My Shares

MOUNTVIEW ESTATES: 17% Fewer Disposals And Fourth Consecutive Sub-60% Annual Gross Margin — With A Particularly Weak H2 — Cuts FY 2025 Profit By 15% And Leaves £92 Shares Yielding 5.7% And Trading 11% Below NAV

Apologies! This MTVW FY 2025 review has taken somewhat longer than expected to produce. MTVW’s subsequent H1 2026 results were published on Thursday (20 October) and to avoid any reader confusion, an email alert has not been sent.

23 November 2025
By Maynard Paton

FY 2025 results summary for Mountview Estates (MTVW):

  • 17% fewer property disposals offset near-record sales prices and cut FY revenue by 9% and FY profit by 15%, with H2 faring particularly badly. At least the final dividend was maintained while net asset value (NAV) was kept at a record £103 per share.
  • Property sales delivered a sub-60% gross margin for the fourth consecutive FY, which increasingly suggests the inherent ‘reversionary’ gains from regulated tenancies have permanently reduced. The 48% H2 property-sales gross margin was particularly weak. 
  • Mind you, this FY commendably disclosed additional cost-of-sales information that showed properties bought following the 2014 Allsop valuation realised 34% gains. Perhaps MTVW can still therefore purchase regulated tenancies at 75% of their ‘vacant possession’ value.
  • MTVW’s new non-exec has yet to convince all shareholders — she attracted a 36% protest vote at her first AGM and has suggested some investors are too “fixated” on the 2014 valuation. Why the new non-exec has yet to take on her predecessor’s role of rem-comm chair remains a mystery.
  • Fewer disposals, deteriorating margins, potentially significant EPC costs and the absence of a follow-up valuation continue to suppress the shares, which at £92 offer a 5.7% income, trade 11% below NAV and may be worth more than £170 if the group’s properties were all sold today at their ‘vacant possession’ value. I continue to hold.

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BIOVENTIX: H1 2025 Revenue Up Just 1% Due To ‘Mature’ Markets Leaves £24 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer’s R&D And Associated Royalty/Supply Arrangements

Apologies! This BVXP H1 2025 review has taken somewhat longer than expected to produce. BVXP’s FY 2025 results are due tomorrow (27 October) and to avoid any reader confusion in the morning, an email alert has not been sent.

26 October 2025
By Maynard Paton

H1 2025 results summary for Bioventix (BVXP):

  • A very unspectacular six months, showing revenue up only 1% to reflect what the company maintains are “mature” markets for diagnostic antibodies. Profit meanwhile fell 4% following greater external spend on R&D.
  • With neither the secondary application for troponin nor the biomonitoring projects attracting much commercial interest, future growth now seems dependent entirely on the Alzheimer’s R&D — revenue from which “increased” during this H1. 
  • “Large-scale” antibody manufacturing, further promising scientific papers, a royalty arrangement with a prominent researcher alongside a possible supply agreement with Beckman Coulter suggests the Alzheimer’s work has increasing potential to one day become a substantial commercial success.
  • Although the H1 dividend was (surprisingly) lifted 2p per share, FY 2025 earnings are forecast to decline slightly and leave dividend cover below 1x. The £5m cash position therefore looks primed to fund the greater R&D. 
  • The lack of near-term profit growth has left the £24 shares trading at a level first achieved during 2017 and offering their highest-ever yield at 6%-plus. They may also value the Alzheimer’s R&D at a very pessimistic zero. I continue to hold.

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FW THORPE: Share Price At 2016 Levels Prompts Intriguing Buyback Remarks After ‘Marginally Ahead’ H1 2025 Discloses Welcome 65% Zemper Profit Growth Alongside £52m Net Cash

28 September 2025
By Maynard Paton

H1 2025 results summary for FW Thorpe (TFW):

  • As predicted, a “marginally ahead” H1 performance that reported revenue up 1%, profit up 2% and the dividend up 3.5% following mixed progress within the group’s divisions.
  • After a few subdued years, Zemper was this H1’s welcome highlight — the Spanish subsidiary reported revenue up 13% and profit up 65% to reflect the initial promise expected from the significant c£35m purchase cost.
  • Elsewhere, Thorlux was held back by SchahlLED, the Dutch businesses could not repeat their bumper efforts from last year while Ratio suffered increased losses that prompted the joint venture to undertake a debt-for-equity swap.
  • The accounts remain in very good shape, showing an acceptable 15% group margin, healthy £52m net cash, commendable stock control, a favourable tax charge and yet another small gain from selling surplus assets above book value.
  • Management remarks of undertaking buybacks if the shares “significantly undervalue” the group’s prospects are intriguing, given the 300p price was first achieved during 2016 and might be overlooking TFW’s distinguished operating history. I continue to hold.

