Good morning! I had a burst of energy last night, and reviewed three more company results (Porvair (LON:PRV), Accumuli (LON:ACM), and £ODX ), so here is the link for yesterday's updated report. Also, I reviewed last week's accounts from Norcros (LON:NXR), updating my report from 19 Jun 2014, for anyone interested in that company. It looks good value to me, but as always please do your own research (DYOR), that's just my personal opinion, not a recommendation.

Shoe Zone (LON:SHOE)

This is a mainly UK discount shoe retailer, which recently floated on AIM (23 May 2014). I've been having a read through the AIM Admission Document to understand the background. Interim results for the six months to 5 April 2014 have been published this morning.

It's a family controlled company, with the IPO releasing 22.5m shares at 160p to new shareholders. That leaves the Smith family with 55% remaining. No new cash was raised for the company itself, it was the family selling down part of their interest, but retaining control. So it's really a private company that happens to have a Listing - so not ideal in my opinion.

At 175p the shares are usefully ahead of the 160p IPO price. The company is based in Leicester, and has 553 stores, selling shoes for an average price of £9.77! I must visit one of their stores, as I'm clearly being profligate by paying 3-5 times that amount at Marks & Spencer!

Unfortunately there are no broker forecasts that I can find, so it's a bit difficult to value the shares on a PER basis. Today's interim results show turnover down a surprisingly large amount, from £98.9m to £82.9m for the most recent H1, which is said to be due to the "planned closure of a number of temporary stores". That's a 16% drop, so there must have been a lot of temporary stores, and I wonder how many they still have, and if more closures are likely? I would need to know the ongoing scale of the business in order to value it.

A modest profit of £3.2m was reported for H1 this year (up from a £0.5m loss in the prior year H1). So it's a…

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