Updates

Card Factory - Trading at top end of forecast range

February 2024

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.

Card has said pretax profit for FY24 will be at the “top end of expectations” and in the range of £58.4m-£62m. At the mid point, that would mean eps of c.13p. Including a contribution of £9.1m from SA Greetings, sales for the 11 months to 31 December were +10.2% to £476.9m. Within that, Store was +8.2%. Online LFL sales were -12.8% and although cardfactory.co.uk saw encouraging performance in November and December, a cash margin at this price point makes this business hard to grow aggressively; it could piggyback on retail but that isn’t the plan it seems with the CEO, who arrived three years ago, more intent on growing in South Africa and via partners. Await results on 30 April for a bit more detail. Set stoploss at 88p, otherwise h ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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