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S & U: FY 2025 Profit Down 29% Leaves Shares At 0.95x NAV To Offer Possible 10-15% CAGR Supported By ‘Minimal’ Exposure To Regulatory Redress, Post-FY ‘Above Budget’ Lending And An ‘Expected Resurgence In Profitability’

02 September 2025
By Maynard Paton

FY 2025 results summary for S & U (SUS):

  • An FY performance blighted by ongoing regulatory matters and an adverse Court of Appeal judgment, with FY motor-finance lending down 38% that prompted FY profit to drop 29% and led to yet another dividend cut.
  • Collection rates, up-to-date accounts and Stage 3 impairments within the motor-finance division all moved significantly in the wrong direction, but could soon recover following a shift towards lower-risk borrowers alongside a favourable Supreme Court ruling.
  • Indeed, SUS’s exposure to substantial regulatory redress now appears “minimal” while post-FY statements talked of an “expected resurgence in profitability” through “above budget” motor-finance lending on what has become a “level competitive playing field“.
  • The property-bridging subsidiary meanwhile delivered “excellent” progress, with record lending at higher rates leading to FY profit surging 50%, a possible 65% pre-tax return on equity and divisional loans supporting 35% of the group’s loan book.
  • The shares yield 5%-plus and are valued at 0.95x NAV, and may offer a 10-15% CAGR should the payout be maintained and future NAV growth eventually persuade the market cap to once again trade above book. I continue to hold. 

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ANDREWS SYKES: Workforce Reduced To 20-Year Low Delivers Record £170k Employee Productivity As ‘Unseasonally Cool Summer Weather’ Leaves FY 2024 Dividend Unchanged To Support 5% Yield

17 August 2025
By Maynard Paton

FY 2024 results summary for Andrews Sykes (ASY):

  • A rather mixed FY, as “unseasonally cool summer weather“, French depot closures and currency movements reduced revenue by 4% and kept the dividend at 25.9p per share for the third consecutive year.
  • UK progress was once again supported by water pumps, income from which gained 2% to set a seventh consecutive FY record. A new water-treatment service meanwhile offers promise.
  • The heatwave absence cut sales throughout Europe by as much as 28%, although fresh local management lifted Middle Eastern income by a welcome 37% and established a new Saudi venture.
  • Revenue per employee reached a new £170k high after the workforce was reduced to its lowest level since at least 2004. The improved staff productivity helped deliver a record 30.5% FY margin.
  • The 5% yield could be complemented by further special dividends should net cash once again top £30m, but the group’s limited free float and distinctive corporate governance have rarely led to a premium rating. I continue to hold.

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M WINKWORTH: FY 2024 Reveals Profit Up 24% After Sales Transactions Rebound 17% And Cites Potential ‘Shrinkage In Rentals’ To Contrast With Resurgent Foxtons’ £15m/Year Lettings Acquisition Ambition

27 July 2025
By Maynard Paton

FY 2024 results summary for M Winkworth (WINK):

  • Sales transactions rebounding 17% involving property worth £3.4b helped ensure a positive FY, with franchise-network income up 12%, revenue up 17%, underlying profit up 24% and the dividend up 5%. 
  • Assisted by branch resales to “best-in-class” agents, the “vast majority” of London branches now boast WINK’s necessary top-three local position. The average commission income from all branches meanwhile reached a new £628k high.
  • A potential “shrinkage in rentals” due to new legislation could create a greater dependency on sales transactions and differentiate WINK from resurgent rival Foxtons, which plans to strengthen its leading market share by spending £15m a year acquiring further lettings agencies.
  • Despite minimal profits from company-owned offices, the FY margin was a respectable 21% following commendable control of employee — and director! — pay. Greater loans to franchisees meanwhile reduced net cash to £4m, equivalent to a sizeable 38% of FY revenue. 
  • Post-FY statements signalling FY 2025 profit advancing 10% and dividends up at least 7% support a 6%-plus yield and possible dividend cover of only 1.14x, all of which re-emphasises the board’s preference for income. I continue to hold.

