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

Timing - update at 16:17 - all done for today, see you tomorrow.

Agenda -

Paul:

4imprint (LON:FOUR) - a quick look at this North American promotional goods company. It reports a steadily improving recovery in trading. Not an obvious bargain, but it's a good company, probably with some long-term upside on share price.

Watkin Jones (LON:WJG) (I hold) - Half year results to 31 March 2021 look resilient - profits only slightly down on LY H1. Strong balance sheet, pipeline growing, Strong recovery in institutional demand, there's lots to like here. The valuation looks reasonable. Plus we get a 3.5% dividend yield. A good solid long-term value/GARP share, in my opinion.

Shoe Zone (LON:SHOE) - Half year results - better than I expected, and strong growth in online sales is encouraging. Balance sheet is complicated, but I think overall it looks financially OK for now. At this stage I haven't got enough information to assess the company's prospects, so it has to be filed in the don't know/too complicated tray.

Sanderson Design (LON:SDG) (I hold) - a very strong H2 has delivered a good overall result for the year. I like the convincing turnaround & restructuring here, under new management. A bulletproof balance sheet means no dilution has occurred, and won't be needed. If earnings continue rising, then this share could still be good value in my view.

Jack

Accrol Group (LON:ACRL) - mixed update. Better margins, disappointing on sales, and a note of caution regarding rising input costs. Shares have been quite heavily diluted since listing.

Escape Hunt (LON:ESC) - this is an operator of escape rooms so results have been impacted by Covid. There are growth opportunities here, but the shareholder dilution has been massive which reduces the upside.

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Paul’s section

4imprint (LON:FOUR)

2390p (up 4% at 08:32) - mkt cap £672m

AGM Trading Statement

4imprint Group plc, (the " Group "), the direct marketer of promotional products..

I thought we’d have a quick look at this, to see if there’s an economic recovery trade to be had.

Note that almost all revenue comes from North America, with a tiny amount in the UK/Ireland.

Summarising today’s update -

Jan-Apr 2021 saw…

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