I thought the results were reasonable and was very surprised when the shares dropped by 10-13% this morning. I used this as an opportunity to top up and this is now one of my top 3 holdings. This statement reinforced a view I had that there is a likelihood that MSI is taken over at […]
MS International (AIM: MSI), one of my top holdings, published its results this morning for the year to 30 April 2026. The headline numbers were soft, as pre-flagged: revenue held steady at £115.0m, but pre-tax profit fell 25% to £15.1m and EPS dropped to 67.4p — a cost story, not a demand one; gross margin […]
Seven weeks after an AGM statement that merely reaffirmed guidance, Keller has issued an unscheduled upgrade: full-year 2026 revenue and underlying operating profit are now expected to be materially ahead of market expectations (consensus £3,150m and £223m respectively). North America is doing the heavy lifting — materially outperforming, with data centre and infrastructure demand the […]
If Q1 was about keeping my head down through a broad-based sell-off, Q2 was the rebound I’d been waiting for. The portfolio returned +14.9% on a total-return basis over the quarter, comfortably ahead of the FTSE AIM All-Share at +8.3% and effectively level with the S&P 500’s +15.2%. After a first quarter where almost nothing […]
So this morning H.B. Fuller announced a firm 285p cash bid for AMS which was also endorsed by the management of AMS. Unsurprisingly(and as stated in my initiation note), a trade buyer can extract a lot more synergies and value out of AMS compared to a private equity buyer who just play the financial leg […]
The Quick Take Company: Transense Technologies (AIM: TRT) — Oxfordshire sensor-technology group with three income streams: SAWsense, Translogik and a Bridgestone royalty. Thesis: A high-margin, IP-rich micro-cap whose profits today come almost entirely from a royalty that expires in 2030. The whole case is whether SAWsense scales fast enough to replace it — cheap […]
Advanced Medical Solutions (AMS), the AIM-listed tissue-healing specialist, remains in a live offer period. On 18 June the board confirmed that talks with H.B. Fuller over a possible all-cash takeover are ongoing, and the “put up or shut up” deadline has been just extended to 2 July. An extension isn’t a firm offer — but […]
I’ve been a happy holder of GetBusy for a while, but this week I cut the position back by about 50%. Here’s my thinking(more of a risk management than anything else). The bull case hasn’t gone anywhere. SmartVault, the US tax document platform that is the real value in the group, is now plugged into […]
After last weeks earnings announcement(which on the surface was ok), I had a chance to watch the webinar and the subsequent Q&A. There were a few things which worried me a little bit so since then I have trimmed my position by 50%. Still a reasonable holding but towards the lower middle of the pack […]
Mitie’s FY26 results landed this morning, and while there’s plenty to admire, I’m keeping my enthusiasm in check. Yes, the top line looks healthy — revenue up 10.5% to £5.6bn, adjusted operating profit up 13% to £264m, and a record £16.3bn order book. But I always read past the “adjusted” figures, and here the gap […]