Phsc Share Discussion Threads

[microscope] 31/5/2019 13:39

Still keep this on my long watchlist. One thing I'm not enamoured by is that any company is allowed to go (assuming nothing today) from 14th December into June with not a word of any sort to the market. The last three years they have updated once in late May and twice into June, so I guess something should be forthcoming soon.

No doubt Brexit will get a mention! :)

[ntv] 02/4/2019 09:01

seems to be regular small buys here

[value_stocks] 14/12/2018 12:54

Two big trades. Sipp transfer?

[microscope] 05/12/2018 16:25

A bit of a curate's egg, and a few surprises both positive and negative, I think.

The rise in the cash, even allowing for the one-off property sale (cash of 290k, book gain of 150k) is still higher than I expected, now something like 4p per share.Also after expenditure on QCS development. Impressive imho.

The nav of 37.5p per share underpins everything else and the divvy maintained, Nice eps of 1.47p putting them on a seemingly ridiculously low p/e at 12p.

At results they updated that for the first quarter "Group revenues were £1.56m and this generated EBITDA of £121,815." That was pre the property sale.

It was that which set the alarm bells ringing slightly, as adding the second quarter on today's results is well short of double that and the ebitda - excluding the 150k book gain on the property sale for the six months - was about 135k.

So it became clear that the 2nd quarter was barely profitable. And I think we might have an elephant in the room. "B2BSG Solutions Limited Invoiced sales of £1,705,100 yielding a profit of £65,300 (the combined figures across B to B and SG over the same period last year were £2,260,500 and £189,100").

Still a profit but mention of slow moving stock (at finals) and an uncertain outlook for the division made me wary.

They're confident of improved results from QCS and that remains the jewel here.

The value is incredible on the numbers overall imho, however there is more uncertainty for now than for a while in my view, and, very very reluctantly, given the wider market, i have taken some profit off the table, incase it turns out to be another 'Adamson's' type division.
.
For all holders, if QCS comes good as I believe it will I hope you will be very well rewarded

That's all imho and just one person's take!

[cjohn] 05/12/2018 09:41

Break up and sell off the divisions would certainly make sense for minority shareholders, given the discount to asset value. But as ever, this would involve central management losing their jobs, so doesn't appeal so much to them.


The results were as expected; they continue reducing costs and this bodes well for second half and next year. 4% + interim dividend.

[ntv] 05/12/2018 08:19

A 30% stake would probably cost you £900k to do something with it
he@s hoping someone will do that
Meanwhile at least there is a decent yield
expecting further costs second half

[arthur_lame_stocks] 05/12/2018 07:20

Pretty decent results in line with my expectations and a very healthy cash position after the property disposal. For the life of me I still don't know why they don't simply break this little group up and sell off the businesses. We'd all be better off than paying £300k a year to maintain the listing and the central costs.

[microscope] 20/11/2018 16:02

I'd imagine that the sale would go through as an exceptional below the ebitda line, so as not to be taxable profit, but like you guys am hopeful of a progressive dividend policy (even though it currently stands at a healthy near 8% for anyone buying at the moment.

From memory I seem to think they usually do any writedowns on the full year rather than interims.

[value_stocks] 20/11/2018 15:25

NTV - I think you might be right. I hope the new corporate structures will help drive growth and I hope for us to go back to 2.5p dividends.

[ntv] 20/11/2018 14:43

profits should be helped by property sale, will there be more write offs?
I also think they are consolidating locations so more savings to come, maybe

[microscope] 12/10/2018 14:15

Very healthy. And all being well when the interims are out in early Dec, more of the same should be announced

[michaelx105] 12/10/2018 13:40

Haven't got mine yet, I'll keep checking.

[spursspurs] 12/10/2018 12:24

nice dividend paid into my account today :)

[ntv] 04/10/2018 09:50

Still a maintained dividend would do me over the next couple of years while we wait

[ntv] 04/10/2018 09:50

More site consolidation to come during the current year in an effort to cut costs and improve profits
Hopefully no more exceptional costs or stock write downs but not holding my breath
I expect more goodwill write offs to offset tax liabilities
I wish someone would move in and grow the company

[arthur_lame_stocks] 28/9/2018 11:52

Just seen the RNS. I make that a profit over book of about 155k. Not bad.

[microscope] 28/9/2018 11:00

See RNS. Actually states should complete today, but sounds like a formality. Lovely uplift on book value too

[arthur_lame_stocks] 28/9/2018 09:42

How do you know NTV?

[ntv] 28/9/2018 08:12

Property sale has gone through so good news for the balance sheet

[microscope] 26/9/2018 09:16

Have to admit it's surprising to see a few small sales recently given how close the (very decent) dividend date is. Perhaps a few holders don't check these things and have had the shares a long time.

Also occurred to me that interims are due in early December and with numbers so far on track, the next payout, assuming we get one at interims, which i think we should, isn't that far away either!

[battlebus2] 24/9/2018 09:02

Yes pretty good, making profits similar to a much lower revenue can’t be bad.

[cjohn] 24/9/2018 08:59

Decent AGM statement this morning for first four months.

Revenues of £2m and ebitda of £125k.


Sale of property to raise £290k, net of all costs.

[value hound] 21/9/2018 22:37

Anyone planning to go to the AGM on Monday (presumably in Aylesford)?

[microscope] 06/9/2018 20:41

Nice to see some buying interest today. Been very quiet here since results, but still at 12p offer anyone buying in the next three weeks qualifies for the 0.5p (4%+) dividend mentioned in the results.

[arthur_lame_stocks] 15/8/2018 20:43

It would be even nicer if they sold quite a lot so we could break this up and actually deliver some value to shareholders for a change.