Bad news comes in threes?

Matrix Engineering's (ASX:MCE) share price has been cascading down since we last spoke. Unfortunately the situation has gotten worse. Management have revised their FY12 revenue guidance growing 20% to 0-10%. And what's more, they've indicated that it'll be skewed towards the second half of the year. On top of this the company is also staring down at barrel of increased "non recurring" expenses due to the decommissioning and writedown of the Malaga plant and the...

A baby elephant has entered the flight search engine room

Google acquired flight data company ITA Software for $700m over a year ago. Today they've added Google Flights, an air-fair search engine, to their search offering. It's US only for the time being, but I'm sure more locations will be added quickly. Webjet (ASX:WEB) shareholders should be a tad concerned with the medium-long term outlook of the company. Google has a habit of slowly iterating their products over time and eating the lunch of others....

Battle of the debt collectors

It's always a good exercise put direct competitors together and see how they stack up. Credit Corp Group (ASX:CCP) and Collection House (ASX:CLH) are the two largest publicly listed debt collection companies in Australia. On the surface it's easy to put a case forward for Collection House. Fourth year of profit growth, 25% growth in underlying profit before tax year-on-year and an aggressive outlook with the company aiming to increase ledger purchases significantly (to $60...

Structural Systems just about out of the tunnel

Structural Systems (ASX:STS) today reported FY11 results with further evidence that the company is on the verge of hitting its stride. The bottom line result itself was not of particular surprise with the company posting a NPAT near the top of its guidance two months ago coming in at $4.47m. In reality it probably did a bit better than expected as the company incurred an extra $600K before tax loss in the second half than...

Time to take an interest in Forge?

Forge Group's (ASX:FGE) FY11 results came out last week and it's business as usual. Growing well, cash building up, strong order book ($355m after the last couple of contracts), JV with Clough started up with first contact win, Africa strategy sounds promising though have risks attached. Reasonably priced at around 11 trailing P/E. Revenue: $424.7m (up 72% year-on-year) NPAT: $38.8m (up 32%) Diluted EPS: 45.24c (up 20.2%) There's a bit of margin compression (employee salaries...

Uncertainty around Matrix

Matrix Composites and Engineering (ASX:MCE) manufacture buoyancy devices for offshore oil and gas producers and explorers. I collected a handful of stock over the last couple of weeks during the volatile period. Today the company reported their FY11 results. Although the year-on-year numbers are good, there were a few worrying items that had caught my attention. Second half of the year wasn't flash. Revenues were similar to first half but NPAT was down so margins...

Credit Corp Group FY11 Results

Credit Corp Group (ASX:CCP) reported their FY11 annual results today, and although slightly beating their last management guidance, it was pretty much as expected. Some of the main figures compared to the previous year are detailed below: Ledger acquisitions up 42% to $92.6m Ledger collections and fees up 14% to $206.8m Ledger amortisation up 6.3% to $93.1m Adjusted EBITDA up 11% to $129.8m NPAT up 55% to $21.0m EPS up 54% to 46.9c/share Dividend up...

MLD: MACA Limited

Mining services company who's services include contract mining, loading and hauling, drilling and blasting, crushing and screening, and civil infrastructure requirements. Many of these services appear to be operation types, and as such contacts tend to be longer than construction based mining services companies. In fact, the average term of a project is currently approaching 4 years. Listed in November 2010 at $1.00 and has been upward ever since. $33m of the $60m raised went...

Structural Systems Market Update (ASX:STS)

A solid profit guidance from Structural Systems this morning. The current FY11 NPAT guidance is between $4m and $4.5m. This means that the second half result was slightly better than the first half despite adverse weather conditions on the east coast. Their guidance is around 800K off my own forecast calculations and this may be attributed to the weather in Queensland where most, if not all, their mining services work is situated. The guidance also...

STS: Structural Systems Limited

First entered the stock around 9 months ago and price action since hasn't been going my way. Structural Systems is an engineering company in mining services, civil and construction. The HY11 report has noted that they're still incurring some losses on their discontinued (formwork) business. What's more the closure of their formwork business has adversely impacted their concreting business. In reaction to this, they've decided to scale down their concreting business to stem the losses....