Morning Brief – 17-May-2018

Morning Brief Images 17-May-2018

UK Stock Market News Today – 17-May-2018

Morning all!

Elecosoft (ELCO) – 71.5p – £56.1m – PER 26.9

Trading Update For The 4 Months To End April 2018 – Revenue up 7%, PBT significantly higher and in-line with market expectations – Net Cash of £2.4m.

Was on my Watchlist at 40p and probably missed out here, I will move this up to 60p to keep an eye on it.

Eservglobal (ESG) – 9.25p – £80.6m – PER n/a

AGM Statement – Excited about prospects.

What a rubbish statement, I will remain Neutral while waiting to see some actual numbers.

Kape Technologies (KAPE) – 118.5p – £168.8m – PER 39.2

AGM Statement – Strong start to 2018.

I’m Neutral here whilst waiting to see the actuals.

Portmeirion (PMP) – 1117.5p – £122.1m – PER 15.2

AGM Statement – Sales up 15% for the 4 months to end April 2018 (20% in CC) – FY PBT to be in-line with market expectations.

Still quite like this but based on this statement and forecasts it now seems fairly priced here. I’m going to remove this from my Watchlist and go Neutral for now.

Future (FUTR) – 460p – £211.8m – PER 19.7

Results For The 6 Months To End March 2018 – Revenue up 25% to £51.1m (2017: £40.9m) with Adjusted EPS up 45% to 13.5p (2017: 9.3p).

This was on my Watchlist at 320p – Having clearly missed out I am raising that to 400p now, at least to keep an eye out.

Wincanton (WIN) – 266p – £330.7m – PER 8.80

Preliminary Results For The 12 Months To End March 2018 – Looks slightly better than forecast.

I’m not going to change my Neutral stance here.

North Midland Construction (NMD) – 340p – £32.7m – PER 79.5

AGM Statement – A little strange and lengthy statement. Revenue is up by 19.8% to £74.55m and profitability by 11.0% to £0.64m – Net margin down to 0.86% (which the Board continues to consider to be an unsatisfactory return).

The margin is enough to put me off, Neutral for now.

Churchill China (CHH) – 1087.5p – £119.2m – PER 17.7

AGM Statement – In-line.

I remain Neutral on the basis I don’t see much still don’t see much scope for anything extraordinary to happen here, except perhaps a bid for the brand.

Staffline (STAF) – 970p – £270.1m – PER 8.28

AGM Statement – In-line.

Perhaps slightly under priced? Anyway, I will remain Neutral.

Tarsus (TRS) – 302p – £341.0m – PER 14.2

Trading Update On The Financial Year To Date – In-line with bookings ahead.

Remains on my Avoid list – The seesaw results and fundamentals always confuse me (I think it’s related to bi-annual events). There’s simpler to understand companies than this out there and I prefer those. I will now cease coverage of this company.

Water Intelligence (WATR) – 277p – £42.2m – PER 32.2

Results For The 12 Months To End December 2017 – Revenue up 45% to $17.6m accelerating from 38% annual revenue growth reported for 2016. Statutory PBT up 48% to $1.1m with Adjusted EPS up 30% to 10.4c. 2018 Revenues up 40%

I hold and am happy to continue based on these results.

As always, all comment most welcome!

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