Share Name Share Symbol Market Type Share ISIN Share Description
Sweett Grp LSE:CSG London Ordinary Share GB00B23QD109 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 41.25 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
0.00 0.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 59.32 -5.09 -28.30 29.0
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Title Posts
05/8/201614:23Cyril Sweett plc982
22/7/201317:34Cosigo Resources1
31/10/200718:40Corporate Synergy is back!135

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norbert colon: Further news: hxxp:// It will be interesting to see whether the current strength in the share price has any legs as there is a distinct downhill trading range since this time last year, however, with the significant majority of uncertainty now behind us I expect this trajectory to diminish bolstered by further positive news.
norbert colon: Revenues for the UK / European business (the remaining business after the recent APAC sale and MENA closure) were circa GBP 51m in 2015 and if you look back to 2007 when the whole Group revenues were of a similar figure, their operating margin was in excess of 9% and eps >7p. On this metric and assuming a reasonable PE of 10 would give a share price of around 70p. Also at revenue of circa GBP 50m and assuming a typical P/S ratio of around 0.7 would equate to a market cap of GBP35m. With 68.7m shares in issue this would give a share price of around 51p. In 2007 they delivered PTP of circa GBP 4.5m; assuming a reasonable ratio of 8 x PTP derives a mcap of GBP 36m - again circa 50p share price Yes, the P&L and balance sheet is not going to look great for YE Mar 2016 and we now know that they have ongoing liabilities re: the SFO case until YE Mar 2018 but taking a long term view and with Doug McCormick's intention to grow the business to GBP200m of revenue a share price of 50p seems perfectly acheivable. Overall NAV of CSG will possibly end up in the GBP 8m area once all the known liabilities are accounted for and the lions share of that is goodwill (GBP 7.3m as of Mar 2015), so on that basis a GBP35m mcap / 50p share price seems pretty steep. That said, P/B ratios vary in this sector (for those listed) from around 1 x (RPS) to over 5.5 x (ATK). Clearly the balance sheet needs some attention but I am pretty sure the Board are fully aware of this. There is a chance therefore that they do a small equity fund raise but I am not overly concerned about this. The bottom line is that there is a now a very distinct possibility that CSG will be acquired by a larger player in the market as the services they offer are fairly specialist and typically offer good margins. You only have to follow the company to see the large number of contracts they continue to win and with their efforts now fully focussed on their key sectors and without encumbrance of the SFO case, I am happy to remain a long term shareholder and look forward to some more positive news flow moving ahead. They remain my second largest holding behind Waterman (WTM). Always keen to hear other investors thoughts.
norbert colon: I attended Southwark Crown Court on Friday for the Sweett Group sentencing and thought it worth posting the salient points here as follows. I have also provided a link to some press coverage which largely concurs with my own notes: Positive Points: - Defence QC noted in dialogue with the Judge that the SFO are not in the business of putting companies out of business and the Judge noted that indeed "this is not the case here". This is a very important point and one that I am sure some have considered until now as a possibility (i.e. the company folding). A huge relief. - Any fine / penalty will be 'affordable' and the defence QC highlighted CSG's cashflow statement to March 2016 and balance sheet / debt profile to demonstrate what was, or in fact, what was not affordable. As highlighted in the article above, a fine of GBP 2.5m was seen as potentially not affordable. From my understanding of the various 'steps' forming Section 7 of the Bribery Act, the fine could be anywhere from around GBP 1.5m to GBP 3.5m depending largely on specific factors such as the gross profit made on the contract in question, culpability category (a multiplier of which may be as low as 100% or could be as high as 300%), whether 'harm' was caused and finally 'adjustments' for things such as self reporting (to the SFO) which they did, a guilty plea, and how much they cooperated. The defence also stated that whilst the Board / Group tried to resolve the issue, the management of CSI did not assist. It was made clear by the defence that the Board of CSG had been majorly overhauled since the situation came to light and that the 3 key staff from CSI at the centre of the case were no longer employees. The MENA business had also be closed. - The defence noted that CSG were a very well respected UK company trading since the 1920's and with hundreds of UK employees working on numerous projects such as schools, hospitals and even courts (irony....). The company had already paid a 'huge' financial cost (lawyers fees, closing MENA etc). Negative Points: - The prosecution (whilst very hard to hear from the public gallery) was robust in its case and went into details of the history of the case (much of which is covered in the press report) although my takeaway was that they have already admitted guilt (Dec 2015) and hence the main issue to resolve is the quantum of the fine as well as ensuring shareholders and their clients that such an event will never occur again. The prosecution referred to the recent other SFO case against Standard Bank where their fine was equal to the fee / profit they obtained x 300% x 0.66. For CSG this would equate to a fine of circa GBP 3.2m although as noted in the press coverage there was further discussion of a sum in the order of GBP 2.5m although my understanding was that this did not take into account a number of factors put forward by the defence. - Clearly CSG are going to be fined a 7 figure sum and no doubt incur other costs. The results for 2016 and 2017 are hence going to look pretty sick. - The prosecution noted that KPMG's audit reports (the first in 2011) was not acted upon by the Board and highlighted some serious misgivings re: their Middle East operations. Even in 2014 there were still unresolved issues. A further comprehensive report / audit was done in 2015 and my understanding is that this has been fully acted upon although shareholders should be given evidence of this. - Potential reputational damage. I would argue that CSG have a large number of loyal and long standing UK clients which I would hope will stand by the company given that this case is purely Middle East based. In Summary: I went into the court expecting to hear a fine in the sum of GBP 1m to 3m so I am pleased that this indeed seems to be the likely outcome. Clearly this has cost CSG a lot of money and I am sure is an episode that they want to put very firmly behind them. Whilst their results for 2016/17 are going to take a big hit, they now have streamlined business (no APAC / MENA) and can move ahead to return to rebuild the reputation it deserves. In my mind there is no doubting the quality of this business and from an investment perspective assuming a 2-3 yr horizon I am sure there will be a significant re-rating off the back of the buoyant market in which they now operate. Short term I can see the share price remaining weak and possibly seeing a sharp spike down; for long term investors who know and understand the CSG business I would argue this will be a buying opportunity. Final sentencing was adjourned as per the RNS on Friday - this may take place on Friday 19th February although TBC and I expect to see another RNS this week. Any errors or omissions in the above notes are purely my own. Good luck to all.
