Thruvision (THRU) – H1 Results
Thruvision, my pick in advance of Mello, reports revenue up 53%, gross margin up from 39% to 48%, admin costs up 32% at £2.7m and operating loss halved to £0.4m.
Continue reading “7:59 cut – THRU, LTHM”7:59 cut – CRL
Creightons – H1 Results
Creightons is particularly fun for investors because they have no broker forecasts and guidance is generally limited to the content of their excellent results and other presentations held during the year. Furthermore, the share price often increases after such presentations where the manifest strength of the management team and focus of their vision are a sight to behold.
Continue reading “7:59 cut – CRL”7:59 cut – TUNE, EIG
Focusright (TUNE) – FY Results
I previously held shares in this musical products producer, but sold out in January because they appeared overvalued for the pedestrian growth forecast. Forecasts were then upgraded and today modestly beaten but, despite a cash acquisition, unadjusted EPS was up just 11% in contrast to the premium PE of around 28 (both when I sold, and after likely upgrades today).
Continue reading “7:59 cut – TUNE, EIG”7:59 cut – IQE
IQE – FY Profits warning
IQE warn that revenue will be about 7% below previous forecasts (with a fair probability that it will fall below their previous worst-case scenario), resulting in a loss even at the adjusted operating level. Debt continues to climb rapidly and it looks to me like another fundraising will be necessary in H2 2020.
Continue reading “7:59 cut – IQE”7:59 cut – VLX
Volex – H1 Results
Volex last updated us on 30th July saying that Q1 was 12% ahead YoY (and 14% in constant currency), with successful integration of its recent acquisitions. Prior to that the annual results showed strong organic and overall growth and I was particularly pleased with indications that Silotec had grown strongly during Volex’s period of ownership.
Continue reading “7:59 cut – VLX”7:59 cut – G4M, BME
Gear4music – H1 Results
I took a starter position in this company (too early) after their last profits warning, and today might just be the day when I decide to either make it a serious position or to sell it entirely.
Continue reading “7:59 cut – G4M, BME”7:59 cut – WEY
Wey Education (WEY) – FY 2019 Results
I have covered Wey Education extensively over the last year and it is a top-2 holding for me.
Turnover was in line with August’s update at £6.0m (and very close to rounding to £6.1), adjusted PBT was £322k vs expectations of £90k. There are however very considerable exceptional costs:
- £312k to discontinue the overseas operations (plus around £70k of non-recurring losses)
- £436k of termination and restructuring costs
The Mello Effect and Preview
Mello is by far the leading conference for at serious private investors. As well as keynote speakers and panel discussions, around 40 companies present at each event. Latterly there has been some talk on twitter and discussion boards of the “Mello Effect” whereby a company’s share price rises in the hours and days after their presentations. Inevitably some companies then disappoint at which point this is described as the “Mello Curse”, mainly by speculators who hadn’t attended Mello but followed the other buyers in.
So, how real is the effect, and is it tradeable? That’s for you to decide, but below I briefly review each company and look at the immediate share price history after any previous appearances. The companies are presented in the same order they appear on the Mello website and that the article was written over a number of days during which the seriousness of my approach noticeably varied (and not necessarily in line with the merits of each company).
Continue reading “The Mello Effect and Preview”
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