Morning All!

A jam packed morning!

Adept Telecom ( Adept Telecom (LON:ADT) ) – 14-Nov-2017 – 305p – £72.3m – PER 11.3

Interim Results For The 6 Months To End September 2017 – Revenue up by 36% to £22.6m (£16.5m last time), adjusted PBT up by 29% to £3.9m (£3.0m last time), adjusted EPS up by 20% to 13.3p and the Interim Dividend is up by 13% to 4.25p per share. Recent acquisition integrations seem to be going well and well positioned to make more.

This looks great apart from a couple of things - Those continued acquisitions and also the Net Debt, now £20m (almost 30% of Mkt Cap).

SRT Marine Systems ( SRT Marine Systems (LON:SRT) ) – 14-Nov-2017 – 34.75p – £45.3m – PER 22.4

Interim Results For The 6 Months To End September 2017 – Broadly in-line. Revenue up 10% to £2.9m with an increased loss of £1.7m (£1.2m last time).

I can’t see how a PER of 22.4 is justified here, I’m certainly not interested at present.

Carclo ( Carclo (LON:CAR) ) – 14-Nov-2017 – 140.75p – £102.1m – PER 9.72

Half Year Results For The 6 Months To End September 2017 – A “solid first half performance” and the Board anticipates the full year to be in-line with its expectations – On track to grow substantially over the medium term. Well, Revenue is up nicely, about 10% - But PBT is down about 7% with EPS down almost 20%.

Just can’t find myself interested here.

Renold ( Renold (LON:RNO) ) – 14-Nov-2017 – 46.75p – £103.1m – PER 8.33

Interim results For The 6 Months To End September 2017 – Even from a high numbers level they’ve managed to provide a most confusing update here. My reading between the lines is Revenue is flat and PBT is down about 40% from £4.0m to £2.4m.

Not only do I not like the confusing update, I don’t like my interpretation of what I think is what they meant to day (should have said). There is also a huge pension deficit here around the £100m mark (100% of the Mkt Cap).

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