Good morning!

Not much to report on from my hotel room this morning, which is just as well since I only have about an hour before I have to leave to speak to the crowd at Mello.

There were excellent presentations yesterday from Impax Asset Management (LON:IPX), Scientific Digital Imaging (LON:SDI) and Judges Scientific (LON:JDG), and probably lots of other companies I missed.

Today I'll look to attend presentations from Water Intelligence (LON:WATR), Sosandar (LON:SOS), Character (LON:CCT) and Avation (LON:AVAP).

In this report I will try to cover:




Creightons (LON:CRL)

  • Share price: 28p (pre-market)
  • No. of shares: 62.5 million
  • Market cap: £17.5 million

Final results timetable and trading update

(Please note that I currently have a long position in CRL.)

Not sure how the market might react to this - I don't see any broker forecasts - but it's ok from my perspective.

H2 revenues will be "broadly similar" to H1. For context, the H1 result was £22.3 million (with PBT £1.4 million).

"Broadly" usually means "a little lower", so we might see full-year revenues of c. £44 million, maybe?

Revenues in FY 2018 were £34.8 million, so that would be a 26% increase.

The company has also enjoyed a little bonus:

a one-off benefit from the recovery of R&D expenditure through the government's corporation tax rebate scheme in the region of £350,000 in respect of 2016/17 and 2017/18 and thereafter for the duration of the scheme, the company is likely to receive an annual benefit proportionate to our allowable R&D expenditure.

I presume this means about £180k benefit for each financial year, adding up to £350k in total.

When you have a market cap of less than £20 million, every little helps. I'm happy to continue holding.



Future (LON:FUTR)

  • Share price: 914p…

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