Good morning,

Happy Friday! Today I'm hoping to look at some backlog items that were requested by readers or are otherwise interesting. So far I have EVPL, INPP and BAG on the list.

Today's Agenda is now complete (added RCDO and SMWH).

I'll be adding some Backlog items through the afternoon - please continue to check back.

4pm: all done, and hope you're happy with the brief coverage of various backlog items. Have a nice weekend!

Companies Reporting

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here

About the Author

Graham Neary

Premium Member

I've been a full-time stock market analyst and investor since 2009, with the exception of one "year out"!I was a chartist (technical analyst) for three years, analysing the fixed income and futures markets for hedge funds and investment bank traders.After that I moved over to the buyside where I got my CFA qualification and learned how to manage equities and fixed income portfolios for a large institution. When given the chance to manage a diversified UK equity portfolio, I generated a return of 28.5% in two years (benchmark: 17.1%).  Avoiding the mining sector was a big help! I then took my year out to study Mandarin in China. Ever since, I've been spreading the word on how individuals can  find exciting investment opportunities.  I've spoken at countless events, taught financial statement analysis to private investors, built up a small following on social media, and have been a regular fixture here at Stockopedia for many years. The stock market continues to fascinate me and I'm sure it always will. more »

31 comments

Create an account
Silver Moon
28th Mar

ref a comparison of the formerwith Mortgage Advice Bureau (Holdings) (LON:MAB1), Momentum perhaps?  I do hold MAB and it's a Mid  Cap versus a Small Cap.
Reply
shanklin100
28th Mar

Quite amused this morning to see the Ricardo (LON:RCDO) RNS include ”The Board believes Science Group's actions are being taken solely for the benefit of Science Group and its own shareholders…”

As a business, that’s exactly what Science (LON:SAG) should be doing!!

If the Ricardo (LON:RCDO) management had successfully pursued the same goal, they wouldn’t be in their current mess.
Reply
Fire Juggler
28th Mar

Interesting view eParo. I see the strategic review includes "liquidating £40M of excess stock". Sounds like a big night out.  They also trimmed £28M last year.  

I'm no expert, but it feels like maybe people are buying less wine?  Liquidating replacing selling to more customers & customers drinking more? 

Or are Naked getting better at turning it over, while turnover declines?  The commitment to shareholder returns is nice. But what happens when the excess stock runs dry?
Reply
jonno
28th Mar

Hi Bnb

James Halstead (LON:JHD) I think brokers forecast might be somewhat on the conservative side.  Given the company's reference to delayed spending.

"Despite this, the backlog of refurbishment and increased capacity of hospitals, schools, prisons and other government buildings is well reported and it can only be delayed not cancelled. Demand for aged care (a core sector for our flooring) is expanding with demand for places outstripping supply with new capacity likely to follow. Our ongoing expectations are for increased sales in the UK."

It is also likely to be a beneficiary of the recent decision of the German government  to launch a 500 billion euros infrastructure fund, although such benefits are a few years down the line.  Also it appears that the majority of capex has already been accounted for.

"Completed previously announced capital expenditure programmes across our Teesside and Radcliffe sites to upgrade production capabilities"

South America looks to be a promising market for expansion. So all in all I am happy with my initial purchase.
Reply
Tommy Taylor
28th Mar

Norges Bank goes over 3% in CARD ahead of results next month
Reply
doctor dave
28th Mar

AIM up 9 days of the last 13.  Could the worm be turning....?
Reply
Dodds98
28th Mar

Which platform do you find the most uptodate and accurate for values of what Norway's oil fund is investing in? 
Reply
JohnDoe2378
28th Mar

Certainly not reflected in my portfolio 
Reply
Snazzytime
28th Mar

hi Graham,

A G Barr (LON:BAG)

This Glasgow-based drinks group was previously on my small-cap watchlist. I rather meanly removed it due to its recruitment last year of an unlucky CEO.

I can think of a few more appropriate adjectives than 'unlucky'.

Snazzy

Reply
FREng
28th Mar

Graham: for some reason, BAG and EVPL are not included in the "Securities Mentioned" side-bar

Martyn
Reply
Graham Neary
28th Mar

they should be there now Martyn!
Reply
Graham Neary
28th Mar

such as?!
Reply
Snazzytime
28th Mar

I couldn't spell that out on here but I'm sure you would have a good idea.

It's difficult to understand how he manages to keep getting high profile jobs with his dismal track record.
Reply
Richard Newton
28th Mar

Thank you Graham for  taking your time looking over  inpp,.

It's very much appreciated especially with the amount of companies that you all have to cover .
Reply
prem14
28th Mar

I don't see this being covered in the daily report today or yesterday. Was there a reason, or was it just missed out?
Reply
The Phoenix
28th Mar

Just noticed Spire Healthcare (LON:SPI) up 4% on a grant of options award seems a bit odd to be up a tad on such an rns anyone brighter than me have any thoughts ?
Reply
Andy Howe
28th Mar

Great to see a balanced and positive write up on Everplay (LON:EVPL) . Onwards and upwards me hopes. Such low P/E and PEG ratings agqinst others in the sector.

Reply
abtan
28th Mar

James Latham (LON:LTHM)

Thanks for the write-up Graham.

Have a nice weekend.

A
Reply
Barbara
29th Mar

Thanks for covering James Halstead (LON:JHD) Graham. Just to let you know in title of the review you have it as amber/green but in conclusion you have it as green.
Reply
Graham Neary
29th Mar

Fixed it Barbara, thanks for letting me know! G
Reply
>
© Stockopedia 2025, Refinitiv, Share Data Services.
Youtube Instagram RSS
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.
Name (Mkt Cap)RNSSummaryOur view (Author)
WH Smith (LON:SMWH) (£1.4bn)Sale of High Street BusinessSP -4%
Gross cash proceeds £52m, net cash £25m. Creates pure play global travel retailer. Trading in line.
Background notes: The High Street division generated “trading profit” of £32m on revenues of £452m in FY August 2024. With 500 stores being sold, the average store is valued at £150k.		AMBER/GREEN (Graham) [no section below]
This sale price strikes me as underwhelming. Perhaps the loss of the name WH Smith from this division (to be rebranded “TG Jones”) is a major reason for the discounted sale? I leave our mildly positive stance unchanged as 85% of SMWH’s trading profit is from the Travel business which will now have management’s undivided attention.

BBGI Global Infrastructure SA (LON:BBGI) (£1.0bn)

Full Year Results

Nav per share 142.7p. On 6th February, announced a Board-recommended offer at 147p. General meeting on 10th April.

PINK (under offer).
Ability to make new investments “constrained” by share price discount to NAV and “continued disconnect between public and private markets”.

Ricardo (LON:RCDO) (£160m)Strategy UpdateResponse to Science (LON:SAG) . Says SAG wants to control RCDO without paying a takeover premium. Trading in line.AMBER/RED (Graham)
One good outcome from Science Group's involvement is that it has prompted Ricardo to promise a business and strategy update for next month, which may contain more info than Ricardo would otherwise have felt obliged to publish.

Smiths News (LON:SNWS) (£129m)

TU

Solid performance, on track to deliver results in line with expectations.GREEN (Graham)
The company reminds us that at least 91% of revenue is contractually secured through to 2029. The collapse might come in 2030 but I'll keep my optimistic stance on this for now.

Good Energy (LON:GOOD) (£90m)

Un-audited Results

2024 profit in line. PBT +16% (£6.6m). Revenue fell with energy costs, but gross margin improved.

PINK
Shareholders have already agreed to a takeover at 490p.