Good morning! It's Paul here.

I'm back from a fascinating trip to Zimbabwe, as a guest of a small, humanitarian aid charity, called ZANE. The purpose of my trip was to see their activities on the ground for myself. I'll tell you more about that later.

You didn't look after the market very well while I was away! The internet in Zimbabwe is surprisingly good, apart from when the Govt turns it off for political reasons (e.g. during the fuel riots earlier this year). However, my schedule in Zimbabwe was so busy, that I barely had time to stop & think, let alone look at the UK stock market.

It was actually very worthwhile, to almost completely tune out from the stock market, for the first time in many years. I've not even read the interim results from Revolution Bars (LON:RBG) yet, but have just realised that I have a meeting scheduled with the company at noon today. Please forgive me, as I'll need to prepare for that now. The share price has already indicated that people are not happy with the company's lack of progress, so I'll be asking some tough questions at the meeting today, and will have to read the interim results on the tube.

Most of today's report is necessarily going to have to be written later today, once I get back from my meeting in the City.


Tracsis (LON:TRCS)

Trading update

Looks fine - trading in line with expectations.

Group trading for the first half of the year has been in line with management expectations.  Group revenues are expected to be ahead of the previous year at c. £19m (2018: £18.1m).  EBITDA and Adjusted Profit are also expected to be ahead of the previous year (2018: EBITDA £4.3m, 2018: Adjusted Profit £3.9m).


Cash position is strong, which historically has funded lots of smallish acquisitions;

At 31 January 2019, Group cash balances remained strong at £18.7m (31 July 2018: £22.3m, 31 January 2018: £18.5m), which reflects continued excellent cash generation.  This is after the cash outflow in respect of acquisitions made and the final contingent consideration in respect of the Ontrac acquisition from 2016.


The rest of the narrative today sounds encouraging.

Stockopedia shows a forward PER of 22.8, which looks about right to me, as it would come down to something like 19-20 once you…

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