Triad Dividends - TRD

Triad Dividends - TRD

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Triad Group Plc TRD London Ordinary Share GB0009035741 ORD 1P
  Price Change Price Change % Stock Price High Price Low Price Open Price Close Price Last Trade
  -1.00 -2.27% 43.00 44.00 44.00 44.00 44.00 16:35:13
more quote information »
Industry Sector

Triad TRD Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

netcurtains: Yes, if you look at this graph and press the 1 YEAR BUTTON, you can see this stock should really be trading in high 60s to 80s region. HTTPS://
leoinvestoruk: On the morning of the results I wrote the following: Please refer to my results preview [on my LeoInvestorUK blog]. Quick points: * Lower turnover and profits, but higher margins, all as expected and as guided in H1. * Dividend doubled as hoped to 2p, a total of 3p and a yield of 7% at Friday’s closing price. * Cash up another £0.8m to £4.6m despite lower profits and higher interim dividend. * No obvious (to me) accounting nasties – e.g. receivables have fallen broadly in line with turnover. * No exceptional costs from legal action that previously left them under a cloud, although some distraction is acknowledged. They say that the improvement to gross margin “reflects the Group’s commitment to reduce low-margin contractor business” but the reality is that the short-term cause was a reduction in the availability of that kind of business. Although they may be chasing less of this kind of work, changes in the taxation of contractors is likely to reduce their numbers in their competitors also, and likely in the industry as a whole. Nonetheless, this is a welcome development which should support Triad in creating their own culture and competitive advantage. They plan to double fee-earning staff numbers and indeed they are advertising on their website for a large number of permanent positions (as well as contract positions), but with limited progress to date as average headcount has fallen slightly since FY 2018. They are the fourth biggest government supplier in their market. They warn on increased competition in public sector contracts. On the positive side they have a base of reliable income derived from their GIS specialism. In terms of Brexit, I note that a company like Triad may benefit as increased reliance is based on staff from outside the EU who must be sponsored by a permanent employer for a visa. Such staff are somewhat tied to their employer and are in any case likely to be more loyal. Cash now makes up £4.6m of their £6.9m market captialisation and does not appear to be especially seasonal. How much is free cash is always a matter of opinion, and with an increased reliance on permanent staff perhaps they need to retain more to cover salaries of staff “on the bench” during a downturn. Diluted EPS is 5.44p which puts them on a PE of 8 which doesn’t seem especially cheap given the falling earnings trend, the low quality and lumpy nature of some of their business. However if you consider the 29p / share cash to be mostly free, and consider the falling earnings have at least slowed then with a share price of 43p the adjusted PE of under 4 they look like a bargain. If you believe they can return to growth then it is easy to see very significant upside in the share. I currently hold a medium-sized position and hope to add a little at the bell before the market reacts to the lifting of uncertainty over costs of legal action and wakes up to (what I believe is) underlying value.
netcurtains: Great results! Phew!
netcurtains: the market clearly is expecting results to be bad. My view is, as long as they make a profit, its all added to the cash pile, and the share price is thus miles too cheap. All bets are off, of course, if they are making a loss. Lets see what they bring.
edpick: Hargreaves Services is another I keep my eye on. Shares trade significantly below book value but the share price has gone down and sideways for ages now.
bones: Edpick, I would not say it is in decline in the structural sense peculiar to Triad but it is in an economic downswing in line with the macro picture. Recovery in share price will be affected by both company actions and the macro environment, I think. In addition, TRD is weighed down by the disruption of the 24% shareholder that the company successfully sued for harassment recently. See posts throughout 2019 here for that detail. I am not as down on this share’s future as perhaps you are but patience will be needed, I agree.
edpick: Bones, definitely agree with you about the latent value but at the moment I can't see it being unlocked. All of the directors have been associated with the business 10+ years and I don't get a sense of any drive/desire from them to realise shareholder value here. Given the cash, I'd think there'd be a floor in the share price not too far from where we are now. However, as the business is, as I see it at the moment, in decline, I reckon shareholders could be frustratingly hovering around these levels for some time. Going to keep an eye out for the results and might change my mind.
bones: Garth Gross margin has been increasing: htTps:// Moving to perms from contractors is the way it is going due to likely change to contractor tax laws from 2020. Employees are cheaper than contractors as a trade off for employment security and NIC costs for company come into play. Triad’s vacancy list is long and suggests they are likely busy and using their staff to the max (assumption on my part). We cannot know for sure if the strategy is paying off but the company is priced for mediocrity given its cash is more than half the M Cap. Those are my basic reasons for investing here at any rate. I have done tons more digging though so I am not advising anything here!
bones: Owenski, thanks for quoting me. For the record, the RNS I referred to was here: htTps:// As for your questia link, that is interesting although, in 1998, if an IT company wasn’t doubling its profits annually, you would want to sack the board! Those were easy days for IT consultants with Year 2000 panic in full swing!
bones: Yes, I guess the market has forgotten or lost interest in TRD given that the company has been in relative stasis for about 15 years after the bust of the IT boom in the early 2000’s (price zooming to 800p in the late 90’s and back to 25p in about two years). I had a look back to see how John Rigg and Mira Makar ended up having 29% each and it was finally because the company, having crashed its share price, bought back around 40% of its shares from third party investors at rock bottom prices in 2002. Those sellers must have been demoralised at that stage to agree to sell back to the company! Just for passing but relevant interest, Mira Makar became CEO in 1997 and separately John Rigg gifted her nearly half his shareholding in 1998. This is all covered in RNS’s from that period. It all blew up internally around 2004-05 and the company has not really gained take off ever since. The question for me is whether this is a bit of a lifestyle company for Mr Rigg given he is interested also in the company lease contract (per notes in the accounts), whereas now that the younger directors have or will have half decent interests in shares via their options, they may want to sharpen up the company’s approach going forward. This also comes back to Netcurtains’ question about whether John Rigg might ever contemplate exiting and if so would he be able to engineer a sale himself or leave the management to the younger directors. Points for debate perhaps but it will be interesting to see how the year to March 19 plays out. The interim statements and outlook suggested to me that they won’t be great but of course the share price has adjusted southwards by some distance to discount this.
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