Morning all!

Avon Rubber ( Avon Rubber (LON:AVON) ) – 1360p – £421.9m – PER 18.8

Unaudited Interim Results For The 6 Months To End March 2018 – Orders up 5.0% and £10.6m ahead of Revenue, Closing order book of £40.6m provides excellent visibility going into the second half of 2018, Revenue up 5.9% at £77.7m and Adjusted Operating Profit up 18.9% at £11.6m, Adjusted EPS of 32.8p (up 33.7%). The Interim Dividend is up 30% to 5.34p. Confident of meeting FY expectations.

This looks good and I always keep saying I think it’s fairly priced. Perhaps I should consider paying up! If I don’t, to keep an eye on it, I will put it on my Watchlist, 1200p.

Plastics Capital ( Plastics Capital (LON:PLA) ) – 117p – £45.6m – PER 9.87

Trading Update For The 12 Months To End March 2018 – Broadly in-line.

This remains on my Avoid list mainly because of that Net Debt.

PPHE Hotels ( PPHE Hotel (LON:PPH) ) – 1160p – £491.1m – PER 16.4

Trading Update For The 3 Months To End March 2018 – In-line.

Remains on my Avoid list, sector disruption and Net Debt (double the Market Cap) which I know is acceptable for a Hotel Group but that’s just too much for me to swallow.

Empresaria ( Empresaria (LON:EMR) ) – 82p – £40.2m – PER 6.43

AGM Statement & New CEO – Chief Exec retires and is replaced by the group FD – Seems fair enough. Group on course to meet FY expectations.

Always put off here by the Net Debt and the low Operating Margin which seems to have almost halved in 2 years. The strange thing is though, it looks like it may double next year. Will remain Neutral and keep an eye out for results (Interims due end of June).

As always, all comment most welcome!

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