Phsc Share Discussion Threads

[knowing] 25/9/2019 13:43

Max buy at only 10K

[knowing] 24/9/2019 15:12

Few getting in prior to this going exDivi tomorrow

[microscope] 21/8/2019 10:59

Although once again the 200k writedowns are above the bottom line - meaning a significantly smaller tax bill than otherwise.

[zangdook] 21/8/2019 06:36

amusing to see a company making £699 profit for the year, and calling it £0.001m

[arthur_lame_stocks] 19/8/2019 07:07

They really ought to break this company up and return the proceeds to shareholders. That would deliver substantial value.

[ntv] 19/8/2019 06:26

Maintained dividend keeps the yield at 10%
Happy to hold and just wait to see what happens in the future
They are still profitable and should at least be able to maintain the next interim dividend as long as things don't change much

[microscope] 13/8/2019 12:13

Results were on the 14th last year, and in the update they said 'by mid-August' so should really be this week.

As I said before I'm on the sidelines, I guess all eyes will be on whether the security division is showing more signs of recovery, and whether they maintain the dividend. GL to those holding, I will read with interest!

[rossco] 13/6/2019 20:46

The trading update reports EBITDA of 319k for the year indicating EBITDA of 34k earned in the second half. However exceptional costs relating to the ending of 2 leases were incurred in the second half so perhaps 80k is the realistic achievement. Good performance in view of reduction in turnover.

Fewer property leases will reduce costs going forward.

Bank balance is very healthy and adequate to enable a final 0.5p dividend to be paid - only costs 74k.

Happy to hold and collect a good dividend yield.

[cjohn] 13/6/2019 10:00

Hi NTV,

After discounting the intangibles, the company is still trading at a discount to net tangible assets.


It's a real bargain price, given the nature of their work ie consultancy and security solutions.


If they can remain proftable, these will re-rate at some point.

[ntv] 07/6/2019 07:22

don't forget to ignore what the chairman states are nett assets as goodwill is worthless (unless of course that part of the business is making large profits )

[ntv] 07/6/2019 07:20

Still appears to make a small profit
Hopefully it will still be able to pay another 0.5p dividend again (to make a total of 1p for the year) so at least us small shareholders get something while we wait

microscope
lack of shareholder communication is also a feature of many companies even large companies like DJAN

[meijiman] 31/5/2019 13:34

forgot this was listed. Wonder what the ceo does all day. maybe just stares out the window..........

[diku] 31/5/2019 13:00

Maybe gone on a long holiday!...

[microscope] 31/5/2019 12:39

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 08:01

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 13:15

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 12:40

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