Morning all!

Fulham Shore ( Fulham Shore (LON:FUL) ) – 12p – £66m – PER 179

Results For The 12 Months To End March 2019 – Revenue up 17%, from £54.7m to £64m with PBT of £1.4m (loss of -£0.1m last time) and Net Debt is down from £12m to £9.4m. The current year has stated well.

Still seems to be heading in the right direction but still not enough here for me.

Gateley Holdings ( Gateley Holdings (LON:GTLY) ) – 165p – £182m – PER 12

Results For The 12 Months To End April 2019 – Revenue up 20% from £86.1m to £103.5m, PBT up 8.9% from £14.6m to £15.9m, Adjusted EPS up 17.8% from 11.16p to 13.15p with the Total Dividend up 14.3%, Net Debt at £3.2m (£0.7m last time). The new year has started well.

Looks like there’s still some value here (with a 5%+ Yield on offer) but not quite enough to get me more interested yet.

MPAC ( MPAC (LON:MPAC) ) – 180p – £35m – PER 8

Results For The 6 Months To End June 2019 – Trading is ahead of the Board’s and market expectations, FY Profit to be significantly above current market expectations.

Will be keeping an eye out for an update on the £400m (last time I checked) pension deficit as this is an encouraging update.

TPG ( £TP ) – 6.6p – £52m – PER 18.7

Trading Update For The 6 Months To End June 2019 – Significant increase in sales pipeline, expects to deliver FY in-line with market forecasts.

I continue to hold here and if FY is in-line I would hope to see a re-rating. 

As always, all comment most welcome!

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