Good morning!

NB. There won't be a SCVR tomorrow I'm afraid, as I will be attending the London Value Investing Conference. I will however report back (at a later date) on the LVIC, with one or two articles here on the talks which I find most interesting.

I've been glued to my screen this morning again, watching all the excitement going on with Plus500 (LON:PLUS) following their regulatory problems (inadequate client identity checks, it seems). I seem to have confused some of the gentlefolk on bulletin boards, by writing a blog here yesterday afternoon saying that I didn't like PLUS, never had done, and wouldn't go near it, but then posting on Twitter about half an hour later that I'd gone long!

The explanation is very simple - this blog is me with my sensible hat on. So this is about value investing, and longer term views of companies. However, I also like to do a bit of short term punting on the markets too - partly for fun (it's exciting), but also overall I make money at it too. The two things are very distinct activities. A lot of people do the same thing - shorter term trading gives us something to do, whilst we wait for our long term positions to either succeed or go wrong.

As this is a value-orientated report, I don't tend to mention my short term trades here, as that's not what these reports are about, although I will always disclose whether I hold a particular share or not, when mentioning it.

There are loads of results I want to cover today, so will probably spend all afternoon writing this article. I have a call with CEO/FD of Zytronic shortly, then a Synety AGM to "attend" by webinar. So busy, busy!

Zytronic (LON:ZYT)

Share price: 287p
No. shares: 15.3m
Market Cap: £43.9m

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

Interim results - this is one of my favourite companies. Zytronic manufactures bespoke touch-screen displays, with superior performance characteristics, in N.E. England, primarily for export.

Interim results to 31 Mar 2015 are out today, and look good in my view. The share price dipped early on, as I think some people failed to notice that a £0.4m forex cost is buried in admin costs, so the underlying result is better than it…

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