Morning all!

Adept Technology ( AdEPT Technology (LON:ADT) ) – 320p – £76m – PER 10

Acquisition – Buys ACS Group (£5.24m less Net Debt), earnings enhancing from completion, increased Debt facility (from £35m to £40m).

I am Long here but my conviction is not high, not sure extending the Net Debt is a good move, remains a low conviction holding for now.

FairFX ( FairFX (LON:FFX) ) – 95p – £155m – PER 14.1

Results For The 12 Months To End December 2018 – Revenue up 69% (from £15.5m to £26.1m), Adjusted PBT up 650% (from £0.9m to £6.79m), EPS figures look completely different to those from my most recent Broker note (need to check this). Q1 Revenue up 43% (ahead of the Board's expectations), no mention of Profit but confident for FY.

Still Long here and if (at least) in-line continues, I see no reason to sell (but need to check those strange EPS figures later).

Van Elle Holdings ( Van Elle Holdings (LON:VANL) ) – 45p – £36m – PER 5.7

Trading Update For The 12 Months To End April 2019 – Revenue to fall short of previous expectation (by circa 3%), PBT to be below the lower end of expectations. Net Debt stable, below the £5.6m reported in H1, Order book at £35m (stood at £25m in April 2018).

I remain uninterested here at present although that Order book looks healthy. 

As always, all comment most welcome!

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