Good morning, it's Paul here.

I'm putting in one final & unexpected pre-Christmas appearance here, as I had an interesting company meeting this week. So I offered to write this (Friday's) report, and give Graham the day off, incorporating my company meeting with Ideagen (LON:IDEA) this week. Plus any other company news which might appear on the day itself.

Incidentally, both Graham and I are pleased that the readership count has held up here, in such dire market conditions. You do sometimes wonder if it's worth bothering to write anything, when seemingly everything is tanking every day, regardless of newsflow.




Focusrite (LON:TUNE)

Share price: 472.5p
No. shares: 58.1m
Market cap: £274.5m

AGM trading update

Focusrite plc (AIM: TUNE), the global music and audio products company that trades under the Focusrite and Novation brands around the world...


This is a brief, but positive update;

"When we announced our full year results on 20 November 2018, we commented that trading for the year to date was broadly similar to the prior year.

November 2018 was a strong month and our revenue for the financial year to date is now ahead of the comparative period last year."


If we look at the Stockopedia graphs, the current forecasts (lighter blue blobs below) show a flattening of revenue & earnings. Clearly that is not enough to justify a forward PER of 26 (which implies much stronger growth);


5c255a81e17a1TUNE_graphs.PNG



My opinion - this is a good update, from a good company. However, in current more sceptical markets, the company needs to deliver stronger growth (hence more forecast upgrades) to justify the current valuation, let alone an increase in share price.

I think this is why the share price did not react positively to this announcement - partly due to people winding down for Xmas perhaps, but also that continued good news is already baked into the existing share price.




Craneware (LON:CRW)

Share price: 2305p
No. shares: 26.7m
Market cap: £615.4m

Trading update

21 December 2018 - Craneware (AIM: CRW.L), the market leader in Value Cycle solutions for the US healthcare market, notes the…

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