Good morning!

Today we have interim results from H & T (LON:HAT), so that's top of my agenda seeing as it remains one of the larger positions in my portfolio.

On the list today we have:



Castings (LON:CGS)

  • Share price: 402.5p (-5%)
  • No. of shares: 44 million
  • Market cap: £175 million

AGM Statement

This heavy industrial stock reports continuing strong demand from its main customers, but the machining part of the business needs more time to recover to profitability. It's going to move into the company's main headquarters, rather than having is own location. Shares are down 5%.

My view -I'm worried that machining is never going to fully recover from the loss of a big contract in 2017. Return on capital for the group as a whole has deteriorated and may only be restored through some shrinkage as part of the restructuring process.

All of that having been said, the company remains profitable and financially sound. The foundry business is still doing well. This could be worth a look.


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MBL (LON:MUBL)

  • Share price: 3.75p (-17%)
  • No. of shares: 17 million
  • Market cap: 650k

AIM Notice and Update on Proposed Cancellation

Thanks to MrC for pointing this one out. I would probably have missed it, as the RNS was published after 6pm yesterday evening. MBL is being fined £125k (reduced to £75k for early settlement) for breaches of the AIM rules by previous members of the Board.

MBL is now a cash shell after its last operating subsidiary appointed administrators (from Begbies Traynor (LON:BEG) ) in June. It proposes to delist and then, as a private company, return cash to shareholders via an orderly winding up.

I dabbled in these shares about five years ago, when I was doing the "deep value"…

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