Small Cap Value Report (Tue 30 Apr 2019) - TUNE,

Good morning, it's Paul here.

I've still got the flu unfortunately (it's been a full week now), hence wasn't able to finish yesterday's report - profuse apologies. I seem to have made some progress overnight, so am hopeful of being able to put in a better performance today. Catching up will have to wait until I'm firing on all cylinders again.

7-8am initial skim

Focusrite (LON:TUNE)

Interim results look good - driven mainly by improved margins.

On the list to look at in more detail later. Nice company, but too expensive, will probably be my conclusion.

Countrywide (LON:CWD)

Q1 loss as expected. Broadly in line outlook for 2019 full year.

Possible future turnaround?

Solid State (LON:SOLI)

Good trading update - finished year ended 31 Mar 2019 "slightly ahead" of upgraded forecasts.

Looks reasonably priced on 13.5 times fwd earnings, despite big recent rise in share price. Could be worth a closer look maybe?

Dillistone (LON:DSG)

Balance sheet is too weak for me.

£260k loss for the year.

New product "Gated Talent" looks to have flopped, or at least doesn't justify anything much in the valuation.

Cost-savings - staff are being offered the opportunity to relocate from London to Basingstoke or Eastleigh. Lucky them!

Too small, and not a growth company, so why is it stock market listed?

Xeros Technology (LON:XSG)

Terrible figures, and rapidly running out of cash. Needs to raise more cash in 2019, it states.

Why do people punt on things like this?

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Focusrite (LON:TUNE)

Share price: 495p (down 4.3% today, at market close)
No. shares: 58.1m
Market cap: £287.6m

Half year results

Focusrite Plc, the global music and audio products company supplying hardware and software products used by professional and amateur musicians, today announces its Half Year Results for the six months ended 28 February 2019.