Good morning. I am catching up with a late report, due to jet-lag earlier this week, so apologies for the delay.

TyraTech Inc (LON:TYR)

This £7m market cap company is developing & selling natural remedies for things like head lice. I've been keeping half an eye on it, as it sounded potentially interesting.

Trading update - this looks like a bad miss to me. Turnover is expected to be $4.8m (against forecast of $6.0m), but the net loss of $4.8m is hugely adrift of the $0.2m loss forecast by broker(s) for calendar 2014.

Forecast cash of $2.6m at the year end looks very tight to me, although the company says it is confident this is enough for its plans in 2015, but personally I'd be very sceptical about that. There's not enough headroom there for any disappointments, in my view, which could trigger another fundraising.

That said, the announcement is also full of details of retailers now stocking the company's products, including WalMart, Tesco, and SuperDrug. Although I wonder what margins are being made?

It looks too high risk for me, but potentially high reward too, if they can move into profit in 2015.


Gooch & Housego (LON:GHH)

Results for the year ended 30 Sep 2014 look sound. Adjusted EPS has come in a whisker ahead of broker forecast, at 35.6p, so at 685p the shares are on a PER of 19.2, which looks a fairly rich valuation to me, so it's not something that interests me.

The outlook statement sounds moderately upbeat.

As with so many small to mid cap shares at the moment, it's difficult to see where the upside is, for anyone buying at the current valuation?


McColl's Retail (LON:MCLS)

Trading update - says that results for the year ended 30 Nov 2014 will be "broadly in line with expectations" - i.e. a bit below expectations.

My opinion - the 5.6% divi yield (rising to 6.0% next year) looks attractive, but I'm not convinced by this company's business model of convenience stores & post offices. There's so much competition, and it only ekes out a wafer thin profit margin, so is there a long-term future for it? I'm not sure, so wouldn't risk it personally.


Park (LON:PKG)

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