Good morning! It's Paul & Jack here with the SCVR for Wednesday.

Timing - today's report is now finished.

I had a couple of nice surprises, when recently booking a hire car online for a trip to see family. It turns out that 3 of my driving licence points have expired, so instead of having 6, I now have 3 remaining! Or in shares parlance, "broadly in line with" a clean licence. Also, it turns out that I'm 52 years old, whereas I've been telling everyone I was 53. Many thanks to Thrifty car rentals for spotting this anomaly. So I've gained not only a more relaxed journey up to Cheshire, but also an extra year of life. Not bad for a few minutes work on the internet!

I think we're seeing a bout of profit taking - lots of smaller cap stocks seemed to drop back a similar amount yesterday in particular. That makes sense to me - prices have run too high in many cases, in my opinion. I trimmed back some of my geared positions, as it's not a good idea to go into a downturn highly geared. Also, I tend to go through my list of positions, and periodically top slice the ones that have done well, or look over-priced, or ditch them completely where my conviction is low.

The coffee can idea (in 100 Baggers book) is great, but it's not compatible with using gearing.

Agenda -


Joules (LON:JOUL) - comments on the secondary placing yesterday - founder Tom Joule top-slicing his shareholding a bit. No discount, and an honest reason given for the sale - take a bow Peel Hunt!

Overview of the new 95% mortgage guarantee scheme.

Carr's (LON:CARR) - solid interim results. Outlook sounds positive. I like this - looks good value, for a resilient business.

Air Partner (LON:AIR) - issues a "Reach" (i.e. PR) update re its private jet division. Quite interesting.

System1 (LON:SYS1) - An upbeat trading update, has pushed shares up 25% today. Potentially interesting, although I have some quibbles with the way they adjust profit!


Nexus Infrastructure (LON:NEXS) - good growth in the group's early-stage electric vehicle charging business, but work to do at its more established (and much bigger) civil engineering division.

Hargreaves Services (LON:HSP) - special…

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