Good morning! It's Paul & Jack with you today.

Agenda - 

Paul's Section:

Belvoir (LON:BLV) announces it will be attending Mello in Chiswick on 25 May. Do come along too!

JD Sports Fashion (LON:JD.) - a mid-cap, but interesting because its trading update today mentions supply chains improving.

Concurrent Technologies (LON:CNC) - good results for 2021, blunted by an increased tax charge. Fantastic balance sheet, very strong indeed. Component shortages seem likely to delay product deliveries, impacting H1 2022 results. Overall therefore, I'm happy to sit on the sidelines.

Superdry (LON:SDRY) - (I hold) a not very helpful trading update, but I found the IMC webinar this morning much more informative. It sounds like the company is near enough to market expectations, so no profit warning. Subjectively, I discuss the reasons why I think the turnaround here could be working. Obviously macro headwinds are a sector-wide worry.

Quick comments (no sections below) -

Empresaria (LON:EMR) (I hold)  - Unchanged at 69p - mkt cap £34m

A solid update today for FY 12/2022 today -

The Group has had an encouraging start to 2022, continuing the progress made in 2021 by delivering strong growth in net fee income. The Group remains on track to meet market expectations for the full year.

Singers has 8.8p forecast EPS for this year, so that’s a PER of 7.8 - cheap, but the whole sector has sold off (again) recently.

I think we tend to prefer Robert Walters (LON:RWA) and SThree (LON:STEM) here at the SCVR. But EMR is also worth considering - performing well, and cheap.

Jack's section:

Character (LON:CCT) - revenue up 22% but the mix (more FOB and US sales) means gross margin has fallen. Profit is down year on year but is up if you strip out last year’s property sale. The company is buying back stock and paying out dividends, so it has its attractions for investors, but there are also a few headwinds in the short term.


Explanatory notes -

A quick reminder that we don’t recommend any stocks. We aim to review 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…

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