Morning Brief – 2-Aug-2018

Morning Brief Images 2-Aug-2018

UK Stock Market News Today – 2-Aug-2018

Morning all!

Communisis (CMS) – 51p – £107.0m – PER 7.17

Interim Results For The 6 Months To End June 2018 – Reasonably positive, FY in-line and the Pension Deficit and Net Debt are both down about 25% and 15% respectively.

I remain uninspired by the growth here and remain Neutral for now.

Eurocell (ECEL) – 252p – £252.8m – PER 11.0

Results For The 6 Months To End June 2018 – Nice to see a head line “Financial results in line with expectations and good progress with strategic priorities”. H2 weighting should see FY in-line with expectations.

Looks about fairly priced here to me, I remain Neutral.

Portmeirion (PMP) – 1122.5p – £122.0m – PER 15.0

Interim Results For The 6 Months To End June 2018 – Strong H1 and confident of meeting FY market expectations.

Looks like there may be some upside here but sure there’s enough to push it through 1300, I remain Neutral.

Gattaca (GATC) – 125.25p – £40.3m – PER 4.09

Trading Update For The 12 Months To End July 2018 – FY PBT expected to be broadly in-line, Net Debt will be £46m (the Market Cap is just £40.3m).

I was Neutral but considering the progress here and that huge Net Debt, this in now going on my Avoid list.

VP (VP.) – 1132.5p – £454.7m – PER 11.6

AGM Statement – Positive start to the year, trading is in-line with the Board’s expectations.

Those willing to accept the “macro market uncertainties” mentioned in this statement may have some interest here. I am not that way inclined at the moment so remain Neutral.

Walker Greenback (WGB) – 78p – £55.4m – PER 6.19

Trading Update For The 6 Months To End July 2018 – “The Board’s expectations for the full year remain unchanged following the trading update issued on 24 July 2018, which stated that Adjusted PBT for the year ending 31 January 2019 is likely to be in the range of £9.5m to £10.0m.”

I remain Neutral here.

Elecosoft (ELCO) – 80p – £62.3m – PER 20.1

Trading Update For The 6 Months To End June 2018 – Revenue ahead 7% (CC) and PBT ahead 45% (as expected). Cash improved to £2.6m (from £1.0m at the beginning of the year).

I am long here and finding this a tough read actually – Is Revenue up only 7% (CC) “as expected”, if so why not say so? Also, there’s no outlook. Will have to keep an eye out for the Market reaction here today and hopefully a broker note or two on Research Tree.

As always, all comment most welcome!

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