Morning all!

Billington Holdings ( £BILN ) – 318p – £41m – PER 9

Interim Results For The 6 Months To End June 2019 – Revenue up 19.7%, PBT up 38.1%, EPS up 39.1%, Cash at £10.01m. Strong H1 and cautiously optimistic on FY and beyond.

This looks good and will be keeping an eye out for Broker updates.

Gama Aviation ( £GMAA ) – 75p – £48m – PER 7

Interim Results For The 6 Months To End June 2019 – Revenue up 22.5%, Gross Profit up 19.9%, FY outlook unchanged.

This seems quite good but I have no interest until I see the FY actuals.

Instem ( £INS ) – 375p – £61m – PER 18

Interim Results For The 6 Months To End June 2019 – Revenue up 11%, PBT up from £0.1m to £0.4m, Diluted EPS up from 0.2p to 1.9p, Cash at £6m (£3.7m). Move from perpetual to SaaS more successful than anticipated, slight current year impact but liner term recurring going forward.

Quite like this but does look about fairly valued now.

Iofina ( £IOF ) – 29p – £56m – PER 11

Interim Results For The 6 Months To End June 2019 – Revenue up 29%, EBITDA up 172% (the real Loss being -$0.3m), expanding in-line with it’s growth strategy.

Looks OK but really need to wait and see FY actuals.

Keystone Law ( £KEYS ) – 525p – £164m – PER 33

Interim Results For The 6 Months To End July 2019 – Revenue up 15.3%, Adjusted PBT up 15.4%, Special Dividend of 8p. H1 ahead of expectations,

I still don’t see enough value here.

XLMedia ( £XLM ) – 75p – £155m – PER 7

Interim Results For The 6 Months To End June 2019 – Revenue, Profit and EPS down, Interim Dividend up slightly, FY revised lower.

I personally don’t believe the yield (7%+) is worth the risk here.

As always, all comment most welcome!

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