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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Clinphone | CNP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 134.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 134.25 | 134.25 |
| Top Posts |
|---|
Posted at 23/9/2006 10:27 by hedgehunter A good historical piece from UK analyst.com.........Clinphone - Buy Clinphone's debut clearly proves that there is strong interest in the new issues market for the right sort of company. Rising 15% from a placing price of 148p on its first day of dealings, the specialist supplier of technology solutions, Clinphone, finished the day at 173p. The group successfully managed to raise 20 million of new money and place shares worth 39.1 million pounds for selling shareholders, raising a total of around 60 million pounds. However, CEO Steve Kent admits that it was extremely disheartening to launch a road show in the midst of a market fallout. 'It was worrying as companies were pulling floats by the day as we went around trying to raise money and surprisingly, institutions were more than willing to fund our IPO' says Kent. At 148p, the company came to market with a valuation of 94.1 million pounds. The placing was fully underwritten by Investec. AIM quoted HgCapital chose to realise a portion of its investment, netting 5.8 million pounds in cash. It will retain a 6.2% stake in the company. Clinphone has delivered a 37% return on investment for HG Capital over the last nine years. Operations - Headquartered in Nottingham, the group was founded in 1993 by two doctors - Neil Rotherham and Jonathan Engler. The founders saw an opportunity to improve the clinical trials process by providing centralised support services that could be available 24 hours a day, 7 days a week, throughout the year. The original concept soon developed into a global business that now provides e-clinical solutions to 88 countries, in 77 languages, handing over 1000 clinical trials every month. The market in which ClinPhone operates is large and growing, driven by the expanding use of technology and the increasing complexity of clinical trials. The vast majority of data collection and reporting in this market continues to be done using expensive paper based, labour intensive methods. It was estimated in 2004 that just 5-8% of all clinical trials used technology for data capture. This is forecasted to reach 40% by 2009. ClinPhone's technology reduces the cost and duration of running clinical trials and improves the accuracy and consistency of data collected. The directors believe that ClinPhone's technology could drive the transfer from paper to online in the market. Over the last 10 years, the group has developed technology around the use of the telephone and internet to efficiently randomise patients, manage trial medications and to collect, aggregate, analyse and report clinical trial data in real time. It has a strong presence in the industry and serves 16 to 20 of the largest pharmaceutical companies by revenue. To date it has collected data from over 90,000 investigator sites. Business Development - In the financial year to February 2006, the group brought in sales of 33.9 million pounds, an increase of 17.7% on 2005. For the period to February, the group completed 411 live studies and employed 538 employees. Pre-tax profits for the year to February 2006 came in at 947,000 pounds while profits in 2005, came in at 3.4 million pounds. The numbers have been affected by a one off charge against share based payments (the conversion of share options to shares). The charge going ahead for new share options granted is estimated to be around a million pounds, therefore pre-tax profits (after the share based payment and amortisation) could easily come in around 2 million pounds. However, if we view amortisation and share based payments as non-cash items, the group recorded an adjusted operating profit of 5.7 million pounds. The group faces a higher US corporate tax charge of around 48% as one of its subsidiaries is based in America. The order book for the current year stands at 49.6 million pounds, underpinning sales growth for 2007. The group has net cash of just over 2 million pounds. ClinPhone will use a large part of the funds raised to reduce its debt pile, part of it goes to HSBC and the remaining to private equity investors. This will serve to secure diversified ownership. The group does not intend to come back to the market to raise any further money and is confident of funding its operations through cash flow. With nearly 80% of the market yet to capture, Clinphone is keen on introducing new services for its customers. It intends to invest heavily in research and development and will look for paper based acquisitions to fuel growth. The group will also concentrate on increasing licensing revenue. Management - Founders, Jonathan Engler and Neil Rotherham have sold part of their stakes for over 5 million pounds each. They currently have no involvement with the company. CEO, Steve Kent worked in various financial positions in various industries before leading an MBO in 1995 for Workplace Technologies. He joined ClinPhone in 2002. Scott Brown, CFO, qualified at Grant Thornton and subsequently worked at ABN Amro in Hong Kong. Non-Executive Chairman, Edwin Moses serves as both exec and non-executive director on the board of health related companies like Biofusion and Phoqus Group. Investment Conclusion - Clinphone is the first to bring this technology to the clinical trials market. It is by far the largest company operating in a very niche sector across the world and faces competition only from country specific firms. The next few years will see the company gaining market share across the world. The analysts and the company were reluctant to give us an indication of sales or profits for the next few years. If we ignore amortisation and share based payments and assume Clinphone can bring in post tax profits of around 6 million pounds in the year to 2007 (and we believe our estimates are conservative), it trades on a current year PE of 16. This could easily fall to a single digit PE in 2008. At 173p, we believe Clinphone is a buy offering real value in the current new issues market. Contact Details - Investec - 020 7597 5197 |
Posted at 27/4/2002 08:37 by simonevans Net asset value is much higher than mentioned above as Criterion hold significant trading properties that are not revalued and held in the books at cost - hence, closer to £2.50 per share before deferred tax. Not bad going really; I am impressed also with how this company has rewarded loyal investors with a significantly increased final dividend. For those that have held on through the difficulties of last year (including me!)it is now looking good. |
Posted at 18/3/2002 15:10 by skyship Not the most active of property stocks, so only of use to the investor.CNP has at last moved through the £1 level again, with three buys @ 100, 101 & 102. Hardly earth-shattering stuff, but for this stock it perhaps presages a resolution of the legal furore holding it back for so long. If that is indeed the case, I would expect an MBO to follow shortly thereafter. Looks a safe play for 125p+ over the next few weeks. (current Price 100-105) |
Posted at 05/5/2001 00:40 by djalan Investors Chronicle have today given a favourable write up on Criterionand that asset value has jumped to an estimated 214p a share They say the outlook is encouraging Djal |
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