Hey Paul, I have to confess I was quite dismayed by Tuesday's news that you'd left Stocko, so delighted when word spread that you'd set this up. Well done, it's going to be great. (Like you, I'm new to substack and still finding my way around.)
Thank you for all your input over the last 10+ years and looking forward to the next 10+. All the very best.
Anyone contemplating a punt on Wood Group would do well to look at Petrofac. Not a pretty picture! I briefly worked for a Wood Group sub-contractor. The impression left was one of financial profligacy on the part of WG.
Hi Paul. Good luck with the new venture. I've no doubt it'll fly for you.
Regarding Kitwave, I really don't think the NI hike will damage at all. They'll work it into a price increase to customers between now and 6th April. Crude maths suggests they need to put their selling prices up by 0.3% to completely cover the rise. It's not as if they have any competitor to whom the NI hike won't apply.
What we need is big holder, Liontrust, to stop selling, and for Kitwave to interest a few new institutional buyers. The business is great, and the Creed aquisition looks a real gem.
Hi Paul, i have just one comment to make at this stage which is that on occasion you've mentioned that you don't want to go over the same ground as the Stockopedia writers which means that we would need to flick over to Stockopedia and I'm not sure that we will all want to do that. For me, I really want your Substack to be my main port of call, especially since I've now pledged £10 per month. I see that some are planning not to renew their Stocko subs and I may do that next year as I already have a SharePad subsciption. I really won't be able to fund all 3 and I need SharePad for my Fund information. Also you’re going to have new subscribers who don't have Stocko and don't want to have it so it will be no good for them if you cut short some of your reviews.
Love the short Podcasts, Paul. Ideal on a busy day to get all the news in a quick 10-15 minute segment. Keep up the great work Paul. We are all very appreciative and supportive on here.
The comments seem to have an improved layout now too, after I upgraded to "Publisher" today on Substack. Are you finding this layout better now? Thanks for bearing with me, this is all new to me too!!
Thanks for putting the date up front it makes it much easier to find the right one to read. Also would like to wish you all the best with this venture and happy to subscribe.
This is fantastic news, thank you both!!! I will really look forward to that each week. Whilst I am on I can't help saying this;
Why has it taken you leaving Stockopedia Paul for Ed to allocate 3 writers to the SCVR? You have been asking for extra help for some time and they suddenly can somehow now give it, but only after you have left. I do feel for you - 12 years of flogging your guts out and this is what happens.
Anyhow, I wish you well and you can count on my £ subscription! Best regards James (Norfolk'n'Good).
I appreciate everybody is getting familiar with the new layout on Substack and learning what is and isn't possible due to the way Substack's software works but would it please be possible to enclose an embedded link within each company title so that when I click on the company's name it takes me straight to the company's StockReport page on Stockopedia. This would save me from having to jump in and out of different websites numerous times and individually searching for each and every company on Stocko.
I assume this will change the colour of the Company Name from black to blue. If it does, this will make it much easier to see amongst a sea of black text.
Paul - I have a request… Can you put the date in the title? My substack homepage has reports in a random order with no dates…. so I don’t know which report is the latest one (or can someone tell me if I can order by date? or if I should be viewing the homepage in a different way?) Thanks…
Regarding : "(By the way, I asked the boss at Stockopedia if I could use their graphics here, and he replied “Of course!”, so I’m grateful for that permission being granted)."....
Well that is good form from Stockopedia... Hopefully they gave that to you in writing? As it would otherwise breach the terms of their licence in the Terms of Use.
Anyone know how to get the comments to show whilst still seeing Paul’s post? Also how to order the comments, latest first? Must admit I’m finding substack a bit counterintuitive at the moment. Hopefully I’ll get used to it. I, also have cancelled my auto renewal of Stocko. It doesn’t expire until April though so I’ll give the Market News a chance to rub off on me in case I change my mind. Absolutely gutted I’ve had to search Paul out on here as in my opinion he is what made Stocko worth the price.
Have to agree Robin, “Must admit I’m finding substack a bit counterintuitive at the moment. Hopefully I’ll get used to it.” Paul Green, Substack Red! Being a technophobe doesn’t help.
I agree, I’m also slowly learning how to use Substack, it’s a different layout. They’re going to change some settings for me, which make it better apparently, but I didn’t follow the detail. So please bear with me, I’m doing a lot behind the scenes to get things running smoothly, it will take a bit of time.
