#MONY.L FY TU, full year expectations remain unchanged, continued to deliver growth in revenue and adjusted EBITDA, although unhelpfully they don't give us a clue how much. Outlook - well positioned to deliver sustainable, profitable growth. Unexciting but a nice dividend.

Michelmersh Brick #MBH.L FY TU, trading/profitability ahead of H1 but seen a notable slowdown in construction activity in Q4, mention Budget. Revenue and adj EBITDA of £69M and £12.5M respectively, a little below expectations altho they don't say so. More settled production, positive order intake.

Solid State #SOLI.L H1 results look ok, confident of full year in line and a big improvement on previous yr. Overshadowed by death of previous CEO Gary Marsh. Order book at £97M on 30 Nov (H1 24/25 £76.6M). Suffered from lumpy contracts last yr and could so again but seems to be recovering ok.

Iomart #IOM.L interims, new management and acquisitions do not appear to have changed the overall direction, although they claim that H2 will be better and full year to be within the range of current market expectations. Has always been a sinking company in a buoyant sector.

Elementis #ELM.L acquiring UK based Alchemy Ingredients Ltd for $22M, to boost their personal care business. No figures apart from expected FY25 revenue ~$6M. Checking, it looks as if Alchemy made a loss of £705k for 2024. #ELM CEO sounds very positive on it though.

Cranswick #CWK.L interims are a thing of beauty (apart from debt, up and explained by acquisition, capex and working capital). Outlook for full year in line with expectations. Continues their history of reliable delivery.

Renew #RNWH.L finals pretty much as expected, revenue up 5.6%, adj EPS 67.1p (65.9), full yr divi 20p. Seem to have used the slack rail period to restructure, in a better position for remainder of CP7. Record order book moving into 2026, 'the foundations of the business have never been stronger'

Treatt #TET.L newish CEO David Shannon stepping down as CEO and from Board, thanked. Unsurprising given the recent poor performance and seeming capitulation to lowball takeovers.

TT Electronics #TTG.L October TU, tentative with full year expected in line but requires 'siggnificant step up' in November and December, relies on expected order delivery times. 2026 difficult to predict but currently seen as flattish on 2025, but without the one-offs. Slightly down then.

#IMI.L agreed the sale of their Truflo Marine division 'further aligns IMI to three powerful growth trends - energy, automation and healthcare'. Looks like a decent price.

Babcock #BAB.L H1 results look good, EPS 33.7p (25.7p), divi 2.5p (2.0p), net debt excluding leases £55.8M (145.8M). Outlook for FY 2026 inline and 'pursuing exciting opportunities for sustainable growth and margin expansion, both in the UK and internationally'. Quite a turnround from a few yrs ago.

Norcros #NXR.L interims look ok, underlying operating profit up 7%, revenue up 1.3, debt down to £30.7M (44.9M). In line for full year, acquisition of Fibo in Norway to be earnings enhancing. Looks good and growth in earnings nice to see.

Tracsis #TRCS.L finals look ok but heavily adjusted, 24.8p eps turns into 1.7p basic! Results flattish but ok, plus has £23.4M net cash. Waiting for UK Rail to sort themselves out, looking for acquisitions. Q1 in line, full yr adj EBITDA in line (and is slightly higher at £13-13.8M).

Solid State #SOLI.L announcing several major orders for specialist power packs for Custom Power subsidiary worth $7.4M, both new and repeat business. Custom Power had shown promise but not been outstanding, so good news. I bought #SOLI on TU a couple of weeks ago, pleased to see this.

Rotork #ROR.L TU, full year expectations unchanged, new £50M buyback announced and they can afford it with £37.3M net cash. Group order intake 8% higher YoY including Noah acqn, overall end markets remain supportive. Another niche engineer doing well.

Likeise #LIKE.L TU, blow own trumpet loudly regarding revenue growth of 8.9% YTD but fails to recognise that turnover is vanity and profits sanity and tells us that underlying PBT is going to fall short of expectations. Still going to be 'significantly ahead' of previous years though. Oops.

Hill & Smith #HILS.L TU, FY in line with expectations, US Engineered Solutions offsetting weaker UK and India, Galvanising showing volume growth in both UK and US. Expect progress on Group margins. Cash generation continued to be good, has always been a feature of HILS. One of my favourites.

