Morning all!

Renold ( Renold (LON:RNO) ) – 22.8p – £51.4m – PER 4.53

Preliminary Results For The 12 Months To End March 2018 – Revenue up slightly to £191.6m, Adjusted Operating Profit down slightly too (to £14.2m) with Adjusted EPS also down slightly at 4.5p. Outlook seems so so.

Pension still circa £100m mark (200% of the Mkt Cap), Dividend stopped – Remains on my Avoid list.

Kainos ( Kainos (LON:KNOS) ) – 387p – £458.0m – PER 30.7

Preliminary Results For The 12 Months To End March 2018 – In-line, Revenue up 16%, Profits up 8%, EPS up 10%, Dividend up 5%.

I said this at 327p and I still feel it’s appropriate - Although there’s a lot of positives here on a PER of 25+ (now 30) I expect to see a little more than in-line (and circa 10% Profit/EPS growth). Having said that, the ROCE and Operating Margin are great (as is the Order book level). On the fence so, as usual, when I get that feeling - I will remain Neutral for now.

As always, all comment most welcome!

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