I agree rivaldo, a good debate often leads to interesting things and in this case I have you and PIM to thank for making me take a further look at VP’s present position.
Whilst I had noticed a small change in the broker consensus I had not realised that all brokers had revised their forecast following the interims. I had assumed that there would be further stronger forecasts especially from the house b.
Having all three very close makes you think that they must be well informed? If so they are predicting a H2 eps of approx 9.1 which is a surprisingly degree lower than the H1 12.7p, with PBT predicted to be 20% lower at £6.2m against H1 of 7.8
According to my fag packet calcs, in the last 5 years there has only been one occasion when H2 has reported lower than H1, last year, when PBT and EPS were down 5%. And that was mainly due to increased financial expenses as turnover and operating profit were up 10% and 4% respectively.
I know H1 was excellent and that TPA is seasonal but how conservative is 9.1 eps?
The Chairman’s outlook statement, doesn’t seem to predict a slow down?
“Overall the markets we serve are in good health with strong growth prospects over the short to medium term and we enjoy the human and financial resources to take advantage of opportunities as they arise. Our strategy remains to lead in our chosen markets.
The Group is well positioned to deliver a satisfactory result for the year as a whole.”
There is no doubt that if the forecast eps of 22p is achieved it will be a good result an increase of 25% from the previous year! I just have a feeling that the forecasts are not onerous and 22p may well be bettered.
Vp stock quotes
Vp stock charts
Follow this thread
