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Regenersis - Step up in cost base to accelerate growth

April 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Regenersis’ interims showed sales up 11% to £99.7m (+17% constant currency) but pretax profit was flat at £5.6m mainly due to a £1.2m step up in the cost base. Stripping that out, there was 22% underlying growth in pretax profit. The core repair side generated a same-again £4.2m operating profit on sales up 10% to £83.9m with growth in the emerging market operations continuing. The flat divisional profit belies the fact that Regenesis’ repair side is extremely busy. Last year it won 10 new contracts in H2 –with an annual value of £70m - but when it takes new work on it usually incurs a period of losses before the contracts turn profitable. Interestingly, chairman Matthew Peacock points to a strong shift to working for the netwo ...

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