Morning All!

A little late - Loads to get through...

Venture Life (VLG)

21-Sep-2017 – Mkt Cap £23.4m – 65.5p

Interim Results For The 6 Months Ended June 2017 – Highlights are, Revenue up 28% and Losses basically halved – A move almost to being breakeven.  A warning follows that, whilst full year Revenues will be in-line, EBITDA will not meet current market expectations.

Analysis & View - Nice Revenue increases and although still making a Loss, first Profits are due this year (perhaps not after this update). Looks like Debt (20% of Mkt Cap) means a small fund raise may also be required in the near future. The company’s niche is interesting and if it starts showing signs of being profitable I may become interested. For now I am AVOIDING.

Elektron Technology (EKT)

21-Sep-2017 – Mkt Cap £27.9m – 14.5p

Interim Results For The 6 Months Ended July 2017 – Revenue up slightly, group has returned to profitability and an improved performance in H2 is expected.

Analysis & View - This is a little strange for me – Revenues have been falling (slightly up in this update) and it consistently makes a small Profit or a Loss (a Profit in this update).  Shares in issue are up 70% in 5 years and I struggle to see why the share price is up 100% this year. On the basis this update is not screaming to me that things have really changed here – I am AVOIDING for now.

Scisys (SSY)

21-Sep-2017 – Mkt Cap £28.3m – 97.5p

Interim Results For The 6 Months Ended June 2017 – Reasonably positive here. Profits up 18%, Revenues up 23%, Order book at £64m versus £35m LFL and the interim Dividend is up 11%.  EPS is down to 1.4p (from 2.8p) due to an exceptional tax charge.  This is also encouraging - “Directors remain fully confident of meeting the upper end of full-year expectations, as well as the future prospects of the Group.”.

Analysis & View - I like the recent rising Revenues here and the 2016 Profit increase was over 200%. The ROCE is low (6.8%) but OK for the sector. Net Debt (about 30% of Mkt Cap) seems high.However, that Order book and confirmation of “upper end of full-year expectations” means…

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