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Swallowfield – AGM Statement with a “bode well for future momentum” - bank 50% + profit

By Tom Winnifrith & Steve Moore | Sunday 12 November 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

An AGM statement from Swallowfield (SWL) includes that “trading in the first four months of the year is in line with expectations” and that “we expect to maintain our positive progress.”

This is particularly with the personal care and beauty products developer and supplier continuing to see strong momentum in its branded business – “being positively impacted by another year of growth in our Christmas gifting ranges and further retail distribution gains in the UK and France”. In its manufacturing business it is “seeing volumes normalise against the significant new products launched in the first half of last year”, but notes “there is a fresh wave of new product launches and contract wins that will contribute to our full year performance and bode well for future momentum. This is likely to give a second half bias to the year in this segment of the business”.

There is also a note of caution sounded with “continuing macro uncertainty both in the UK and internationally” and a reliance on an increased second half weighting is usually also a reason for caution. However, here this is supported by the recent new products record and “bode well for future momentum” encourages.

Full-year earnings per share forecasts remain for circa 24p, rising to comfortably above 27p next year, with a dividend per share of 6.2p, rising to 7p+ next year (last year: 5.2p – with the full-year 3.5p having an ex-dividend date of 16th November).

But we are 50% ahead on an offer to bid basis + dividends on this share tip We are cautious on the markets. This 250p offer price tip was a good one. But bank gains..

This article first appeared on the Nifty Fifty website which Tom Winnifrith runs with Steve Moore & Lucian Miers. To access the website ahead of the next share tip from Tom & Steve and a new shorting piece from Lucian shortly click HERE

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