Invocas
Invocas is the leading insolvency practice in Scotland with more than 10% of the market in Protected Trust Deeds and substantial market shares in Sequestrations and in corporate insolvencies; it also has a small but growing business in England providing IVAs
2008/9 results
Results not as bad as competitors
New management still undertaking review of operations
Long term prospects, particularly from corporate insolvencies, attractive
Publication Date:
July 1 2009
Reassuring results
First half numbers no worse than market feared
Modest growth in Trust Deeds seen in H2, and more insolvency work
Shares now on only 6x FPER, with a 8% historic yield
Publication Date:
December 11 2008
Over reaction on profit warning
We had thought Invocas with its leading position in the PTD market to be relatively secure from the problems of the IVA sector in England. Unfortunately the key word is “relatively” and its pre-close trading statement issued yesterday morning includes a profit warning. Interim profits will be significantly below last year’s and full year profits are likely to be below market expectations.
Publication Date:
October 10 2008
Solid Results
Invocas provided some comfort to a nervous market with a solid set of figures that demonstrated the soundness of its business model in testing circumstances. Closer inspection also revealed growth in the business and underlying profits.
Publication Date:
June 26 2008