Good morning. Inland Homes (LON:INL 33.5p) issue a positive-sounding trading update, for the year ended 30 Jun 2013. There's probably enough red meat in there to stimulate some buying of the shares today, but the key numbers for me are not to be found - being NAV per share, and profit for the year.

Although they do say that:

 

The Group has performed strongly with profitability ahead of market expectations. 

 

Given the very strong housing market in the South East, Inland should be doing well. In the past, the top-heavy administrative costs (mainly the large salaries for the CEO, and in particular the ridiculous salary for the FD) have soaked up pretty much all the upside, so let's hope this is the start of shareholders seeing tangible benefit from being shareholders, with a meaningful increase in NAV hopefully. We'll have to wait until the results are issued (no date is given).

There is a useful investor presentation on their website here. It's good to see the trend towards private investors also being given access to presentation material which is routinely given to Institutional investors.

 

 

 

Fairpoint (LON:FRP 102p) issue an in line with expectations trading update for the six months to 30 Jun 2013. They will issue their H1 report on 12 Sep 2013. It's a debt management group for individuals - i.e. doing IVAs for over-stretched consumers, and also PPI claims (an area that might have a bit more mileage in it).

They seem a professional and above-board type of operation, whereas this sector used to be full of spivs, but less so now that agreed procedures & fees were put in place with the Banks a few years ago.

As you can see from the growth & value table from Stockopedia, the figures look very cheap for Fairpoint, although one does wonder if the type of activity pushes down the valuation, and also how much of the profits will fall away as the PPI side of things matures & declines?

Certainly a very attractive dividend yield and low PER though.

They also state today that the group had net cash of £2.8m at 30 Jun 2013, so the low PER is even…

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