Morning all!

Churchill China ( £CHH ) – 1585p – £174m – PER 19.8

Interim Results For The 6 Months To End June 2019 – Revenue up 17%, PBT (before exceptionals) up 27%, £4.3m (after exceptionals), Adjusted EPS up 24% to 30.4p (24.4p) and the Interim Dividend is up 18%. Current trading is in-line.

Still a lot to like here – It’s got Cash, a Brand, great ROCE, Op Margin, Double Digit growth and a well covered 2% or so Yield. However, it does look like all that is priced in at this level.

Gym ( £GYM ) – 238p – £330m – PER 18.9

Interim Results For The 6 Months To End June 2019 – Revenue up 26.9%, Adjusted PBT up 53.3% with EPS up 42.9%, Net Debt at £47.2m (£46m) and the Interim Dividend is up 28.6%. FY on-track.

This looks good but I remain unconvinced this growth is sustainable – Perhaps I will be proved wrong!

McColl’s Retail ( £MCLS ) – 48p – £56m – PER 7

Q3 Trading Update – LFL Revenue down -2.2%, expecting FY to be in-line.

I remain uninterested here at present.

As always, all comment most welcome!

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