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Steve Markus

@stevem1.bsky.social

250 followers 87 following 520 posts

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.

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Steve Markus @stevem1.bsky.social · 2d

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.

Steve Markus @stevem1.bsky.social · 5d

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.

Steve Markus @stevem1.bsky.social · 6d

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.

Steve Markus @stevem1.bsky.social · 7d

James Halstead #JHD.L finals show resilience but look like a slight miss on revenue PBT and EPS, still creditable though and include a divi increase for the 49th year running. N America and Malaysia doing well, Europe short term headwinds, expect to make further progress in 2026.

Steve Markus @stevem1.bsky.social · 7d

Renew Holdings #RNWH.L FFY TU, record revenues and operating profit, expect to end the year in line with consensus, will have modest net cash, better than expected. Significant flexibility to take advantage of active acquisition pipeline. Record order book underpins confidence for 2026 and beyond.

Steve Markus @stevem1.bsky.social · 8d

Billington #BILN.L H1 results look poor even though f/c was for a reduction in EPS, warning on FY25 but apparently FY26 remains in line. Not sure this was communicated well by the company. Commiserations to holders.

Steve Markus @stevem1.bsky.social · 13d

Babcock #BAB.L AGM TU, trading encouraging, progress towards medium term targets, full year targets remain unchanged. Macro environment remains supportive.

Steve Markus @stevem1.bsky.social · 14d

Impressive volume on GB Group #GBG.L today. And the share price seems to be moving out of the recent doldrums, maybe an overhang from one of the IHT funds has cleared.

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Steve Markus @stevem1.bsky.social · 14d

Goodwin #GDWN.L TU, cheery.

Steve Markus @stevem1.bsky.social · 14d

TT Electronics #TTG.L H1 results claim 'significant progress on operational turnaround' but not apparent from these results. Going to be a step up in profitability in H2, main problems in N America, review Components biz, close Plano site. +ve cash flow, order intake up, claim full yr in line.

Steve Markus @stevem1.bsky.social · 15d

Henry Boot #BOOT.L selling their construction business to management for £4M, looks well structured with additional payments due in cases of exceptional performance or disposal. Will be interesting to see the difference it makes to the parent company, valuation wise.

Steve Markus @stevem1.bsky.social · 15d

Raspberry Pi #RPI.L H1 results, headlined 'encouraging first half', figures tell a different story with revenue, profit/EPS and cash all down YoY. Gross margin up to 25% (24%). Outlook sounds positive though, expecting a better H2, full year expectations unchanged. Adj EPS 4.76p, FY consensus 12.8p

Steve Markus @stevem1.bsky.social · 16d

Wilmington #WIL.L finals read well, growth in revenue, margins and profitability, adj EPS 23.72p looks like a beat (consensus 22.9p). In the process of acquiring Conversia for £105M, quite a mouthful. Recent acquisitions doing well. Outlook vague but good start with revenue/profits in line.

Steve Markus @stevem1.bsky.social · 17d

Possibly but I wouldn't pretend to have any significant insight. Perhaps just more profitable owning your sub contractor/partner.

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Steve Markus @stevem1.bsky.social · 17d

I think more a case of Kainos buying one of their close collaboration partners, not sure it will make a huge difference overall but I have no knowledge of Davis Pier.

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Steve Markus @stevem1.bsky.social · 19d

Kainos #KNOS.L acquiring Canadian company Davis Pierrynowski, financials not disclosed. Seems to operate in the same sectors as Kainos, mainly public sector and community organisations in Canada. Obviously know them well through shared projects, Canada growing well over recent year.

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Steve Markus @stevem1.bsky.social · 19d

Concurrent Technologies #CNC.L has a new $5.25M contract with a US defence prime contractor to run through 2025/26, first time the customer has outsourced design. Seems positive and must help to underpin forecasts.

Steve Markus @stevem1.bsky.social · 20d

We didn't get there, but we did go to the Okavanga Delta, which was pretty amazing, especially for hippos and crocodiles, so I don't feel too bad.

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Steve Markus @stevem1.bsky.social · 20d

Lucky you, we never saw a leopard.

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Steve Markus @stevem1.bsky.social · 20d

Judges Scientific #JDG.L H1 results show some growth, but commentary downbeat, timing of next Geotek coring expedition not yet set, wider profitability decreased. Outlook says trading remains in line (with revised expectations) for the full year but with the normal caveats. Sill has high debt.

Steve Markus @stevem1.bsky.social · 22d

Porvair #PRV.L Q3 TU, 'trading satisfactorily', nothing much changed since the half year results, reassuring if a little brief.

Steve Markus @stevem1.bsky.social · 24d

Looks like Etosha. Enjoy.

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Steve Markus @stevem1.bsky.social · 27d

Etosha is a remarkable place, you'll love it.

Steve Markus @stevem1.bsky.social · 28d

Anpario #ANP.L H1 results look healthy, revenue up 34%, gross margin 51.4% (47.5%), PBT £3.4M (2.1M), EPS 16.01 (11.16p), net cash £11.1M (10.5M). Outlook not specific but 'made a strong start to the second half, and we are confident of building on this momentum'. Looking quite positive.

Steve Markus @stevem1.bsky.social · 28d

I agree, the excitement in the last set of results, from a normally conservative management, was quite notable.