Steve Markus @smarkus

Ex-IT and consultancy, long-term investor UK equities, short-term trader every now and again. Small and mid cap specialist. Retweets are not endorsements. Chesterfield UK Joined October 2008

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Steve Markus @smarkus

a day ago

Brickability #BRICK FY TU, adj EBITDA at least £44.8M in line with previous guidance, well down on last yr, as is revenue down 13% YoY. Despite activity levels remaining subdued, well positioned etc... don't seem to be seeing many signs of improvement. Prefer Michelmersh #MBH

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Steve Markus @smarkus

a day ago

Carclo #CAR FY TU, H2 better than H1 and Q4 better than Q3, they seem pleased. Debt came down a little to £30.4M (34.3M). Margins improved in Plastics. Outlook 'optimally positioned to continue on its journey to deliver operational improvement'. Mmm... maybe if debt was lower....

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Steve Markus @smarkus

2 days ago

Norcros #NXR 'selling' Johnson Tiles to existing management team for £1M, with some exceptionals to be taken in full yr results. So basically giving it away. However probably a good move as it was distracting focus and not performing.

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Steve Markus @smarkus

2 days ago

Ibstock #IBST Q1 TU, sales volumes below expectations (partly due to wet weather) but adjusted EBITDA in line. They 'are encouraged by recent lead indicators which suggest some improvement in future demand'.

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Steve Markus @smarkus

3 days ago

Sanderson Design #SDG finals, OK-ish with revenue and profits down slightly, saved by licencing and North America. Cash up at £16.3M. Unexciting but cheap, waiting for consumer recovery. Expectations for current year unchanged.

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Steve Markus @smarkus

3 days ago

Croda #CRDA Q1 TU, revenues down 10% YoY but up against Q4, sticking to existing expectations. Consumer Care doing well, other divisions still struggling, They've maybe gone past the low point as better than Q4, but difficult to tell.

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Steve Markus @smarkus

3 days ago

Contract win for Concurrent Technologies #CNC with US Aerospace/Defence contractor ,follows on from design work, worth $1.57M, significant due to integration into platform. Results to come on 1st May.

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Steve Markus @smarkus

4 days ago

Videndum #VID 2023 finals, even the adjusted figures look dreadful, outlook H2 weighted and dependent on industry recovery that hasn't yet happened.

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Steve Markus @smarkus

4 days ago

#RWS H1 TU, still struggling, H1 revenue down 4% at £350M, adj PBT ~ £45M, leaves a lot to do in H2 and dependent on continued growth in AI and other growth initiatives to meet FY expectations. Both Language and IP Services returned to growth, AI enabled solutions 'resonating'.

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Steve Markus @smarkus

4 days ago

GB Group #GBG FY TU, growth accelerating in identity in Q4, adj operating profit slightly ahead of expectations, debt better than expected at £81M. Revenues pretty flay though. Expect high single digit grwth in operating profit next year.

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Steve Markus @smarkus

5 days ago

Aferian #AFRN TU and Board change, warning again, Amino box business poor, further restructuring and lender discussions taking place. CEO Donald McGarva leaving - he spent £5M on abortive acqn and then issued a profit warning. Was surprised he wasn't sacked then.

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Steve Markus @smarkus

a week ago

Podpoint #PODP final results, looks like the Aston Martin of the vehicle charging sector, and not in a good way.

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Steve Markus @smarkus

a week ago

Volex #VLX FY TU quite positive with revenue of at least $900M, underlying operating profit slightly ahead of analyst expectations. Margins improved in H2, strong growth in Medical and Complex Industrial with Electric Vehicles and Consumer improving. Leverage expected to be 1.1x

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Steve Markus @smarkus

a week ago

Severfield #SFR FY TU sounds positive, trading slightly ahead of expectations, net debt of £10M also better than expectations, India JV doing well, planning £10M buyback. Outlook - seeing an improvement in market conditions - first time I've heard that for a while.

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Steve Markus @smarkus

2 weeks ago

Learning Technologies #LTG FY results, best described as a yr of consolidation, GP Strategies integration complete. Revenue flat, market still challenging, abandoning 2025 revenue goal of £850M, targeting accretive acquisition opportunities. Debt well down to £78.6M (£119.8M).

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Steve Markus @smarkus

2 weeks ago

Eleco #ELCO buying Vertical Digital for Eu1.3M- don't actually say what they do, and it sounds like they're buying resource rather than capability. PBT of Eu0.3M doesn't make it especially cheap either.

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Steve Markus @smarkus

2 weeks ago

Robert Walters #RWA Q1 TU, still challenging although net fee income in London grew sequentially for first time in 5 quarters. Fee income down 16% with UK worst performer, cash pile £54M (£79.9M) reflecting typical Q1 working capital. Don't get excited yet.

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Steve Markus @smarkus

2 weeks ago

Oxford Instruments #OXIG FY TU, in line with expectations. Margins around 100 bps lower YoY, and strangely no mention of their net cash pile. Order book strong but no figures.

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Steve Markus @smarkus

2 weeks ago

Synthomer #SYNT selling the latex compounding operations for Eu27.5M - non core. Proceeds to be used to reduce debt. Another small step along the path to recovery.

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Steve Markus @smarkus

2 weeks ago

Renold #RNO FY TU, looking very good with results to be 'materially ahead of current market expectations', adj op profit ~20% higher YoY due to improved margins. Debt down, order book close to record high at £83.6M. Continue to strengthen financial position. Very nice.