Good morning, it's Paul & Jack here, with Friday's SCVR.

To start you off today, here is the link to yesterday's SCVR, which I finished late last night, with 11 companies in total:

ZOE, SDRY, D4T4, JOUL, WRKS, PCIP, BWNG, DFS, ZTF, HEAD, WIN

Lots of interesting companies there, so it's a pleasure to dig into those (Jack wrote the first section, as I was initially in bed with a hangover, after helping the De Beauvoir Arms (N1) minimise their lockdown 2.0 inventories write-offs, and singing "We'll Meet Again" with the staff just before closing time, which they convincingly pretended to enjoy!).

Anyway, let's see what Friday brings. Hopefully nothing too stressful.

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Agenda - a quiet news day, so I’ll cover a few items left over from earlier this week;

Premier Foods (LON:PFD) - Disposal (Jack, done)

H & T (LON:HAT) - Business update, from 5 Nov (Paul, done)

Mears (LON:MER) - Disposal & trading update (Paul, done)

Urban&civic (LON:UANC) - Agreed bid (Paul, done)

Watkin Jones (LON:WJG) - Trading update (Paul, done)

Senior (LON:SNR) - Q3 trading update from 3 Nov (Paul, done)

Tasty (LON:TAST) - Restaurant closures (Paul, done)

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Timings - at 14:08 - I'm stopping for some lunch and a power nap, so will return later this afternoon to finish off.
Update at 17:00 - today's report is now finished.

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** This section written by Jack **

Premier Foods (LON:PFD)

Share price: 105.4p

Shares in issue: 852,385,190

Market cap: £898.4m

(Jack writing - I hold)

The market cap’s too big here for the SCVR, strictly speaking - but Premier Foods (LON:PFD) was a small cap as recently as April before a dramatic rerating, and it looks to be a quiet news day so far so let’s expand the remit a little.

Premier Foods operates in the ambient food sector which continues to be the largest sector within the total UK grocery market. See its brands below.

Source: company website

For years, PFD was rightly regarded as a ‘zombie’ company, just about generating enough cash flow to satisfy its debt and pension obligations. The group is approaching an inflection point though, helped by lockdown tailwinds.

Debt is coming down at pace and the group is in talks to eventually offload its combined pension fund now, which is now in surplus.

Today PFD announces more positive news.

Disposal of 49% Hovis interest

Years ago, PFD wrote its interest in Hovis down to nothing - a prudent move that was arguably dismissed at the time as the prevailing sentiment towards the company was just so dire. That sentiment was understandable.

Alongside its joint venture partner, Gores, PFD has held a 49% minority interest in Hovis since April 2014. Hovis was sold on 5 November 2020 and proceeds of £37m will go to PFD. This will be used to repay outstanding loan notes and accrued interest.

Conclusion

The Hovis disposal rumour has been doing the rounds for a while now.

Suggested figures had actually been higher - roughly £100m total and £50m to Premier. This is still a creditable result though, particularly given that this investment was written down to nothing years ago.

This £37m windfall will be used to accelerate PFD’s deleveraging, which will strengthen the balance sheet and should over time increase free cash flow to shareholders.

In the group’s 2020 Annual Report it gives something like the following reconciliation of trading profit to free cash flow:

To my mind, the name of the game is closing that gap between Trading Profit and Free Cash Flow (while paying down debt and growing revenue at the same time).

I’ve highlighted interest costs, pension contributions and restructuring costs to show just how much of a drag they are. That’s 66% of trading profit spent on those three items. In fact, over the past five years, more than 71% of trading profit has been spent in this way.

If it were to successfully pay down debt, offload its pension fund and stop contributions, and leave behind the restructuring costs, then that would make for a free cash flow figure of £151.9m.

McCormick, which was looking to buy Premier a couple of years ago, trades on a free cash flow multiple of 29.1x and 4.56x sales.

Applying those kinds of multiples to the potential free cash flow and current revenue of PFD, we have:

I don’t expect PFD to come close to those numbers anytime soon - in fact it suggests to me McCormick is overvalued as much as PFD is cheap - but it does justify a further rerating if the group can continue to de-risk its balance sheet and prove itself as a higher quality Consumer Defensive stock.

ABF appears more modestly valued but still suggests upside, on balance:

The above also does not take into account any potential revenue growth at Premier Foods, and the fact is PFD has been slowly growing its top line for the past five years now.

