Morning all!

SRT Marine Systems ( SRT Marine Systems (LON:SRT) ) – 26.25p – £36.7m – PER 13.8

Final Results For The 12 Months To End March 2018 – Revenue down from £11.0m to £5.3m, resulting in a Loss Before Tax and exceptional items of £4.3m (2017: Profit £ 1.2m) – The rest doesn’t sound any more inspiring either.

I said last time I looked at this that I couldn’t see how a PER of 22.4 was justified and I am not even sure a PER of 13.8 represents an investment case here, for me it doesn’t.

Microgen ( Microgen (LON:MCGN) ) – 385p – £234.4m – PER 19.8

Trading Update For The 6 Months To End June 2018 – Revenue up 23% with Profits/EPS up about 10% each (the Interim Dividend is also increased by 10%).

This had dropped down to my Watchlist price (440p) but I wanted to wait and see how an update looked – I sense things may be slowing down here a little and on a PER of 19.8 I am going to go Neutral for now.

McColl’s Retail ( McColl's Retail (LON:MCLS) ) – 210p – £241.9m – PER 9.52

Interim Results For The 26 Weeks To 27th May 2018 – Revenue up 19.2% (to £601.7m) but down 2.7% LFL. PBT £2.3m (2017: £4.5m), Basic EPS 1.3p (2017: 2.8p) with the Interim Dividend maintained at 3.4p (2017: 3.4p).

The Net Debt remains high at 50% or so of Mkt Cap and sub industry average Operating Margin still put me off. I remember watching the rise of McColl’s last year wondering what I had missed, watching it’s slow but steady fall this year, I am not quite sure it’s ready to stop just yet – I remain on the side-lines.

SThree ( SThree (LON:STHR) ) – 347.5p – £452.2m – PER 11.4

Interim Results For The 6 Months To End May 2018 – Encouraging H1 with Revenue up 11% but reported PBT is down 7% and there’s now Net Debt of £6.2m (HY 2017: Net Cash £5.2m).

Stockopedia (StockRank 92) still likes this more than I do – I…

Unlock the rest of this Article in 15 seconds

or Unlock with your email

Already have an account?
Login here