Stock data
| Market cap. | £2.9m |
| Last close | 5.00p |
| High / Low (52 weeks) | 23.5p / 4.5p |
| Stock market listing | AIM |
| Forecast net debt (£m) | 12 |
| Forecast gearing ratio (%) | 75 |
| Team | Consumer |
| Sector | Travel & Leisure |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (67.74) | (67.74) | (78.72) |
| Relative * | (66.16) | (65.09) | (76.62) |
* % Relative to local index
Other companies covered in sector
| Y/E Apr | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 42.8 | 13.1 | 2.5 | 3.4 | 1.5 | 0.3 |
| 2011A | 38.6 | 12.2 | 2.0 | 3.0 | 1.7 | 0.2 |
| 2012E | 36.4 | 11.4 | 2.2 | 3.0 | 1.7 | 0.3 |
| 2013E | 37.0 | 11.5 | 2.5 | 3.3 | 1.5 | 0.2 |
Last updated on 19/04/2012
Latest research
Trading robustly
Update | Travel & Leisure | 15/12/2011
Skill, not chance
Review | Travel & Leisure | 01/08/2011
Winning new contracts
Update | Travel & Leisure | 10/05/2011
Resilient interims
Update | Travel & Leisure | 15/12/2010
On the right track
Outlook | Travel & Leisure | 28/10/2010
Growth in tough markets
Review | Travel & Leisure | 01/02/2010
On a roll
Update | Travel & Leisure | 08/10/2009
Gaming opportunities
Outlook | Travel & Leisure | 02/03/2009
Maiden interims
QuickView | Travel & Leisure | 16/01/2009
Transformational deal
Meeting Note - Takeover | Travel & Leisure | 24/09/2008
Investment summary
Sceptre continues to win new contracts and renewals, particularly in its core pubs market. It is working its rental asset base hard and cutting costs but the trading environment remains tough. Sceptre has a new digital machine offering in conjunction with Gauselmann/Blueprint, although pub migration away from analogue is likely to be slow. With capex and depreciation broadly in line, Sceptre is generating cash and we expect organic growth to be augmented by earnings-accretive acquisitions at some stage.
Last updated on 23/04/2012
Industry outlook
The amusement machine industry is fragmented, offering consolidation opportunities, but the market remains very difficult and pub closures continue. The recently announced top tier MGD rate of 20% (from February 2013, replacing AMLD) should be broadly neutral for mid-range pubcos but the inclusion of SWPs, while expected, is unhelpful for Sceptre (SWPs have already suffered from a clampdown on permitted games). Irrecoverable VAT may also be an issue for some pubco customers.
Last updated on 23/04/2012
Key management
| Douglas Yates, Chairman |
| Ken Turner, CEO |
| Mark White, CFO |
Company address
| 139 Brookfield Place Walton Summit Bamber Bridge Preston PR5 8BF United Kingdom +44 (0) 1772 69 42 42 View website |
