Morning All!

Staffline ( Staffline (LON:STAF) ) – 1006p – £280.2m – PER 8.57

Audited Results For The 12 Months To End December 2017 – This looks like a slight miss to me, Revenue is up 8.5% to £957.8m but underlying PBT (£36.3m) was below that of 2016. Note, the CFO has been promoted to CEO and a new CFO has been brought in.

I still see this as just reasonably priced and will remain Neutral.

Empresaria Group ( Empresaria (LON:EMR) ) – 100.1p – £49.1m – PER 7.36

Trading Update For The 12 Months To End December 2017 – In-line, record PBT (up 20%) with diluted EPS up 9% or so. No outlook or update on current trading given.

Net Debt circa 30% of Mkt Cap is probably the main concern here. Most other fundamentals look OK but just don’t find myself tempted here.

Hotel Chocolat Group ( Hotel Chocolat (LON:HOTC) ) – 340p – £383.6m – PER 34.5

Trading Update For The 13 Weeks To End December 2017 – Revenue up 15% and trading continues in-line with management’s expectations.

This is just way too expensive for me at these levels.

Centaur Media ( Centaur Media (LON:CAU) ) – 50.25p – £72.6m – PER 15.0

Trading Update For The 12 Months To End December 2017 – Not much in this really, picked out “Material improvement in both cash collection and debtors' days” and “Continued progress with the operational improvement programme, resulting in increased efficiencies and reduced costs”.

The fundamentals (on Stockopedia) look mixed, Profit, Loss, Profit, etc. and the Revenues don’t seem to be growing much either. I am just not tempted here at present.

Hostelworld ( Hostelworld (LON:HSW) ) – 360.5p – £344.5m – PER 19.9

Trading Update For The 12 Months To End December 2017 – In-line.

Looking back on my notes - I still wonder who uses Hostelworld? I am sure it has an audience (that’s clear from the booking numbers), perhaps in the backpacker world. However, with AirBnB and out there too, how long before those…

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