Good morning!

Firstly, a couple of announcements from Friday which I omitted to comment on last week:


Norcros (LON:NXR)

Share price: 194p (up 1.2% today)
No. shares: 61.0m
Market cap: £118.3m

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

S.Africa politics/economics - the share price of this bathroom fittings group is volatile at the moment, reacting to events in S.Africa, and the consequent volatility of their currency. Most of the profits come from its UK operations, so personally I'm not going to react at all to these events - which have a habit of sorting themselves out over time anyway.

The problems seem to have been caused by the country's Finance Minister being fired last week. This BBC article updates with the appointment of the third Finance Minister in a week! Interestingly, Norcros shares have not recovered much of the dip last week (yet).



Waterman (LON:WTM)

Share price: 91.6p (up 0.1% today)
No. shares: 30.8m
Market cap: £28.2m

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

AGM statement - an upbeat statement from this group of engineering & environmental consultants was issued on Friday last week. It details work on particular large projects, and concludes by saying;

"We have experienced continued growth in our markets during the first five months of the current financial year.  The Board looks forward to announcing further progress when our half year results are issued in February 2016." 

"I would like to take this opportunity to thank all our staff and shareholders for their continued support and valued contribution during the last financial year.  We are continuing to recruit and I welcome all the engineers and environmental consultants who have joined Waterman in 2015, during which period we have increased our Group headcount by 11% to 1,339."

The "further progress" comment is a bit of a cop out, as it side-steps making any reference to market or management expectations, which is the information that is needed. However, the overall tone is clearly positive, so I think it's safe to assume that the company is probably trading in line with expectations, although it's always better when a company specifically says so.

My opinion - I like this sector, as it is clear that the UK is experiencing something of…

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