Anecdotally, I’ve seen this stock talked about increasingly as a short term trade given the recent rerating. This could contribute to volatility in the near term but the fundamental three-year investment case remains unchanged.

On balance I’d say PFD is the cheap side of fair value, but with some promising catalysts on the horizon and plenty of scope for a more material rerating if it can shed its troubled past and reinstate itself as a quality branded Consumer Defensive company with resilient revenue and free cash flow.

Prospects are certainly much better than they’ve looked at any point over the past five years or so.

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H & T (LON:HAT)

Share price: 234p
No. shares: 39.86m
Market cap: £93.3m

Business update

This pawnbrokers used to be covered here by Graham, and I think quite a few readers hold it, so I’ll add it to my list of things to report on. Several readers have commented that the share price has been unusually weak, despite upbeat trading.

Jack reviewed its interims to 30 June here. H1 profit reduced 27%, due to the impact of lockdown 1.0 forcing the closure of its shops. I’ve just had a look at the 30 June balance sheet, and muttered “wow!” to myself. It’s extremely strong, bulletproof actually.

Moving on to yesterday’s update;

Further to the announcement on 11 August 2020 of its interim results for the six months ended 30 June 2020 H&T Group plc ("H&T" or "the Group"), the UK's leading pawnbroker, provides a trading update for the second half of the financial year.

All 253 stores are remaining open during lockdown 2.0, being classed as “essential”. This is different to lockdown 1.0, when all stores were closed. This reinforces the reality that this latest lockdown is milder in scope than the original back in March-June, when many more sectors shut down temporarily, as nobody really knew what we were dealing with at the time.

Regulatory issues - this worries me;

The Group continues to work closely with the FCA in respect of their HCSTC lending review, and we have now appointed a Skilled Person in this regard.

Here’s the most recent stuff on the FCA’s website relating to High Cost Short Term Credit.

A pawnbroking business is always going to face potential regulatory risk. In the worst case scenario, action by regulators could kill the business off, if they wanted to. Therefore I wouldn’t ever pay a high multiple for this kind of high cost lender.

Online -

The Group has continued to invest in digital capability allowing customers to access products both remotely and through its store estate.

Pledge book (i.e. receivables, loans to customers) -

Pawnbroking customers continue to repay their loans (either by attending the store or via the payment portal) and at normal pledge redemption rates. At the end of October the pledge book stood at £48m. The reduction since June [Paul: was £56.3m at end June] reflects both reduced customer demand and a prudent approach to new lending. The quality of the pledge book remains solid and cash generation remains robust.

This sounds positive overall -

Retail sales have been strong, capitalising on increased consumer demand for competitively priced, high-quality jewellery and watches. The high gold price has also driven increased gross profits from both pawnbroking and gold purchasing activities. These strong performances have more than offset weakness in the Group's foreign currency business as a result of reduced international leisure travel.

Balance sheet - is amazingly strong;

The Group's balance sheet and liquidity remains strong with net cash of approximately £30m, no debt, an undrawn revolving credit facility of £35m and net assets of £134m.

Worthless intangibles (mainly goodwill) total £22.6m, so that brings NAV of £134m down to NTAV of £111.4m, or 279p per share - which is above the current share price of 234p. It’s unusual to see a profitable company trading below NTAV.

Moreover, most of the NTAV is liquid, i.e. working capital. Current assets are £109.9m (mostly inventories & receivables), whilst current liabilities are only £15.4m. I would deduct £5.7m lease liabilities from CL, so making that adjustment we arrive at £100.1m net current assets - i.e. surplus working capital, or 251p per share. Hence a share price below 251p means you’re paying less than liquid asset value - very attractive, providing the valuations of inventories & receivables are prudent, which they should be because auditors require provisions to be made against these values if they are not likely to turn into cash when they should.

Trading ahead of market expectations - this is the most important bit -

"H&T is in very good health during this unprecedented time, with a strong performance in our retail operations and a prudent approach to lending. In addition to our websites, our stores remain open for business, in line with Government requirements, with over £30m in cash to support our customers. Whilst the rebuilding of the pledge book is dependent upon a number of factors, including underlying customer demand, overall we are performing in line with plans and currently ahead of market expectations for the year.

