Morning all!

Norcros ( £NXR ) – 226p – £181.5m – PER 7.1

Results For The 6 Months To End September 2018 – Revenue up 12.1%, Underlying PBT up 29.9%, EPS flat, Net Debt more than doubled (to £53.5m) and the Interim Dividend is up 7.7%  - “Robust performance in a challenging market environment”. Confident for FY.

I could be tempted away from Neutral here if the word “challenging” wasn’t so frequently used in all the updates.

Avation ( £AVAP ) – 254.5p – £160.2m – PER 9.69

AGM Statement And Trading Update For H1 Commencing July 2018 – Performing satisfactorily and expect to report a record H1 Profit. A second Interim Dividend of 2c will be paid.

I remain Neutral here having sold out in May this year based on quite poor EPS forecasts – I will be keeping an eye out now for potential upgrades and may well change my mind (as it’s done quite well since I sold out – Doh!)!

Swallowfield ( £SWL ) – 260p – £44.6m – PER 9.39

AGM Statement – First 4 months of trading is in-line with expectations and expect to deliver against FY expectations.

As per my previous comment - I am Neutral but remain tempted, time to “bottom pick” perhaps!

Tatton Asset Management ( £TAM ) – 250p – £139m – PER 21.5

Interim Results For The 6 Months To End September 2018 – Assets Under Management up 29.5%, Revenue up 15,7%, Fully Diluted EPS up 8.6%, Interim Dividend up 27.3% with Net Cash at £11.6m.

As I am already invested in Miton (MGR) I will remain Neutral here for now.

As always, all comment most welcome!

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