Morning all!
Volex ( Volex (LON:VLX) ) – 85.1p – £122.5m – PER 9.88
Trading Update For The 12 Months To End December 2018 – Revenue up 13%, Underlying Diluted EPS up 24.9%, some uncertainties related to US Trade Tariffs (on China) but FY expected to be slightly ahead of market expectations.
This update may provide some tailwind but still looks fairly priced around this level to me – I remain Neutral.
As always, all comment most welcome!
My morning smallcap tweet: Graphene sales, funding slip at Haydale.
Fastjet (LON:FJET), AO World (LON:AO.), Volex (LON:VLX), Mysquare (LON:MYSQ), Haydale Graphene Industries (LON:HAYD)
Farcejet (FJET) eeking out the pennies in November. Still no agreement from creditors or shareholders for funding.
AO World (AO.) buys online mobile shop Mobile Phones Direct for £38.1m (plus interest): £20.9m (plus interest) in cash and balance in shares. A step away from its core.
Volex (VLX) H1 rev up 13%, U/L EPS up 35%. Guides FY slightly ahead of market expectations.
MySQUAR (MYSQ) NEDs discover that £900k was paid out to either third parties or former directors without Board approval. Nomad resigns.
Haydale Graphene (HAYD) slippages. Fails to get lease finance for new equipment, needs short to medium term funds. Also slow sales (or in 20 words of PR drivel "continuing to experience extended lead-times from its customers in their adoption of the Group's next generation products in commercial quantities") has forced cost-cutting. £1m PA shaved off Selling, General and Administrative Expenses.
