Gresham Computing Plc (GHT)
ISR viewAfter a long period of disappointing performance, a change at the top has revitalised Gresham and financial performance improved substantially over the last couple of years. The revised growth strategy has rightly prompted investors to look at Gresham afresh.
Share price63.00p
Market cap.£36.6m
Financials
|
Year end Dec Profit & Loss |
Dec 2005 A £m | Dec 2006 A £m | Dec 2007 A £m | Dec 2008 A £m | Dec 2009 A £m | Dec 2010 A £m |
Dec 2011 E £m | Dec 2012 E £m |
|---|---|---|---|---|---|---|---|---|
| Revenue £m | 14.0 | 14.5 | 13.4 | 13.9 | 9.9 | 9.1 | 11.2 | 12.1 |
| Adj EBITDA £m | -0.7 | -0.1 | -1.5 | 0.4 | -1.5 | 0.6 | 1.8 | 2.0 |
| Adj EBIT £m | -1.3 | -0.6 | -2.2 | -0.7 | -2.6 | 0.1 | 1.5 | 1.5 |
| Reported PBT | -1.2 | -0.4 | -2.9 | -0.2 | -7.7 | 0.3 | 1.3 | 1.6 |
| PBT before exceptionals and AAG | -1.2 | -0.4 | -2.2 | -0.8 | -2.7 | 0.3 | 1.3 | 1.6 |
| Fully adj PBT | -1.2 | -0.5 | -2.1 | -0.6 | -2.6 | 0.1 | 1.6 | 1.7 |
| NOPAT £m | -0.9 | -0.4 | -1.5 | -0.5 | -1.8 | 0.0 | 1.0 | 1.1 |
| Reported EPS | -2.2 | -0.7 | -4.7 | 0.6 | -13.9 | 1.1 | 2.0 | 2.6 |
| EPS before exceptionals and AAG | -1.7 | -0.6 | -2.9 | -0.8 | -3.4 | 0.1 | 1.7 | 1.9 |
| Fully adj EPS | -1.7 | -0.6 | -2.9 | -0.8 | -3.4 | 0.1 | 1.7 | 1.9 |
| Dividend per share p | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cash flow & Balance sheet | ||||||||
| Operating cash flow | -1.2 | 2.9 | -3.3 | -0.6 | -1.4 | 1.4 | 1.2 | 1.6 |
| Free Cash flow £m | -0.9 | 2.3 | -3.5 | -1.2 | -2.2 | 1.2 | 0.5 | 0.9 |
| FCF per share p | -1.7 | 4.6 | -6.8 | -2.3 | -4.2 | 2.1 | 0.8 | 1.3 |
| Capex | -0.9 | -1.1 | -1.1 | -1.4 | -0.7 | -0.6 | -0.8 | -0.8 |
| Acquisitions | 0.0 | 0.0 | 0.0 | 0.4 | 1.4 | 0.5 | 0.0 | 0.0 |
| Net cash flow | -1.1 | 1.7 | -3.8 | -1.2 | -0.4 | 1.6 | 0.0 | 0.6 |
| Shares issued | 0.1 | 0.0 | 2.7 | 0.0 | 0.0 | 0.8 | 0.0 | 0.0 |
| Net cash | 2.0 | 3.6 | 2.3 | 1.2 | 0.7 | 3.2 | 3.2 | 3.7 |
| Metrics | Dec 2005 A | Dec 2006 A | Dec 2007 A | Dec 2008 A | Dec 2009 A | Dec 2010 A | Dec 2011 E | Dec 2012 E |
| Revenue growth | 3.9% | -7.6% | 3.5% | -28.8% | -7.7% | 22.8% | 8.4% | |
| Adj EBITDA growth | -88.3% | 1629.4% | -124.2% | -522.8% | -136.9% | 217.4% | 15.7% | |
| Adj EBIT growth | -56.9% | 290.6% | -70.0% | 284.0% | -102.4% | 2257.6% | 5.3% | |
| Adj PBT growth | -62.6% | 372.7% | -72.0% | 330.4% | -102.0% | 2962.2% | 11.4% | |
| Adj EPS growth | -62.9% | 365.7% | -73.0% | 330.4% | -101.9% | 2598.7% | 11.4% | |
| Dividend growth | n/a | n/a | n/a | n/a | n/a | n/a | n/a | |
| Adj EBIT margins | -9.4% | -3.9% | -16.5% | -4.8% | -25.8% | 0.7% | 13.0% | 12.7% |
| Operating cash conversion | 162.0% | -5969.0% | 149.0% | -79.0% | 20.0% | 180.0% | 79.0% | 85.0% |
| Capex/Depreciation | 147.0% | 236.0% | 148.0% | 140.0% | 68.0% | 112.0% | 267.0% | 160.0% |