I cannot find any broker notes, but the broker consensus graph below looks like it’s been updated with fresh forecasts, which are down considerably on pre-covid levels.

Hence it’s good that HAT is ahead of expectations, but those expectations were lowered considerably, so it’s perhaps not as good as it first looks.

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My opinion - this share looks strikingly good value. You’re not only getting full liquid asset backing for the current share price, but we also have the reassurance that the business is performing OK (in the circumstances), and ahead of (lowered) market expectations, and on a PER below 10.

Given the surplus assets, it has ample future dividend paying capacity.

The regulatory side of things could be a thorn in the side, it would be worth doing some reading on the FCA website, using the link I put in above, to see what the lie of the land is there. Does the FCA want to hurt pawnbrokers with tighter rules, or does it see them as providing a necessary service to the public? I don’t know.

A smaller pledge book probably means lower profits, and it does mention reduced demand, but that’s better than lending recklessly and then having to make bad debt provisions.

Overall, it’s not something I would want to invest in, but the valuation does look attractive at 230p. A fairer valuation would be c.300p in my view. So reasonable upside, and it’s still paying divis whilst you wait for the share price to rise. The buoyant gold price is helpful for pawnbrokers too.

Note the high StockRank too -

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Mears (LON:MER)

Share price: 145p (up c.21%, at 11:52)
No. shares: 110.5m
Market cap: £160.2m

Proposed sale of TerraQuest Solutions Limited

Mears (LSE: MER), the UK Housing solutions provider…

This disposal is material to Mears market cap of £160.2m, and it very significantly reduces net debt;

· The Buyer will acquire the entire issued share capital of TerraQuest for a maximum valuation of £72.0m1. The consideration is as follows:
o minimum cash proceeds are expected to be £61.8 million2;
o up to a further £5.0 million in cash, payable subject to the performance of TerraQuest in the financial year to 31 December 2021; and
o £3.2 million in interest bearing loan notes3 together with ordinary shares equating to a 6.2 per cent. of the share capital of the Buyer's holding company, providing the potential for further value to Shareholders.

· Following the Disposal Mears will:
o be solely focused on its core proposition as a trusted provider of specialist housing solutions to central and local government; and
o have a significantly strengthened balance sheet, where unaudited pro forma net debt as at 30 June 2020 would have been £10.8 million4 (actual net debt 30 June 2020: £62.4 million).

TerraQuest was nicely profitable, so this will permanently reduce Mears future profits by roughly this amount;

In the financial year ended 31 December 2019, the TerraQuest Group generated revenues of £20.9 million and a profit before tax of £4.9 million.

Trading update - for the rest of the group;

Trading across the Continuing Group in the period since 30 June 2020 has been in line with the Board's expectations.

Lockdown 2.0 doesn’t sound like it will be a problem for Mears -

Mears continues to benefit from the supportive financial arrangements agreed with clients through the first half of this year. Given this, and the relative proximity of the year end, the Board expects that the recently implemented England-wide lockdown restrictions and the restrictions in Scotland will not have a materially adverse impact on performance in 2020.

Bank covenants relaxed, it sounds as if the disposal was possibly linked to this -

...amendment of its Revolving Credit Facility to provide materially greater covenant headroom as at 31 December 2020 and 30 June 2021 .

My opinion - I don’t know enough about Mears to form an overall view on the share. This disposal & relaxation of bank covenants, looks a good move, to reduce risk, although it will also reduce future profits. Selling off the family silver to reduce debt, perhaps?

Looking at its last balance sheet, it fails my balance sheet tests, with negative NTAV. Also it has a pension deficit, and very high lease liabilities. It looks a low margin outsourcing type of business, which I tend to avoid, as something usually goes wrong sooner or later.

As you can see below, it’s been a dismal investment over the last 5 years.

That said, it is now looking cheap on a PER and future dividend yield basis. Although the group should probably focus on rebuilding its balance sheet more, before paying out divis. We've seen how lots of big yielders have come a cropper in the crisis this year. It's striking how much more prudent private companies, and family-controlled listed companies are. They seem to put prudence first, whereas all too often listed companies with hired hands running them, take on too much debt, and chase EPS targets & share options, to the detriment of financial stability.

