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Morning Brief – 4-Oct-2017

Morning Brief Images 4-Oct-2017

Morning All!

Adept Telecom (ADT)

AGM Statement Commenting On The 6 Months Ended September 2017 – A little strange this one as it focuses on being able to support a 13.3% increase in the interim Dividend. No mention of beingin-line though (Revenue/Profit wise). So, although the increased Dividend may be taken well, the fact “in-line” (Revenue/Profit) is not mentioned – May not be taken so well.

I quite like this company but am a little suspicious here!

Ceres Power Holdings (CWR)

Final Results For The Year Ended June 2017 – Revenue up 140% ahead of expectations. EBITDA loss£10.3m versus £11.5m LFL and the Order book is up from £1.7m to £3.2m.  This is probably good news for those believing this company can one day make a Profit.

Having never made a profit or even forecast to make one – Not yet an investment case for me.

Future (FUTR)

Full Year Trading Update For The Year Ended September 2017 – Due to strong Revenue growth this is an “ahead of expectations” update – “The three acquisitions we have made during this financial year have further strengthened and diversified our revenue streams, as we continue to build a global platform for specialist media with data at its heart”.

This additional Revenue should see the company announce its first Profit since 2013 this year – On a PER of 15.5 and up 200% in the past 12 months I wonder how much of this is already in the price!

Gooch & Housego (GHH)

Full Year Trading Update For The Year Ended September 2017 – In-line with a record year end order book of £72.2 million, up 36.7% compared with the same time last year – Excluding the impact of foreign exchange and acquisitions this is an increase of 29.2% on the starting order book last year.

Seems like a good news update and seems to justify the current PER of 25.7.

Gresham Technologies (GHT)

Trading Update – Signed 2 new clients and trading is in-line with Board expectations – Management remain confident in the full year outlook.

Nothing to excite at present.

Topps Tiles (TPT)

Trading Update For The 52 Weeks Ended September 2017 – Bit of a miss here and a mild profit warning with PBT due to be “at the lower end of the current range of market expectations” – But no mention of what this is – Arggggggghhh!

Seems like this update is not going to do much for the share price this morning!

Walker Greenback (WGB)

Interim Results For The 6 Months Ended July 2017 –Revenue “up 9.9% to £54.3 million (H1 2016: £41.8 million) including £10.3 million from Clarke & Clarke, the fabrics and wallpaper business acquired in October 2016”. PBT up 55.3% to £5.9m (includes £1.1m from an insurance reimbursement), EPS up 39.4% and the interim Dividend is up 25.5%.

Based on these highlights this update looks good – However, much of the report just clouds things too much for my simple (brain) approach. I really have no idea how the market will take this so for now I have to remain on the fence – Leaving this for more educated investors.

That’s it from me this morning – Plenty for me to keep an eye on – ADT, FUTR, GHH, RHL, TPT and WGB to see how the market interprets those updates…

All input and comment, as always, welcome and appreciated…

Morning Brief – 3-Oct-2017

Morning Brief Images 3-Oct-2017

Morning All!

AB Dynamics (ABDP)

Pre-Close Trading Update For The 12 Months Ended August 2017 – Revenue and PBT to be slightly ahead of analysts expectations. Order book is the largest it’s ever been.

A good positive update for this company which is up 400% since being introduced in 2013. Worth noting though that it appears that analysts have been revising expectations down the past 12 months. Nevertheless this seems like positive stuff.

Hargreaves Services (HSP)

AGM Trading Update – An in-line statement with little other comment other than some directorate changes.

Nothing usually exciting about an in-line update.


Pre-Close Trading Update For The 12 Months Ended September 2017 – Positive – Revenue expected to be £151m (forecast on Stockopedia was £145.5m). Debt has been reduced to around £50m (£59m previously) and the bookings for 2018 stand at £79m versus £58m in 2017. The board is confident in the future prospects.

Expecting the market to like this recent update.


Preliminary Results For The Year Ended 29 July 2017 – Seems in-line with (maybe slightly above) expectations.  I suppose the main takeaway is that the excellent (9%+) Dividend will be paid – This and the fact this update reflects small growth.

Will probably see some interest here on a PER of 7.

St Ives (SIV) – Now Kin And Carta (KCT)

Full Year Results For The Year Ended 28 July 2017 – Ouch! Revenues up 7% but Profits clobbered with the Loss Before Tax up from -£5.7m last time to -£44.1m this time. Dividend slashed.

Surely this update will be a set back to the price (or was the market expecting this!), which is up more than double from it’s lows – Following a profit warning at the beginning of the year (which knocked over 70% of the then price).

Wincanton (WIN)

Trading Update – An in-line statement with expectations for the full year statement – Although there will be an exceptional charge of (net) £5m in relation to cost-saving initiatives, which will be spread over the 1st and 2nd half of next year.

Seems a reasonable update – Dependent on the net savings in subsequent years.

Not much here to excite this morning for me – Although I am guessing there will be interest in ITE and SCS (not least for that juicy Dividend)…

Morning Brief – 2-Oct-2017

Morning Brief Images 2-Oct-2017

Morning All!

Haynes Publishing (HYNS)

Acquisition – Fair play to those that spotted the value and potential in Haynes, the share price having almost doubled this past 12 months. This acquisition, funded from existing Cash and banking facilities feels like a good move. The Chairman has this to say “this acquisition will significantly strengthen the Group’s professional data solutions offering in the UK and provide cross over benefits for Haynes’ consumer division.”

Even with this latest news, on a PER of 17.2 here, I am still not converted, I remain NEUTRAL.

Plastics Capital (PLA)

Trading Update For The Financial Year To Date (the 6 months since 31 March 2017) – “In-line with market expectations” and a year of good progress is anticipated. There does seem to be some caution here though.

This company seems OK on the face of it except for that Net Debt of £16.3m (35% or so of Mkt Cap). The SCVR guys and other Stockopedia members have also flagged issues (most recently here).

Renew Holdings (RNWH)

Trading Update For The Year Ended September 2017 – “In-line with market expectations” and this is positive

59d1e3720f9cbcap2.PNGRevenue, Profit and EPS growth is steady here. ROCE is great at 50% and the rising 2%+ Dividend yield is quite well covered. The move to Net Cash is also good news. I quite like this but on a PER of 12.1 it seems fairly priced around here.

Treatt (TET)

Trading Update For The Year Ended September 2017 – Expects to be “comfortably in-line with its expectations which were revised upward during the course of the year”.

Doubled this past 12 months it’s on a PER of 23 here. The figures look good and I guess comfortably in-line with revised upwards forecasts is pretty good news. However, I just can’t help but think (in a bull market that seems to be slowing) this is still a little expensive here (even at 10% off it’s all time highs).

Numis (NUM)

Trading Update For The Year Ended September 2017 – A positive update confirmed by this statement…


I like the look of this company, nice all round growth which seems to be around the 15% mark. The ROCE is great (20%+), the Dividend of 4%+ is reasonably well covered and there’s plenty of Cash too. Kicking myself for not getting in earlier in the year.

Nothing to get me overly excited in the markets here this morning.