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%.
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