Steve Markus
@stevem1.bsky.social
Chesterfield UK based Investor, like small caps and general industrials. Fundies based on the whole, like to buy and hold. Background in management consulting and software/database tech across the development and implementation lifecycle.
Eleco #ELCO making a smallish acquisition of Kivue for £2.3M - provider of Project Portfolio Management software. Apparently a leading provider, last 12 months revenue of £1.5M, so not large. However, probably quite complementary, decent client list etc.
February 10, 2026 at 7:25 AM
Eleco #ELCO making a smallish acquisition of Kivue for £2.3M - provider of Project Portfolio Management software. Apparently a leading provider, last 12 months revenue of £1.5M, so not large. However, probably quite complementary, decent client list etc.
Sanderson Design #SDG FY TU reads quite well for a change, FY in line, adj PBT at least £5M, strong grwth in brand sales in US and other overseas markets, net cash increased at £9.8M. Outlook also more positive, 'increasing momentum in the business' although UK still 'subdued'. Seems to be improving
February 10, 2026 at 7:13 AM
Sanderson Design #SDG FY TU reads quite well for a change, FY in line, adj PBT at least £5M, strong grwth in brand sales in US and other overseas markets, net cash increased at £9.8M. Outlook also more positive, 'increasing momentum in the business' although UK still 'subdued'. Seems to be improving
Porvair #PRV.L FY results look decent, minimal revenue grwth but margins and adj EPS up nicely. Net cash £22.9M. Post y/end acqn will boost the business. Outlook however is very vague - 'much to look forward to in 2026', 'optimistic about the future'. Sold on the spike over 900p, wld buy back lower.
February 9, 2026 at 7:20 AM
Porvair #PRV.L FY results look decent, minimal revenue grwth but margins and adj EPS up nicely. Net cash £22.9M. Post y/end acqn will boost the business. Outlook however is very vague - 'much to look forward to in 2026', 'optimistic about the future'. Sold on the spike over 900p, wld buy back lower.
Chesterfield Special Cylinders #CSC.L AGM TU, orders building on defence side, further orders expected both in defence and hydrogen. Significant revenue and earnings growth expected in FY26, heavily H2 weighted, confident in mid-term outlook. Unspoken caution for short term perhaps?
February 3, 2026 at 7:45 AM
Chesterfield Special Cylinders #CSC.L AGM TU, orders building on defence side, further orders expected both in defence and hydrogen. Significant revenue and earnings growth expected in FY26, heavily H2 weighted, confident in mid-term outlook. Unspoken caution for short term perhaps?
Alumasc #ALU.L H1 results, as expected down YoY mainly due to little work on Hong Kong airport. H2 order book stronger, cost savings, early signs of improving confidence, all give Board confidence in achieving full yr management expectations (but they don't specify what those are!)
February 3, 2026 at 7:24 AM
Alumasc #ALU.L H1 results, as expected down YoY mainly due to little work on Hong Kong airport. H2 order book stronger, cost savings, early signs of improving confidence, all give Board confidence in achieving full yr management expectations (but they don't specify what those are!)
Churchill China #CHH.L FY TU, revenue and adj PBT In line with expectations, net cash at £10,8M up YoY. Seem to be holding their own in a difficult climate, US better despite dollar weakness, Europe better in H2 with sales and marketing actions having an effect. UK weak but order pipeline ahead YoY.
February 2, 2026 at 7:21 AM
Churchill China #CHH.L FY TU, revenue and adj PBT In line with expectations, net cash at £10,8M up YoY. Seem to be holding their own in a difficult climate, US better despite dollar weakness, Europe better in H2 with sales and marketing actions having an effect. UK weak but order pipeline ahead YoY.
Cohort #CHRT.L contract wins, subssidiary Marlborough Communications worth a total of £17.9M, brings order book to a level where it fully underpins 2026 forecast consensus revenue.
January 30, 2026 at 7:23 AM
Cohort #CHRT.L contract wins, subssidiary Marlborough Communications worth a total of £17.9M, brings order book to a level where it fully underpins 2026 forecast consensus revenue.
Stelrad #SRAD.L FY TU, seem to be holding their own despite vollumes and revenues being down a little YoY, margins increased and mean that adj operating profit expected at £32.5M, up 3% YoY and in line with expectations.Debt down a bit, outlook - markets still subdued but a level of confidence.
