Monthly Recap – May 2018

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Monthly Recap Image May 2018

April Buys And Sells…

2 purchases and 2 sales this month, in order of execution…

Held Air Partner (AIR) for almost a year and it was doing well. It was up about 50% at one stage until what appears to be an accounting balls up (to the tune of £3.3m) – Announced on 3-Apr-2018 I sold out as soon as possible, taking a less modest profit of about 10%.

Bought into Flowtech Fluidpower (FLO) after a Trading Update on 17-Apr-2018. Revenue up to £26.5m from £17.5m (+51.4%) with Gross Margin in-line.

Bought into Equals (EQLS) after reading results on the 23-Apr-2018. Revenue £15.5m (2016: £10.2m), an increase of 52% (33% LFL), Adjusted PBT of £0.9m (2016: loss £1.6m) – First full year of profitability. Outlook in-line. Looks set to really grow next year, on a PER of 15.

Bought into Nexus Infrastructure (NEXS) soon after a Trading Update in October last year. The update was only in-line and although not the most consistent or strongest growth story out there, the order book is up 25%. The ROCE is great and the Operating Margin is above average for the industry. Net Debt is manageable, about 10% of Mkt Cap and it’s forecast to start paying a 3% Dividend, PER was less than 9. Was up about 30% at one stage but whilst at Mello there was what seemed like a mild profit warning! I sold out the following Monday for a small profit, 5%.

Buy Date Stock Code Buy Price Sell Price Sell Date % Movement
27-Apr-17 AIR 105.00 115.50 3-Apr-18 10%
17-Apr-18 FLO 174.95
23-Apr-18 EQLS 103.78
27-Oct-17 NEXS 196.00 206.15 30-Apr-18 5%
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