#GFRD JPM increased holding to 9.5% from 5.2%. Now 2nd largest holder.

#BMY FY results. In line with revenue reduced and PBT and net cash increased. FY27 expected in lime with upgraded expectations with exceptional pre-ordering of forthcoming titles.

#MAB1 AGM TU. Positive momentum continued with mortgage applications up 15% y-o-y with an intense period of remortgages. Applications now normalised and expected to remain robust.

#KGH FY TU. in line with expectations. Revenue and underlying PBT increased with net debt in line with FY25 and looks below consensus. Discussions continue with Moore Barlow regarding potential acquistion.

#CRST delay H1 results a month to 16 July due to ongoing covenant discussions and audit period. “Discussions are progressing constructively”.

#RNWH continue the expansion of their HV offering with another acquisition. EDES acquired into Excalon for £9m allowing a full turnkey solution and access to wider opportunities.

#COST Cavendish retain 297p TP. Current price undervalues the quality and visibility of the secured order book and a balance sheet that supports attractive shareholder returns and continued investment flexibility.

#COST Panmure raise TP to 245p from 220p. Estimates unchanged, bullish on UK infrastructure, more upside in Natural Resources, hopeful blockers are removed, water gives a decade of opportunity.

#COST AGM TU. Trading in line with expectations, making good progress towards FY27 step change. Forward work position remains at £7bn with strong pipeline of opportunities.

#GFRD Capital Access note following Analyst visit. With AMP8 valued at £104bn and running to 2030, they’re already looking at AMP9 potentially hitting £140bn. Assessed exposure in AMP8 estimated at £4bn with £1.4bn already identified.

#OTB Deutsche Bank cut TP to 314p from 345p pretty much at the level before its December 25 raise. SP closed at 138p, just above the 2024 support level for 133p.

#VTY AGM TS. Expects FY26 PBT in the middle of the range of expectations, significantly lower average net debt and a net cash position in excess of £100m. H1 taking a bigger hit as the clear out progresses and cash management priories. Materials inflation starting to impact.

Just an FYI. I initiated a transfer of my ISA from HL to IG. Purely shares and some cash. The equities have landed today with the cash to follow. Process has taken 28days. Just in case anyone else is considering a move.

#OTB H1 Results. Record booking level ahead of the market with revenue down on ME disruption and pricing competition. Guidance reinstated with FY PBT range stated at £18m-£25m down from a previous consensus of £41m.

#RNWH H1 Results. Record H1 and order book at record level. Confident in delivering FY expectations.

Yesterdays Remembrance ride in Belgium was special. Visited the Brothers In Arms Memorial and found my mates Great Uncles grave at Lijssenthoek among 11,000. Needless to say but an emotional day and continuing reminder of sacrifices made by a generation.

#CKN Panmure retain Buy with TP left at 5580p. “Balance of risks more to the upside”

#CKN TS. “While it is still early in the year, the Group's strong start to date and current momentum has enhanced the Board's confidence in its expectations for the year.”

#VLX Berenberg raise TP to 700p from 480p

#CRST - Looks like Janus Henderson have been sat at 5% for a while and now doubled their position to 10% and become the largest shareholder.

Looks like DB playing catch up: Raises #MGNS to 5700p, #COST to 200p, #KIE 295p

Here are the fantastic highlights of The #MasterinvestorShow 2026. How many individuals & companies that you know can you spot? youtu.be/7-QnjCTUUIE?...

Potential offer for #DCC . Jamie Ward presented a thorough investment case on the BASH panel at Mello Birmingham last week.

After initial resistance and some ‘gentle persuasion’ with the help of @rogergreen2009.bsky.social, HL have now agreed to add Alyx Wood’s YFS Kernow Equity Navigator Fund to the platform. It should appear in the next 2 weeks.

#JET2 Canaccord calculate the shares are at worst case with a return to normality worth £19-£20. With 87% summer fuel hedged and estimated 55% for winter. Strong rebound potential. TP 1900p.

