Good morning, it's Paul here with the SCVR for Thursday.

Today's agenda;

Dunelm (LON:DNLM) - Results 52 weeks to 27 June 2020

Saga (LON:SAGA) (I hold) - Interims

Victoria (LON:VCP) - AGM Statement

Speedy Hire (LON:SDY) - Trading Update

Epwin (LON:EPWN) - Half year results

Estimated timings - I'm running a little late today, got distracted by something, sorry about that. I should be mostly done by 1pm, but might carry on adding sections after that.
Update at 14:21 - SAGA took much longer than expected, so I'm taking a lunch break now, and will resume later this afternoon to finish off the last 2 companies above, and hopefully look at Anpario (LON:ANP) from yesterday too. Thank you for your indulgence.
Update at 15:57 - I'm back, and working on an update to Saga, plus the rest on the list - should be done by 8pm.
Update at 21:02 - today's report is now finally finished!


Dunelm (LON:DNLM)

A quick mention of this homewares retailer, operating from large units in retail parks. Together with a strong online offering, retail parks are the best places to be operating from at the moment - the open spaces lend themselves well to social distancing, and plentiful free parking helps. People seem far more willing to visit these sites than town centres.

Results for the 52 weeks to 27 June 2020 are remarkably good, considering the stores were shut in most of Q4.

EPS is obviously down on LY, but not by much - it reports 42.9p EPS, vs. 49.9p LY. That's astonishingly good in the circumstances.

Online is key too these days, and Dunelm reports a big increase here too, with 27% of total sales online.

Current trading is strong, and management sound confident, but say there is too much uncertainty to be able to give guidance. The final divi is withheld, which seems overly cautious to me, given how well it has traded. Divis are set too resume at the interim stage.

My opinion - a fantastic company, but the shares are so expensive now, that I'm not interested in buying back in (this was one of the shares I bought about a week before the March low, as chronicled here at the time). Even allowing for a recovery…

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