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 -

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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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