Share Name Share Symbol Market Type Share ISIN Share Description
Spaceandpeople Plc LSE:SAL London Ordinary Share GB00B058DS79 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 30.00p 0 11:00:22
Bid Price Offer Price High Price Low Price Open Price
28.00p 32.00p 30.80p 30.00p 30.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 10.00 1.15 4.80 6.3 5.9

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Date Time Title Posts
18/9/201807:55SAL with Charts & News983
10/5/201720:18SAL - TARGET 1OOP3
08/2/201209:12SpaceandPeople - No news is good news-
19/9/201116:48SpaceandPeople - Visible evidence of success-
05/8/201110:13SpaceandPeople - Set Fair..-

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Spaceandpeople Daily Update: Spaceandpeople Plc is listed in the Media sector of the London Stock Exchange with ticker SAL. The last closing price for Spaceandpeople was 30p.
Spaceandpeople Plc has a 4 week average price of 29p and a 12 week average price of 29p.
The 1 year high share price is 40.50p while the 1 year low share price is currently 27p.
There are currently 19,519,563 shares in issue and the average daily traded volume is 8,988 shares. The market capitalisation of Spaceandpeople Plc is £5,855,868.90.
dangersimpson2: Ok, do you think receivables 60 days + past due are highly likely to be unrecoverable? How much they would actually get in a buyback may be limited but assuming the broker/RNS costs are not excessive on really small amounts then it would be a good use of capital. Maybe they do have capital investments with an IRR higher than 33% then they should pursue these but if not buying their own business on an adjusted EV/EBITDA of 3 and a known risk profile makes sense. If the worst case is the share price moves up rapidly to an average market rating and they get no shares in the buyback then you won't see any complaints from me.
25october1969: I met with CEO after results came out, he gave nothing away but was positive about both the UK and German businesses. He is certainly committed to the business via his large shareholding and as far as I am aware he has never sold any of his shares. It would have been useful if the announcement had some "meat on the bone" eg did forecasts for the year assume M&G would be renewed or is this extra revenue? Update of progress on Germany would also be welcome, assuming that there is something to say. And finally, it would be good to see some activity on the share buy back program, i can not recall what the buy back criteria was, but on the basis that if SAL deliver, share price can only go in one direction therefore, now is the time to start buying back, why wait?
topvest: That discount rate is definitely too low. Doesn't really matter though. At the end of the day its making a reasonable return. If they can grow the business its worth a lot more than the current share price. They are an innovative team so happy to hold for now and collect the dividend. Hopefully, more progress and less mishaps to come!
eastbourne1982: Whilst I see where you are coming from, the business has hopefully learnt a few lessons and is focusing on building a lower cost, higher margin business. If cash generation continues as it is the share price will be forced higher even if the PE ratio remains relatively low. The cash position has gone from 400k to nearly 2 million in the space of a year ! There is also scope for pretty hefty special dividends as well.
kangaroo joe: Still holding and confident. Fingers crossed. Trading can be difficult with wide spreads so hoping for marked improvement in share price that is sustainable.
eastbourne1982: I thought the results were fine, second half is where the business is done. Look at the turnaround in the cash position, that is pretty big for a company with a market cap of circa 7 million. Also if you are waiting for contract news, as soon as any deals are announced the share price will gap up at the open.
masurenguy: Paul Scott's initial reaction to todays update. "My opinion - it's the type of profit warning that I like - i.e. a ring-fenced, one-off problem. It sounds like the rest of the business is trading well, and with the market cap now peanuts, I like it at this level. Whilst obviously recognising that the share price performance has been very poor. That's the past, which we can't change. It's the future which matters to me. So personally, I'm glass half full on this one, at the current valuation. Plenty of people are glass half empty on it, mind you. I had a catch up call with the CEO this morning, and will publish that this evening on my website." It will be interesting to read his follow up view which he plans to publish this evening.
