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

Timing - I've got 2 company zooms coming up from 12-1, and 1-2, so am going to be quite busy today. Am struggling to get my head around the complexity of BWNG too, so think I'm going to need to spend the whole day on this - hence estimated finish time 5pm. Update at 18:58 - what a nightmare! I've finally got through BWNG now, so declare today's report is finished.

Agenda -

Paul's section:

Begbies Traynor (LON:BEG) (I hold) - year end trading update for FY 04/2021 - comfortably ahead of expectations. Also strong cashflow, ending the year with net cash of £3.0m. 4 acquisitions in the last year have gone well. There's lots to like here - I see BEG as cheap, and executing well on acquisitive growth.

N Brown (LON:BWNG) (I hold) - very complicated accounts for FY 02/2021. Massive EBITDA of £86.3m turns into only £9.9m statutory profit. Strong balance sheet. Not a very good business, but it has interesting turnaround potential, I think.

Roland's section:

Nexus Infrastructure (LON:NEXS) - half-year results from this infrastructure group, which has its roots in civil engineering and utility services, but has a growing focus on electric car charging. Can this former AIM growth story get back on track?

Marshall Motor Holdings (LON:MMH) - A solid trading update from this car dealership group. Management expects to match 2019’s pre-pandemic profits in 2021, despite the spring lockdown. Is there still value here?

Paul’s section

Begbies Traynor (LON:BEG)

(I hold)

121p (pre market open) - mkt cap £182m

Year end trading update

Begbies Traynor Group plc (the 'company' or the 'group'), the business recovery, financial advisory and property services consultancy, announces an update on trading for its financial year ended 30 April 2021.

Begbies has been putting out decent trading updates for a while now, plus making a flurry of acquisitions. It now seems that it finished the year with a strong Q4 -

Results expected to be comfortably ahead of market expectations

As you can see below, forecasts (in particular for FY 04/2022) have been rising a lot, due to some quite decent sized acquisitions -



Key points in…

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