Good morning!

It's a very quiet day for interesting news today. For newcomers who may not be aware, we normally only cover interesting trading updates & results announcements in these reports.

In response to reader requests, I'll also circle back to yesterday's announcement from Frontier Developments (LON:FDEV) . Searching the archive, I see that Graham has written about it 3 times in the last year. I last looked at it in Sep 2017, and it didn't float my boat then, on valuation grounds mainly. So, once I've got up to speed by reading that lot, and read the accounts, I'll post my latest thoughts here.

Firstly, let's have a quick look at today's trading updates & results in the small caps space.




McBride (LON:MCB)

Share price: 132.5p (up 1.6% today, at 14:30)
No. shares: 182.6m
Market cap: £241.9m

Final results 

McBride plc, the leading European manufacturer and supplier of Co-manufactured and Private Label products for the Household and Personal Care market, announces its results for the year ended 30 June 2018.


This is another share which has wilted over the spring/summer this year.

Recap - which I might as well type up, as I'm doing the work anyway);

7 Sep 2017: (191p)  My review of results y/e 30 Jun 2017. In line results. I disliked: debt & pension-deficit on balance sheet, and H2-weighting comments in outlook section for the new year. It looked decent value though, and had a high StockRank of 95. Seemed a very good turnaround in performance (and share price).

24 Oct 2017 (213p) - I reviewed another trading update, confirming in line with expectations, but again mentioning H2-weighting expected for FY 06/2018. I concluded that it was probably not a bargain, on PER of 14.

We didn't report on it here at the SCVR after that for a while, probably because the company just doesn't interest Graham nor myself. It's desperately dull having to write about companies that you can never see yourself owning. The share price turned south from 8 Jan 2018, falling from a peak of 230p in Dec 2017 to a low of 121p in May 2018.

The chart suggests that the rot set in from 8 Jan 2018, with…

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