Good morning, it's Paul & Jack here with the SCVR for Tuesday.

Timing - update at 14:01 - I've still got a couple more sections to write, so estimated finish time today is 16:00. Update at 16:00 - today's report is now finished.

Agenda -

Paul -

De La Rue (LON:DLAR) - A reassuring trading update for FY 03/2021. At top end of (tight) range of £36-37m adj operating profit, so in line with expectations really. Don't forget the £15m p.a. pension recovery cash outflows, which are material to the valuation.

Boohoo (LON:BOO) (I hold) - a separate post here - I comment on the announcement of acquisition for £73m of a Soho office block, plus the recent 1.2m sq.ft. (leasehold) warehouse in Daventry. The group is gearing up for major expansion, with new brands acquired recently, such as Debenhams, Dorothy Perkins, Wallis & Burton. NB. Separate, new thread - here. Please do not comment on BOO here! We're now using separate threads, to avoid clutter here with what is now a mid-large cap.

Totally (LON:TLY) - a positive trading update. Looks an interesting company, that is growing on me, the more I research it.

Revolution Bars (LON:RBG) (I hold) - H1 results to 31 Dec 2020, largely academic due to lockdowns. More importantly comments & numbers on liquidity look encouraging. Trading after restrictions end in May-June 2021 is all-important now. Management talk about "huge pent-up demand" in today's update, soundning more bullish than in previous updates.

Sosandar (LON:SOS) (I hold) - starting to look interesting again. Strong trading in Jan-Mar 2021. Still loss-making (60% reduced). Change of broker - prelude to a placing maybe? Overall, quite an encouraging update I think.

Quiz (LON:QUIZ) (I hold) - another special situation. It's still solvent, and with shops re-opening, and special occasions resuming soon hopefully, this gives QUIZ a fighting chance.

Jack -

Billington Holdings (LON:BILN) - improving outlook but cost and competitive pressures from this micro cap steelworks company

Hornby (LON:HRN) - positive reaction to today's 'ahead of budget' update but a degree of recovery already priced in


Paul’s Section

De La Rue (LON:DLAR)

187p (pre market open) - mkt cap £364m


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