Morning All!

Netcall ( Netcall (LON:NET) ) – 41p – £61m – PER 18.9

AGM Statement – “The Group has experienced robust trading in the first few months of the financial year”. A Bullish statement but nothing regarding in-line/above/exceed/ahead of – That’s a pity, maybe those attending the meeting will ask!

Doesn’t look too bad - Operating Margin and ROCE are decent and there’s Net Cash (about 20% of Mkt Cap). I would need to await results for actual numbers to form an investment decision of some sort. I guess the price action after the meeting might help, assuming the right questions are asked.

Mothercare ( Mothercare (LON:MTC) ) – 83.5p – £138.8m – PER 7.32

Interim Results For The 28 Week Period To 7th October 2017 – “Continued transformation of the brand, converting into positive UK like-for-likes set against a challenging consumer backdrop” – Doesn’t exactly seem transformational to me.

I just can’t get interested here. Still too many negatives even though online sales are up 57% and now make up 42% of Revenue. I just see people in the future using a collective market (Amazon) than a specific one – It’s usually cheaper and delivery can be within 2 hours.

Hogg Robinson ( Hogg Robinson (LON:HRG) ) – 76.63p – £249.6m – PER 11.3

Interim Results For The 6 Months To End September 2017 – The Chief Exec is “delighted to see early and positive results from our new strategy for growth” – Revenue down 5%, PBT down 10% and EPS down 6%.

Happy not to take part in this “growth strategy” where confidence is so high the Interim Dividend has been raised a whopping 6%. On a positive note the Pension Deficit is down to 10% to £243.5m which means its now actually less than 100% of the current Mkt Cap!

Majestic Wine ( Majestic Wine (LON:WINE) ) – 383.25p – £272.8m – PER 19.5

Results For The 6 Months To 2nd October 2017 – “Ready to accelerate growth” - Adjusted PBT up £6.7m to £6.8m from breakeven in H1 2017, Sales up 4.2% and on track to hit £500m by 2019.…

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