcing, but Downing said this would be a logical next step. Civica has a small business in the US which is profitable, but Downing said the strategic focus for now is the UK and Australia. The shares are up 1p at 211p. We said in June at 193p that they were a good longer-term bet. Citywire Verdict: Civica is a pleasingly mature and profitable business for a recently floated company, and its prospects in the local authority and criminal justice arena are promising over the next few years. House broker Seymour Pierce has a buy rating and 250p price target on the stock. It points out that earnings per share growth of 25% and a further uplift forecast by the broker of 20% this year are at the top end of the peer group, while the shares are trading on a multiple at the low end of the group. At the price target the shares would be on 15 times earnings, and are currently on just 11.8 times the broker's 2006 estimates. |
Posted at 14/12/2004 12:27 by aly48 Good results, can't see any complaints with those.Showing a good investment these and the added bonus of a divi |
Posted at 23/7/2004 13:56 by johnroger IC rates Civica as a buy23 July 2004 CIVICA (CIV) 183p - software services - The chancellor's recent spending review is welcome news for local-authority software supplier Civica. The review's intention is to step up efficiencies at local government level. So, since over 90 per cent of its revenues comes from the public sector, Civica is well-placed to benefit. Its shares have marked time since joining Aim in March at 175p but, at current levels, they're worth a closer look. Civica was formed two years ago when Sanderson Electronics went private with the backing of venture capitalist Alchemy. The company supplies software that is used for benefits systems, library management, and parking enforcement, as well as legal and environmental applications. Although Civica may not be a household name, it's behind the transactions of 15m citizens and businesses. The customer base spans over 700 local authorities in the UK, Australia and the US. Third-party software accounts for three-quarters of total sales, but higher margins are achieved in proprietary software and managed services. The latest results confirm that Civica has secured 15 new customers and that it has beaten the targets it set when it floated. Recent contract wins include a five-year deal with Kent Police to supply automatic numberplate-recognit Other recent wins include a five-year contract in the London borough of Southwark, worth £1.3m, to provide software for the administration of road-traffic legislation. Its system issues tickets and automates payments. Civica is the market leader in this field, issuing over 2m tickets a year. The current pipeline of new business is at record levels - 10 per cent ahead of last year. This is a highly fragmented sector, estimated to be worth £2bn, and Civica is keen to make acquisitions. Altium has a price target of 245p. Buy. -------------------- Ord price: 183p Market value: £83m Touch: 180-185p 12-month High: 203p Low: 174p Dividend yield: 1.0% PE ratio: 14* Net asset value: 147p Net debt: 22% -------------------- Year to Turnover Pre-tax Earnings Dividend 30 Sep (£m) profit (£m) per share (p) per share (p) -------------------- 2001 77.5 6.47 - - 2002 91.4 6.75 - - 2003 90.3 9.32 - - 2004* 100.0 8.60 13.2 1.8 2005* 96.6 9.70 15.0 2.0 % change % change +13 +14 +11 -------------------- Market makers: 5 Normal market size: 5,000 *Seymour Pierce's estimates Last IC view: 18 Jun 2004, page 47 BULL POINTS Shares trade at discount to peers Heavy exposure to public-sector work Record tender list BEAR POINTS Limited track record as listed company Competitive trading environment |
Posted at 15/6/2004 22:03 by aly48 Good set of results, you get the feel right from the start that this is a strong company, not always the case with companies coming to AIMGood article on City wire ............. Civica maiden figures vindicate shrewd backing Published: 11:42 Tue 15 June 2004 IT software and services company Civica today showed the sort of form and prospects that encouraged so many shrewd investors to pile in at its AIM flotation in March. Civica (CIV) specialises in consulting and IT systems for local authorities and the criminal justice system. As Citywire highlighted, we found no less than nine shrewd investors taking a stake at the placing in March, at which time Alchemy Partners, the investment company of maverick entrepreneur Jon Moulton, sold down its stake to 38.8%.Today the company reported turnover for the six months to March of £52.5 million, up 19% on the previous year. Gross profit rose 14% to £16.3 million and pre-tax profits were up 12% to £3.8 million. Diluted earnings per share before amortisaion and exceptional charges were 5.4p, up from 4.9p. The company generated net cash at 156% of operating profit, leaving it with some £6.1 million in the bank at the end of March. Civica has bank borrowings of £20.5 million.Chief executive Simon Downing told Citywire that Civica has strong domain expertise in areas such as revenues and benefits, parking services, life-long learning, and it uses this in its consulting business to help local authorities improve efficiency and often to secure central government funding for system improvements.If it does its job right it should then be able to 'pull through' its own software to provide the systems required to run these local authority functions.What would have interested the shrewd investors, who include the likes of AAA-rated fund manager Giles Hargreave, AA-rated John Dodd of Artemis, A-rated Bob Brown, Carl Stick at Rathbone, Framlington's George Luckraft and Brian Watson and former fund manager Leonard Licht, is both Civica's track record and its prospects.The company has been going since 1987. Alchemy bought 1104 in when the management bought the business out from its parent Sanderson Group in January 2000.Apart from being profitable and cash generative when it came to market this year, Civica's prospects look better than ever as one of the handful of major IT suppliers to the local authority sector. Competitors include Anite, Northgate Information Systems and ITNET, and each of these is benefiting from increased government spending on joined up government as well as the drive to improve efficiency and cut costs within local councils.To date, all of Civica's growth has been organic, but it has identified some 'gaps' in its portfolio, such as for example housing and social care, and it intends to fill those gaps in order to have a complete offering for local government. To that end it is looking for appropriate acquisitions, and Downing said there are still a large number of specialist niche players, ripe for consolidation As well as growth through acquisition the company is increasingly providing its software as a managed service, thus building contracted and recurring revenues. Two recent wins include a three-year, £1.7 million deal with Transport for London and a five-year, £1.3 million deal with Apcoa parking to provide services to Southwark Council. Civica is also looking at bidding for larger, central government projects, and believes its new profile as a public company will help with this. House broker Seymour Pierce is looking for sales of £100 million, (boosted by some exceptional sales of Microsoft software) profits before write-offs of £9.6 million and earnings per share of 13.2p this year. For next year it expects turnover of £96.6 million, £10.7 million profit at 15p per share of earnings. Shares are up 2.5p at 193p. The broker says that at 14.8 times this year's earnings and 13.1 times next year's the shares are at the low end of the peer group, which is at an average of 17 times. Citywire Verdict: There does seem to be enough on the horizon - organic growth through managed services and central government and acquisitions to make this an interesting growth story. The price does still look reasonable in the current market, but since flotation the shares have bounced around a bit having been issued at 175p and gone as high as 200p. Still, the shrewd money is in there and for the longer term Civica looks a fair bet. |
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