Morning all!

Avation ( Avation (LON:AVAP) ) – 287p – £185m – PER 10.7

Interim Results For The 6 Months To End December 2018 –Revenue up 11%, PBT up 95%, EPS up 97% and Asset value up 9%.

Still think this seems impressive, my only concern is that forecast EPS figures are quite poor (but this is not reflected in these H1 results). I will be keeping an eye out for Broker notes here, once again, on this ex-holding.

Idox ( Idox (LON:IDOX) ) – 30p – £124.6m – PER 8.8

Trading Update For The 12 Months To End October 2018 – Revenue down, and Profit/EPS flat/down depending on which figure you look at. The Dividend has been stopped.

Remains on my Avoid list for now.

Innovaderma ( Innovaderma (LON:IDP) ) – 84.5p – £12.2m – PER 8.1

Interim Results For The 6 Months To End December 2018 – Revenue down 7.48%, LBT up from -£0.03m to -£0.04m. Gross margin is up from 53.2% to 58.3% (driven by stronger retail sales weighting). Second half strong (6 weeks LFL up 37%).

Still cover this as I started when it was worth over £30m. At present I cannot see it getting back there any time soon.

Macfarlane ( Macfarlane (LON:MACF) ) – 93p – £146.5m – PER 12.2

Results For The 12 Months To End December 2018 – Revenue up 11% (£217.3m), PBT up 17% (£10.9m) (9th year of Profit growth and current YTD is ahead of this), FY Dividend up 10%. The Pension Deficit has been reduced from £11.8m to £9.8m.

Sold out at around 100p here believing that to be about fair value – I retain that view at present.

McBride ( McBride (LON:MCB) ) – 87p – £160m – PER 5.5

Interim Results For The 6 Months To End December 2018 – Looks OK but expects FY Adjusted PBT to be lower than last year (by 10% - 15%).

I am no more interested here today than I was yesterday.

Morgan Sindall ( Morgan Sindall (LON:MGNS)…

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