IntelliAM aiming for significant growth with £5 million Aquis IPO. Watch the video here.
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FY23 results show ongoing track record of performance across the economic cycle. Revs rose 11% and the dividend 9%, rising for 6 consecutive years. With a confident outlook ED keep a 175p/share fair value.
Read & hear new note from Equity Dev below + you can register for the BEG webinar on 19/7 there too:
https://www.equitydevelopment.co.uk/research/strong-fy23-and-well-set-for-further-growth
Thanks ED. Coupled with todays RNS, makes a mockery of previous posts here of little growth and acquisitions being a distraction.
Chelsea11, I use the platform to read reasoned debate and I see no value in enticing disagreements. These are good results and encouraging but the city don't seem blown away today and we are some way away from recent highs of £1.48 seen in January despite a clearly bearish marketplace. IMV there remains a question mark whether all of the acquisitions are having the synergistic effect they are designed to have.
Turnover growth of 11% of which 6% was organic strikes me that BT are operating with growing tail winds anyway and the £5.36m of turnover generated through acquisition has cost £8.4m (plus on-going amortisation of acqusitions of £6.3m). Time will only tell whether these synergies accelerate but an increase in operating margin of 1% to 17.9% is a good start. I have specific doubts over buying small chartered surveyors as against bringing these on naturally in-house. There is a risk that these individuals are locked in only until they achieve their earnouts and leave to set up again. I also have a gripe at the continued dilution of shares for incentives. I think I would prefer to see BT pull back on acquisitions, focus on execution andwinning new business and using cash flow to share buy backs.
Ftse - so would you say it’s reasoned debate to state little growth / acquisitions are a distraction, well before the company has released updates to the market? Or would you say that is enticing a disagreement?
What i would say is that the wording of the post you refer to 3 months ago is not ideal but I think there was enough data to allow question marks on acquisition strategy to remain. I remain quizical and am prepared to accept it needs more time. If you look at FRP operating in the same counter cyclical market who haven't spent on acquisition but achieiving similar growth in rev and profitability.
Ftseexplorer, in anticipation of reasoned debate, the numbers released today are for the benefit of ALL investors. My contention that growth through acquisition is distracting has merit. Just need to look at the contribution that these have provided and the costs incurred in so doing.
The benefit of acquisition is likely to be seen in future years but not, again my opinion, in the current year.
I have found it helpful to rely on facts, so https://www.creditsafe.com/gb/en/blog/reports/insolvencies.html might be of interest as well as the Governments own statistical figures.
Of course, Chelsea11 might wish to put a brave face on things, and simply seek to rubbish my opinion. Doubtless point to the share price chart that does show, since April this year as rising. I would also agree that there is a broad trending rise in the share price over a 3, 5 and 10 year period. BUT over the shorter term of 1 and 2 years, at best it seems to be treading water.
For an accountancy outfit specialising in companies in distress, there has to be some rational reason when facts demonstrate that more and more companies are struggling. As it co-incides with expansion through acquisition of non-core business, I remain of the opinion that it has been a distraction.
I’m not looking to re-rubbish opinion, nor ask for anyones post to be deleted lol.