Zotefoams #ZTF.L has acquired a Spanish technical foams co, Overseas Konstellation Company, for Eu27.6M initial plus up to Eu8.4M earnout. Earnings accretive in the first full yr, a lot of info in the RNS about strategic fit re markets and geography, looks well thought through and a decent acqn.

Genuit #GEN.L hit by the curse of slow RMI, now expects adj operating profit in raange £92M-95M (was £95-99M). Revenue up 8.4% so margins must have declined although not clear in which area. the recent couple of acquisitions showing positive early trading signs. Conditions to persist into early 2026

Stelrad #SRAD.L FY TU, bit lukewarm due to a subdued market for radiators, now expect FY adjusted operating profit between £32M and £33M, up on previous year with margins better, but looks a bit below expectations. Expect debt to improve, have been improving Turkish business at a cost of £1.6M.

Gleeson #GLE.L AGM TU, unexciting but steady, expects FY26 results to be in line with expectations but mindful of Autumn Budget, seeing some progress with reservation rates up on the same period YoY. One significant land sale still waiting for a technical solution

Melrose #MRO.L Q3 TU reads well, in line with full year expectations and Engines revenue up 28% with record backlogs, Structures up 5% helped by defence demand. A long way from GKN days.

Aviva #AV.L Q3 TU, on track to achieve 2026 targets a year early, Amanda Blanc 'the outlook for Aviva has never been better'. Upgrading savings from Direct Line acquisition, setting new 3 year targets. Reads very well.

Convatec #CTEC.L 10 month TU, full yr 2025 in line, expecting 2026 to be another year of double-digit adjusted EPS growth. Some ongoing regulatory difficulties for product Innovamatrix, but not holding back growth. New CEO and CFO following unfortunate death thru illness of previous CEO Karim Bitar.

Keller #KLR.L Q3 TU, confirming in line for full yr, Asia-Pacific performance 'robust', everywhere else seems fairly solid. Approaching net cash position by end of year. Record level order book, geographic diversity give visibility and resilience. Happy as a long term holder.

#IMI.L Q3 TU, plenty of repetitions of excellent, reads well. On track for full year expectations of mid single-digit growth and adj eps between 129 and 135p. Process Automation doing particularly well with revenue up 14%YTD and 26% in Q3.

Headlam #HEAD.L TU, surprisingly getting rid of CEO Payne has not helped and revenue in the recent quarter is 5% down YoY, so results for the year will be below expectations - the already downgraded ones from Sept interims. Restructure, cost reduction, asset sales plan. Board confident blah blah...

Solid State #SOLI.L H1 TU, healthy with revenue and adj PBT in excess of £85M and £4.75M. Seen some of their lumpy revenue come through, margins improved. H2 looking positive with order book £87.3M of which over 60% expected in H2, underpins FY excptns. Progress in shift to higher value activities,

Zotefoams #ZTF.L Q3 TU, performance in line with expectations and (caveated) full year revenue and adjusted PBT to be in line, to deliver mid single-digit growth for year as a whole. Plenty of strategic progress including interesting appointment of ex-Nike manager.

Brief Q3 TU from Spectris #SXS.L which is another holding being acquired, looks to be recovering with sales increasing YoY, up 11% on a reported bases and 4% at constant currency. Full year adjusted operating profit in line with expectations. Shame they are leaving the market.

Goodbye from Renold #RNO.L as it exits the market after being acquired. Has been a very fruitful hold for me.

TT Electronics #TTG.L have a takeover offer worth 155p, cash of 100p and shares in the acquirer worth 55p, from Swiss listed Cicor. Unanimous support from the TTG Board, maybe this will get further than the Volex attempt. No holding in TTG.

Elementis #ELM.L Q3 TU, on track for full yr performance in line with expectations, cost savings exceeding original target with further $5M expected this yr. Completed sale of Eaglescliffe site, altho they had to pay the purchaser $11M to take it! Was subject to an environmental 'incident' in 2023.

Goodwin #GDWN.L issue a TU and break one of their normal rules by providing forward guidance - done because trading PBT for FY26 > £71M, 100% increase YoY with a 'high degree of confidence'. Plus... a special interim dividend of 532p. What a nice Monday morning surprise.

