Disappointing update. EPS anticipated to be between 5 and 10% below consensus. As the shares are on a very high PE the psychological £100 share price will be smashed. |
Wonder how long before David Cicurel hangs up his boots , 75 now . I'm sure he would make a wise decision with his successor but still a big loss of somebody who's got absolutely everything right in a business that's all about capital allocation |
Brief mention in the Telegraph, suggesting JDG should be safe from post-election turbulence. |
The AGM statement has not gone down well
"At the time of our Final Results, we stated that we were still envisaging another coring expedition during the course of 2024, however, Geotek had not contracted for this expedition and there was uncertainty regarding its timing and the amount of any related revenue to be recognised in 2024. We can confirm that the next Geotek contract is now in negotiation, and specifies an expedition starting at the very end of 2024, implying no recognisable revenue in the current financial year.
"Trading in the first four months of the year has been subdued relative to strong prior year comparatives. However, H2 looks more promising which would result in a performance that is second half weighted and lead to a full year result in line with market expectations*."
* Current consensus market expectations for the year ended 31 December 2024 are Adjusted profit before tax of £34.0m and Adjusted basic earnings per share of 384.6p. |
Oops , just as well I hadn't set a sell order ! |
Wad collector,
I wish I'd bought at £12. We're up to £120 now. Are they going to do a share split anytime soon or are we the next Berkshire Hathaway? :-) |
Ooh £12, this knows no bounds... |
Featured yesterday evening. https://x.com/lemminginvestor/status/1777076072208572580?s=46 |
He makes this claim on multiple boards, presumably has lost a lot on APH's non-rise. |
Money moving to APH [LSE] , excellent profitable healthcare company |
Judges Scientific (JDG) Full Year 2023 results presentation - March 2024
Judges Scientfic CEO, David Cicurel, CFO, Brad Ormsby, COO, Mark Lavelle and Group Business Development Director, Tim Prestidge present results for the year ended 31 December 2023, followed by Q&A.
Watch the video here:
Or listen to the podcast here: |
seems according to the presentation, Geotek coring could be about 10% of group turnover if it comes off during this financial year and is higher margin than the rest of the business but is lumpy and takes a lot of planning, negotiation so there may be little revenue from this particular activity this year |
In a word I'd say yes, and £80m for that business appears a questionable decision IMO. But wtfdik.WH Ireland have increased their adjusted pbt forecast for this year, from £33.5m to £33.8m. So if delivered a growth of c 6.5%, for a PE in the high 20's, it's always been highly rated but its previous growth justified it IMO, now?. |
Statutory eps was way below (circa 50p) last year. Personally wouldn't rate this on stat numbers but haven't had chance to go through their adjustments, at first glance they seem proportionally higher than last year. |
But last year Adj was 363 so basically the same, as was statutory EPS so PE about same as last year 57 if you use statutory figures. Any way as I said time will tell if I made the right call. Now lets set about employing all that cash. |
what do they mean by 'coring expedition'-is that a big component of the Geotek sub's turnover which could therefore be lumpy and unpredictable? |
Adjusted eps was 374.6p, not a miss from what I've looked at. |
Net debt not anything to worry about but it will slow the pace of acquisitions in the short term |
Held these for 9 years from £15 but i read results as a big miss, EPS 196 instead of 359. so PE will remain at 57 ish which is too high for me. Has had big drops in share price of 30% or more in past 9 years and then recovered will look to return if share price <80 as I like company but there are too many good prospects elsewhere at the moment and I cant see share price moving up from here any time soon. I may be wrong of course time will tell. |
There is net debt, adj (by removing leases) its 45mill, so 1.5x pbt, which isn’t very high in my book. |
I don't think anyone was suggesting it is a bargain. It is highly valued and today the market does not look impressed by the results. Not sure about the debt though, by my read it describes a negative debt, ie a surplus. But I am no accountant. Thank God! |
Sorry but this can't be the best bargain in the UK right now at 30x with some debt on the balance sheet too . David is the master but it does get harder to acquire businesses at 4-6 EBIT multiples when you reach this size . Don't think you can simply assume past rates of growth will continue ad infinitum |
Nice to see a rise pre-results. Not that anything could have leaked....someone spent £110k at £116 just before the bell. A gambler or an insider?
Actually I see that it was a UT after the bell. But same thought. |
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