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Urban&civic (LON:UANC)

Share price: 346p (up 64% at 12:25)
No. shares: 145.2m
Market cap: £502.4m

Recommended Offer

The Wellcome Trust has launched an agreed takeover bid for this property developer, at a tremendous premium of 64%. Coming hot on the heels of a takeover bid for retirement property developer Mccarthy & Stone (LON:MCS) this makes the whole sector look interesting.

A noteworthy aspect of both MCS and UANC, is that both were trading well below NTAV, at something like 0.7-0.8. This was what attracted me to buying MCS at about 70p, because I couldn’t see any justification at all for it being priced at a discount to NTAV. If anything, you could argue it should have been at a premium, to reflect profits from sites in construction. A bid came through at 115p, very pleasing indeed.

It’s quick and easy to dig into any sector on Stockopedia. I just clicked on the sector shown on the StockReport for UANC, which brought up all the companies in the Real Estate Operations sector. Then you can click on “value” view, and sort the companies by P/TBV.

Here are some of the results, with my highlighting for some of the ones that look potentially interesting, ignoring the minnows. I’ve also ignored everything with a P/TBV under 0.5, because that’s too low, implying there’s something wrong. Note of course the retailing focused property firms are bombed out, for good reason, as their assets have plummeted in value.

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Rummaging through a sector where a flurry of takeover bids are happening, can be rewarding, if you get lucky and someone bids for a company you've bought.

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Watkin Jones (LON:WJG)

Share price: 135.3p (up <1%, at 13:19)
No. shares: 256.2m
Market cap: £346.6m

This follows on nicely, as this is another property developer;

Watkin Jones plc (AIM:WJG), the UK's leading developer and manager of residential for rent with a focus on the build to rent ('BtR') and purpose built student accommodation ('PBSA') sectors, is pleased to provide a trading update for the year ended 30 September 2020 (the 'year' or '2020').

Trading update

Resilient operational and financial performance, with seven developments successfully delivered despite lockdown restrictions

Strong second half recovery with adjusted operating profit for 2020 expected to be in the range £48.0 million to £50.0 million, with revenues of circa £350.0 million

Intention to pay a full year dividend for 2020 in line with our policy of 2.0x cover, reflecting our strong cash position, subject to there being no material deterioration in market conditions

We have successfully completed seven schemes and made excellent progress in growing our development pipeline, which will deliver returns in the future. We have also started to see growing evidence that institutional investors are beginning to recover their appetite for forward funding developments in both BtR and PBSA, and this is confirmed by our news today that we have forward sold two PBSA developments to Student Roost (owned by Brookfield) for £48.8 million.

We have also incurred certain non-underlying costs in the year associated with the COVID-19 disruption of approximately £6.0 million and the previously announced provision for cladding replacement costs, now expected to be approximately £15.0 million.

The current COVID-19 disruption to the student letting market does not cause any significant exposure to us in respect of the fee revenue earned by FPG on its contracted portfolio of assets under management. However, as previously announced, we do hold six legacy leased PBSA assets. The lower level of student occupancy for the 2020/21 academic year is currently expected to result in a reduction of revenue for us in 2021 of approximately £5.0 million. This will result in an impairment in the carrying value of our right of use assets, the cost of which is expected to be £1.9 million and is included in the non-underlying COVID-19 costs referred to above.

The resilience of the business is reflected in our continued strong cash generation. We expect to report a 2020 year-end gross cash balance of circa £130.0 million and a net cash balance of £90.0 million, after deducting site specific loans of £40.0 million.

My opinion - I’ve been lazy in copy/pasting the key points above, but they’re all self-explanatory, and it is Friday.

I’ve long admired this business, it is a class act, operating in a lucrative niche, and forward-selling projects to institutions, thus reducing risk.

How to value it? Personally, I think PER is not the right way to do it, because the profits are lumpy, project-based. Hence there’s no guarantee the pipeline can be continuously re-filled.

I prefer to look at P/TBV. In this case, Stockopedia is showing a P/TBV of over 2, which is expensive relative to the sector;

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In my view, Watkin Jones does deserve a premium to tangible book value, but not this much.

There again, given its excellent track record, and specialised skills, maybe I should be more aggressive in how I value it?

The shares have sold off a lot this year;

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Note the massive Director selling a few years ago. No wonder he was wearing such a beautiful suit at an investor meeting I attended!

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The family trust is still the largest shareholder, with c.15%, enough to keep management motivated, I imagine;

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My opinion - this is a very good company, in my view. It generates superb development profits, in a carefully managed, pre-sold, low risk business model.