Morning Paul, very sad to see you no longer at Stockopedia but best of luck on here and will definitely be subscribing. Your small cap analysis is simply the best available…fun, detailed & comprehensive. Thought I’d mention Frontier Developments. Big faller this morning. Recently launched Planet Coaster 2, a follow up to one of its supposedly safer in house franchise games, but has received mixed reviews. After recent disappointing games releases it couldn’t afford to mess this one up and market thinks it has. I did hold but sold out pronto this morning when saw reviews. Byeee for now !
Sorry I’ve only just seen your comment. I googled why FDEV was down sharply, and found the same info a while ago, hence my quick comment in the main article. Just wanted you to know that I’d spotted this independently, not taking the credit for your idea - I always give a hat tip when using reader’s ideas. Thanks for posting though, as I could have easily missed it.
Hi Paul, I’ve noticed when you reply to comments in the thread by hitting the little speech bubble icon your comments aren’t visible- I assume that only the poster of the original comment sees the reply?
Still getting used to Substack, forgive my ignorance…
Yes - the big flaw in substack is that you only see the first level of replies to a comment… everything in that “thread” is hidden!
The only workaround is to look at the speech mark bubble - if the number there is more than 2, then you know you have to click into the comment, to see the rest of the thread….
Substack is very, very bad for discussions.
However, Paul - can you experiment creating a “Subscriber Chat”? (Go into your dashboard area and activate it). Maybe that works better than comments for us to discuss the day’s report and news?
Just following up on “Chat” functionality. It seems I have to wait for Substack to turn mine into a “publication”, then I will activate chat. They’re on the case, as they suggested it to me by email earlier today. So once that’s done, I’ll get the chat function working.
Hi Boon, yes I have activated “Chat”, in settings, but don’t know how to use it yet. Don’t worry, I’ll get all these things fixed, it will just take a little time :-)
I’ve noticed this too. I don’t think me and Substack are going to get along, so I probably won’t be sticking around, unfortunately. The interface is abysmal on the website and the app, neither of which seem to remember I want to order posts newest first. It seems Substack was designed by a 16 year old coder with Asperger’s. My Stockopedia sub is up next month and I’ve set the default to not renewing given this week’s developments as I have no interest in large cap commentary and prefer Sharepad for data. What a horrible week all round. I’ve had to dig out my SAD light the weather is so miserable here! All the best for a profitable investing future to all present if this is the last you hear from me. All the best, Si
Stick with it Simoan! I've tweaked a lot of the settings this afternoon, and it should be a lot better now. Like all new ventures, there are a few teething problems, and I'm now a one man band remember! I'd like to have you involved here, as your comments are usually very good.
Paul, I’ve just binned the app and gone back to the web browser which now looks much better with the comments ordered correctly (newest first) and all comments are visible. Much better, so thanks for sorting it. I will be using the browser to access your page directly as I have no interest in the rest of Substack. I really appreciate the chance to pay you some money too - only been reading your stuff for 25 years, so it’s well overdue :-)
Hi Simoan, I'm new to using substack directly (subscribe to a couple of other people but just read them as emails) - but now Paul is here so am I.
Regards the sorting of comments I had that issue yesterday but today it is sorted new comments first. When I click the comments bubble at the bottom of Pauls writing it opens another window and it is all in the correct order also just below the comments box mine says "Newest first" have you tried clicking there?
edit: Although it is a shame that the replies such as this to your comment are not at the top as the newest. Still digging to see if that is possible. PS does it alert the person who made the initial comment that someone has replied?
Expects to report full-year results in line with market expectations. (doesn't say what they are).
IMPORTANT:
The Group has reviewed the implications of the recent budget announcement by the UK Government. As part of its forecasting, the Board anticipated some of the changes that were announced such as the increase in the national minimum wage. The reduction in the national insurance threshold was not anticipated, and when combined with the rise in the employers' national insurance rate to 15% the effect is to add c.£2 million to the Group's annual operating costs. Given the changes will only take effect from April 2025, the Board plans to mitigate this additional cost through efficiencies and other savings in the current financial year.
'Operating costs' was not a line in the 2023 results. Administration expenses were £48.375m so if that's the number to be affected by 'ers NI it's a 4% hit. But the breakdown of Operating Profit makes me wonder if that's the right analysis.
FY 2024 financial results in March 2025, which are expected to be in line with market forecasts
Comment: I’m always amused when businesses say they can mitigate the effects of unforeseen costs by operational efficiencies. Does that mean they were operating inefficiently before the extra costs hit?
