Morning All!

T Clarke ( T Clarke (LON:CTO) ) – 83.4p – £34.1m – PER 5.53

Trading Update For The 12 Months To End December 2017 And New FD – This is a very well presented update. in line with current market expectations expect Underlying PBT of circa £6.5m and Revenues in the region of £310m. Net cash improved by 27% to £11.7m, the strongest closing balance recorded since 2009 (31st December 2016: £9.2m). Order book as at 31st December 2017 has strengthened to £337m compared to £330m at 31st December 2016. There’s a new FD (no reason given but seems amicable).

Still 2 big factors holding me back here. There’s a Pension Deficit of about £20m (over 60% of Mkt Cap) and the Operating Margin is tiny (about 1.5%). Much as I am tempted, I still just can’t get off the fence here.

Avon Rubber ( Avon Rubber (LON:AVON) ) – 1255p – £392.4m – PER 17.7

AGM Statement – A positive start and the 4 months to end January 2018 are in-line with the Board’s expectations. Could be headwind from FX and a tailwind from the new US tax reform but still seems, the net effect will be, year end expectations will be achieved.

Still like this but still think, possibly wrongly again, that it’s fairly priced here.

Stride Gaming ( Stride Gaming (LON:STR) ) – 230.05p – £167.1m – PER 9.98

AGM Statement – “Positive trading momentum and continued strategic progress”, in-line with the Board’s expectations.

Not enough to get me interested at this stage, will wait for updates with figures.

Spectra Systems ( Spectra Systems (LON:SPSY) ) – 103.5p – £45.3m – PER 15.6

Trading Update – Licensee for covert materials supplied to 18 central banks, royalty will be higher than previously expected for 2017. Profits for the year ended 31 December 2017 will exceed market expectations.

A nice update which seems like confirmation of the previous note. Not sure how much of this is in the price already. I remain Neutral here for now (need to research more) as I am not sure what exactly they do.

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