Investment Thoughts

See the "Introduction" page for a description of what this site is about. Updates are shown below. Due to a change in circumstances this site has been slimmed down and updates will somewhat spasmodic.

11/08/10 Micro Focus (MCRO) - profit warning

07/08/10 Norman Hay (HNN) - Proposed delisting from AIM. Price down 20%.

06/08/10 Stanley Gibbons (SGI) - Interim report. Looks satisfactory to me after an intitial perusal. Share price up 5% at time of writing.

04/08/10 ATH Resources (ATH) - resumed coverage. Yield of 7.75% looks safe in spite of being uncovered in current year.

03/08/10 Senior (SNR) - Interim results

28/07/10 Interserve (IRV) - Updated following an excellent TMF post from CalumoftheNorth. Link to it on the IRV page. There is also a summary of the parts applicable to other stocks on a new "Comments" sheet, between "Summary" and "Sales".

27/07/101 MBL Group (MUBL) - Update following announcement of clarification of prelim results - refers to renewal date of Morrisons contract. Also includes Brewin Dolphin's forecasts for 2010 and 2011.

26/07/10 Communisis (CMS) - resumed coverage. Interims due on 26 Aug.

20/07/10 Balfour Beatty (BBY) - New entry. Dividend yield of over 5% and well covered.

19/07/10 MBL Group (MUBL) has announced prelims today. Excellent results but price is down 7.6%. See new 'Comment' sheet next to 'Summary'. I expect 2011 forecasts to be raised.

18/07/10 Immunodiagnostics - Preliminary results announced on 12th July. Very strong growth. Share price on all time high.

16/07/10 Microfocus (MCRO) - Update includes prelims of 24 June for year to 30th April 2010.

15/07/10 Chemring (CHG) - Update includes interim report of 22nd June and revised agreement for acquisition of ADG.

14/07/10 Senior (SNR) - interims on 2nd August. This is currently a 5-bagger for me since 2nd March 09. Links to a couple of trading statements added.

13/07/10 Allied Gold (AGLD) - Investor presentation.

10/07/10 Aviva (AV.) - There is a section on this one but it is only a start. Life insurance accounts are difficult to fathom.

10/07/10 Aveva (AVV) - updated to include preliminary results for year to 31/03/10 and interim management statement for quarter to 30/06/10.

30/06/10 HMV - Preliminary results meet expectations. Price up 18.3% in two days. (and down 9% next day!) See HMV page for link to discussion on TMF.

26/04/10 Stagecoach (SGC) - a few more cash flow calculations on Summary page.

22/04/10 Stagecoach (SGC) - New entry

21/04/10 Proactis (PHD) - Interim results.

08/04/10 Matchtech (MTEC) - Interim results. Net fee income stabilised, well positioned for recovery. 6.7% yield covered 1.6x.

08/04/10 Norman Hay - Preliminary results announced yesterday and partnership deal today. The latter well received by market - share price up 13%.

01/04/10 Dillistone (DSG) - Preliminary results. Price up 14% on receipt of these results. Growth looks assured as economy recovers.

31/03/10 James Halstead (JHD) - Interim results. Continued steady progress. No mention of f/ex effects though.

27/03/10 Soco International (SIA) - Preliminary results

27/03/10 Vislink (VLK) - Preliminary results

27/03/10 Stanley Gibbons - Preliminary results. Excellent cash performance. Very encouraging report.

23/03/10 Group NBT (NBT) - Interim results as at 11/03/10. Excellent progress.

23/03/10 Severfield-Rowen (SFR) - Preliminary results.

22/03/10 Kentz (KENZ) - Preliminary results. Strong growth throughout recession. 44% of market cap is cash.

19/03/10 T Clarke (CTO) - Satisfactory prelims. Dividend held. Announcement of acquisition. Yield now 8.6% and seemingly safe.

18/03/10 Hellenic Carriers (HCL) - Preliminary results. Rewards could be considerable on recovery of world trade.

18/03/10 Mount Engineering (MOU) - Preliminary results in line with forecasts and hopeful outlook.

17/03/10 Morgan Sindall (MGNS) - Preliminary results.

16/03/10 Clarkson (CKN) - Preliminary results.

15/03/10 Keller (KLR) - Preliminary results. Tough year but balance sheet is strong. Sit tight.

14/03/10 SQS (SQS) - Preliminary results. Not terribly inspiring.

12/03/10 Staffline (STAF) - Preliminary results. Very satisfactory. Dividend increased. 19% gearing and still on a p/e of only 6.0.

11/03/10 Senior (SNR) - Preliminary results.

10/03/10 Interserve (IRV) - Preliminary results. Market responded with share price rise of 8% at close.