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CITY OF LONDON INVESTMENT: Further KPI Failure Prompts Welcome Leadership Change After H1 2025 Suffers $564m FuM Outflow And Leaves Barely Covered Dividend Yielding 9%

12 July 2025
By Maynard Paton

H1 2025 results summary for City of London Investment (CLIG):

  • A positive H1 performance versus the comparable H1, with average funds under management (FuM) up 12% helping revenue gain 9%, profit improve 13% and the dividend to be sustained at 11p per share for the fifth consecutive H1.
  • Net client withdrawals at $564m were the largest six-month outflow since at least H1 2018, and reiterated how client CAGRs at 5-8% and gross fees at 0.72% are no longer that appealing versus the “expansion of passive options“.
  • A further failure to achieve the group’s main KPI looks to have prompted the search for a new chief executive, which offers hope marketing efforts can be enhanced to attract elusive new customers and the “team approach” can be assessed to improve client returns. 
  • Despite talk of cost savings, expenses continue to creep higher and cash flow just about covers the annual 33p per share dividend with the weaker USD. CLIG has meanwhile flattered its own dividend-cover projection by lifting the market-growth assumption from 0% to 5%.
  • The persistent outflow of client money (another $212m during Q3 2025), the tight dividend cover and sudden leadership transition have kept the ‘value trap’ shares languishing at 2007 levels and yielding 9%. I continue to hold.

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SYSTEM1: Ominous Q4 2025 Update Revealing ‘Downside Risk’ to Client Budgets Overshadows Record H1 2025 Showcasing Upgraded ‘Illustrative Growth Scenario’ And Tantalising 20-30% Platform-Revenue CAGR Ambition

17 June 2025
By Maynard Paton

H1 2025 results summary for System1 (SYS1):

  • A record H1 for both revenue and profit, after Test Your Ad income gained 53%, the gross margin once again exceeded its 85% target and employee productivity reached a £229k high.
  • News of a £2m “additional discretionary investment” led to an upgraded “illustrative growth scenario“, whereby a tantalising 20-30% platform-revenue CAGR ambition could now apparently lead to a “longer term” £36m Ebitda.
  • But the £2m “discretionary” investment actually appears mandatory, given the lack of obvious ‘fame building’ options for Test Your Innovation and a startling admission of needing to further “professionalise” the workforce. 
  • Although January’s Q3 update raised FY 2025 profit guidance, April’s Q4 update revealed a sudden sensitivity to the global economy alongside ominous revenue performances from Test Your Ad, the United States and ‘data-led’ consultancy.
  • The shares trade on an estimated 15x P/E, which seems to adequately reflect SYS1’s anticipated “strong revenue growth” for FY 2026 mixed with a greater “downside risk” to client budgets. I continue to hold.

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MOUNTVIEW ESTATES: New Non-Exec’s ‘Keen Focus On Governance’ Awaited As H1 2025 Discloses Another Sub-60% Property-Sales Gross Margin, Protest Votes Reach 33% And The £97 Shares Remain 6% Below NAV

20 May 2025
By Maynard Paton

H1 2025 results summary for Mountview Estates (MTVW):

  • Not the greatest of H1s, as “economic difficulties” and fewer property disposals combined to cut both revenue and profit by 5%, although the interim dividend was maintained and net asset value (NAV) crept to a record £103 per share.
  • Property sales delivered a sub-60% gross margin for the fourth consecutive H1, which increasingly suggests ‘reversionary’ gains from regulated tenancies have inherently reduced and/or MTVW has simply overpaid for many past purchases.
  • Properties bought and sold following the 2014 valuation continue to realise modest gains, with no obvious adverse trends concerning transaction costs and tenancy mix. The absence of another valuation has now left two non-execs ‘short-changed’ by selling shares below NAV.
  • A new non-exec with a “keen focus on governance, risk and compliance” provides hope the board may adopt some fresh thinking on shareholder engagement, estate valuations and director pay, especially as protest votes have reached a record 33% of the share count. 
  • Recent share purchases by the chief executive may have signalled a tantalising buying opportunity, while the £97 price now offers a 5.4% income, trades 6% below NAV and may be worth £169 if the group’s properties were all sold today at their ‘vacant possession’ value. I continue to hold.