mickharkins1: Norbert, What is your expectation regarding the SFO case - have you looked into any similar cases against other companies to get a feel for the possible punishment if the company are found guilty? I like the look of the company and the strategy to focus on the growing profitable western markets - if the threat of litigation is removed I could see the share price being a multiple of the current price. Cheers, Mick
norbert colon: Agreed and certainly the share price action is certainly not supportive of a good price! Lets wait and see.
my retirement fund: I think the directors April purchase was just a mandatory exercise which is why it was not significant across them. It seems to have had an effect on temporarily firming the share price as it was headed to something horrific like 5 pence. but your right about the SFO which explains their present reluctance I suspect. Yes $4M sounds a more realistic figure. Be that as it may, taking into account this sale the SFO still has a possible outcome which could put them into instant insolvency.
diku: I am also beginning to think MM already know the outcome of the case hence the share price always get leaked and those in the know could well be taking an advantage accordingly...surly not long to wait now....the speed of the fall is the tell tale signs...
thorne3: Andysand There are clearly some very jittery investors not to mention marketmakers in this stock who between them are gradually driving the share price down. I cannot believe that the news we are all awaiting is going to be so bad that the company will be driven under which is what the share price is beginning to reflect.A possible scenario is that the company's bankers might be getting cold feet and as a result refuse to fund any onerous fines that might be imposed.In these circumstances a significantly dilutive equity issue or a knockdown sale to a predator might be the only way out.I do not think we shall have long to wait.On the bright side the company is now trading well and should be able to work out of its problems in due course.Hopefully your purchase at 13p turns out to be the bargain you are anticipating.
vino: reading between the lines seems to be progress in the UK but the newer overseas partnerships have not performed as well they might. too much talk about solid global platform -- relying on UK based companies winning jobs abroad rather than winning in their local markets hope that changes otherwise share price will hover around 40/50 mark unless takeover chatter for rest of the year
ukinvestor220: Latest from Small Cap Value: Edit: 13:10pm - I've discussed the above issues over the phone with an adviser of Sweett (LON:CSG) and am happy to add a bit more colour. The company thinks my criticism was unfair over not classifying the Aussie dollar derivative gain as exceptional, saying that the original cost went through the finance line, so the credit also has to go through the finance line on the P&L, rather than being classified as exceptional. Also, that it was flagged clearly in the results today & in a previous trading statement. That's fair enough, although I reiterated my view that as this is a non-recurring item, then adjusted figures should have been presented in the headline numbers, rather than non-adjusted comparisons which seemed to flatter the profit growth. It was also then pointed out to me that the H1 2012/13 figures included a one-off gain of £1.2m from the sale of PFI projects, so if we adjust for that too then the profit comparison becomes £2.7m this H1, against £1.3m last year, an even better percentage gain than reported! This is a perfectly fair point, I agreed. The key number I asked for, is what the latest broker forecast is for the current year (ending 31 Mar 2014) with the derivative profit removed - i.e. what is the underlying profitability? WH Ireland have estimated this at 4.8p before the derivative gain, and 5.9p after. So as it's clearly non-recurring, 4.8p is the forecast EPS figure for this year to home in on. As such, at the current share price of 60.5p, the shares are rated at 12.6, which is probably about right in the short term anyway. Although if they can continue growing that EPS figure, then there's room for further upside in the share price. So I maintain my view that these results were very poorly presented, making it difficult and ambiguous for investors to determine the true underlying performance of the company, and compare it to last year. However, having got to the bottom of the figures, I'm much happier with the position now, and think the shares are probably priced fairly at around 60p, and could see further upside on that price if trading continues to improve. Some of my earlier criticism was a bit harsh, so apologies for any ruffled feathers. - See more at:
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