#JET2 FY TU. In line with expectations, Op Profit £435m-£440m with net cash of £2bn. Summer on sale capacity 7.7% ahead, booked to date up 6.2%, bookings closer to departure due to ME, summer fuel 87% hedged. Gatwick ahead of initial expectations.

#TW. AGM TS. Sales rate and order book marginally down in prior year with cancellation rate improved. Outlets increased, land bank strong, site purchases selective, mid single digit build cost inflation expected, land and WIP spend under control.

#MAB1 TU. Mortgage applications 19% ahead of the same period last year with continued momentum. Continues to trade in line. Main Market trading commences 1st May.

I wish to report that one of my @paulypilot.bsky.social pens suffered a Rapid Unscheduled Disassembly after 2hrs of submersion and 1400rpm in the washing machine. Can confirm it still writes and will reassemble if/when I find two missing components before Mrs TM does…🤦‍♂️

One of my Mello highlights yesterday was Alyx Wood of Kernow AM entertaining explanation of his thesis for buying #CKN 🍌 🦑 🌍

Cracking day at Mello Brum yesterday - well done to the team finding a good venue so close to New Street Stn. Good presentations and a catch up with familiar faces and meeting new ones. Look forward to Chiswick in June.

Cavendish detailed note out on #COST, #GFRD and #KIE, also mentions #RNWH, #MGNS and #BBY. Valuation still not reflecting duration of earnings and balance sheet strength, scope for significant capital allocation driving re-rating.

#GFRD appointed to £750m affordable homes framework by Sovereign Network Group.

Nibbled a few #CRST this morning. Previously traded out on the unsuccessful #BWY bid at 260p, bought back on the fall and sold out flat. At this level against even a fire sale NTAV feels like the vultures will circle and put it out of its misery.

#CRST TU. Seeking a temporary banking covenant relaxation as forecast revised down below interest costs. No increase in the fire safety provision - every cloud and all that…

#BBSN to get a representative in the #SYS1 board. I wonder who…

#MPAC Panmure make no changes to forecasts with TP maintained at 550p. Shore Capital leave forecasts unchanged with implied 600p fair value.

#MPAC FY Results. In line with expectations. Revenue increased 42%, closing order book stabilised and down 24% after a challenging H1. Currently inline with H2 weighting, ME uncertainties affecting timing with pipeline growing. CFO to leave in July and is thanked.

#XPS FY TU. Record Revenue up 13% inline with expectations with strong organic performance.

#ALU Cavendish revise forecasts and reduce TP to 363p reflecting the delays. FY26 and FY27 EPS reduced. Long term structural drivers remain intact.

#ALU Q3 TU. Warns on profits and reduces FY26 PBT guidance to £11m (circa 19% on consensus) due to ME uncertainty, subdued markets and project delays while order book improves.

#MGNS TU. Expects PBT to be significantly ahead of expectations. Fit out outperforming again and expected to exceed the upper end of the medium term target.

#RNWH approaching previous resistance at 970p for the 4th time. Took a few months to break the previous range.

#BTRW Q3 TS. On track to deliver in line with consensus after solid Q3. Reservations slightly ahead. YE net cash expected ahead due to timing of building remediation payments and reduced land acquisition. ME impact currently minimal but cautious in longer term impact.

#HTG Q1 AGM TS. FY guidance maintained. Order book increased to $428.8m with tender pipeline at $1bn. Minimal impact expect from ME and staff remain safe. Well placed to benefit from increased activity.

Tax Rebate landed from HMRC, ISA allowance topped up. Added some new positions from my watchlist in #CRW, #LTHM and #FNTL. Eyeing a few others.

#MAB1 make a small acquisition of HomeOwners Alliance consumer platform to expand reach.

#VTY Greg bows out as Adam Daniels appointed CEO with immediate effect following a succession process. Im sure he'd have wanted to have left on a high but wish him well as he goes back into retirement. “A new broom sweeps clean”…?

#HTG announce $63.5m order for Ti stress joints to Guyana. Revenue recognised starting in H2 with delivery through to 2028.

#VLX Main Market move aimed to be prior to the 4th August to allow inclusion in FTSE250 . £40m share buyback announced.