Morning all!

PPHE Hotels ( PPHE Hotel (LON:PPH) ) – 1525p – £671.1m – PER 20.4

Trading Update – Expects FY to be In-line.

Now over my usual Market Cap limit (£500m) this remains on my Avoid list. It was on there for this reason “sector disruption and Net Debt (double the Market Cap) which I know is acceptable for a Hotel Group but that’s just too much for me to swallow” – I will now cease coverage.

ULS Technology ( ULS Technology (LON:ULS) ) – 109.5p – £71.0m – PER 15.6

Trading Update For The 6 Months To End September 2018 – Revenue and Profit in-line up 3% and 5% respectively. Warns slowing housing market (perhaps due to Brexit) may impact H2.

I sold out here in July and remain Neutral for now.

GYG ( GYG (LON:GYG) ) – 66p – £30.8m – PER 9.66

Trading Update – Still challenging (there’s a list of excuses as long as your arm) and expects to report FY Revenue and Profit significantly below current market expectations with Revenue of about 44m Euro and an EBITDA loss. The Dividend is also being cancelled. The CEO remains excited.

I am less excited than the CEO and this remains on my Avoid list for now.

As always, all comment most welcome!

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