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Interesting day. Castleton has seen revenue increase by 15%, with contribution from both Divisions. Profit after tax has multiplied by 8, but a truer reflection is the before tax figure, which if you like, is four times to the good. Debt has been paid down, and MXCP paid off. Kinetic was acquired to enable Australian growth. The exclusive IP of Strategic Modelling has been acquired from Brixx, and I read that that is another differentiator in the market. As I have mentioned before, the £600k payments for Agile mobile will stop at the end of this financial year, and they will have taken into account the final payments to dispose of that. The board has the confidence to invest in infrastructure and future software development work, and there is a clear future roadmap. Overall confidence is sufficiently high to announce the intended payment of a maiden dividend, which I did not foresee as being on the cards quite yet. It is a pleasant surprise. FinnCap has, as I thought they might, increased the target figure to £1.25. That is no surprise, taking into account the real progress, and aspiration reflected in the LTIP, which will have had to be seen as achievable both by the Board, and by the senior managers to whom it relates. The share price is resolutely stuck at the time of posting. It is my opinion that a decision has been made to consolidate at this level, and widen the investor base. We may learn more about that over succeeding days.
Lots of bits of detail today, but I think this from the results RNS sums it up pretty well for when the company next reports in November. "With the team now in place, which has been much enhanced during the current year, a broad customer base, a wide range of products and services and solid cash flows enabling repayment of debt, I am confident of our future success and I expect that the Group will show further growth when it next reports. Given our confidence in future prospects, the Board intends to implement a progressive dividend policy during the current year."
That's a pretty good stab at consolidation Raleigh! Should, maybe, get to see who's doing what. If they've finished, maybe we can get on with some rise that we should have had yesterday.
The investors presentation some time ago was to widen the shareholder base. Sellers and buyers both have a price. For one to buy and another to sell in large amounts requires agreement. I have always thought that Kestrel may be holding more than ideal, trading sometimes as they do, and MXCP may wish to realise some gain for one of their new projects. Like FinnCaps target price, results time, particularly when announcing plans for a dividend, is an opportunity to set a new base going forward. It may not be over yet but it seems to me this is the new starting price.
Anyway, the tobogganing Chairman added today. He's after the divi.
MXCP sold some of their holding as per. RNS and as 'foreseen ' yesterday. May get some info as to who bought them.
And of course, all those shares are starting again at this new price for the buyer(s) Growth company paying dividend.