Morning Brief – 11-Jul-2018

Morning Brief Images 11-Jul-2018

UK Stock Market News Today – 11-Jul-2018

Morning all!

Low & Bonar (LWB) – 47.9p – £158.1m – PER 6.98

Interim Results For The 6 Months To End May 2018 – Revenue is up (slightly) but Profits have taken a circa 50% hit. The Interim Dividend has been maintained.

Although the Interim Dividend has been maintained, if it’s a softener, I doubt it’s enough – Remains on my Avoid list.

Air Partner (AIR) – 111.25p – £58.1m – PER 11.6

AGM Statement – Lots of mention of strong and growth but no mention of Revenue or Profit performance, or at least it wasn’t clear to me.

I sold out here after the accounting issue (which they intend to learn from!) and I don’t see anything in this statement to want to buy back in at present.

Alpha FX (AFX) – 530p – £176.6m – PER 23.3

Trading Update For The 6 Months To End June 2018 – Revenue up 50%+ and confident of earnings for the FY to be in-line with expectations.

This update provides some confidence that the great Revenue increases will be reflected in EPS. I am tempted here and if I don’t take a position soon it will go on my Watchlist.

Swallowfield (SWL) – 315p – £54.0m – PER 11.3

Trading Update For The 12 Months To End June 2018 – Broadly in-line, Revenues similar to last year with PBT to be significantly ahead of last year (due to growth in own brand sales). Net Debt at £11m – Expecting it to reduce significantly in the new financial year!

This was on my Watchlist at the 310p level and although we’re there now, I am just not convinced by this update (which I was waiting for) – I am going to go Neutral here and see what the actual results (profits) look like and how that Debt is handled.

Safestyle (SFE) – 49.7p – £41.1m – PER 8.20

Trading Update – Revenues to be below market expectations and a loss is now expected – Ouch!

Not sure why I still bother covering this – It remains on my Avoid list.

Telit Communications (TCM) – 155p – £202.6m – PER 27.3

Trading Update For The 6 Months To End June 2018 – In-line – “Our gross margins have now stabilised and together with the revenue growth and costs rationalisation, we are making headway towards a return to being a sustainably cash generative business”.

I’m still not brave enough to invest in this one – It remains on my Avoid list.

Blancco Technology (BLTG) – 74p – £47.4m – PER 18.4

Trading Update For The 6 Months To End June 2018 – Revenue up but not as much as expected with Adjusted Operating Margin higher than expected.

I am not really sure what this update will mean when we see the actuals – It will remain on my Avoid list until then.

As always, all comment most welcome!

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