The more I think about it, maybe I should just buy some, and ignore the premium to NTAV? Tricky one, I’ll add it to my watchlist, and see what happens. Maybe it might be best to wait, and see where the share price settles? It’s still in a downtrend after all.

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I'm stopping for lunch now, will be back later this afternoon.

Senior (LON:SNR)

Share price: 49.8p
No. shares: 419.4m
Market cap: £208.9m

I’ve never looked at this business before, so please treat this as just an initial review from someone who knows nothing about it! Therefore I particularly welcome input from any readers who know Senior better than I do.

Senior is an international manufacturing Group with operations in 13 countries. It is listed on the main market of the London Stock Exchange (symbol SNR). Senior designs, manufactures and markets high technology components and systems for the principal original equipment producers in the worldwide aerospace, defence, land vehicle and power & energy markets.

[source: 2019 results statement]

As background, here are my notes from reviewing the 2019 accounts, to treat that as a normal year, which might be the baseline for future performance once covid has gone away.

• Mainly an aerospace group: £835m revenues, healthy profit of £76.4m (adj op pr) - awful sector now in 2020 due to covid
• Smaller “flexonics” (flexible metal hoses) division: £276m revenues, adj op profit £26.1m
• Adj EPS 16.17p (up 1% on LY) - historic PER of 3!
• 3 disposals, amusing called “Prune to grow” strategy!
• Restructuring programme underway pre-covid
• Impacted by Boeing 737 Max disaster
• US class action lawsuits - needs checking out, potential liabilities?
• Pension deficit looks small, £10.2 actuarial, but recovery payments £5.5m p.a. (reduced from £8.1m pa)
• Pension asset shown on balance sheet - is it really an asset?
• Heavy capex, it’s a capital-intensive business model
• Debt: main loans are US private placement notes, unsecured (good), but have covenants, key one being net debt: EBITDA of 3.0-3.5 - this could be a problem in 2020
• Balance sheet: £559.6m NAV, less £297.1m goodwill = NTAV £26.5m - looks reasonable, but 2020 losses could erode that. Note this includes £79.9m freehold property - what is open market value of this? Good to have - property can be sold/leased back in times of trouble.

2 June 2020 - important RNS, saying it has reached agreement with all lenders (including US bondholders) to relax covenants for June & Dec 2020. Eligible for Bank of England’s CFF loans. Scenario planning shows has adequate funding available.

Next, I’ve reviewed its interim results to 30 June 2020. Key points;

• H1 Revenues down 30% to £409m
• Adj PBT £3.6m (LY H1 £40.7m)
• Goodwill write-off of £110.5m, with other adjustments, gives a loss before tax of £(136.3)m. Goodwill write-offs don’t matter to me, as I write it all off anyway
• Net debt £238.9m including leases of £83.7m. £ 155.2m without leases - not disastrous by any means
• Key debt covenant of net debt: EBITDA is 1.6x - comfortably within (for now)
• No interim divi, no surprise there
• Going concern note is confident it has enough funding, even in severe but plausible downside case, for foreseeable future

My view - so far, at the interim results stage, it seems to be weathering a severe storm in its end markets. Insolvency risk currently seems low.

That’s brought me up to speed on what the company does, and its recent history. Let’s take a look at the most recent update:

Q3 Trading Update -

Senior plc ("Senior" or the "Group"), an international manufacturer of high technology components and systems, principally for the worldwide aerospace & defence, land vehicle and power & energy markets, today issues this trading update for the nine-month period ended September 2020 (the "Period").

No improvement in sight;

At our 2020 Interim Results we highlighted that the lower level of activity seen in Q2 2020 due to the impact of COVID-19 on some of our key end markets was likely to persist for the remainder of 2020; and that remains our view.

The quarterly trend in 2020 in aerospace (the main part of Senior) is getting worse;

Aerospace sales declined 22% in Q1, 40% in Q2 and 45% in Q3, year-on-year.

The smaller Flexonics division has fared less badly;

Flexonics sales declined 23% in Q1, 33% in Q2 and 25% in Q3 year-on-year.

Liquidity sounds OK still;

The Group continues to focus on cash preservation and Q3 was in line with expectations. Headroom on our committed borrowing facilities was £142m at the end of September 2020. We are confident that at the year-end we will have sufficient liquidity under our existing committed facilities and that we will remain comfortably within our agreed covenant levels.

