Phoenix It Share Discussion Threads

[jonwig] 03/9/2012 14:49

I had a quick look first thing - the balance sheet is the main thing to glance at, I think.

At 31/03: It's not too robust for coping with unexpected stresses: net tangible assets are negative, there are net current liabilities and bank loans fairly chunky.

That was enough to deter me.

[liam1om] 03/9/2012 14:30

Large sell just went through at 130p. With the dividend about to be cut, I cant see the attraction here, especially with the risk that further issues maybe uncovered.

[pugugly] 03/9/2012 11:05

my guesses:

* Dividend will be cancelled to preserve cash

* Good chance more iregularities will be found (where one rat is seen there are usually more)

* Clients may be upset by irregularities and also have doubts about the bank facilities in spite of the Boards confidence (Board believes that the Group is and will remain in compliance with the covenants in its banking facilities and that its net debt and working capital requirements can continue to be provided by the current facilities)

* Managment time may well be used up on dealing with this problem rather than developing the rest of the business.

anyone any share price and yield targets ?


I suppose "with hindsight" warning flags might have been deduced from the IMS of 26th July.

[bulltradept] 03/9/2012 08:44

Accounting irregularities. Not good.

[mpilot] 03/9/2012 07:46

Quiet here!!

Poor news today, unsettled by the lack of time table when further detail will be released.

Could be a buying opportunity, or could be a signal to get out completely!!

Anyone else got opinions?

[mpilot] 28/5/2012 20:20

I'm surprised there's been no comment on the fall that this has seen today.

Results were below expectations, but the Divi's been increased year-on-year, so let's see what the future holds.

[grigor] 02/5/2012 18:47

Leaked trading statement?

[dangersimpson2] 02/5/2012 16:23

Looks like some late volume and a very strong closing auction for what is usually a very boring and less-followed share.

We didn't seem to get the April trading statement and notice of results as in previous years so maybe there's some other news in the pipeline - anyone heard anything?

[wjccghcc] 13/10/2011 17:48

Interims in November I think.

[lewseyfarm] 13/10/2011 17:36

anybody know whens the next results due

[melody9999] 09/6/2011 20:50

interesting - does anyone know of any other listed companies majoring on cloud technology?

[darkfratboy] 09/6/2011 09:06

Great results. Debt down, earnings up, dividend boosted 62.8%... can't ask for much more than that!

[grigor] 07/6/2011 21:01

Ascending into the clouds - Blue sky ahead

[s2lowner] 07/6/2011 12:58

Investec have issued a buy rating today with a target of 323p according to information on IG index

[qs9] 07/6/2011 07:55

ANd now heading North in a decent fashion

[qs9] 07/6/2011 07:42

not a bad set of results

[grigor] 10/4/2011 14:09

I think there will always be a need for an actual physical continuity business providing IT equipment and offices which are ready to use at short notice.

PNX can also float off into the clouds!

[wjccghcc] 09/4/2011 20:12

It will be interesting to see. I get the feeling that, apart from a few specialist niches such as trading floors, the ICM continuity business may have gone ex-growth as it is being made redundant by the move to the cloud.

[grigor] 08/4/2011 12:33

Trading in line

Cheap on a single figure PER and PCF.

I expect growth in earnings will improve towards the end of the year.

[1nf3rn0] 08/4/2011 10:36

Phoenix IT (LON:PNX) reported that revenues and underlying pre-tax profits for the year to 31 March 2011 were in line with the board's expectations.

The information technology services group incurred one-off restructuring costs as a result of integrating its two end user divisions, ICM Business Continuity and Servo, which was completed in the second half of the year and the combined business was launched as ICM earlier this month. Phoenix said that the costs, which represent the largest element of the total recurring charges of £3.5 million, will be offset by synergies and cost savings over the next 18 months.

Net debt has been reduced from £67.9 million a year ago to £62.4 million despite the planned increases in capital expenditure (capex) levels in the end user businesses and the group's "enhanced dividend payout policy".

Phoenix also said that following the refinancing in August, when it signed a new £90 million, four year revolving credit facility and renewed its £10 million overdraft, the balance sheet is strong with "considerable headroom".

Phoenix will release its preliminary full year results on 7 June 2011.

[qs9] 06/4/2011 20:28

Agreed and likewise in around £2 once started to bounce. May have another 10% at least me thinks as this was a very strong bounce today IMO

[1nf3rn0] 06/4/2011 10:06

Topped up yesterday at 207p, sell off looked overdone.

[grigor] 28/3/2011 23:15

Note this is a top ten holding for the Slater Growth Fund