Good morning! It's Paul & Jack here with the SCVR for Tuesday. Today's report is now finished.

Mello - starting at 17:00 tonight, there is a free online event, on Investment Trusts & Funds. More details here. Also, we'd like to add our hearty congratulations to Mello's founder, David Stredder, who has won a lifetime achievement award at the recent Small Caps Awards. It's a very popular choice, as David has been a good friend to many of us over the last two decades, and has done more to connect private investors and small caps management, than anyone else I can think of. Well done David, and keep up the great work!

Agenda -

Paul's Section:

Gear4music Holdings (LON:G4M) (I hold) - Interim results are in line with expectations. However, there's a profit warning, due to Q3 (Oct-Dec 2021) sales being slower than expected, blamed on Brexit-related distribution problems. Recently opened new distribution centres in Spain & Ireland should resolve this problem in Q4, so doesn't look particularly worrisome. EBITDA guidance is reduced back to where it was back in June 2021, before a previous upgrade. Not a disaster, but clearly a setback.

Revolution Bars (LON:RBG) (I hold) - results for FY 06/2021 are as expected (awful, due to the pandemic). Current trading is still strong, although growth has moderated somewhat from the last reported number. Plenty of cash & facility headroom, means the company is now back in expansion mode, with 8 new sites, and many refurbs planned. I continue to believe this share is a good value opportunity, if you look forwards, rather than back.

Restaurant (LON:RTN) - a spectacular 19% rebound from a seemingly relentless downtrend in share price today. RTN says it's trading well, and gives us revised (upwards) EBITDA guidance for FY 12/2021, but I haven't been able to find out what the previous guidance was. With no broker updates available to us either, I can't take this any further.

Jack's Section:

Kinovo (LON:KINO) - positive update with revenue and profits up, and net debt down. This is an active turnaround, management is doing a good job, and there is further upside potential. But the historical performance has been patchy, the shares are illiquid, margins are typically low, and there are ongoing challenges around supply chain inflation and labour availability, so…

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