Haynes Publishing ( Haynes Publishing (LON:HYNS) ) – 232p – £35.1m – PER 15.5

Tradiing Update For The 12 Months To End May 2018 – A bit of a tricky one this (but I think the end story is, things look good)! Expecting to report Adjusted PBT (excluding adjusting items and acquired intangible amortisation) up c. 10% from the prior year and ahead of current market forecasts by circa 7%” – And, “the net impact of adjusting items is expected to increase Reported PBT by circa £0.6m to leave the group approximately 30% ahead of the prior year”. However, “as reported at the interim results in January, the changes to the US federal tax rate will reduce the US net deferred tax assets and liabilities by c. £0.8 million. Therefore, Group profit after tax and adjusting items will be c. 5% lower than the prior year”.

On a great run but I remain Neutral here for now – The attraction here is clearly more obvious to others than it is to me.

System1 ( SysGroup (LON:SYS)1 ) – 300p – £37.4m – PER 16.7

Results For The 12 Months To End March 2018 – The figures are bad, but do seem to be pretty much in-line with forecasts (the numbers I can see on Stockopedia). Figures aside, if you’re still interested, the sob (sorry, rise and fall (and hopefully rise again)) story in the rest of the report is worth a read.

Although these guys may be able to sort this out I remain Neutral for now.

As always, all comment most welcome!

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