My Sold Shares

Getech: The Dividend Has Gone But All Is Not Lost Just Yet

07 April 2016
By Maynard Paton

Quick update on Getech (GTC).

Event: Interim results for the six months to 31 January 2016 published 05 April

Summary: These interim results were poor, but that was no great surprise given GTC supplies specialist data and services to the battered oil and gas sector. At least the promise of cost cuts and a few new contracts ought to signal a better second half. Valuation remains tricky here with reported losses and a scrapped dividend, but the asset-rich balance sheet should see the business through the downturn. I continue to hold.

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Tasty: Profit Up 28% But I Am Not Entirely Satisfied

30 March 2016
By Maynard Paton

Quick update on Tasty (TAST).

Event: Preliminary results for the 52 weeks to 27 December 2015 published 30 March

Summary: An acceptable but not a spectacular set of results from this restaurant group, with the second half showing a slower rate of expansion. I also note revenue per outlet has declined while management is hinting strongly at greater investment spend. Nonetheless, the board is a class act, the opening schedule for new restaurants is accelerating and the longer-term potential remains sizeable. I continue to hold.

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French Connection: The Cash Pile Really Can’t Afford Another £9m Outflow

15 March 2016
By Maynard Paton

Quick update on French Connection (FCCN).

Event: Preliminary results for the year to January 2016 published 15 March

Summary: An improved set of figures following last year’s awful interims. However, the numbers do suggest FCCN experienced a weaker Christmas while the cash pile really can’t afford another £9m outflow. Online sales were miserable, too. Still, Retail gross margins during H2 were the highest since 2011 and new board members may well help the moribund management. This value investment still requires inordinate patience… and I continue to hold. 

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Record: Another Mandate Loss But Stronger Dollar Sustains P/E Of 8 

07 January 2016
By Maynard Paton

Quick update on Record (REC).

Event: Business Update published 07 January

Summary: Not a great start to 2016 — REC has admitted a significant mandate win from last year has now been ‘suspended’. Despite a more accommodating environment for the specialist currency manager, this update just adds to the disappointing client losses of late . Funnily enough, a stronger dollar appears to sustain my earnings guess even after today’s client withdrawal. Meanwhile, the shares do not look expensive on a possible P/E of 8. I continue to hold.

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My Portfolio: Year In Review 2015

01 January 2016
By Maynard Paton

Happy New Year!

I trust you enjoyed the festive break and are now raring to do battle with the market for another twelve months!

This first Blog post of 2016 provides a short ‘year-in-review’ of each of my current portfolio holdings.

As I mentioned at the start of 2015, I find writing such reviews extremely useful — not least because it encourages me to double-check my investment logic to ensure I am still invested for all the right reasons!

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Electronic Data Processing: I’m Collecting A 7.9% Yield And Trusting A Trio Of Investors Will (Eventually) Take Action

11 December 2015
By Maynard Paton

Quick update on Electronic Data Processing (EDP).

Event: Preliminary results published 11 December

Summary: As expected, this dull software microcap reported no miracles. Cost savings should underpin the firm’s near-term progress, but revenue growth remains as elusive as ever.  At least  EDP still enjoys plenty of recurring income and has committed again to a hefty 5p per share dividend. I’m trusting the trio of North American funds that hold 28% of this stock will one day stir-up some corporate action so we can all exit at an advantageous price. I continue to hold.

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French Connection: Wow — £2.4m Compensation For Closing A Loss-Making Store!

30 November 2015
By Maynard Paton

Quick update on French Connection (FCCN).

Event: Trading statement published 30 November

Summary: Phew! A pleasantly surprising update that revealed stable trading and a signal that losses could be narrowing. However, the most welcome news was the redevelopment of the group’s loss-making Regent Street store, for which compensation of £2.4m will be received from the landlord. I just wish FCCN could be paid off for all of its under-performing shops! I continue to hold.

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Record: 5%-Plus Yield Available As The Long Wait For Elusive New Clients Drags On

24 November 2015
By Maynard Paton

Quick update on Record (REC).

