Share Name Share Symbol Market Type Share ISIN Share Description
Drs Data&Rsrch LSE:DRS London Ordinary Share GB0002502580 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 19.50p 0.00p 0.00p - - - 0 06:37:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 13.7 -2.0 -4.9 - 6.37

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Date Time Title Posts
28/7/201609:50General Election - DRS vote counting specialist - are you watching ?88

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sidam: I do not think they will delist, but the marketability is very poor and because of that the shares could fall further. However in the long term, I think (hope) there are good growth prospects. The following comes from my notes on the company. It is difficult to get a full grip of the likely numbers in the short-term. Long-term outlook could be very positive. The current share price does not discount any long-term growth, but it is a bit early to have absolute confidence. EPS are flattered by R & D tax credit, which will continue for some time. On Fully taxed basis historic EPS would be 3.1p per share against 4.3p reported. The business is cash generative. But EPS this year will be lower than I hoped and cash flow will suffer. The balance sheet is strong with significant cash of well over 10p per share. NAV is not, however, as high as it looks as the book value of the property may be £1m too high (3p per share). Adjusted NAV would be 23.7p (reported 26.7p) and adjusted for property and excluding intangibles 18.2p. BUT that was written before statement. Tangible NAV will fall this year. The best growth prospects are overseas Overseas Good growth prospects - as there is very little electronic marking, more potential students and high birth rates in Africa and India. There were pilots last year in India with good outcomes, but no profit as a lot of support was given. Working with one Technical University in India. This has 1m students who take 5 exams every year. If there is full roll out, there will be the sales of scanners and a payment per student per exam. Pricing was not disclosed, but an off hand remark was made that all pricing in India was in pennies. If it were 10p per student exam, the potential recurring revenues could be £500,000 (5m at 10p). Cost of sales should be low. An 80% gross margin, after 20% tax, could equate with EPS of 1p. There are 36 technical universities in India. At present there is no competition but this will start. Africa also has very large populations, but there are infrastructure problems. Elections and census This is lumpy and erratic. London mayor election has been won. But no census, and nothing until the next round, which will not get funding until 2017 for preliminary work. R & D There are two main projects, the redesign of the scanners and the re-writing of the marking software platform. At present £1.2m of R & D is capitalised and £1.3m expensed. The amount expensed may fall next year as the scanner project gets to its conclusion. Amortisation of R & D is scheduled to increase sharply. Charge £000 2013 2014 2015 2016 2017 105 376 483 483 242 Source: report and accounts. However, those numbers may increase as more R & D is capitalised over the next two years. Cash Flow and balance sheet Despite spending £1.2m on capitalised R & D, cash would have increased last year, but for an increase in debtors which were paid in January. Since year end the company has also received its R & D tax credit See note 11 on book carrying value against November 2012 valuation of property. Dividend The stated policy is meaningless. However, I got the impression that after the uncertainties in UK education are known and the expected growth in recurring revenues from overseas markets as more evident that the policy will change and more dividend paid out. On a fully taxed basis historic cover if over 7 times and over 10 times on actual EPS. This year The house brokers has cut estimates for this year and next and these now look more reasonable. Except, the PBT projection does not equate with EPS if there were a further tax credit and there should be UK revenues will be down, most of Myanmar census has been completed and R & D amortisation will rise by over £0.25m. But 2015 should be better as overseas starts to build and 2016 could be good with further overseas growth and the Mayor's election in London Hope this helps. My view - one to keep on the watch list, but if they really fall to a discount to tangible NAV may be good for a long term lock up.
gilgil13: Sidam, thanks for the reply, extremely helpful. What are your thoughts on today's statement? My knowledge and experience of tax credits is very limited, how will a significant fall in revenue affect them? Looking at the statement today I think that revenue could be around £14.7m for the year, based on 15% fall in UK examination, 2% growth elsewhere in education (conservative) and no elections or census revenue this year. No idea really how this will impact profits (apart from a fall!). Depends on costs savings, tax credits, operational gearing etc. At a punt, I'll say somewhere between 400k - 750k. Adj for strong cash position, put that on a low p/e due to uncertainty and I reckon a mkt cap of between £6.5m and £10m. Or share price of between 20.5 and 31p. Obviously a very big range there, but I think it's best to use somewhere at the lower range, as there may well be more bad news to come. However, I won't be selling at this level.
lardladpa: The terms of the director's incentive plan aren't too generous. It only pays out 100% if in three years time EPS is 6p and the shareprice has outperformed the average of the sector. Of course, if EPS is 6p in three years time I'm sure the share price will do well!
nilip: That's a massive rise in share price ... Was the news really worth a 20% rise ?
