4imprint 2024 PBT of $153m is bang in line with the $152.7m in my central scenario from a year ago

But the route to get there was a surprise - lower sales & higher margin vs my estimates

A return to good sales growth is much needed for 2025

#FOUR $FOUR.L

Fullers and Mitchells & Butlers both reported stonking double digit LfL growth for their festive seasons (5 / 3 weeks respectively)

Good to see Britons in a mood to celebrate, with an assist from Aslef

#FSTA #MAB

Grafton trading update is decent in the circs:

* LfL sales positive in Nov / Dec

* Bought back 17.9% of shares since mid 2022

* Entered Spain w/ HVAC distributor, though tough start after floods

11.5x 2025e P/E

$GFTU.L

Goodwin's £17.1m trading profit in H1 puts them on track towards the £49m for FY26E that I forecast in my detailed write up back in June

Core nuclear and naval parts are carrying them to date, with Easat radar, Duvelco polyimide and AVD extinguishers yet to kick in

#GDWN

FirstGroup re-enters the London bus market after an 11 year absence, buying RATP's ten depots

It turns out the French govt has been kindly subsidising TfL, taking big losses on its London bus contracts as it failed to account for driver wage inflation in jts bids. Merci!

#FGP

Domino's Pizza Group makes peace with its franchise partners. Includes £3-4m of 'direct incremental contribution' by #DOM in FY25, plus an extra £4-5m invested in cost base. Also £3m unmitigated budget impact

Adds up to c9-10% profit downgrade?

#DOM

Watches of Switzerland with a heroic reiteration of FY guidance. Now requires c£90m H2 EBIT after £66m in H1

For comparison, H2 last year was £62m

Plenty of big openings to support H2... but still a huge ask

#WOSG

Treatt FY looks decent. 13% H2 rev growth was a miss due to a delayed shipment, but profit still ahead... setting up a good FY25?

16x P/E if can grow 10% in coming year

Top customer has jumped in size, not explained in commentary. Is it a brand owner or a distributor?

#TET

An innovative company. They're piloting a novel 'two-room' layout for pubs, with different rooms to suit different kinds of customers. Could it ever catch on?

Victrex outlook statement unpacked:

-volume growth potential MSD

-PBT growth ahead of volumes

-subject to £7-8m FX headwind

-board has strong confidence only in LT!

FY24 PBT £59m, so guiding ~flat after FX?

Consensus @ £74m will need to cut by double digits?

#VCT

Today's Sweet Stocks write-up is the $12bn mkt cap Shimano, one of Japan's few firms with a dominant >50% global market share

I hoped Shimano would be a buy, but I found a number of risk areas for slower growth ahead

Feedback welcome 🙏

$7309.T