Event: Interim results published 24 November

Summary: A lacklustre set of results in which the board remained optimistic of further progress — but where new clients were still nowhere to be seen. This statement was particularly irritating due to higher-than-expected staff costs and commentary about an ‘increased’ dividend. However, at least my earnings guess has not changed. One day I trust REC’s currency strategies will have their day in the sun, but until then I must content myself with a useful 5%-plus yield and dreams of what could be. I continue to hold.

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Castings: Revenue Up, Profit Up, Cash Up, Dividend Up

13 November 2015
By Maynard Paton

Quick update on Castings (CGS).

Event: Interim results published 13 November

Summary: Just what I like — a concise set of results that reports steady progress and robust financials. In fact, I could not find anything to complain about, with revenue up, profit up, cash up, the dividend up,  plus the prospect of further growth during the second half. What’s more, the share price does not look that expensive. I continue to hold.

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World Careers Network: Cash Now Represents Half The Market Cap

04 November 2015
By Maynard Paton

Quick update on World Careers Network (WOR).

Event: Preliminary results published 03 November

Summary: Oh dear — my portfolio suffers yet another profit warning! WOR had already owned up to lower earnings this year, but now it has admitted to further cost increases for 2016. Nonetheless, these annual results revealed an improved second half while net cash currently equates to half of the present market cap. Bear in mind, too, that the last time this software developer invested at the expense of near-term earnings, profit eventually quadrupled. I continue to hold.

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Getech: I’m Not Tempted To Top Up Just Yet

03 November 2015
By Maynard Paton

Quick update on Getech (GTC).

Event: Final results published 03 November

Summary: Oh dear — a profit warning for 2016. So much for management’s optimism from just a few months ago!  The oil-sector downturn has also created extra guesswork with GTC’s valuation, while I remain concerned about the firm’s hefty development expenditure. Nevertheless, I believe GTC’s range of specialist data and services, alongside an asset-rich balance sheet, should see the firm through the difficulties. I continue to hold.

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Castings: I’ve Forged Ahead With This New Buy

23 October 2015
By Maynard Paton

Today I’m revealing my latest share investment.

The company in question is Castings (CGS), a long-established iron castings and machining group that’s based in the Midlands.

You may recall that, back in September, I added Castings to my watch list.

Well, after mulling over that write-up, I then bought in at an average price of 426p including all costs. The bid price is now 440p and the holding currently represents about 8% of my portfolio.

When I invested, I felt this £188m firm offered many traits of a respectable investment.

Important attractions for me included a durable dividend, an asset-flush balance sheet, improving productivity, good-value management and an upbeat immediate outlook. What’s more, a possible P/E of 11 suggested the shares were priced quite modestly.

However, I recognised CGS was by no means a one-way bet. Obvious risks include serving a small number of large customers and a recent profit history that has seen its ups and downs.

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French Connection: Grim Figures Confirm Basket-Case Status

21 September 2015
By Maynard Paton

Quick update on French Connection (FCCN).

Event: Interim results published 21 September

Summary: A grim set of figures that had been flagged by an earlier profit warning. News of further store closures and maintained gross margins were reassuring in the circumstances, but the real saving grace was the relatively positive outlook for the second half. There’s still a chance this share could one day prove to be a bargain, but for now its basket-case status remains intact. I continue to hold.

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Tasty: Accelerated Expansion Supports Multi-Bagger Hopes 

08 September 2015
By Maynard Paton

Quick update on Tasty (TAST).

Event: Interim results published 8 September

Summary: A very satisfactory set of results, with highlights including higher margins and a further acceleration of new restaurant openings. It certainly appears as if TAST will expand using debt rather than equity, though further borrowings will be needed for the business to become self-funding. I remain convinced the family management here can replicate its earlier success at Prezzo (PRZ) and can perhaps quadruple TAST’s market cap. I continue to hold.

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Castings: A Rare Combination In The Current Market

04 September 2015
By Maynard Paton

Today I’m continuing my hunt for Watch List shares with a look at Castings (CGS).

Here are the initial attractions that prompted this research:

Respectable financials: The accounts showcase a dependable dividend, net cash and property assets
Straightforward management: The executives do not collect grandiose wages nor own any options
Interesting valuation: The shares could offer a possible P/E of 11

As usual, I’m applying a question-and-answer template to help me pinpoint companies that match the criteria set out in How I Invest. I’m looking for as many Yes answers as possible.

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