Good morning from Paul. Running slightly late today.

Agenda - a very slow news day.

Naked Wines (LON:WINE) - the former CEO returns as an unpaid adviser for the next 2-3 months. Let's hope he can help extract some shareholder value, or reinflate the bubble?

Facilities by ADF (LON:ADF) [no section below] - I had a look at the recent interim results, which seemed slightly disappointing. I still think this is one of the best recent floats, because the company raised fresh money, for expansion, at a reasonable price with its IPO. As opposed to a lucrative exit for existing shareholders, like so many recent floats. An issue seems to be that smaller contracts incur additional costs, moving equipment around, thus profit slightly disappointed. But the H2 outlook sounds good. Admirable clarity on who its customers are. Still looks quite good, I think. (I'm not currently holding).

Portmeirion (LON:PMP) - I cast my eye over interim results. A broker update shows that this is really a profit warning, with forecast EPS reduced by 20%, which seems to be concealed in the company's commentary. Good strong balance sheet, but note inventories are up a lot.Energy costs are hedged into Q1 2024, so no panic there.   I think this share is attractively priced, if you take a long-term view.

Explanatory notes -

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Paul’s Section:

Naked Wines (LON:WINE)

90p - £67m

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