Morning all!

Alliance Pharma ( Alliance Pharma (LON:APH) ) – 66.6p – £320.2m – PER 14.9

Results For The 12 Months To End December 2017 – Revenue up 6% to £103.3m (2016: £97.5m), 3% CC, Underlying PBT up 8% to £24.0m (2016: £22.2m), Underlying Adjusted Basic EPS up 10% to 4.06p (2016: 3.69p), Net Debt at £72.3m (2016: £76.1m), FY Dividend will be 10% up at 1.331p (2016: 1.210p). This year has started well.

Still quite like this. Previously my Watchlist at 60p, I will leave it there for now.

Churchill China ( Churchill China (LON:CHH) ) – 945p – £101.9m – PER 15.7

Results For The 12 Months To End December 2017 – Revenue up 5% to £53.5m (2016: £51.1m), Profit before exceptional item and  tax up 15% to £7.5m (2016: £6.5m), Adjusted EPS up 15% to 55.3p (2016: 48.2p), Proposed Final Dividend up 16% to 17.2p (2016: 14.8p). Look forward to the coming year with confidence.

Still quite like this but don’t see any scope for anything extraordinary to happen here, except perhaps a bid for the brand. I’m Neutral.

Elecosoft ( Elecosoft (LON:ELCO) ) – 52.26p – £37.9m – PER 17.6

Results For The 12 Months To End December 2017 – Revenue up 12% (8% CC) to £20.0m (2016: £17.8m), Net borrowings eliminated, £1.0m net cash at year end (2016: £1.3m net borrowings), Adjusted EPS share* up 20% to 2.9p (2016: 2.4p) with the FY Dividend up 50% to 0.60p (2016: 0.40p) with final recommended dividend of 0.40p. Confident for the year ahead (and beyond).

This was on my Watchlist and probably missed out here (so will just leave it there at 40p for now). Rightly or wrongly, I just can’t justify the current valuation based on a 8% uplift in Revenue and a 20% uplift in EPS. That said the ROCE and Op. Margin are pretty good!

Moss Bros ( Moss Bros (LON:MOSB) ) – 46.75p – £44.9m – PER 11.5

Preliminary Results For The 52 Weeks To 27 January 2018 – As expected here, not particularly good results and confirmation that 2019 will be no better.

Remains on my…

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