Previously updating on cosmetics manufacturer and brand owner, Creightons (CRL) we stated, with the shares at 28.5p, we expect the results to highlight the value from such a valuation. The company has now announced results for its year ended 31st March 2019 and that it is “actively looking at opportunities to develop or invest in brands and businesses which will allow us to take the group forward and meet our medium term ambitions”…
The results show a pre-tax profit of £2.87 million, up from a prior year £1.61 million, on organic sales growth of more than 26% to above £44 million. However, after particularly a net £2.7 million working capital outflow and £0.6 million of investment spending more than depreciation + amortisation, there was a £0.8 million swing to a £0.6 million net debt position (including finance leases). Receivables were £8.3 million (+£0.6 million), inventories £8 million (+£2.5 million) and remaining liabilities £6.4 million (+£0.1 million).
However, the company notes “following the decision to delay Brexit and the fact that the duty and trading implications of a non-deal Brexit are more clearly understood the group is unwinding this investment in stock with a consequential increase in the group's cash resources… High sales in the last month of the year have driven an increase in debtors”. Some confidence looks to be reflected in a proposed dividend per share of 0.40p (£0.25 million), to take the total for the year to 0.55p – up from a prior year 0.38p. The company has also announced “a relatively small transaction”, acquiring the brand equity, customer list and existing stock of Balance Active Formula. It is stated “we estimate that it could add an immediate £1.2m to future annual turnover as well as providing the future growth opportunities… to extend our offering to existing customers and the opportunity to extend our customer base, particularly in export markets. It also offers us even more effective utilisation of our existing sales and manufacturing resources”.
The shares have responded positively but continue to look attractive considering the progress being made and despite the shares being first recommended by us at a 28p offer price in October. We now see very good value at up to 40p, and there at worst currently they a strong hold - as Steve continues to.
Filed under: Creightons, Anglo African Oil & Gas, LoopUp, Independent Oil & Gas, Defenx, Woodford
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