Morning all!

D4t4 Solutions ( £D4T4 ) – 238p – £96m – PER 16.5

AGM Statement – In-line, seemingly happy about the weak GBP, could perhaps be affected if it is not so weak (maybe not).

Still looks overvalued to me.

Macfarlane ( £MACF ) – 95p – £150m – PER 11.5

Interim Results For The 6 Months To End June 2019 – Revenue up 5.4%, PBT up 8.7%, Interim Dividend up 6.2%, Diluted EPS up 9.9% with Net Debt up from £13.2m to £15m (the Pension Deficit is down from £9.8m to £9m. Confident of meeting FY expectations (with increased H2 margins and normal Q4 seasonal uplift).

I mentioned last time that I sold out here at around 100p believing that to be about fair value – I retain that view at present, I also feel the notes on FY expectations are, perhaps, a little over cautionary.

Sopheon ( £SPE ) – 770p – £78m – PER 18

Interim Results For The 6 Months To End June 2019 – Revenue, EBITDA down, Net Cash, Recurring Revenue up, very bullish on a “rapidly advancing sales pipeline”. Doesn’t seem to be any guidance against FY expectations.

I remain on the side-lines here but that may change when I see the actuals, it’s a shame there was no FY guidance versus expectations.

As always, all comment most welcome!

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