masurenguy: Cheers Professor X - here it is. "Revenue fell from £15.4m in 2014, to £13.8m in 2015 - mainly due to a large one-off (but low margin) contract in one division during 2014. Doesn't really matter - as an investor, I'm interested in profits, not revenues. Operating profit (before non-recurring costs) fell a little from £1,135k to £1,089k, but it's in the same ballpark, and in line with expectations, so that's fine. Note that there were no non-recurring costs this year, which is pleasing. So after non-recurring costs, operating profit actually rose from £744k to £1,089k. EPS - initially I couldn't understand why basic EPS (before non-recurring costs) had risen from 3.91p in 2014, to 4.26p in 2015, when operating profit had fallen slightly. The penny has just dropped - it's due to minority interests being much smaller in 2015 than in 2014 - so the profit in 2015 was mainly earned in subsidiaries which are 100% owned by SAL. This is positive for SAL shareholders, so don't worry too much about understanding this point if you're a non-accountant! Valuation - at 60p share price, and EPS of 4.26p, the PER is 14.1 - expensive? Not really, as PER is a blunt instrument at small caps where profits move about a lot. For various reasons, there should be good upside on earnings over the coming 2 years, so the market price is factoring in expectations of earnings rising from the low point of the last 2 years, after numerous problems hit the company in 2014. It is gradually recovering from those issues. Cashflow - this was poor in 2015, with the culprit being a large reduction in creditors, from £5.8m to £4.5m. I queried this point with the FD this morning, who indicated that it was just timing differences - creditors had been stretched in 2014, but have returned to normal in 2015. This is the big problem with balance sheets (and hence cashflow) - it's a snapshot on a particular day, so timing differences can greatly skew the year end figures. This is fine for one year, but I'll be looking closely to make sure that operating cashflow returns to normal in 2016. Note that capex has increased to £690k, financed by an increase in bank loans of £500k. This is mainly for the expansion of the successful new MPKs (mobile promotional kiosks), of which there are now 56 operating. These are high margin additional sales, so it's good that growth is being achieved here. Dividends - this company likes paying divis, and it's important to note that throughout a difficult patch in the last 2 years, the company continued to pay (reduced) divis. I like that. There is no interim divi, just a final divi each year, because the bulk of profits come from Xmas trade. The divi has been raised from 2p to 2.2p. The trajectory of divis should continue to be upwards. Note that the divi peaked at 4.1p in 2013. Admin costs - the company has demonstrated over the last 2 years that it can & does reduce costs if trading becomes difficult. This is important, as a variable cost base means that profit can be protected, or at least re-built after a time lag, if trade deteriorates. Outlook - the company is making cautiously optimistic noises about 2016. Remember that management got badly burned by putting out overly-optimistic guidance in 2014, when a lot of things unexpectedly went wrong. So they're now much more cautious with outlook. Forecasts should therefore be exceeded in future, or met even if things go wrong. The development of the MPK programme and the focus on product solutions as opposed to service solutions to UK and French venues in particular will be the key driver in 2016. The venues teams in Germany, UK and France have specific targets for rolling out MPKs and pop up retail solutions this year and this should make up the loss of the Whiterose Shopping Centre RMU contract. Although 2016 will see modest growth in profitability, the behind the scenes transformations the group is making will reposition and strengthen our offer which we believe will result in a more sustainable and growing business. There are 4 key drivers of future growth, namely; Network Rail contract - which has started well, but should kick in meaningfully from mid-2016 onwards. Mobile Promotional Kiosk continued roll-out of this new, successful, and high margin kiosk design. French pilot operations - currently this is loss-making, but not huge numbers (c.£100k p.a.), but should generate profits from 2017 onwards. British Land contract win - takes time to get up & running, so again is expected to be a profit driver more in 2017 than 2016. Brokers are forecasting an increase in profit from £1.0m to £1.3m for 2016, but the idea is that the bar is set low, so that hopefully the company can exceed this. My opinion - I'm happy to hold for another year. The company is recovering well from numerous problems in 2014. Indeed, the UK business is actually doing really well - if you look at note 4 of today's account for the divisional split, Germany's profits have collapsed from £586k in 2014, to just £99k in 2015. Yet that shortfall has been almost entirely recouped by a much stronger performance from its UK operations. It's an interesting niche business, has a good track record on dividend payments, and there are 4 clear growth drivers as noted above. Therefore my feeling is that we could be looking at a significantly more profitable group in say 2 years' time. It takes time for the market to forgive and forget profit warnings, but at some point I think the market will focus more on the growth potential coming through, and possibly re-rate the shares back up to nearer 100p, than the current level of 60p. That's not going to happen overnight obviously (unless someone bids for it, which is very unlikely), but it's good potential upside, providing nothing major goes wrong in the meantime.
naeclue: Happy to see that SAL is on course, and will be interested to see any revised guidance for next year. The company looks to have a great pipeline of building revenue - Network Rail, British Land, Immochan and Mobile Promotion Kiosks all looking likely to add significantly for the forthcoming year. I'm also pleased to see that the drift in the share price over the last month or two was not due to leaking of news from within the company.
