Good morning, it's Paul here with the first SCVR for this bank holiday week.

Timing - update at 14:09 - I'll leave it there for today, as Tamzin wants to chat to me for PIWorld at 3pm, and I want to have a cup of tea & soak up some sunshine before we get stuck into that. Therefore, today's report is now finished.

Agenda -

Paul's Section:

Churchill China (LON:CHH) - in line with expectations trading update. Healthy order book. Upbeat-sounding, but noticeable for a complete lack of figures! This is a good company, but the share price now fully prices-in a recovery to 2019 performance.

M&c Saatchi (LON:SAA) - shares are up today, on a strong trading update. This one is a bit too complicated for me, with previous accounting issues, I'd rather leave it alone. Although macro conditions now seem to be good for PR/marketing companies, so it could have further upside perhaps?

Gooch & Housego (LON:GHH) - improved H1 profits, but that's due to excluding restructuring costs, including them gives a result barely above breakeven. Solid balance sheet, and upbeat outlook. I'm struggling to justify the valuation though, it does look as if upside is already priced-in, as with many shares I look at currently.

Springfield Properties (LON:SPR) - strong trading update, significantly ahead of expectations. Looks good.


Paul’s Section

Churchill China (LON:CHH)

1708p (pre market open) - mkt cap £188m

AGM Statement (trading update)

Churchill China plc (AIM: CHH), the manufacturer of innovative performance ceramic products serving hospitality markets worldwide, will hold its Annual General Meeting at 12 noon today. At the meeting, Alan McWalter, Chairman, will make the following statement...

It’s upbeat-sounding, but in line with expectations -

Whilst the Company is currently trading in line with the Board's expectations, we remain mindful of the potential for further impact on our revenues and operations from future market restrictions and therefore continue to maintain operating flexibility and a sound financial base…
… We believe our decision to maintain operating levels will stand us in good stead and that the level of momentum within the business will allow us to meet our target performance levels both in the short and longer term."

  • Quiet Q1, due to lockdown
  • Growing evidence of recovery (as reported on…

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