Morning all!

Later than usual here and will be for the rest of July and August as I enjoy the summer hols (inc. mornings) with the little one before "BIG" school in September!

EKF Diagnostic Holdings ( EKF Diagnostics Holdings (LON:EKF) ) – 36p – £162m – PER 25

Trading Update – Current year has started well, Revenue is in-line and thanks to cost control EBITDA for the 6 months to end June 2019 is ahead of management expectations. Outlook for H2 is encouraging.

Forecasts seem to reflect all round single digit growth here this year and next so although ROCE and Operating Margin are great – Doesn’t seem like much value to me at this level.

Finsbury Food ( Finsbury Food (LON:FIF) ) – 68p – £88m – PER 6.9

Results For The 12 Months To End June 2019 – Revenue up 3.1% (LFL) and 3.8% total, expects FY Profit to be in-line.

I see FY Revenue growth forecast at 4% with EPS down slightly on last year so this is not for me at present.

Instem ( Instem (LON:INS) ) – 370p – £60m – PER 21

Trading Update For The 6 Months To End June 2019 – Expects FY to be in-line.

Still quite a lot to like here but 350p seems like a reasonable price to me.

Mission Marketing ( Mission Marketing (LON:TMMG) ) – 92p – £78m – PER 9.4

Trading Update For The 6 Months To End June 2019 – In-line with Revenue up 5 and Profit up 10%, expects significant H2 weighting.

I hold here but I have to admit I am not a fan of H2 weighting, will continue to hold (and observe) for now. 

As always, all comment most welcome!

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