Small Cap Value Report

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Small Cap Value Report (Mon 24 Jun 2019) - PRV, CBOX, MYSL

Good morning, it's Paul here.

7-8am comments Porvair (LON:PRV)

H1 results (6m to 31 May 2019) look strong;

Revenue up 21% to £72m

Adjusted EPS up 36% to 12.9p

Cashflow looks weak though, due to adverse working capital movements (inventories & debtors up, as you would expect from expansion, but trade creditors sharply down).

IFRS 15 has resulted in a large £8.2m provision for warranties being created.

Looks potentially interesting, so I'll take a closer look later today, in more detail.

Cake Box…

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