09/03/10 Weir (WEIR) - Preliminary results. Strong cash flow. 2010 expectations upgraded.

08/03/10 Stadium (SDM) - Preliminary results. Ahead of earlier expectations with follow-through in 2010 but pension still a problem.

07/03/10 SDL International (SDL) - Preliminary results

25/02/10 Hansard (HSD) - Interim results

25/02/10 Communisis (CMS) - Preliminary results

23/02/10 Dechra Pharmaceuticals (DPH) - Interim results

18/02/10 Chemring (CHG) - resumed coverage. Defence and munitions. A GARP share.

12/02/10 Micro Focus (MCRO) - encouraging Q3 management report.

04/02/10 Alumasc (ALU) - Resilient interim results followed by modest director buying.

02/02/10 Maxima Holdings (MXM) - Belatedly updated following encouraging interim results announced today.

31/01/10 Comparative price charts for several GARP shares covered on this site. See the menu for access.

29/01/10 T Clarke (CTO) - Resilient trading statement. FY results will be slightly ahead of expectations.

28/01/10 Dechra Pharmaceuticals (DPH) - New entry. Vetinary products and services. A classic GARP share.

24/01/10 Microfocus (MCRO) - New entry. Software and computer services. Enterprise application management solutions.

21/01/10 NCC Group (NCC) - Software & computer services. Resumption of coverage after interim results. Continued solid growth.

19/01/10 SDL International - New entry. Software for creation and service of multilingual web sites.

18/01/10 Norman Hay (HNN) - £6.6m contract with Rolls Royce.

18/01/10 Pressure Technologies (PRES) - Belated update of 2009 results to 3rd Oct 2009.

12/01/10 Havelock Europa (HVE) - profit warning due to effects of bad weather and other issues. Price down 30% by 9.30am.

11/01/10 Price and forecast updates - SFR, STAF.

11/01/10 Maxima Holdings (MXM) - Resumption of coverage. Interims due on 2nd February.

10/01/10 Price and forecast updates for JHD, IMG, DSG, ALU, BMS and GBG.

09/01/10 Havelock Europa (HVE) - New entry. Design, manufacture & installation of education and retail interiors.

08/01/10 HMV - tables updated since cash offer for MAMA. Prospective yield now 8.0%.

05/01/10 Interserve (IRV) - New entry. Construction services company.

02/01/10 Communisis (CMS) - updated comment on recent director buying and current price/sales ratio.

01/01/10 Imagination Technologies (IMG) - Belated update on interims announced on 09/12/09.

21/12/09 Goodwin (GDWN) - Resilient interim results. Highest margin in any half for 5 years at least.

20/12/09 Banks - a comparison of current price to book and price to tangible book values.

17/12/09 HMV Group (HMV) - New entry. Recent interim results. Current yield 7.7%.

16/12/09 Group NBT (NBT) - New entry. Domain name management and associated services.

11/12/09 Hallin Marine (HMS) - Recommended takeover for cash. 80% premium.

11/12/09 SQS Software (SQS) - New entry. Software testing and management services.

10/12/09 MBL Group (MBL) - Excellent interim results

07/12/09 James Halstead (JHD) - Resumed coverage after an excellent TMF post by WCB100.

26/11/09 MS International (MSI) - Interim results OK in circumstances but Forging have deteriorated further. Share price up 4%.

26/11/09 Renew Holdings (RNWH) - Encouraging prelims. Dividend maintained. 8% yield.

25/11/09 GB Group - Interims. Very poor results but director buying next day.

25/11/09 Torotrak (TRK) - Interim results

21/11/09 PZ Cussons (PZC) - New entry. Cleaning fluids, detergents, toiletries. Good brands. Strong emerging market exposure.

20/11/09 Staffline (STAF) - Positive trading statement. Shares up 17.5% in early trading.

13/11/09 Communisis (CMS) - Link to a superb forward looking analysis by JTCod on ADVFN

12/11/09 Aveva (AVV) - Interim report. Cautious comment but results look strong compared to forecasts for current year.

10/11/09 Kewill (KWL) - Interim report

10/11/09 Printing.com (PDC) - Interim report and £7.5m placing

09/11/09 Noble Investments (NBL) - Preliminary results

09/11/09 Umeco (UMC) - Interim results

03/11/09 MBL Group (MUBL) - New entry. Distributor of boxed music and other entertainment products.

28/10/09 Tikit (TIK) - New entry. Software company for law and accountancy firms.

27/10/09 Braemar Shipping (BMS) - Interim results satisfactory. Price up over 4% mid-morning.

25/10/09 Work Group (WORK) - New entry. One for the patient? Note the spread!

