Good morning!

I managed to catch half an hour with ISA millionaire Leon Boros, on Friday, and he recorded an audiocast with me, to update on his favourite stocks. I've tightened the focus of my audiocasts, so instead of lots of rambling about the markets generally, we now just focus on a few specific stocks that the interviewee likes best.

So Leon updated us on: Bioventix (LON:BVXP) , Redde (LON:REDD) , Empresaria (LON:EMR) , Victrex (LON:VCT) , XLMedia (LON:XLM)

The link to that audiocast is here, and a transcript is currently being typed, which will be available on the same page Tue or Weds this week. I really enjoy doing these interviews, and learn a lot from them, so will be doing lots more in future.


Tristel (LON:TSTL)

Share price: 111.3p (up 5.5% today)
No. shares: 41.5m
Market cap: £46.2m

(at the time of writing, I hold a long position in this share)

Results y/e 30 Jun 2015 - the headline figures all look good from today's results announcement (I've added bolding to highlight key numbers):

Financial Highlights

· Turnover up 14% to £15.3m (2014: £13.5m).

· Overseas sales up 21% to £5.5m (2014: £4.5m), representing 36% of total sales.

· EBITDA up 25% to £3.4m (2014: £2.7m).

· Pre-tax profit up 44% to £2.6m (2014: £1.8m).

· Basic earnings per share up 67% to 5.44p (2014: 3.25p).

· Dividend per share for the full year increased to 5.72p (2014: 1.62p), including a special dividend of 3p per share.

· Net cash of £4.0m at year end (2014: £2.7m). Company remains debt free.

EPS - it's always worth checking the figures, if the EPS % gain/(loss) is significantly different to the change in profit before tax. In this case, EPS has gone up 67%, compared with profits up 44%. The reason seems to be a reduced tax charge this year, despite profit going up.

Tax - note 4 gives more detail on the tax charge for 2013/14, and 2014/15, and from what I can make out, the variation in the tax charge seems to be down to unspecified timing differences. I might adjust the EPS figure down by say 10% in my own calculations on valuation,…

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