Good morning, Paul & Jack here, with the SCVR for Wednesday.

In case you missed it, I added some additional sections to yesterday's SCVR in the afternoon. So here's yesterday's full report.

Timing - TBC - probably early to mid afternoon finish time today, as there's a fair bit to get through.

Agenda -

Paul -

Renold (LON:RNO) (I hold) - in line trading update for FY 03/2021. Order intake recovered, and has ended the year up. Renold has proven itself to be resilient in FY 03/2021, and net debt greatly reduced. Big pension deficit though, which sucks out £5m p.a., hence why market cap is so low. Too low, in my opinion.

Watkin Jones (LON:WJG) (I hold) - I go into quite a bit of detail on the business model (which I think is very good). An in line update for the half year to 31 March 2021. Judging from the company's previous results presentation slides, I think existing forecasts look far too conservative, because there's a big pipeline of Build To Rent projects for the next 3 years. One for long-term investors, not punters!

Kooth (LON:KOO) - readers have flagged this one, in the comments section below. It's speculative, and I don't think I can add any value by crunching the numbers in detail, as it's still loss-making. Hence I won't write up a full section on it, instead having replied in the comments below, and several subscribers have written up interesting posts about it below, so this note here is to draw your attention to the comments section below. I'll add a tag for KOO so that we can search and find this post easily in future. Thanks to all.

Foxtons (LON:FOXT) - upbeat Q1 trading update. (For the avoidance of doubt, I no longer hold this share personally).

Jack -

Mission (LON:TMG) - Improving results for this cyclical marketing small cap. Negative NTAV but net debt is down and the pipeline is strengthening.

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Paul’s Section

Renold (LON:RNO)

(I hold)

21.8p (pre market open) - mkt cap £47m

Trading Update

Renold, a leading international supplier of industrial chains and related power transmission products, today issues a trading update covering the year ended 31 March 2021 (the "Year"), ahead of the preliminary results announcement…

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