Morning all!

Alpha FX ( £AFX ) – 640p – £234m – PER 26.4

Results For The 12 Months To End December 2018 – Revenue up 73%, Underlying PBT up 48% and EPS up 30% (22.7p – 21.8p reported), Final Dividend to be 4.6p. Q1 this year has started well.

An ex-holding, will keep an eye out for Broker notes as these results look pretty good. From memory I believe growth was meant to slow somewhat next year.

SDL ( £SDL ) – 546p – £495m – PER 19.5

Results For The 12 Months To End December 2018 – In-line.

I reckon this is fairly priced (at best) around this level.

Ten Entertainment ( £TEG ) – 215p – £140m – PER 10.6

Results For The 12 Months To 30th December 2018 – Revenue up 7.5%, Adjusted PBT up 4% with Adjusted EPS of 16.6p which looks like a slight miss to me.  Dividend seems to be up more than expected (as a sweetener I guess!). Net Debt at £4.2m (£0.4m last time).

I am Long here but will be keeping an eye on that this morning. 

As always, all comment most welcome!

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