January 30, 2026 at 7:13 AM
Stelrad #SRAD.L FY TU, seem to be holding their own despite vollumes and revenues being down a little YoY, margins increased and mean that adj operating profit expected at £32.5M, up 3% YoY and in line with expectations.Debt down a bit, outlook - markets still subdued but a level of confidence.
Renew Holdings #RNWH.L AGM TU, Q1 trading continues to give Board confidence in meeting FY expectations. Continuing to look at acquisitions, the most recent Emerald Power trading in line and integrating well. Record Group order book as at Dec 2025 of £924M. All seems good.
January 29, 2026 at 7:24 AM
Renew Holdings #RNWH.L AGM TU, Q1 trading continues to give Board confidence in meeting FY expectations. Continuing to look at acquisitions, the most recent Emerald Power trading in line and integrating well. Record Group order book as at Dec 2025 of £924M. All seems good.
Tribal #TRB.L FY TU reads well, now has positive net cash of £11.4M and will finish 2025 slightly ahead of upward revised expectations. Outlook for 2026 also good, now expect 'an adjusted EBITDA and cash performance in FY26 ahead of current market expectations'. Recent troubles seem to be resolved.
January 29, 2026 at 7:14 AM
Tribal #TRB.L FY TU reads well, now has positive net cash of £11.4M and will finish 2025 slightly ahead of upward revised expectations. Outlook for 2026 also good, now expect 'an adjusted EBITDA and cash performance in FY26 ahead of current market expectations'. Recent troubles seem to be resolved.
Tracsis #TRCS.L seems to have done a little jump today after some months of not much at all, will be interesting to see if there is news coming soon.
January 27, 2026 at 4:31 PM
Tracsis #TRCS.L seems to have done a little jump today after some months of not much at all, will be interesting to see if there is news coming soon.
Cranswick #CWK.L Q3 TU, strong trading means full yr adj PBT to be at upper end of expectations. Capital investment for the yr to be lower than previous guidance owing to timing of spend on projects. Tasty.
January 27, 2026 at 7:43 AM
Cranswick #CWK.L Q3 TU, strong trading means full yr adj PBT to be at upper end of expectations. Capital investment for the yr to be lower than previous guidance owing to timing of spend on projects. Tasty.
SThree #STEM.L finals, historic results not great but as expected, outlook is suggesting some very tentative signs of improvement. However they confirm that 2026 adj operating profit still expected to be~£10M which is well down on 2025, so not an exciting proposition.
January 27, 2026 at 7:39 AM
SThree #STEM.L finals, historic results not great but as expected, outlook is suggesting some very tentative signs of improvement. However they confirm that 2026 adj operating profit still expected to be~£10M which is well down on 2025, so not an exciting proposition.
Eleco #ELCO.L y/e TU reads quite well, revenue up 20% at £38.8M, ARR up 29% to £34.3M, net cash £16.3M and 'revenue, cash and anticipated adjusted profit are ahead of market forecasts'. Outlook structural drivers in our markets remain compelling', confident in ability to deliver sustainable growth.
January 27, 2026 at 7:22 AM
Eleco #ELCO.L y/e TU reads quite well, revenue up 20% at £38.8M, ARR up 29% to £34.3M, net cash £16.3M and 'revenue, cash and anticipated adjusted profit are ahead of market forecasts'. Outlook structural drivers in our markets remain compelling', confident in ability to deliver sustainable growth.
I see Hargreaves Lansdown are introducing a custody fee for ISAs of 0.35% for holding shares, capped at £150 per year. I think I might look at alternatives - any recommendations?
January 26, 2026 at 9:28 AM
I see Hargreaves Lansdown are introducing a custody fee for ISAs of 0.35% for holding shares, capped at £150 per year. I think I might look at alternatives - any recommendations?
Babcock #BAB.L Q3 TU, margin target of 8% achieved, confident of full yr in line. Potential to exceed if Indonesian Arrowhead are delivered in the current yr. CEO David Lockwood retiring at end of calendar yr, he's done a great job here, had an indebted and messy organisation to turn round.
January 23, 2026 at 7:18 AM
Babcock #BAB.L Q3 TU, margin target of 8% achieved, confident of full yr in line. Potential to exceed if Indonesian Arrowhead are delivered in the current yr. CEO David Lockwood retiring at end of calendar yr, he's done a great job here, had an indebted and messy organisation to turn round.
