Morning Brief – 3-Apr-2019

Morning Brief Images 3-Apr-2019

UK Stock Market News Today – 3-Apr-2019

Morning all!

Adept Technology (ADT) – 330p – £78m – PER 10.3

Trading Update For The 12 Months To End March 2019 – Seems in-line with Revenue and Dividend growth just over 10%, Net Debt stands at £27.2m (lower than expectations).

Pity there’s no mention of Profit/EPS here at all – I remain a cautious holder.

CMC Markets (CMCX) – 84p – £242m – PER 9.3

Trading Update For The 12 Months To End March 2019 – Expects to report CFD and Spread Bet Revenue down -37% on last year due to clients using more money for funding requirements.

I still see a little too much uncertainty here (in the sector in general, suspecting CMC or IG to win the long game here, not sure the winner though will be hugely profitable!).

Gattaca (GATC) – 116p – £37m – PER 4.7

Interim Results or The 6 Months To End January 2019 – Rather complicated but seems to be in-line to deliver on FY expectations.

I said this last time, it still seems relevant “In this environment that Net Debt (coupled with pedestrian growth (reflected in the PER)) means I will be keeping this on my Avoid list for now”.

Minds Machines (MMX) – 5.8p – £53.6m – PER 15.7

Results For The 12 Months To End December 2018 – Revenue up 5% but “Provisions of $13.4m made including a bad debt provision of $2.1m, onerous contract provision of $7.2m and impairment of the underlying asset of $4.1m, leading to an overall accounting loss of $12.6m”. This year Q1 sales are up 246%.

I just don’t understand these complicated results so I remain on the sidelines for now (it would go on my Avoid list but I like what they do here and see possible potential going forward).

Photo-Me International (PHTM) – 84p – £318m – PER 8.4

Trading Update For The 12 Months To End April 2019 – Expects PBT to be slightly below previous guidance of £42m – UK challenging.

Not sure how much of a miss this is but it’s enough to ensure I won’t be going near the Buy button any time soon – Even with a 10% Yield!

Topps Tiles (TPT) – 74p – £144m – PER 11.1

Trading Update For The 26 Weeks To End March 2018 – Revenue flat.

Not much to go on here, certainly not enough to make me any more interested at present.

As always, all comment most welcome!

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