Morning All!

Low & Bonar ( Low & Bonar (LON:LWB) ) – 54p – £183.4m – PER 7.64

Unaudited Results For The 12 Months To End November 2017 – Not exactly inspiring, a few board changes also announced.

Uninspiring update, board changes, huge Net Debt here for me. This remains on my Avoid list.

Joules ( Joules (LON:JOUL) ) – 325p – £284.4m – PER 25.0

Interim Results For The 6 Months To 26 November 2017 – Revenue up 18.2% YoY (17.5% CC) to £96.2m, PBT up 24.3% to £9.3m with Net Cash of £3.0m (up from £1.4m). The Board expects full year profit to be slightly ahead of the range of analysts' expectations.

Still like this and although I think it’s expensive, it may well be justified. It’s going back on my Watchlist, 290p.

Renew Holdings ( Renew Holdings (LON:RNWH) ) – 450p – £282.9m – PER 13.0

AGM Statement – Trading in-line, no exposure to Carillion.

This is comment in the latest update is a bit of a concern “A slower than usual payment profile with certain customers in the public sector has led to an increase in work-in-progress in the first half. Nevertheless, cash balances as at 30 September 2018 are forecast to be broadly in line with the previous year end”. With Paul Scott (whom I have the greatest respect for) having mentioned something along the lines of, this is a potential time bomb financed through stretched working capital” I will remain quietly Neutral here.

Best Of The Best ( Best Of The Best (LON:BOTB) ) – 240.3p – £24.3m – PER 24.9

Interim Results For The 6 Months To End October 2017 – Revenue of £5.54m (2016: £5.52m), PBT £0.95m (2016: £0.92m), Cash of £2.05m (2016: £2.28m), no debt, online revenues up by 6.8% to £4.44m (2016: £4.16m), now 82.0% of total revenue. EPS is 7.67p (2016: 7.5p) and there’s a Special Dividend of 7.5p per share (£0.74 million) to be paid on 23 February 2018. Trading is in-line with management expectations.

I still quite like this company and but this is an uninspiring update. I…

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