Alumasc #ALU.L AGM TU, cautious in tone especially for H1, Housebuilding still positive, Building Envelope/Water Mgmt revenue constrained by delays, despite healthy order books. Export good but lower YoY due to HK project last yr. Cautioun for H1, H2 weighting in 25/26, medium term very positive.

Renishaw #RSW.L Q1 TU moderately encouraging, 2.8% revenue growth, America doing well, EMEA poor. New products introduced and a cost reduction program bringing £20M payroll savings. Steady start, markets presenting growth opportunities, expecting further steady revenue growth at this stage.

Macfarlane #MACF.L warning full yr adj operating profit to be 20-25% below expectations. Due to a combination of a fatal incident at one of Pitreavie sites causing temporary suspension of activity, and slower than expected market recovery in Distribution. Manufacturing still performing well.

XP Power #XPP.L Q3 TU, in line with full yr expectations and Q3 apparently sees a material step-up in profitability, together with generally improving quarterly figures, apart from debt which is up slightly. Appeal against Comet court judgement was heard in September, judges to consider verdict.

SigmaRoc #SRC.L Q3 TU, strong Q3 'underpins confidence in full year expectations', underlying EBITDA margins up, full yr EPS to be not less than 9.5p. Generally positive, UK/Ireland doing well, Belgium and Germany showing some early positive signs. Synergy programmes also having a positive effect.

GB Group #GBG.L H1 TU reads OK, in line with revenue £135M, well positioned to achieve H2 growth in Americas business. Acquiring DataTools address and data validation in Australia and NZ, for £7.9M, immediately earnings accretive. Well positioned to 'achieve our revenue outlook for full year' inline

Sanderson #SDG.L interims look reasonable, revenue down slightly with profitability flat. Some bright spots with licensing revenue up 6%, net cash £7.8M, brand sales up 5% in first 9 weeks of H2. Confident of meeting expectations for the full year. Slightly more positive than last few statements.

Robert Walters #RWA.L Q3 TU, Asia Pacific (largest sector in terms of net income) saw broad based imprvmnt, UK saw Specialist Recruitment grow by 6%, Europe still difficult. Seeing signs of sustained improvement in select markets but conditions fragile. Net cash £26.6M, to review divi in March 26.

Morgan Advanced Materials #MGAM.L Q3 TU sounds quite gloomy with 'we now expect full year sales to be 4% lower than the prior year' and adj operating profit margin of ~10%, implying a guiding down of expectations but not in any specific way. Meanwhile they are busy buying back shares.

Hollywood #BOWL.L FY TU reads OK (apart from reporting adj EBITDA) with record revenue £250.8M, adj EBITDA in line with expectations, net cash of £15.2M, good growth in Canada 32.9% and 6.4% in the UK. Strong pipeline of new centres, confident in outlook for 2026 and beyond.

Oxford Instruments #OXIG.L H1 TU, warning that full yr revenue and adj operating profit to be similar to last year, quite a big downgrade. Multiple reasons but difficult markets and currency headwinds, particularly on Imaging and Analysis business. Adv Technology remains strong.

Renew Holdings #RNWH.L acquiring Escalon Holdings, specialist in overhead power line maintenance, immediately earnings enhancing, looks like a good fit in a busy area. Initial consideration of £7.8M with further potential £4.5M, looks good.

Treatt #TET.L scheduled FY TU, nothing much changed since their most recent profit warning, with FY25 performance expected to be within range of revised expectations. Conditions still difficult due to high citrus oil prices and low N American confidence. Latest offer of 290p may well succeed.

Aston Martin #AML.L Q3 TU includes 'Revised Outlook' in the title. At least they're upfront about it. Tariffs and macro difficulties mean wholesale volumes down mid-single digits, Valhalla to ship in Q4, later than expected. Outcome is adj EBIT below lower end of consensus, no free cash flow.

Finally... Headlam #HEAD.L oust CEO Chris Payne with immediate effect. High time IMO, he has presided over a continuous decline in the business whilst #LIKE.L have stolen their lunch. Can they recover with different management? Not sure whether it has gone too far.

Advanced #ADVT.L H1 TU looks ok, revenue not less than £25M, adj EBITDA £7M both look like > 50% consensus, double digit increase YoY, continuing to trade inline. Cash and investments £116.1M. Mention increased investment in H2. Continuing to explore acquisition opps, see organic grwth potential.