19/10/09 Senior (SNR) - Positive interim managment statement.

19/10/09 Prezzo (PRZ) - New entry. Italian restaurant chain. Prudently managed. Expansion potential.

19/10/09 Vislink (VLK) - New entry. Design, manufacture & installation of video and data equipment, primarily for TV reporting in difficult enviroments.

16/10/09 OMG (OMG) - New entry. Bluish sky tech company. Looks promising.

13/10/09 Staffline (STAF) - New entry. Unusual recruitment service. 6% well covered yield and low p/e.

11/10/09 Kewill (KWL) - New entry. Logistics software. Well established tech growth stock.

10/10/09 Matchtech (MTEC) - Preliminary results. New entry. High income stock.

07/10/09 Proactis (PHD) - Preliminary results. Very satisfactory.

03/10/09 GB Group (GBG) - New entry. Software for identity verification and associated services.

29/09/09 Communisis (CMS) - New entry. Printing services. High prospective yield but risky.

28/09/09 Dillistone (DSG) - New entry. Resilient software company for executive recruitment. 8.1% prospective yield. Interims last week.

25/09/09 Norman Hay (HNN) - Interim results.

21/09/09 Alumasc (ALU) - New entry. Preliminary results. 8.5% prospective yield but barely covered.

19/09/09 HMV Group (HMV) - New entry. 7% yield and seems to be progressing in spite of sector and wider economic headwinds.

17/09/09 Printing.com (PDC) - New entry. 9.6% dividend forecast is barely covered but indications are that it will be maintained.

15/09/09 Hallin Marine Subsea (HMS) - Interim results.

14/09/09 Kentz (KENZ) - Interim results to 30th June.

13/09/09 Anglo Gold (AGLD) - Results for year to 30/06/09.

11/09/09 MS International (MSI) - updated after receipt of annual report. In H2, Forgings and Petrol Forecourts contributed virtually zero profit.

08/09/09 Stadium (SDM) - Interim results.

08/09/09 Mount Engineering (MOU) - New entry. Yorkshire Industrial engineer.

07/09/09 Renew Holdings (RNWH) - New entry. Construction group with a yield of 8%.

05/09/09 Soco (SIA) - Interim results to 30 June 2009. Cash flow belatedly updated. Cash burn has almost been stemmed.

05/09/09 Braemar Shipping Services (BMS) - New entry. Shipping broker with ancilliary services. Healthy looking charts.

03/09/09 Hellenic Carriers (HLC) - New entry. Bulk shipping carrier. Forecasts are mostly from SteMiS. Those from Hemscott and Digital Look are either out of date or suspect.

28/08/09 Hallin Marine Subsea (HMS) - New entry. O&G services sector.

27/08/09 Kentz (KENZ) - New entry. Engineering and construction group. Services O&G sector. Strong presence in Middle East and Africa.

27/08/09 Clarkson (CKN) - Encouraging interim results to 30th June.

26/08/09 Lamprell (LAM) - Interim results to 30/06/09.

23/08/09 Severfield-Rowen (SFR) - Half year results to 30th June2009.

21/08/09 Goodwin - (GDWN) - Full year results to 30th April 09.

21/08/09 Clarke (CTO) - Interim results. (updated again on 25/08/09) after share price increases)

19/08/09 Autonomy (AU.) - New entry. FTSE100 growth tech stock. Reporting is rather hyped with excessive detail. Profit 'adjustments' are generous but valuations not as astronomic as in the past. Q3 expected to be relatively weak as usual.

15/08/09 ATH Resources (ATH) - New entry. 10% prospective yield but with more than average risk.

12/08/09 Balfour Beatty (BBY) - Interim results. Resilient.

11/08/09 Hansard Global (HSD) - New entry. Isle of Man life insurance company. High yielder.

10/08/09 Morgan Sindall (MGNS) - Interim results. Confident of meeting full-year expectations. 7% dividend yield currently.

07/08/09 Stanley Gibbons (SGI) - Interim results. Strong philatelic results; other sections poor. Looks just about on track to meet current forecasts.

06/08/09 Umeco (UMC) - New entry. Dividend yield of over 8%, covered 2.2 times by forecast earnings.

04/08/09 Weir (WEIR) - Interim results. Strong results. Full year guidance raised.

03/08/09 Senior (SNR) - Interim results. Very strong in the circumstances with an encouraging outlook.

31/07/09 Keller (KLR) - Interim results. Dividend increased by 5%. Full year expectations retained.

30/06/09 Charter (CHTR) - interim results. Well received by market.

29/07/09 Bodycote (BOY) - Interims inline with recent trading statement. Dividend unchanged. Share price up 5.4% on the day.