Office2office Share Discussion Threads

[penpont] 28/8/2009 17:33

Thanks Jeff - those eps numbers look right to me and should enable at least an in line performance, all being well for the remainder of the year.

Here's the IC comment today.

Solid performance from office2office
Created: 28 August 2009 Written by: Nigel Bolitho

Office2office (OFF) supplies a wide range of office supplies and services to the public sector and blue-chip companies. If exceptional and one-off costs of £1.26m (nil) are ignored, OFF reported slightly higher profits of £5.76m in the first half of 2009.

That performance was in part due to a new Ministry of Justice contract won in February as well as retaining existing contracts with Barclays and the NHS. Its open-book pricing system, which agrees costs, overheads and a profit fee, is proving to be popular in an industry where it's the third largest player with 3 per cent of the market - the leader has just 4 per cent.

Investors fear that tougher budgetary constraints will knock its public sector business - roughly half the total. However, since it has won supply contracts with the DVLA, London's Metronet and the right to supply office products and consumables to the Central Buying Consortium framework.

But the key contract to come is the new Pan Government Collaborative Print Services Framework from the little-known Office of Government Commerce. The framework is said to have potential to deliver £23m of efficiency savings and OFF expects to know in December if it has been included.

Broker Investec forecasts normalised profits (excluding amortisation, share option expenses and non-recurring costs) of £12.8m.


IC VIEW
Good Value: On that basis earnings are little changed at 25.6p so producing a prospective PE ratio of six (at 152.5p). Assuming this target is met, the shares remain good value.

Last IC view: Good value, 73.75p, 3 March 2009.


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[jeff h] 28/8/2009 15:16

Judging by the contract wins, cost reduction exercises, easing of pricing pressures, document destruction growth etc I would have thought that the full year profits will exceed current forecasts - I've kept all mine.

[nellie1973] 28/8/2009 14:30

I was tempted to sell yesterday, something told me to hold on.....

[jeff h] 28/8/2009 11:15

Panmure seem to have raised their target price again today from 199p to 209p

penpont - I calculate underlying EPS as:-

Underlying Profit before Tax £6.400m
Less Tax @ 25.1% (per Note 7) £1.606m
Underlying Profit after Tax £4.794m

Weighted Avg Shares in Issue 35.751m

Underlying Interim EPS = 4.794/35.751 = £0.134 = 13.4p

[mesquida] 28/8/2009 11:03

Clearly some heavyweight quality buying here, inspired by yesterday´s interims and possibly on-going broker meetings. At this rate AVIVA will soon be completely off the register and then we should see 180p in fairly quick order.

[martincc] 27/8/2009 17:52

basic and diluted eps both given as 9.1p, see note 8

[penpont] 27/8/2009 12:37

Am I wrong in thinking an underlying eps figure might have helped? I cannot seem to find one anywhere in the results......

[cockneyrebel] 27/8/2009 12:07

Someone taking every sell available in size - thought it might come off on the results with 'sell the news' traders selling but as firm rock.

CR

[jeff h] 27/8/2009 11:41

A good strong set of results and a more than decent outlook.

Should at least make pre-Interims forecast of £12.8m Pre Tax.

Panmure re-iterate Buy and have today raised their target price from 174p to 199p

[pmeldrum] 27/8/2009 07:57

CR Agree totally with you

If you consider the economic environment of the last year then these results are extremly good

[cockneyrebel] 27/8/2009 07:50

Very good results imo.

Sales up £12m, underlying profits up around 15% and divi increased. Confident outlook too.

Extremely good achievement especially in a climate like this.

CR

[nurdin] 25/8/2009 14:32

Look at those buys !! :o)

[cockneyrebel] 24/8/2009 13:54

Cracking buying for the past 10 days - roll on Thurs :-)

CR

[rusty9717] 24/8/2009 09:32

woooooooooooosh2.

Not Simon H Im afraid but Julian H!!

[jaws6] 24/8/2009 08:23

off got tiped target 2.00 in momentum newsletter

[wooosh2] 23/8/2009 19:17

rustyninesevenoneseven = simon H?


Al himeself...


anywayz just a thrill for now... no rush...

[cockneyrebel] 23/8/2009 16:44

NOTICE OF RESULTS AND ANALYST BRIEFING




As previously stated, office2office plc, the managed procurement and business
critical services group, will announce its Half Year Results for the six months
to 30 June 2009 on Thursday 27 August 2009.


A results briefing for analysts is being held the same day at 08.45 hours prompt
at:


+--------------------------------------------------------------------------+
| Investec |
| 2 Gresham Street |
| London |
| EC2V 7QP |
+--------------------------------------------------------------------------+


Analysts interested in attending the briefing should contact Sally Annakin at
Rawlings Financial PR Limited by e-mail: [e-mail] or tel:
01653 618016.

[rusty9717] 23/8/2009 15:45

Can someone confirm the results date. I thought it was the 27th but fillipe suggests the 25th!
Confused now.............
Plus every company I have researched in the last six months the price has tanked on results day! Namely YELL,PINN,HAWK,RBS,JPR,UNIQ
Any thoughts why OFF could be any different?
Rusty

[cockneyrebel] 23/8/2009 13:29

£2 would be a fwd PE of 7.3 and a yield of 5.6% - fully listed and ISAable.

That's still too cheap at £2 imo and way too cheap if they beat forecasts.

CR

[nurdin] 23/8/2009 12:30

Certainly the chart suggests they are heading towrds 200p.Current year PE still around 6 with a healthy dividend yield of 7.5%.

Heavy buying last few sessions is intriguing though ...and might support recent rumours that a foreign company has been sniffing

[fillipe] 22/8/2009 20:13

Brokers' forecasts. 2009, eps 25p, div 11/12p. 2010, 27p and 12/13p. Noises from OFF could mean those figs will be bettered, but even if not these forecast figs make OFF appear cheap and I'm expecting a robust statement to accompany the figs which are confirmed for 25th Aug.

200p looks more like it, to me.

f

[joffy7719] 21/8/2009 19:07

I got in at 119 and am thinking of jumping ship, do you think the results news is figured in now or will move it more in the next few weeks?

[cockneyrebel] 21/8/2009 18:46

breakout and on good buying - next week should be good hopefully :-)

CR