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ANDREWS SYKES: Shareholders Left To Collect 5% Yield While Awaiting Beneficial/Extreme Weather After ‘Milder Winter Temperatures’ Create Standstill H1 2024 And Keep Interim Dividend At 11.9p Per Share For 11th Consecutive Year

29 April 2025
By Maynard Paton

H1 2024 results summary for Andrews Sykes (ASY):

  • A standstill performance, as “milder winter temperatures and a slow start to the summer cooling season” trimmed revenue by 1%, left profit unchanged and kept the dividend at 11.9p per share for the eleventh consecutive H1.  
  • Both the UK (revenue down 2%) and Europe (revenue down 4%) succumbed to the moderate weather, while fresh management continued the Middle East’s welcome turnaround (revenue up 38%).
  • Controlled cost of sales, lower depreciation plus disposal gains led to a healthy 25% operating margin — the highest for an H1 since 2008 — to underline the group’s premium 24/7/365 “emergency” service.
  • The very respectable accounts now showcase net cash at £21m, but the figure may have to reach £30m before the 91% Murray family shareholders declare another special dividend.   
  • A possible 12x P/E and 5.3% yield do not appear expensive as beneficial/extreme weather conditions are awaited, although the limited free float and distinctive corporate governance have rarely led to a premium rating. I continue to hold.

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M WINKWORTH: £350k One-Off Fee Helps H1 2024 Profit Gain 24% As Promising H2 2024 And Company-Owned Offices Targeting FY 2025 ‘Good Profitability’ Support 6%-Plus Dividend Yield

15 April 2025
By Maynard Paton

H1 2024 results summary for M Winkworth (WINK):

  • Greater “sales agreed” activity alongside a one-off £350k fee supported an improved H1, with franchise-network income up 6%, revenue up 20%, profit up 24% and the dividend up 3%. 
  • The targeting of “good profitability” at all four company-owned offices for FY 2025 is very encouraging, especially as three of the offices reported losses during FY 2023 and the returns from the fourth have been superb once a profit was achieved.
  • Although four branches were re-franchised to new agents and a further seven look set to follow, WINK’s franchise network continues to lose ground to rival Foxtons as progress seemingly becomes more dependent on higher sales values and rising property rents.
  • Dividend cover around 1.1x and net cash equivalent to a sizeable 41% of trailing twelve-month revenue continue to emphasise the board’s preference for income and the cautious approach to franchise-network expansion. 
  • Post-H1 statements indicating a promising H2 2024 and a possible bumper Q1 2025 support a 6%-plus dividend yield, accompanied perhaps by vague bid potential following last year’s appointments of two M&A non-execs. I continue to hold.

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S & U: Court of Appeal Ruling Overshadows 40% H1 2025 Profit Slump As £14 Shares At 0.73x NAV Imply Up To £63m Potential ‘Secret’-Commission Compensation Liability

29 March 2025
By Maynard Paton

H1 2025 results summary for S & U (SUS):

  • Yet more figures blighted by ongoing regulatory matters, with H1 profit slumping 40% and the dividend cut once again after “voluntary” motor-finance restrictions led to loan impairments surging 162%.
  • The H1 performance was overshadowed by the Court of Appeal deeming the FCA’s disclosure rules on car-loan commissions to be unlawful. The Supreme Court will hear the cases next week and the “definitive pronouncement” declared thereafter.
  • Given the £14 shares trade at 0.73x NAV — a rating last seen at the banking-crash lows — investors have seemingly decided SUS could be liable to repay ‘secret’ commissions of up to £63m… although the “appropriate compensation” could arguably be minimal.
  • Debt headroom of £88m, a shift towards “lower-risk” motor-finance customers alongside “sparkling” progress at the (unregulated) property-loan division (H1 profit up 42%!) may help SUS muddle through any “industry-wide redress scheme“. 
  • Then again, post-H1 updates did not bode well following another dividend cut and the motor-finance division curtailing lending by 33% and suffering a further 50% profit reduction. I continue to hold. 

