Morning All!

Arena (ARE)

25-Sep-2017 – Mkt Cap £67.1m – 132.3p

Interim Results For The 6 Months Ended June 2017 – In-line and a maiden Dividend declared.

Analysis & View – This is just too confusing for me and it’s on my AVOID (because I am not clever enough to understand it) list. Well, all I really see is a terrible ROCE and HUGE amounts of Net Debt – Enough to put me off and go look for a company with better figures, and ones I can better understand.

Elecosoft (ELCO)

25-Sep-2017 – Mkt Cap £33.4m – 43.25p

Interim Results For The 6 Months Ended June 2017 – PBT up 68% on Revenue increases of just 8%. The 33% Dividend increase is also encouraging…

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Analysis & View – Forecasts look good here although I am a little confused on the small increase in Revenue and HUGE increase in PBT (I couldn’t find an understandable (to me) explanation). I just don’t know how to call this one so I am NEUTRAL. It’s on my research later list - Meaning I will see if I can find comment by those with more accounting skills than me (and that’s a big list!).

MJ Gleeson (GLE)

25-Sep-2017 – Mkt Cap £335m – 619p

Interim Results For The 6 Months Ended June 2017 – Everything up, and nicely up. Highlights include Revenues up 13%, PBT up 17%, EPS up 14%, Cash up 47% (£34.1m (10% of Mkt Cap)) and the total Dividend (for the year) up a whopping 66% to 24p. The outlook too is confident.

Analysis & View – Recovered well this decade, up 5 fold from the bottom of the crash. Rising Revenues look great (CAGR is 28%) and Profits (and EPS) are mostly in line. The ROCE is good for the sector, the decent (increasing) Dividend (3% or so) is well covered and there’s plenty of cash too. Quite like this company but not the sector, however on a PER of 12 it’s perhaps time to take a small holding in the sector. NEUTRAL for now but will keep an eye on this one for a potential nibble in the sector.

Sprue Aegis (SPRP)

25-Sep-2017 – Mkt Cap £96.3m – 210p

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