Good morning from Paul & Graham!

13.55. This report is now finished. Thank you for the comments and the feedback as always!

Agenda

Graham's Section:

Safestyle UK (LON:SFE) (£34m) - a profit warning from this double glazing company. October orders were too low, and November orders were too high! The November orders have helped to boost the order book to a very high low, but also have the effect of increasing costs without generating any revenues for the current year (FY 2022). Therefore, FY 2022 is now set to produce a loss. Estimates are slashed for the current year and despite the increased order book, both revenue and profit forecasts for next year have been cut, too. This company always seems to have problems and while it could make for an entertaining bet on the economy, I don’t see it as a stock that’s suitable for holding long-term.

Altitude (LON:ALT) (£23m) - interim results are in from this platform that provides services to suppliers and distributors of promotional products. We already had a trading update last week so there are few surprises in here, but it’s good to see confirmation that the company is trading close to breakeven and still has a net cash position, plus a small borrowing facility giving it some headroom. While the stock got overheated in 2019, the market might not be giving it enough credit now for its reasonable financial performance and the possibility of operational leverage in the years ahead.

Record (LON:REC) (£173m) - excellent interim results from this currency specialist. Performance fees are back, boosting the bottom line, and management fees are up too thanks to eighteen months of strong net inflows. The inflows aren’t showing up in AUME (“assets under management equivalent”) yet, due to negative market movements. But customers are clearly happy, as they continue to sign up for Record’s services. The company, and I, are excited to see what it can achieve with fund management and other currency-related products. To that end, a new fund has been launched in Luxembourg. The shares still don’t strike me as expensive even after recent strength.

Supreme (LON:SUP) (£120m) - I attempt to make sense of the interim results at this fast-moving consumer goods business. The lighting division has seen its performance collapse due to retailer destocking and the revenue performance is only saved by…

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