mg1982: Paul Scott's latest comment on this: Finally, for anyone who missed it, this is just to flag up that the nasty profit warning from Spaceandpeople was covered in last Thursday's report here. Having had a few days to think about it, talk it through with other investors, and having read the latest broker notes from Cantors and ED, I am neither a seller nor a buyer. In my opinion the market has correctly re-priced the stock, significantly lower, in line with a considerably reduced profit forecast for this year, and some knock-on effect into next year too. It has come as a bolt from the blue, as the company was so upbeat just a month ago, and I think that does raise questions about potential weaknesses in the company's own forecasting, and possibly glossing over negatives in telling investors what we wanted to hear? Although as this morning's note from Cantors points out, SAL actually ran into material issues in all their main trading divisions simultaneously, and that's whacked profits for this year. However, delays will be resolved, and costs can be reduced, so it is reasonable to assume that profits (and the share price) will recover. As a small cap investor I accept that sometimes things will go wrong. Small companies' shares tend to be much more volatile than larger companies, as they often rely on a small number of key clients, contracts, and staff. So there is a greater propensity for things to go wrong. You can analyse the figures to death, and eradicate risk as much as possible, but it's all still down to execution. So if things go wrong, then the valuation can suddenly change. We can only go on the current information that we have available at any point in time. Events will then unfold, sometimes as we expect, and sometimes unexpectedly, as in this case. So whilst in no way trying to gloss over the fact that this is indeed a nasty profits warning from SAL, the fact is that the company remains profitable (even in a bad year), it has a sound Balance Sheet with no debt issues, and has continued winning new business. Also it has had an excellent track record over the last five years, and in my experience companies that are basically sound, but which hit a trading downturn, can usually fix the problems in about 6-12 months. The share price often starts to anticipate recovery before that. So if you like the business, the management, and are a long term holder (as I am with SAL), then it's a case of riding out the short term disappointment. However, I do think that management will need to take a more conservative approach to forecasting from now on, and not again stoke up investor expectations of growth, when they are actually running into significant challenges. It's an entrepreneurial company, in a niche that it effectively created from scratch, so I can live with some bumps in the road. However, the jury is out on this one for the time being, and the share price has reflected that already. The latest house broker forecasts are for 5.3p EPS this year, 8.0p in 2015, and 10.5p in 2016. The market might need a few months to get comfortable with relying on the 8.0p forecast for next year, so if/when it does, I foresee a recovery to perhaps the 100p share price. However, if there's more bad news to come later this year, then it will mean another lurch down in price. Bear in mind also that the 4.1p dividend for 2013 is being paid this Friday, 25 Apr, so the shares have already gone ex-divi. So that's actually quite helpful in cushioning the recent blow. Management are paid relatively low salaries, and little bonuses, but instead rely on the divis themselves, so there's an excellent convergence of interests with shareholders here. So whilst I imagine the 2014 dividend (payable in April 2015) is likely to be cut, this is a company which has a history of paying out decent divis, and generating the cashflow to do so. So overall, I'm very disappointed at the turn of events here, but am prepared to continue running with what has always been intended as a long-term holding of mine. However, I'll keep that under review, and reserve my right to sell the shares if I think more problems are looming. It doesn't pay to fall in love with any share. However it also doesn't pay to throw out the baby with the bathwater if problems arise which can be fixed. A small final point is that management have come clean about the deterioration in trading, and 'fessed up just a week before the AGM, which is being held in central London at 10am. That's important because this is a Scottish company, so the fact that the AGM is being held at an accessible time & place for many investors, shows that they are not trying to hide away from the problems. Quite the opposite in fact, and I know that management have been on the phones talking to investors and analysts. So anyway, we'll see how it pans out after this significant setback. I think management need to be apologetic, and to properly explain at the AGM what went wrong, and what they are doing to fix it. The worst thing to do is what I've seen before at some AGMs, where a pompous Chairman tries to shut down questioning, and gives dismissive answers to anyone trying to ask questions, rattles through the formal business, and then tries to close the meeting! This is a red rag to a bull, and I'm sure won't happen at SAL's AGM. I can't make it unfortunately, due to a prior engagement, but am looking forward to the feedback from several friends who are going, and will be asking some tough questions (which need to be asked, and more importantly, answered).
Spaceandpeople share price data is direct from the London Stock Exchange
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