I Read The News Today Oh Boy! 26-Jul-2018

Thursday, Jul 26 2018 by

Morning all!

Franchise Brands ( Franchise Brands (LON:FRAN) ) – 82p – £63.7m – PER 51.4

Half Year Results For The 6 Months To End June 2018 –  Revenue up 88% to £16.8m (H1 2017: £8.9m). Adjusted PBT up 41% to £1.4m (H1 2017: £1.0m).  EPS ahead by 15%, Interim Dividend will be increased by 24%. ChipsAway, Ovenclean and Barking Mad have performed solidly and Metro Rod strategy delivers, capable of significant growth.

Still quite like this, going to keep it on my Watchlist at 54p just to make sure I monitor for a potential entry.

Discoverie ( Discoverie (LON:DSCV) ) – 424p – £310.9m – PER 16.1

Trading Update For Q1 2019 (To End June 2018) – In-line.

Can’t quite get Bullish enough about this to consider investing at present, I will remain Neutral for now.

Bonmarche Holdings ( Bonmarche Holdings (LON:BON) ) – 110p – £55.0m – PER 7.21

Trading Update For The 13 Weeks To End June 2018 – LFL Sales up 2.7% (on-line is up 27.3%), FY remains unchanged. Note, the Dividend policy is changed from cover between 2.5x to 3.0x earnings to between 2.0x to 2.5x earnings.

Not sure how this Dividend policy change will go down, I am guessing it will be considered as confirmation that a decent 5% or so yield will still be on offer here and the board is taking a sensible step – For now I remain Neutral.

Findel ( Findel (LON:FDL) ) – 292p – £252.4m – PER 10.4

AGM Trading Statement – In-line.

Some nice fundamentals here and growth looks reasonable, considering the PER – However, the Net Debt just puts me off too much so I remain Neutral for now.

YouGov ( YouGov (LON:YOU) ) – 481.5p – £507.9m – PER 31.6

Trading Update For The 12 Months To End July 2018 – In-line.

Looks good (great even) – My bias to invest here was swayed by the accounting warnings by many respected contributors on Stockopedia, it looks like it’s now too late to overlook that, or is there more…

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Bonmarche Holdings plc is a multi-channel retailer of womenswear and accessories. The Company offers clothing and accessories in a range of sizes for women through its own store portfolio, Website, mail order catalogues and through the Ideal World TV shopping channel. The Company's subsidiaries include Bluebird UK Topco, Bluebird UK Holdco and Bonmarch Limited. The Company has approximately 310 stores across the United Kingdom. more »

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discoverIE Group PLC, formerly ACAL PLC, designs, manufactures and supplies components for electronic applications. The Company operates through two divisions: Custom Supply and Design & Manufacturing. The Custom Supply division provides technically demanding customized electronic, photonic and medical products to the industrial, medical and healthcare markets, both from a range of international suppliers and from the Company's Design & Manufacturing division. The Design & Manufacturing division manufactures custom electronic products that are designed or modified from a standard product for a specific customer requirement. The products are manufactured at the Company's in-house manufacturing facilities or by third party contractors. Its technology areas include communications & sensors, power & magnetics, electromechanical & cabling, microsystems, and imaging & photonics. more »

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Studio Retail Group plc, formerly Findel plc, operates in the home shopping and education supplies markets. The Company's segments include Express Gifts, Findel Education and Overseas Sourcing. The Express Gifts segment includes direct mail order businesses in the United Kingdom, offering online and through catalogue a range of home and leisure items, clothing, toys and gifts supported by credit offer. The Findel Education segment supplies resources and equipment (excluding information technology and publishing) to schools and educational establishments in the United Kingdom and overseas. The Overseas Sourcing segment includes sourcing office based in Hong Kong supplying importing services to various group companies and external customers. The Company's subsidiary Express Gifts Limited, includes Studio, an online and home catalogue shopping; Ace, an online store for home, living and garden needs, and Health & Home, an online store for beauty, home, office and garden accessories. more »

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  Is LON:BON fundamentally strong or weak? Find out More »

1 Post on this Thread show/hide all

MrContrarian 26th Jul '18 1 of 1

My morning smallcap tweet: Div divisions. MTU to pay more, IPEL scraps.

1Spatial (LON:SPA), Veltyco (LON:VLTY), Bonmarche Holdings (LON:BON), Impellam (LON:IPEL), Montanaro UK Smaller Companies Investment Trust (LON:MTU)

1Spatial (SPA) £8m placing at 3.75p, a 6% disc. Also 10:1 consolidation.
Veltyco Group (VLTY) H1 trading. Rev in line but EBITDA for the period is likely to be marginally below budget due to increased marketing spend on Bet90 after disappointing growth.
Bonmarche Holdings (BON) Q1 rev up 2.7%. Guides FY in line. Will maintain a progressive dividend policy, cutting earnings cover to 2.0x to 2.5x from 2.5-3x. "Attainment of a cover within this range will be accomplished over a period of time, and that assuming profits grow, future dividends will be increased at a rate which simultaneously increases the dividend cover."
Impellam Group (IPEL) H1 adj EPS 25.1p down 16%. Managed Services businesses in the UK, US and Australasia performed ahead of expectations but overall sounds in line. Will scrap div and buyback shares to same value over 12 months.
Montanaro UK Smaller Companies Investment Trust (MTU) increases div policy to 1% of NAV per Q, to "broaden the appeal of the Company's shares particularly to retail investors."

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