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BIOVENTIX: £155k R&D Revenue And Commencement Of ‘Large-Scale Production’ Signal Increasing Alzheimer’s Success After Troponin Error Creates Below-Expectations FY 2024 And Leaves Dividend Yield Exceeding 5%

04 March 2025
By Maynard Paton

FY 2024 results summary for Bioventix (BVXP):

  • A record FY, showing revenue up 6% and profit up 5%, although the 3p per share reduction to the H2 dividend illustrated a below-expectations performance following an unfortunate troponin-royalty error.
  • Sales progress was very mixed, with best-seller vitamin D up just 1%, the now “mature” troponin up only 3%, the once-popular testosterone down 29%, 30-year-old T3 up 21% and general Chinese royalties becoming “more significant“.
  • R&D revenue of £155k, the commencement of “large-scale production“, promising snippets from scientific papers alongside ongoing Quanterix promotion suggest BVXP’s Alzheimer’s work has increasing potential to become a substantial commercial success.
  • The wonderful economics of the antibody portfolio continue, as this FY displayed a majestic 78% operating margin, a super £800k revenue per employee, net cash equivalent to a hefty 44% of revenue and capex of just £16k.
  • The £30 shares currently trade at their lowest P/E since 2016, offer a 5%-plus yield for the very first time and might value the Alzheimer’s R&D at a very pessimistic zero. I continue to hold.

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FW THORPE: FY 2024 Declares 22nd Consecutive Annual Dividend Increase After ‘Impressive’ Stock Procurement Improves Gross Margin To 49% While Subdued Outlook And Modest LTIP Targets Leave P/E At Lowest For 10 Years

18 February 2025
By Maynard Paton

FY 2024 results summary for FW Thorpe (TFW):

  • A 1% revenue decline was countered by a 9% profit advance, with H2 profit improving a remarkable 17% to help raise the ordinary dividend 5% and extend the run of annual payout advances to 22 years.
  • TFW’s gross margin improving to 49% through “impressive” stock procurement led to some welcome operating margins, including 20% for Thorlux, 23% for Lightronics/Famostar and 19% for Zemper’s H2, although profitability at the group’s Other subsidiaries remains poor.
  • Very satisfactory cash flow supported cash finishing £18m higher at £53m, which triggered the third special dividend in four years and almost certainly enhances the likelihood of further acquisition activity.  
  • The slimmed-down board with its M&A expertise may wish to consider the success of acquisition specialist Halma, which assesses its ‘capital allocation’ through return on total invested capital and includes the KPI as an LTIP measure.
  • The 15x P/E is the lowest rating for ten years, and seems more influenced by TFW’s subdued near-term prospects and modest LTIP targets rather than the group’s distinguished operating history and longer-term demand for energy-saving lighting. I continue to hold.

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CITY OF LONDON INVESTMENT: Subdued FY 2024 Admits $320m FuM Outflow, 5-7% Client CAGRs And KPI Failure To Reinforce ‘Value Trap’ Credentials With Barely Covered Dividend Yielding 9%

29 January 2025
By Maynard Paton

FY 2024 results summary for City of London Investment (CLIG):

  • Another very subdued performance, showing revenue up 1%, profit down 1% and the annual dividend unchanged for the third consecutive FY after client withdrawals of $320m left average funds under management (FuM) just 3% higher.
  • “Constructive meetings” continue with 31.5% shareholder George Karpus, who now carries “high hopes and high expectations” for CLIG — despite the group failing to achieve its sole KPI after client-fee rates dropped 3bps while salaries climbed an average 6%.
  • Long-term client CAGRs of just 5-7% may reflect the inherent limitations of CLIG “exploiting the discount volatility” of UK investment trusts, and raises awkward comparisons to cash/bonds, the S&P 500 and sector activist Saba Capital.
  • While new clients remain elusive, plans to reduce expenses by $2.5m — albeit mostly through non-staff costs — alongside a stronger USD should help sustain this FY’s barely covered GBP dividend.
  • The subsequent H1 2025 witnessing further client withdrawals of $564m reinforces CLIG’s ‘value trap’ credentials, underlined by a share price that is back to 2007 levels and currently paying a 9% yield. I continue to hold.

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