$PRZ.L – Prezzo – Good results

PRZ (Prezzo) released its interim results today (http://is.gd/W45SoV),
sending its shares up 4.38p (3.5%) to 128.25p.

Revenue is up 17% to £79.7m, adjusted PTP is up 14% to £12.6m, EPS is
up 15% to 2.79p. As per last year, no interim dividend was declared. PE
stands at 20.3, the share price has shown a 6-month relative strength
of 54%, and its price relative to 50dma is +7.6%.

The directors say: “We are very pleased with the first half performance
and with our opening programme comfortably on track and providing some
exciting opportunities over the remainder of the year, we remain
confident of delivering a satisfactory outcome for the year as a whole.”

On Stockopedia, Paul Scott comments (http://is.gd/BYK3r1) that the
stock is “fully priced”, he has nagging doubts that their format is
getting a little dated, and suggests that they may be sitting on some
problem leases. He does not see the operational negatives as major
problems, though, and calls it a “nicely profitable business”.

This has been a fantastic pick for me for the NFSC (Nicky Fraser Share
Competition), up 93% YTD. I never would have guessed that such returns
would be possible on this share.

I hold.

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About mcturra2000

Computer programmer living in Scotland.
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