Although my worry is, what happens in 2021? Covenants were relaxed for Dec 2020, but it sounds like a fresh round of negotiations might be needed for 2021. This could include the need for an equity fundraising, which looks a medium to high probability to me.

Market update - this is interesting, and rings true, with tourists in the UK keen to go on holiday, when it is permitted;

There is some evidence that when people are able to fly, demand will recover strongly: for instance, domestic air travel in China is now above pre-COVID levels.

Moreover, there seems very little evidence that air travel spreads covid. An argument is that the airflow is downwards on board a plane, with air vents providing filtered air from above, travelling in curtains downwards and out through floor level extractor vents. That’s probably the best form of ventilation possible on public transport.

Most industry commentators expect air traffic to return to 2019 levels by around 2023/24 and commercial aircraft production rates to recover to pre-COVID-19 levels by 2024/25.

This sounds far too gloomy to me. Personally, I think there’s tons of pent-up demand for holidays, and we could see things roar back into life in 2021, once covid is in retreat. But there again, I’m a natural optimist, and was far too sanguine about covid over the summer. So your guess is as good as mine, possibly better!

The outlook for the smaller flexonics division is a little better, and other markets like defence and semiconductors are healthy, but oil & gas is struggling due to low levels of drilling.

More restructuring is underway, including merging two divisions, and closing a facility in the Netherlands. Substantial cost-savings are in the pipeline;

The annualised run-rate of savings is expected to increase from £45m in 2021 to around £50m from 2022 once the Bosman closure has completed.

That will incur a cash outflow of restructuring costs of £20m in 2020, and £8m in 2021.

Guidance - not too bad for 2020, but no recovery in sight until 2022;

overall, the Board's current expectations for 2020 are broadly in line with market expectations1… (1) Company compiled consensus for FY20 adjusted profit before tax is £(11.2)m loss based on the nine analysts that have updated their forecasts since our 2020 Interim Results.

… it is likely to be 2022 before we see a meaningful recovery in Group revenues. In 2021, Aerospace is set to be at least as challenging as 2020 given the current production rates which our customers are advising.

My opinion - there’s a lot to take in there. This is just my initial impression but I see the risk of insolvency as quite low here, at the moment. Borrowings don’t seem excessive, and lenders are likely to continue being co-operative. The main risk is an equity fundraising, done at a deep discount in 2021. For that reason, I’m happy to sit on the sidelines and watch.

Another worry is that 2021 could end up being a lot worse than 2020, if customer contracts in 2020 were winding down from existing orders, and not being replaced with new orders. It could get really ugly in 2021.

At some point, maybe in 2021, or 2022, this share could recover decently. But I’m not convinced there’s any need to jump the gun here, given that its markets seem likely to struggle quite badly for some time to come.

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Tasty (LON:TAST)

1.25p - mkt cap £1.8m

(I hold)

Too small to mention here really, but it's an interesting situation. I bought a few shares after a possible CVA was mentioned recently, but it's continued dropping in price. Option money only now.

Obviously the restaurants have had to close again, which is such a pity as the staff worked so hard to get things up & running again. The team in its Bournemouth site, are so hard-working and friendly, they greet me by name, with a warm smile, it makes such a difference.

This is what it says today;

As reported in the Interims on 30 October 2020, the Company has been successful in achieving rent reductions and lease concessions on a number of sites. The Company is continuing consensual negotiations with landlords and other creditors in respect of outstanding rents and anticipates that this process will be completed by the end of November. The Company will again be relying on Government support for employees' pay and VAT and business rate holidays.

I'm wondering if TAST might agree terms where it can, then launch a CVA to implement the agreed terms, and force terms on landlords who are not co-operating? That would make sense to me.

Remember that TAST still has cash in the bank, and it could survive I think. Post covid, and doing a CVA to ditch the problem sites, then a nice little business could emerge from all of this, later on in 2021.

De-listing risk is very high I think, given how small the market cap is. Hence I've sized my position at a small level, where I could afford to hold shares in a private company, for the long term.

This is a special situation, and high risk. Interesting though, I like special situations. Occasionally you hit the jackpot.

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Well, I think that's it for today, and the week!

Have a lovely weekend.

Best wishes, Paul.