Good morning, it’s Paul here with Thursday’s placeholder.
Estimated timings – early start, and needs to be finished by noon, because I have to head into the City for a 1 pm meeting with Intercede (LON:IGP) management (in which I have a long position). If there’s anything interesting from the meeting, I’ll let you know at a later date.
Malvern International (LON:MLVN)
(At the time of writing, I have a long position in this share)
Profit warning. At c. £2m mkt cap, it’s too small amp; illiquid for a full section.
My reaction on reading the profit warning was that it’s not too bad. A setback, for sure, but does that really justify a more than 90% fall in share price since the peak just over a year ago? I would say not.
Underlying trading is currently around breakeven, and there are good reasons to expect a return to profit in 2020 (e.g. disposal of loss-making Malaysian operation, and improved forward bookings). Therefore, I’m leaning towards buying some more of these, once I’ve double-checked all the figures.
Very small amp; illiquid, and so far the turnaround under new management is…
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