Good morning! It's Paul & Graham with you today. Today's report is now finished.

Agenda

Last call for Mello Chiswick! This physical event is this week - tomorrow (Weds 16th) and Thurs 17th. Here's a link for a last minute special offer for tickets, when they're gone, they're gone! Both Graham and Ed will be giving talks. I've been booked in for 2 panel sessions, and will be generally floating around being affable. So I hope to see you there. We need to get these events going again, after the pandemic, as the risk is that they won't happen again if we don't, it would be such a pity to lose the social aspect of investing, if everything moves online.

Paul's Section:

Virgin Wines UK (LON:VINO) - Here's the transcript of my interview last Friday with Jay Wright, the CEO of Virgin Wines. The audio version is here.

Gear4music Holdings (LON:G4M) - no surprises in today's H1 results (to 9/2022), the numbers look exactly as disclosed in the last trading update. Current trading & outlook comments reassure, and it confirms being on track to meet expectations for FY 3/2023 (a modest PBT of £1.1m). The balance sheet has high inventories, and too much bank debt, but both are expected to fall. Overall, I think it's due a bounce, and c.100p looks a decent entry price to me, but I can also see why other people might see things more negatively.

Wincanton (LON:WIN) - I review its interim results in some detail, and am satisfied with everything, including the balance sheet (weak, but OK), and the pension scheme (still a worry, but seems close to being fully funded). It's bounced strongly in recent weeks, but still looks modestly valued, so a thumbs up from me.

Graham's Section:

Redcentric (LON:RCN) (£185m) - today’s update brings news of a higher-than-expected H1 net debt figure at this managed IT services company, due to a range of acquisition-related issues. Offsetting this, however, many of the issues are expected to reverse over the next six to eighteen months. Sales are strong and with cost reductions expected next year (FY March 2024), the company’s profit expectations for that year are now anticipated to be ahead of prior expectations. While personally I prefer to invest in companies with an organic…

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