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.
MJ Gleeson $GLE.L H1 TU, expect full year results to be in line, business subdued but steady, expecting to see signs of improvement in the spring and post Budget. Debt up a little but not massively. Seems pretty steady and has an advantage as a lower cost regional housebuilder.
January 16, 2026 at 7:32 AM
MJ Gleeson $GLE.L H1 TU, expect full year results to be in line, business subdued but steady, expecting to see signs of improvement in the spring and post Budget. Debt up a little but not massively. Seems pretty steady and has an advantage as a lower cost regional housebuilder.
Oxford Instruments #OXIG.L H1 TU, confirms full yr outlook, Advanced Technologies in particular seems to be doing well with YTD orders up 44.5%. Pension contributions to be nil post 2026 following Royal London buy in. They don't mention net cash despite banking £48M proceeds from sale of NanoScience
January 15, 2026 at 7:27 AM
Oxford Instruments #OXIG.L H1 TU, confirms full yr outlook, Advanced Technologies in particular seems to be doing well with YTD orders up 44.5%. Pension contributions to be nil post 2026 following Royal London buy in. They don't mention net cash despite banking £48M proceeds from sale of NanoScience
Raspberry Pi #RPI.L y/e TU, adj EBITDA ahead of expectations at not less than $45M, net cash also better than expected at $28M. 2026 less certain due to high price of DRAM (AI to blame), H1 supply looks more or less ok, H2 visibiity less good. Don't specifically mention effect on 2026 profitability.
January 13, 2026 at 7:39 AM
Raspberry Pi #RPI.L y/e TU, adj EBITDA ahead of expectations at not less than $45M, net cash also better than expected at $28M. 2026 less certain due to high price of DRAM (AI to blame), H1 supply looks more or less ok, H2 visibiity less good. Don't specifically mention effect on 2026 profitability.
Porvair #PRV.L acquiring German co Drace Um.. GmbH, supplier to aluminium filtration market. Global aluminium demand growing apparently, good fit with existing PRV business, earnings enhancing in y/e Nov 26. Newish CEO making first acqn. PRV not cheap but I've been buying on dips.
January 12, 2026 at 7:17 AM
Porvair #PRV.L acquiring German co Drace Um.. GmbH, supplier to aluminium filtration market. Global aluminium demand growing apparently, good fit with existing PRV business, earnings enhancing in y/e Nov 26. Newish CEO making first acqn. PRV not cheap but I've been buying on dips.
Next #NXT.L increasing guidance for the year, international online has done very well, growth in the UK slowed but not by as much as expected.'Anticipated shareholder distributions, combined with forecast EPS growth of +4.3%, would deliver total shareholder return (at a constant P/E ratio) of 9.1%'
January 6, 2026 at 7:24 AM
Next #NXT.L increasing guidance for the year, international online has done very well, growth in the UK slowed but not by as much as expected.'Anticipated shareholder distributions, combined with forecast EPS growth of +4.3%, would deliver total shareholder return (at a constant P/E ratio) of 9.1%'
Advanced Technology #ADVT.L acquiring MatchingCore IP, apparently 'ntellectual property for professional services, a leading AI-driven resource optimisation technology'. Seems to be aimed at workforce management. No financials given on cost or benefits. I may be slightly sceptical.
January 6, 2026 at 7:18 AM
Advanced Technology #ADVT.L acquiring MatchingCore IP, apparently 'ntellectual property for professional services, a leading AI-driven resource optimisation technology'. Seems to be aimed at workforce management. No financials given on cost or benefits. I may be slightly sceptical.
Very short y/end review, because really it's a bit meaningless. Up 15% over the calendar year, helped by #GDWN.L and takeovers of #RNO.L and #SXS.L - must have had some clunkers in there too. On a personal and far more rewarding note, our first grandson arrived. Now known as Mr Chuckles.
January 1, 2026 at 4:41 PM
Strix #KETL.L disposing of Billi for £110M, I'd noticed a share price rise over the last few days. Equates to 47.8p per share, which is still well above the current share price. Should pay down their debt nicely.
December 19, 2025 at 7:15 AM
Strix #KETL.L disposing of Billi for £110M, I'd noticed a share price rise over the last few days. Equates to 47.8p per share, which is still well above the current share price. Should pay down their debt nicely.
Porvair #PRV.L FY brief TU but reads OK, revenue up 1% (2% constant currency), operating profit and margin ahead YoY, adjusted EPS marginally ahead of expectations. Net cash ~£23M.
December 15, 2025 at 7:20 AM
Porvair #PRV.L FY brief TU but reads OK, revenue up 1% (2% constant currency), operating profit and margin ahead YoY, adjusted EPS marginally ahead of expectations. Net cash ~£23M.
Positive TU from Tribal #TRB.L with full yr revenue 'comfortably in line' and adj EBITDA ahead of expectations. Moved to net cash of not less than £5M, confident of sustainable net cash position on 12 mnthly basis. Special divi 1.5p. Positioned 'strongly for sustained growth and continued momentum'
December 12, 2025 at 7:17 AM
Positive TU from Tribal #TRB.L with full yr revenue 'comfortably in line' and adj EBITDA ahead of expectations. Moved to net cash of not less than £5M, confident of sustainable net cash position on 12 mnthly basis. Special divi 1.5p. Positioned 'strongly for sustained growth and continued momentum'
Chemring #CHG.L finals look ok, a slight miss on revenue but a slight beat on PBT and EPS. Board expectations for 2026 'operating performance' remain unchanged - higher capex and finance charges expected due to investment in Norway. Order book up 32% and already covers 76% of 2026 revenue.
December 9, 2025 at 7:24 AM
Chemring #CHG.L finals look ok, a slight miss on revenue but a slight beat on PBT and EPS. Board expectations for 2026 'operating performance' remain unchanged - higher capex and finance charges expected due to investment in Norway. Order book up 32% and already covers 76% of 2026 revenue.
#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.
December 3, 2025 at 7:22 AM
#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.
December 2, 2025 at 7:20 AM
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.
December 1, 2025 at 7:25 AM
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.
November 26, 2025 at 7:24 AM
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.
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.
November 25, 2025 at 7:36 AM
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'
November 25, 2025 at 7:16 AM
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.
November 25, 2025 at 7:09 AM
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.
November 24, 2025 at 7:21 AM
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.
November 24, 2025 at 7:10 AM
#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.
November 21, 2025 at 7:38 AM
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.
November 20, 2025 at 7:33 AM
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).
November 20, 2025 at 7:27 AM
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.
November 20, 2025 at 7:11 AM