Did he not make an initial stake of 9.11% late Sept?, just odd the RNS doesn't include that as part of previous holding.He is one smart cookie. |
Figures due 14th November followed by meetings with shareholders and brokers.
First chance to really explain much lower capex going forward now that the platform
is complete. |
The founder of homeserve |
who is he????? |
Richard is based in York, like G4M, and must know the company well and be confident
of its prospects. Very encouraging top up. |
As predicted Richard has increased his stake |
Well that more than soaks up the last fortnights selling |
Just tried for more at 110 but no luck whatsoever |
Good to see great recovery stock screaming buy competition getting destroyed. |
Another purchase from Richard I bet |
Worth a punt at 40p? |
Cannot be too many sellers left now you would think My position is too large to exit so I am hoping the buyers return The selling has been relentless for the last few sessions |
 More from Singers
When the UK no.1 issued an AGM update 6 weeks ago it said performance in the 1st 5 months had been in line with expectations and with its strategy, i.e. prioritising gross margin uplifts and costs reductions to improve profitability (ahead of less profitable revenue growth) and to increase trading agility. Today’s update re-iterates this. Good progress has made in H1 overall, with gross margin +80bps and a total of £4.0m annualised savings implemented during the half that will benefit H2 onwards, with a part year effect of c£2m expected this year and c£2m next year. We have estimated c£1.7m of this relates to opex (a >4% reduction) and c£2.3m to capitalised tech spend/capex (a c30% reduction). UK sales growth picked up to 3% in H1 (vs. 1.5% in H2) although sales in Europe and RoW were -15% against a strong comp, reflecting the internally planned prioritisation and the challenging macro conditions. Consistent with previous comments, G4M expects normal H2-weighted seasonality i.e. higher sales, a stronger mix of higher margin own brands (underpinned by recent developments/M&A) and economies of scale which are amplified by the latest cost actions. Given stock reductions last year, the H2 margin comp is soft too. Its recently launched pre-owned initiative is performing well and showing signs of being a long-term growth driver. We make no forecast changes. Per our Sept note, existing earnings forecasts could be delivered on lower sales, e.g. ‘flat sales’ via 20bps outperformance in both margins/costs. Pending details at the interims, assumption changes within our earnings forecast of at least that scale look possible, which should increase forecast confidence. On 13x P/E to Mar’25 or 4.0x EV/EBITDA (0.2x EV/sales), G4M remains GARP in our view given we continue to see scope for significant future profitable growth. |
Singers comment
H1 update confirms progress on margin & efficiency
Good progress was made in H1 prioritising gross margin and cost reductions to enhance profitability in the current challenging backdrop. Annualised cash savings of £4m were made, c£1.7m (>4%) from opex and c£2.3m (c30%) from capex which, alongside lower stock, reinforces net debt reduction. Growing forecast confidence supports ongoing re-rating. |
Singer confirms 182p target great recovery story |
Good news on the £4.5m of cost savings. Fall in European sales a little worrying given the distribution centres set up to serve this market. I had forgotten the seasonality on the net debt so the increase shouldn’t be a worry. Need to see a decent update after Christmas before getting excited on this. |
Revenues down.Lemmings and mushrooms only. |
Would like to see net debt further reduced to less than £12m and gross margin back above 27%.
We’ll have to wait until the full interim results in November for the promised details on cost savings and margin improvements. |
hwow long will it take to get it back to 400 |
The last 6 weeks are generally a quiet time ahead of Black Friday and Xmas. |
Positive I would think given the comments just 6 weeks ago. |
so what are expecting tomorrow? |
I do not agree They would have to issue a holdings notice if more than 3-4% of the company was traded |
Float = shares outstanding - stagnant shares |
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