Good morning! It's Paul & Jack here with the SCVR for Thursday.

Agenda -

Paul's Section (I've gone a bit nocturnal, so apologies for the erratic timings, this was mainly prepared overnight) -

Altitude (LON:ALT) - in line update. Altitude has over-promised and under-delivered in the past. £20m market cap could be a speculative idea?

Iqe (LON:IQE) - profit warning - shares down 24%. It sounds tech impressive, but doesn't make any cashflow. Not for me.

Mulberry (LON:MUL) - interims looks good, but more than half profit came from a Paris lease disposal. Weird ownership - 95% owned by 2 shareholders. But if this brand takes off again, could be a multibagger. Worth a look, for fashionistas, not bean counters who mistakenly think they know about fashion! like me! :-)

Cake Box Holdings (LON:CBOX) - when is it right for founders to sell? We love CBOX here at the SCVR - exactly the type of hard-working founder entrepreneurs, with big shareholdings. But they're selling a quarter. How do we feel about that?

Jack's section:

James Latham (LON:LTHM) (I hold) - strong H1 results, as previously flagged. The group faces a number of cost pressures now, while volumes and margins are normalising. The current period has benefitted from stock bought at historically normal prices and then sold at a mark up amid unprecedented demand conditions. Receivables have increased and customers are 'a bit quieter' as they hold off in order to source parts. It's a good company but I wouldn't be surprised to see the share price ease back over the next year or so, depending on how the wider market plays out.

Macfarlane (LON:MACF) - a short update confirming that the group now expects to exceed full year expectations. There's a good track record of long term revenue growth and operating margin expansion here that warrants further investigation.

Activeops (LON:AOM) - relatively new software float with recurring revenue, although it remains loss-making. The company has cash to invest and I'm interested to see how it might grow in time but, for now, the valuation looks quite full.


Paul’s Section:

Altitude (LON:ALT)

28.5p (up 6% yesterday) - mkt cap £20m

Trading Update

There’s a change of Chairman too, which doesn’t really matter in…

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