Morning all!

Low & Bonar ( Low & Bonar (LON:LWB) ) – 20.5p – £67.7m – PER 3.73

Trading Update For The 12 Months To End November 2018 Tough market and trading conditions largely unchanged in Q4, raw material headwind, underlying profit before taxation and amortisation to be circa £17m, Net Debt still huge at £129m - Disposal of the Civil Engineering business continues to be actively explored as is a potential equity issue.

I just can’t bring myself to go anywhere near this at present, remains on my Avoid list.

Reach ( Reach (LON:RCH) ) – 57p – £170.6m – PER 1.52

Trading Update For 2018 – The Board is confident PBT will be ahead of market expectations (£133.9m PBT).

So cheap – The yield is 10%! The issues remain however, the HUGE Pension Deficit and the terminal decline of the print sector. I will wait to see how the actuals look - I really think confirmation that on-line is working is required here (looks like 10% or so growth at present and that just doesn’t seem good enough (to offset the 10% or so decline on the physical side)).

Science ( Science (LON:SAG) ) – 215p – £86.1m – PER 14.6

Trading Update And Termination Of Formal Sale Process – Trading in the 11 months to end November in-lin2 with the Board’s expectations. Sale process ended, Brexit and even the world to blame! Buy-back programme will be re-introduced.

There still seems a reasonable amount to like here, except for the fact it’s not an attractive acquisition for anybody – And the whole world is to blame!

SThree ( SThree (LON:STHR) ) – 260p – £340.1m – PER 8.21

Trading Update For The 12 Months To End November 2018 – Adjusted PBT to be at the slightly higher end of the current market consensus range (£49.0 to £51.4m, consensus £50.3m). In better shape and well positioned heading into 2019.

This seems reasonably impressive and there’s perhaps value here given the 5%+ yield. I am just a little wary of the recruitment sector, perhaps unnecessarily so?

As always, all comment most welcome!

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