Morning all!

Pinch, Punch first of the month – No returns!

Costain ( Costain (LON:COST) ) – 442.5p – £467.2m – PER 12.1

Results For The 12 Months To End December 2017 – Strong performance with an 18% increase in Underlying Operating Profit and a recommended 10% increase in the Dividend. Net Cash £177.7m (£140.2m last time).

Quite like the look of this and if the Dividend was slightly better (3% or so at present) it would be more tempting. Just find it hard to see any kind of acceleration in growth here.

International Personal Finance ( International Personal Finance (LON:IPF) ) – 189.3p – £422.4m – PER 6.18

Financial Report For The 12 Months To End December 2017 – Complicated but seems flat with any improvements the result of FX.

Too complicated for me. There’s just too much diversification here (geographically) and so much regulation to deal with. I am going to add this to my Avoid list and cease coverage for now.

STV ( STV (LON:STVG) ) – 358p – £140.9m – PER 8.33

Full Year Results For 2017 – Broadly in-line, the headline is “Resilient performance; increased returns to shareholders”, YoY Dividend up 13% and the “additional return of £10 million of capital to shareholders (has) commenced”.

I still have concerns about the growth of Netflix, etc. impacting this area plus the possibility of advertising revenues being cut. I remain Neutral for now.

Redde ( Redde (LON:REDD) ) – 166.2p – £505.2m – PER 13.9

Interim Results For The 6 Months To End December 2017 – Revenues up 11.5% to £253.3m (2016: £227.1m), Adjusted PBT up 11.2% to £21.9m, Adjusted EPS is 6.12p (2016: 5.24p) and the Interim dividend will be 5.50p (2016: 5.00 pence). H2 has started well.

Will leave it on my Watchlist, at the 150p level.

Morses Club ( Morses Club (LON:MCL) ) – 136.65p – £177.0m – PER 10.1

Trading Update For The 12 Months To 24 February 2018 – Strong and in-line with the Board’s expectations.

Looks OK to me – An SP of…

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