Morning all!

Applegreen ( Applegreen (LON:APGN) ) – 485p – £455.6m – PER 20.1

Preliminary Results For The 12 Months To End December 2017 – Revenue up 21% to €1,428.1m, Adjusted PBT up 17.7% to €24.6m, Adjusted EPS up 10.0% to 25.65c and Net Debt at €10.2m (31 December 2016: €19.4m). Grew estate by 99 sites to 342 sites and the Final Dividend will be 0.80c total for the year of 1.40c.

There’s quite a lot to like here, my concern is can it really grow. For that reason I will remain Neutral for now and keep an eye out for updates.

Brady ( Brady (LON:BRY) ) – 57.13p – £47.6m – PER 95.2

Preliminary Results For The 12 Months To End December 2017 – Revenue down, Loss After Tax up, Net Cash down.

I am just not interested in companies reporting results like this, it’s going on my Avoid list for now.

Gresham Technologies ( Gresham Technologies (LON:GHT) ) – 202p – £136.3m – PER 30.6

Results For The 12 Months To End December 2017 – Group revenues up 26% to £21.7m (2016: £17.2m), Statutory PBT up 41% to £3.1m (2016: £2.2m), Adjusted Diluted EPS up 38% to 6.5p (2016: 4.7 pence), Cash of £8.5m including £0.2m short-term bank deposits and no debt (2016: £7.2m and no debt). Progressive dividend policy initiated - Final dividend proposed at 0.5 pence per share (2016: nil).

Still quite like this but the outlook in the update is not the most inspiring for a company on a PER of 30+. For now, for the sake of keeping an eye on it, I will keep it on my Watchlist, 160p.

Goals Soccer Centres ( Goals Soccer Centres (LON:GOAL) ) – 65.5p – £49.3m – PER 8.97

Final Results For The 12 Months To End December 2017 – Revenue down slightly to £33.1m (£33.0m last time) with Underlying PBT of £6.2m (£7.7m last time) and Underlying Diluted EPS is 6.3p (9.7p last time). Net Debt is £29.8m (£24.1m last time).

I just can’t get enthused here at all.

H & T (

My morning smallcap tweet:

Telit Communications (LON:TCM), Minoan (LON:MIN), SerVision (LON:SEV), Tasty (LON:TAST), French Connection (LON:FCCN)

Telit Communications (TCM) Mixed bag, mostly good. It has agreed a series of new and amended financial covenants. Will adopt "a conservative approach in the preparation of its results, and in particular with respect to the capitalisation of R&D expenditure...and a prudent level of provisions." Guides FY rev $374-376m and adjusted EBITDA in the region of $20-23m. Jan/Feb have been considerably stronger YoY and ahead of the Board's early expectations.
Minoan Group (MIN) An exclusivity agreement has been signed with the preferred buyer of the Travel & Leisure division. The Greek property market is finally showing signs of recovery . Also undertaking a small debt fundraising and issuing 1.3m shares at 6p (14% premium) which will enable it to meet its liabilities until the sale completes.
Servision (SEV) update re. suspension. Its principal trading co SerVision Limited may be saved. Likely that the operating subsidiaries (SerVision Limited and SerVision UK Limited) will be divested from the Company which would, as a result, becomea cash sheel and need refinancing. SO at best a big dilution.
Tasty (TAST) FY in line. "Market conditions have been increasingly challenging through 2017 and the Board's expectation is that there will be no improvement in this regard in 2018. "
French Connection (FCCN) FY rev up 0.5%, pretax -£2.3m (-£5.3m). Net cash £9.5m or 9.9p/sh (£13.5m). "Our goal has been to return the Group to profitability and I believe we are very close to achieving that aim."