Judges Scientific #JDG.L FY TU, still finding life difficult mainly due to US weakness, orders down 23%. Guiding FY25 earnings 6% below expectations at 275p and 2026 also pushed lower at 200-250p (was 292p). Cash conversion to be in line with their normal performance.
January 22, 2026 at 7:25 AM
Judges Scientific #JDG.L FY TU, still finding life difficult mainly due to US weakness, orders down 23%. Guiding FY25 earnings 6% below expectations at 275p and 2026 also pushed lower at 200-250p (was 292p). Cash conversion to be in line with their normal performance.
Zotefoams #ZTF.L FY TU reads well, revenue slightly ahead of expectations at £158.5M, adj PBT also ahead at £21.1M up 37.9%, a record for the company. Regions seem to be doing well, Asia expected to grow in importance once Vietnam factory up and running. Leverage ~0.8x, not much of a 2026 outlook.
January 22, 2026 at 7:12 AM
Zotefoams #ZTF.L FY TU reads well, revenue slightly ahead of expectations at £158.5M, adj PBT also ahead at £21.1M up 37.9%, a record for the company. Regions seem to be doing well, Asia expected to grow in importance once Vietnam factory up and running. Leverage ~0.8x, not much of a 2026 outlook.
Elementis #ELM.L FY TU, revenue in line and adjusted operating profit marginally ahead of consensus with adjusted operating margins up YoY. Cost savings, simplification and acquisition of UK based Alchemy Ingredients supporting improvements.
January 21, 2026 at 7:20 AM
Elementis #ELM.L FY TU, revenue in line and adjusted operating profit marginally ahead of consensus with adjusted operating margins up YoY. Cost savings, simplification and acquisition of UK based Alchemy Ingredients supporting improvements.
Volex #VLX.L Q3 TU, data centres supporting particularly strong COmplex Industrial Technology and 'we now expect to exceed current market expectation'. 2026 outlook also improved but not clear by how much.
January 21, 2026 at 7:12 AM
Volex #VLX.L Q3 TU, data centres supporting particularly strong COmplex Industrial Technology and 'we now expect to exceed current market expectation'. 2026 outlook also improved but not clear by how much.
Concurrent Technologies #CNC.L FY TU, revenue and PBT in line, net cash £14.4M. Business has changed significantly after change of CEO, going for growth. Preparing for 'a new phase of operational capacity'. New year started with good momentum and growing pipeline.
January 20, 2026 at 7:28 AM
Concurrent Technologies #CNC.L FY TU, revenue and PBT in line, net cash £14.4M. Business has changed significantly after change of CEO, going for growth. Preparing for 'a new phase of operational capacity'. New year started with good momentum and growing pipeline.
Craneware #CRW.L H1 TU, revenue growth 5% adj EBITDA double digit growth, FY in line, debt down. On track for double digit growth in the near term. All reads well, seem to be navigating US regulation switches. I've been buying CRW recently as it was at recent lows.
January 20, 2026 at 7:15 AM
Craneware #CRW.L H1 TU, revenue growth 5% adj EBITDA double digit growth, FY in line, debt down. On track for double digit growth in the near term. All reads well, seem to be navigating US regulation switches. I've been buying CRW recently as it was at recent lows.
Anpario #ANP.L FY TU, very positive with adj EBITDA(!) ahead of expectations at £9.4M vs exp £8.2M, revenue up 23% to ~£43.1M, net cash £12.4M also better than expected. Biovet seems to be doing very well, but also the broader group saw growth as well.
January 19, 2026 at 7:23 AM
Anpario #ANP.L FY TU, very positive with adj EBITDA(!) ahead of expectations at £9.4M vs exp £8.2M, revenue up 23% to ~£43.1M, net cash £12.4M also better than expected. Biovet seems to be doing very well, but also the broader group saw growth as well.
SIgmaRoc #SRC.L FY lengthy TU, 'Underlying EPS2 c.10.5p, approximately 10% ahead of previous guidance and 26% higher YoY', y/end leverage at 1.8x, margins up and most markets seem to be showing signs of improvement. Infrastructure driven, usually helpful.
January 19, 2026 at 7:13 AM
SIgmaRoc #SRC.L FY lengthy TU, 'Underlying EPS2 c.10.5p, approximately 10% ahead of previous guidance and 26% higher YoY', y/end leverage at 1.8x, margins up and most markets seem to be showing signs of improvement. Infrastructure driven, usually helpful.