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Stadium (LON:SDM)

  • Share price: 131p (-1.5%)
  • No. of shares: 38.2 million
  • Market cap: £50 million

Trading Update and Notice of Results

Checking the archives, I see that myself (one time) and Paul (several times) have refused to criticise this wireless/power/electronics business very much. It had a nasty profit warning last year which gave the share price a big shock, but it has recovered well and the shares have re-rated since then.

This short update confirms that things are back on an even keel, as trading is in line with expectations and ahead of the equivalent period last year.

Encouragingly during this period the Company's order book has continued to grow to above £28m, up from £25.8m at the year end. Consequently, the Board remains confident about delivering further positive progress in the current year.

The quality statistics shown below don't inspire me to to look into it in great detail but the StockRank is 93 and it's been a solid performer over the years, and the rating is still not terribly high. So it's a reasonable contender for a value portfolio.


Accrol Group (LON:ACRL)

  • Share price: 149.5p (-4%)
  • No. of shares: 93 million
  • Market cap: £139 million

Preliminary Results for the Year ended 30 April 2017

This loo roll manufacturer / tissue converter joined the market in June of last year, so this is its first set of results for performance as a listed entity.

Worth mentioning that it's an example of a successful IPO, at least over the short timeframe of one year. The IPO placing was at 100p.

Solid headline results, with the following selected highlights:

  • Revenue increased 14.2% to £135.1m (FY16: £118.2m)
  • Gross Profit increased 9.3% to £37.7m (FY16: £34.5m)
  • Adjusted profit after tax(1) increased 57.3% to £11.0m (FY16: £7.0m)
  • Profit after tax increased 29.3% to £7.4m (FY16: £5.7m)

And elsewhere (in my own words):

Net debt is reduced to £19 million, so the debt multiples look very safe now.

Market share is a very impressive 50% in the "Discount Sector".

New and expanding manufacturing facilities in Leyland, Lancashire.

Worth noting that Accrol is a tissue convertor - it's not actually manufacturing reels of paper. It's buying in…

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