Good morning, it's Paul & Jack here with the SCVR for Monday.

Agenda -

Paul's Section:

Intercede (LON:IGP) (I hold) - a steady trading update, H1 performance in line with expectations. Currency headwind blunts revenue growth from 9% to 2%. Strong cash balance, so solvency/dilution no longer an issue. No change in my view, which is positive.

Science (LON:SAG) - Today's update provides the third forecast upgrade this year. My stab at valuation demonstrates that this share remains reasonably priced. My view remains positive - assuming earnings growth is sustainable. The company is also looking at further acquisitions, which could rev up the growth motor in future.

Jack's section:

Treatt (LON:TET) - a great company with sustainable long term growth prospects. The order book is materially higher and its new UK facility will support a trebling of production capacity. I would expect possible upgrades over the next couple of years, but the shares do look expensive at present.

Spectra Systems (LON:SPSY) - a larger than usual central bank order means that profits for 2021 will exceed market expectations. This is an interesting small cap with a lot going on for such a modest valuation. That suggests more communication is required to convey the investment case, so today's additional update of more broker coverage is welcome.

Explanatory notes -

A quick reminder that we don’t recommend any stocks. We aim to cover trading updates & results of the day and offer our opinions on them as possible candidates for further research if they interest you. Our opinions will sometimes turn out to be right, and sometimes wrong, because it's anybody's guess what direction market sentiment will take & nobody can predict the future with certainty. We are analysing the company fundamentals, not trying to predict market sentiment.

We stick to companies that have issued news on the day, with market caps up to about £700m. We avoid the smallest, and most speculative companies, and also avoid a few specialist sectors (e.g. natural resources, pharma/biotech).

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Paul’s Section:

Intercede (LON:IGP) (I…

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