Good morning! Big news for us here - Graham's back! Yes, I'm delighted to announce that Graham Neary, who co-wrote the SCVRs with me a while back, has taken up his post again, as we're losing Jack to a career in the City, unfortunately.
I've got to say what an amazing colleague Jack has been - incredibly supportive behind the scenes, and working with him has been an absolute pleasure. Plus of course Jack has created loads of superb content here, which we have in our archive still of course. I'm sure I speak for everyone, wishing him all the best in his career in the City, and keep in touch!
Agenda -
Paul's Section:
Revolution Bars (LON:RBG) (I hold) - trading for FY 6/2022 at top end of market expectations. Looks very cheap, given historic problems have been fixed, and it's now a well-funded roll-out of potentially 4 brands. I don't think macro worries are likely to deter its young customer base from wanting to party.
Crest Nicholson Holdings (LON:CRST) - good interim results, and surprisingly upbeat outlook & management commentary. Govt cladding charges have wiped out double the underlying profits, so that's a concern if more costs emerge. Superb balance sheet, and the market cap is below NTAV. I think there's a lot to like here, and discuss how inflation might pan out (total guesswork of course, but it's interesting to bounce ideas around).
Vianet (LON:VNET) - Final results for FY 3/2022 look good at first sight, but the profit disappears once you take into account capitalised development spending. Trading is set to improve as it recovers to pre-pandemic level, expected this autumn. Previously generous divis are on hold for now, with debt reduction being prioritised. Overall, I can't get excited about VNET, as the growth potential has never materialised, so far anyway.
Brief comments (no sections below):
Eneraqua Technologies (LON:ETP) - Many thanks to fred9566 who flagged this recent float in the reader comments below, with a synopsis which caught my eye. So I've had a quick look at the results, and started reading the AIM Admission Document. That's going to take hours, so just a quick initial view here. Its results out today look superb, with a huge rise in revenue & profit, beating very ambitious-looking forecasts. The order book is also large, and multi-year, so this…
