Morning Brief – 10-Apr-2019

Morning Brief Images 10-Apr-2019

UK Stock Market News Today – 10-Apr-2019

Morning all!

Altitude (ALT) – 103p – £71m – PER 14

Trading Update For The 12 Months To End December 2018 – A Trading Update (for the year ending over 3 months ago when most are reporting actuals), weird! Anyway, it’s an “in-line with market expectations” statement.

I remain un-interested here and a little perplexed as to why it’s just getting round to issuing an update.

Epwin (EPWN) – 73p – £104m – PER 7

Results For The 12 Months To End December 2018 – Revenue, Adjusted PBT, EPS, Dividend all down, Net Debt stable at £24.8m. Current trading is in-line.

The StockRank remains high (at 96) and I remain unconvinced.

Hollywood Bowl (BOWL) – 220p – £330m – PER 15.5

Trading Update For The 6 Months To End March 2019 – Revenue up 5.3% (4.4% LFL), continues to trade in-line with the Board’s expectations.

I used to hold Ten Entertainment (TEG) until recently but am now of the view, perhaps wrongly, that neither of these operators are worthy of a 15+ PER rating.

Norcros (NXR) – 188p – £151m – PER 5.8

Trading Update For The 12 Months To End March 2019 – Expecting PBT to be in-line with Net Debt down from £47.1m to £36m.

Nice to see that Net Debt come down and if it was not for the Pension Liability (£29m or so) and the exposure to South Africa (30% or so of Revenues) this would be more attractive. Tempting but still a few too many barriers for me.

SRT Marine Systems (SRT) – 30p – £46m – PER 15

Trading Update For The 12 Months To End March 2019 – Expects Revenue of £20m and PBT of £3m with Net Cash at £3.9m. No mention of “expectations” here at all, lazy *****.

A huge improvement on last year (made a Loss), on a quick check this does look like a slight miss though – I remain on the side-lines.

Tracsis (TRCS) – 622p – £178m – PER 22

Interim Results For The 6 Months To End January 2019 – Revenue, PBT and Cash all down slightly, the Interim Dividend is up 14%. Two acquisitions will benefit H2, FY expected to be in-line.

I still reckon this is overvalued at this level.

Walker Greenback (WGB) – 57p – £40m – PER 6.5

Results For The 12 Months To End January 2019 – Revenue up 1%, Adjusted Underlying PBT in-line (down -25.2%), EPS is down -26.9% and, the Dividend is also down.

Not much to get excited about here.

Warpaint London (W7L) – 98p – £75m – PER 8

Results For The 12 Months To End December 2018 – Revenue (looks in-line) up 49.2%, Profits and EPS down (my notes show expectations were for increases here).

Again they increase Revenue but fail to increase Profits, I am still not interested in buying back in here (after taking a Profit Warning hit last year).

As always, all comment most welcome!

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  1. Thanks for the prompt update, much valued as I’ve only got time for a quick scan of things at the mo.

    As ever, I hold NXR and am happy enough with the dividend it provides while it plods on.

    I am in full agreement, I don’t see the merits of either BOWL or TEG at current levels (and sold out of TEG)