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Jaywing – “recovery is building momentum”, but what does that mean financially?

By Steve Moore | Friday 14 September 2018

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.

Shares in marketing company Jaywing (JWNG) are recovering to comfortably above 20p following an update including “recovery is building momentum and anticipates that full year results will be in line with expectations”. What’s the recovery from and what are the expectations it anticipates being in line with?

The shares were hit from more than 30p in November on interims include “substantially below” warning, where was a timely update?. That saw the company’s house broker Cenkos more than halve its full-year adjusted earnings per share forecast to sub 2p and reduce it for the now current year by around 45% to sub 2.5p.

For its year ended 31st March 2018, the company delivered 1.7p on the above basis (a post-tax profit of £1.6 million, but that particularly before £0.8 million of acquisition-related costs) and ended the year with £5.9 million of net debt.

The current year forecast also compares to 4p in earnings per share delivered in the year before last and, with also £1.8 million of deferred consideration anticipated for the current year, there’s still a forecast year-end £5.2 million net debt position.

With it ending this month, I now look out for half-year detail but at the current juncture, and considering confidence still needing to be restored following that prior lack-of-timely “substantially below” warning, I continue to avoid.

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