Morning all!

TP ( TP (LON:TPG) ) – 5.60p – £42.6m – PER 28.1

Results For The 12 Months To End December 2017 – Revenue up 39% to £29.5m (2016: £21.2m) with an Operating Loss £0.5m (2016: £0.3m). Closing cash of £21.9m (2016: £9.2m), £20.8m from an equity raise to “fund ambitious growth plans”. Order book up 89% to £32.1m (2016: £17.0m).

A bit of a mixed bag here and it seems quite a miss on the Profit front, e.g. making a Loss instead of a Profit. Problems handling growth perhaps? And, the intention is to grow more? Will remain on the side-lines for now.

Dialight ( Dialight (LON:DIA) ) – 524p – £171.1m – PER 15.4

Trading Update For The 12 Months To End December 2018 – Not sure what this means but it doesn’t seem very positive.

Anyway, it will remain on my Avoid list for now.

Porvair ( Porvair (LON:PRV) ) – 490p – £228.2m – PER 24.6

AGM Trading Update For The 4 Months To End March 2018 – In-line, Revenue growth of 9%.

I just expect more here from a company trading on a PER of 20+, I’m Neutral for now.

Findel ( Findel (LON:FDL) ) – 251p – £212.6m – PER 9.09

Trading Update For The 12 Months To End March 2018 – Upper end of market expectations with Net Debt down circa £7m to £74m.

There’s just way too much Net Debt here for me and, last I read, there’s a Pension Deficit of £2.5m a year too. I’m Avoiding this one for now.

Filta Group ( Filta Group (LON:FLTA) ) – 197.5p – £52.6m – PER 26.9

Results For The 12 Months To End December 2017 – PBT of £1.7m (2016: loss of £0.2m) with Revenue up by 34% at £13.5m (2016: £10.1m). Service and territory expansion seems to be progressing well. Outlook confident.

Nice update, remains on my Watchlist at 150p but perhaps it’s worth paying up here now. Will keep an eye on this this morning.

Flowtech Fluidpower (

Thanks for the heads up, Matylda. My views on a few of the stocks mentioned:

To me the results from TP (LON:TPG) look promising. Yes, there is an increase in overall operating loss, but this is after the general collection of adjustments to EBITDA (some of which are non-cash costs) which is actually up 142%. I am happy to continue with my small holding based on the progress made and the order book.

I haven't even bothered to look at the announcement from Dialight (LON:DIA) as they seem to go from one set of poor news to another; I see no value in investigating this stock.

I am rather wary of Flowtech Fluidpower (LON:FLO) compared to you, they have made an awful lot of acquisitions and it's difficult for me to see the value that this is adding at this point. If you look at section 2 of the audited figures you can see that the original Flowtechnology underlying operating profit is actually marginally down and the eps is down too, so it looks to me as though all these increased shares are at this point purely funding acquisitions and not providing overall value as-yet. Admittedly, the other two divisions show a lot more growth, but it is impossible for me to see whether there is any actual organic growth.

I also don't understand how Porvair (LON:PRV) deserves its premium rating.

The results out from JD Sports Fashion (LON:JD.) look pretty good, with revenue 3,161m+33%, ptp 294.5m+24%, and eps 23.83p+30% - at 368p, the PER is only 15; lfl is admittedly now only single digit, but it is still positive. If you walk past any store, there are always customers in them.