moogies: Nice move in the share price this morning! DRS Data & Research - Re Contract RNS Number:3978ODRS Data & Research Services PLC04 July 2005 DRS Data & Research Services plc Re Contract Awarded New ContractDRS Data & Research Services plc ('DRS') is pleased to announce that it has wona contract funded by the European Commission European Development Fund for theNational Planning Commission of Nigeria to print census questionnaires for theforthcoming National Population Census in Nigeria. The contract value exceeds#1.8 million and is deliverable towards the end of this year.DRS is currently providing its new e-Marker(R)* examination and assessmentservices to a number of UK awarding bodies. The first significant volume of liveexamination marking activity, with a revenue value of approximately #2 million,is taking place this summer. Development work on these services continues andthis new business opportunity is progressing as planned.* e-Marker is a registered trademark of DRS Data & Research Services plcFor further information contact:Mark Tebbutt, Finance DirectorDRS Data & Research Services plc - 01908 666088
wirralowl: Results out today - and as expected profits hit, due to investment expenditure on e-marker. However, the company already flagged this up earlier in the year, so share price tumble seems a little overdone and presents a possible buying opportunity. Dividend is maintained and their cash position still accounts for a significant chunk of the overall market cap (about 60% still, I think - at work at the moment, so can't check up). Strip this out and you see the true value of DRS. One to tuck away on days such as these, IMHO.
cloggy: Good to see a new thread and a rising share price to go with it. Not many posters on this thread yet, which is a surprise considering the constant gains of late. Anyone out there thinking of buying ? I agree that general election news could be stiring a few takers.
tuffbet: I don't think this consistent rise is election based . I have been looking through the annual and interim reports along with statements from DRS and I think the recovery is based on the fact that there is now a general realisation that back in Nov 2004 the share price over-reacted on the downside. Finance directors don't always get their purchases right but in this case the fact that the finace director immediately took the opportunity to top up his holding to more than 400,000 shares suggests he thought that to . DRS spent more than a million £s in 2004 developing their e-marker (R) products & services and are writing of that expenditure in 2004 . It what you might call a write off for the right reason ,ie ensuring sufficient capital is invested in ,what the management sees as an importaant growth area ,and not as is often the case particularly with larger companies , a write of on expenditure on some venture which in time proves to have been made largely to satisfy the CEO 's ego. It's very encouraging that DRS has already benefited from that expenditure in that they recently secured a substantial order worth a minimum of £1,4 million from the Assessment and Qualifications Alliance (AQA). If you trawl through the history of expenditure vis a vis actual income/revenue return ( I am referring here to UK plc rather than DRS ) ,you will find that if the venture on which the expenditure has been made succeeds ,which all too often it doesn't, the income flow often dribbles in years later . DRS has been around since 1969 -its not a new AIM float with an untried and barely tested management team . I believe investors ,who have a different agenda to day-traders, like to see the managers of their company planning ahead and not simply adopting the attitude that they can remain profitable with the same range of products that have served them well in the past. One last point investors are probably very reasonably according premium ratings to companies which they have heard/read are developing or sometimes have announced that they are intending to develop, business with China. I don't think its recognised at all that DRS are already there see No one could claim that at this point in time DRS has a premium rating but if they secure more orders from their Chinese connection that could very easily change
tuffbet: The baby kissing ,old age pensioner meeting , new legislation season, is upon us - yes youv'e guessed it the General Election is looming . For many people it's a giant turnoff but for some companies and the shareholders of these companies elections can't come soon enough . If you look at the charts for DRS you will notice the shares bottomed recently and since then the price has picked up ,steadily supported by increased volume - I wonder why ? Could there be an election at hand - lots of forms - lots of counting lots of data sorting . At the moment I know nothing to support the idea that DRS Data Services will have a major part to play in these elections but, the recent steady increase in price and volume suggests they might. The way I look at things is that if DRS are not involved in this 4 yearly moneyspinner then thats clearly not in the price .However, if they are and that information is still to be released the share price could have much further to run . If you don't know what DRS does click here for a quick tour I think you will be impressed The ADVFN " Financial " and "News " tabs are always sources of usefull information and should be used to double check facts and figures . Copies of the Annual and Interim reports for the last 3 years are available on DRS's own web site Warning - even although it contains no advice reading the foregoing and acting on anything you have read could damage your financial health -
mr. t: Hi Mark, I mostly agree with you; but I think it's worth making a couple of points. DRS have been generating lots of excess cash in the last few years. Even taking into account having an extra £1m in stocks at the last year end due to the London Election, they still generated £1.4m of cash in 2003 after paying dividends. They had net cash (cash + investments - mortgage) of £6.3m at 31 Dec 03, equivalent to over 18p per share. MacArthur's holding was just under 1.4m shares, worth about £850k at 60p per share. Given they've got more money than they seem to be able to spend I can understand them wanting to buy out his holding and stabilise the share price. Equally, now that MacArthur has moved on you can understand him wanting to reduce his exposure to DRS, if the majority of his wealth is tied up in it. Of course, I would prefer it if DRS spent all their money on future growth (only at a superior rate of return) and I would rather John MacArthur felt confident enough to keep all his money in DRS; but given the circumstances I'm not reading too much into it at the moment. T
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