S&U (#SUS), has announced its preliminary results for the period ended Feb 2026:
❌ Revenue -7% to £107.4m
✅ Pre-tax profit +32% to £31.8m
✅ Basic EPS +32% to 195.2p
I continue to hold.
#TWINPETESINVESTING PODCAST 177 NOW LIVE
Tune in to hear @conkers3.bsky.social and I interviewing the marvellous Annabel Brodie-Smith of the AIC on all things investment trusts including #SABA #EWI #SMT #ATT #HVPE #IEM #MNTN #CLIG #MKNS #TRIG #FGEN and more!
www.youtube.com/watch?v=ZGEE...
The whole industry is having a torrid time of things. I liked their international exposure via projects like the airport but seemingly there is no escaping geopolitical tensions! (Hence their name, I suppose 😅)
Not quite what I was hoping for this morning but not entirely unexpected. I stil really like this business long-term but looks like they're in for some hard yards...
A cautious Q3 trading update from Alumasc (#ALU) indicating revenue +2% and 28% growth in orders year on year.
Describes market conditions as "challenging" and the board is taking a "cautious view".
I continue to hold.
Concurrent Technologies (#CNC) has published their year end results indicating:
✅️ Revenue +14% to £45.9m
✅️ Pre-tax profit +25% to £6.5m
✅️ EPS +7% to 5.86p
✅️ Order intake +15% to £47m
I continue to hold.
They told a GREAT story when I met them, but all they ever seem to do is endless "approvals" and no actual sales or profit!
Not exactly a compelling story in the end!
I remember our temporary co-host Alex Degroote speaking highly of the managenent team here two years back.
I keep checking in on it but never felt it to be a "must own".
The recent update piques my interest though - they're definitely long-term oriented.
Fascinating conversation with @bsky.app's @rose.bsky.team about what they are thinking and how they feel about you, dear user www.youtube.com/watch?v=pZbd...
I was tempted by the story two years ago after meeting them at the Master Investor Show but never bought in after discussing my reservations with a friend.
In hindsight, all I can say is "thank goodness" 😅
Feels like it's been a lifetime already 😭
I quite like #INPP too although it's already a holding.
Very hard to see many 'safe' areas of the market right now that I don't expect to be cheaper in the future so I'm feeling quite hesitant.
#TWINPETESINVESTING PODCAST 176 NOW LIVE
Tune in to hear @conkers3 and I discussing ideas for the new ISA investing including #TSCO #FAN #PHP #BBOX #BAB #SPI #ASHM #WOSG and more!
Please remember to like, subscribe, and comment!
youtu.be/dwPdFkOZx0w?...
Fascinating insights into the private credit world with @htviolaheir.bsky.social asking questions on all our behalfs. I am not expecting our holdings in the likes of #MGCI #RECI and #POLN to be as affected as the worst-case scenarios...
Thank you for your kind feedback TRI - glad you enjoyed out latest episode with Dr. Cooper and my particular limebof questioning with him!
I suspect the current panic will shake out some good deals in debt markets...but you'll have to do you DD to avoid any landmines.
Seems like the market quite liked today's update but the bounce was a little tempered midday as investors sold into strength. Still holding...
Bioventix (#BVXP) interim results for the six months to December 2025 indicate:
❌️ Revenue -9% to £6.1m
❌️ Pre-tax profit -4% to £4.85m
✅️ Cash balance +4% to £5.3m
Full year trading expectations remain "in-line". I continue to hold.
Not overly - is a cyclical but quality business. My thesis isn't “growth now”, more “temporary softness, intact balance sheet, resilient cash generation and a stronger earnings base when end-markets recover.”
Apologies to anyone that tried to visit today's post and received an error message - my site suffered some temporary technical issues this afternoon but service is now restored!
This will have caught a few totally off-guard. I've never been overly keen on the litigation finance space as an investment...too much scope for rulings to go the wrong way (or in this case get overturned "after the fact")
"US appeals court overturns $16bn Argentina ruling in blow to Burford Capital" (FT)
"A US appeals court has overturned a ruling that found Argentina liable to pay $16bn to former shareholders of the oil major YPF"
Burford $BUR shares closed down 42% today
www.ft.com/content/1fcd...
NEW BLOG POST
How should investors approach ISA investing season in a falling market? A look at housing, tech, Legal & General, and the areas where I’m still adding selectively.
theethicalentrepreneur.com/isa-investin...
Ecora Royalties (#ECOR) has published their FY25 results indicating:
❌️ Revenue -9% to $57m
✅️ Post-tax profit +300% to $22.2m
❌️ Adjusted EPS -24% to 8.86c
✅️ Free cashflow +21% to $27.4m
✅️ Net debt flat at $85.5m
I continue to hold.
International Public Private Partnerships (#INPP) has published the FY25 results indicating:
✅️ NAV per share +4.7% to 151.4p
✅️ Cash dividend cover stable at 1.1x
Capital realisation programme running at or ahead of valuation on 14% of portfolio. I continue to hold.
Chesnara (#CSN) has published their 2025 FY results indicating:
✅️ Cash generation +19% to £94m
✅️ Solvency cover +54% to 257%
✅️ Adjusted operating profit +42% to £56m
I continue to hold.
Journeo (#JNEO) has published their 2025 results indicating:
✅️ Revenue +11% to £55m
✅️ Gross profit +23% to £21.8m
✅️ Adjusted pre-tax profit +13% to £5.7m
❌️ Diluted earnings per share -11% to 23.83p
I continue to hold.
I have no position and felt it had got away...perhaps a chance to buy in?
Do you have a view on how material the contract losses are?
Croda $CRDA share price down 18%+ since 27-Feb
Now ~17x 2025 EPS, 4.5% FCF Yield
Back in 2022, WTI Crude price also rose above $120
Croda 2022 Consumer Care sales rose ~10%* organically, Underlying EBIT rose 4.3% ex-FX
*volume -12%, price/mix +22%
open.substack.com/pub/libraria...
#TWINPETESINVESTING PODCAST 175 NOW LIVE
Tune in to hear @conkers3.bsky.social and I interviewing the masterful Founder and CIO of Equitile Investments, Dr George Cooper on his views of private markets and what their future means for investors!
www.youtube.com/watch?v=Vq6x...
That...image...is the stuff of nightmares 😨