Morning all!

Brady ( Brady (LON:BRY) ) – 66.25p – £55.2m – PER 56.4

Interim Results For The 6 Months To End June 2018 – Revenue flat, losses getting smaller. 95% visibility of revenue and FY to be in-line with market expectations (a loss).

Remains on my Avoid list for now.

Luceco ( Luceco (LON:LUCE) ) – 49.6p – £79.8m – PER 8.89

Interim Results For The 6 Months To End June 2018 – Loss making (a big one) with a lot of Net Debt but expecting a return to profitability in H2 (yeah right!).

I’m not yet convinced and this remains on my Avoid list.

Maintel Holdings ( Maintel Holdings (LON:MAI) ) – 780p – £110.7m – PER 8.16

Interim Results For The 6 Months To End June 2018 – Revenue up 14% to £66.5m (H1 2017: £58.2m), recurring revenue was 70%. Gross Profit up £18.2m (H1 2017: £17.4m), about 5%, Adjusted EPS of 25.9p (H1 2017: 27.1p), a small decrease. The Interim Dividend is up slightly to 15.0p (H1 2017: 14.7p).

There’s still quite a lot to like here but the 10% or so spread leaves me Neutral for now.

As always, all comment most welcome!

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