Morning all!

Back in the saddle again after a memorable (well, I remember most it) Mello 2018. It was an absolute pleasure to meet many of you who contribute here on a regular basis and some who don’t (some of the latter referring to themselves as “lurkers”). It was also a pleasure to meet some unknowns, fellow investors who usually confine themselves to the Twittersphere (or whatever it’s called) - As promised I will try and join in there, in some form or another, sooner rather than later.

Just before getting onto this mornings news, and I am not the first here for sure…

I just feel a real special thanks is due to all those involved in organising the Mello 2018 event. It was awesome! It obviously took some doing, especially with it being done so well. So, here’s a special thank you from me and - Count me in next time!

Now, onto the news…

Interserve ( Interserve (LON:IRV) ) – 106.9p – £155.8m – PER 5.98

Final Results For The 12 Months To End December 2017 – Revenue £3,250.8m (£3,244.6m last time), Loss Before Tax -£244.4m (£94.1m last time), Net Debt £502.6m (£274.4m last time). Refinancing, Cost cutting, etc. in place now but “still much to do”.

Up almost 100% in the past couple of months but I’m not yet convinced. I will however move it from my Avoid list to Neutral. It is very rare I would ever go straight from Avoid to a purchase, firstly I prefer to see something to at least convince me to go Neutral – And, these results do, but not with a great deal of conviction.

Luceco ( Luceco (LON:LUCE) ) – 66.8p – £107.4m – PER 6.96

Results For The 12 Months To End December 2017 – Statutory – Revenue up 25.4% to £167.6m (2016: £133.7m), that’s 21.7% CC, Operating profit up 19.3% to £14.2m (2016: £11.9m), Basic and Fully Diluted EPS up 34.8% to 6.2p (2016: 4.6p) with Net Debt at £36.7m (2016: £29.5m).

I can’t see enough here to get me to take this of my Avoid list yet.

UP Global Sourcing Holdings( UP Global Sourcing Holdings (LON:UPGS) ) – 36.2p –…

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