Morning Paul a thumbs up for your new venture and I will be happily subscribe on an annual basis as I’m only interested in small companies as a basis for investing for my grandchildren and it’s fun
Hey Paul, I have to confess I was quite dismayed by Tuesday's news that you'd left Stocko, so delighted when word spread that you'd set this up. Well done, it's going to be great. (Like you, I'm new to substack and still finding my way around.)
Thank you for all your input over the last 10+ years and looking forward to the next 10+. All the very best.
Anyone contemplating a punt on Wood Group would do well to look at Petrofac. Not a pretty picture! I briefly worked for a Wood Group sub-contractor. The impression left was one of financial profligacy on the part of WG.
Hi Paul. Good luck with the new venture. I've no doubt it'll fly for you.
Regarding Kitwave, I really don't think the NI hike will damage at all. They'll work it into a price increase to customers between now and 6th April. Crude maths suggests they need to put their selling prices up by 0.3% to completely cover the rise. It's not as if they have any competitor to whom the NI hike won't apply.
What we need is big holder, Liontrust, to stop selling, and for Kitwave to interest a few new institutional buyers. The business is great, and the Creed aquisition looks a real gem.
Hi Paul, i have just one comment to make at this stage which is that on occasion you've mentioned that you don't want to go over the same ground as the Stockopedia writers which means that we would need to flick over to Stockopedia and I'm not sure that we will all want to do that. For me, I really want your Substack to be my main port of call, especially since I've now pledged £10 per month. I see that some are planning not to renew their Stocko subs and I may do that next year as I already have a SharePad subsciption. I really won't be able to fund all 3 and I need SharePad for my Fund information. Also you’re going to have new subscribers who don't have Stocko and don't want to have it so it will be no good for them if you cut short some of your reviews.
Love the short Podcasts, Paul. Ideal on a busy day to get all the news in a quick 10-15 minute segment. Keep up the great work Paul. We are all very appreciative and supportive on here.
Thanks Barry, point taken!
The comments seem to have an improved layout now too, after I upgraded to "Publisher" today on Substack. Are you finding this layout better now? Thanks for bearing with me, this is all new to me too!!
Much improved, Paul. Thanks!
Definately prefer this new layout situation Paul, much more user friendly.
Thanks for putting the date up front it makes it much easier to find the right one to read. Also would like to wish you all the best with this venture and happy to subscribe.
This is fantastic news, thank you both!!! I will really look forward to that each week. Whilst I am on I can't help saying this;
Why has it taken you leaving Stockopedia Paul for Ed to allocate 3 writers to the SCVR? You have been asking for extra help for some time and they suddenly can somehow now give it, but only after you have left. I do feel for you - 12 years of flogging your guts out and this is what happens.
Anyhow, I wish you well and you can count on my £ subscription! Best regards James (Norfolk'n'Good).
Hi James, let's not go there, I want my separation from Stockopedia to be completely amicable, which it is :-)
Hi Paul,
I appreciate everybody is getting familiar with the new layout on Substack and learning what is and isn't possible due to the way Substack's software works but would it please be possible to enclose an embedded link within each company title so that when I click on the company's name it takes me straight to the company's StockReport page on Stockopedia. This would save me from having to jump in and out of different websites numerous times and individually searching for each and every company on Stocko.
I like the idea of an annual subscription.
David.
Good idea, LogicalDavid, I'll try to remember to do that from now on (links to Stockopedia).
Many thanks Paul.
I assume this will change the colour of the Company Name from black to blue. If it does, this will make it much easier to see amongst a sea of black text.
David
.
Good luck with your new venture- look forward to hearing about co’s with strong balance sheets, and periodic rants about ebitda and obfuscation!
Paul - I have a request… Can you put the date in the title? My substack homepage has reports in a random order with no dates…. so I don’t know which report is the latest one (or can someone tell me if I can order by date? or if I should be viewing the homepage in a different way?) Thanks…
Hi moolahcoaster -
Good idea, thank you, I’ve done that - all titles now start with the date.
Thanks for flagging this!
Best wishes, Paul.
Regarding : "(By the way, I asked the boss at Stockopedia if I could use their graphics here, and he replied “Of course!”, so I’m grateful for that permission being granted)."....
Well that is good form from Stockopedia... Hopefully they gave that to you in writing? As it would otherwise breach the terms of their licence in the Terms of Use.
It’s fine, I completely trust Ed, so don’t need anything in writing.
Anyone know how to get the comments to show whilst still seeing Paul’s post? Also how to order the comments, latest first? Must admit I’m finding substack a bit counterintuitive at the moment. Hopefully I’ll get used to it. I, also have cancelled my auto renewal of Stocko. It doesn’t expire until April though so I’ll give the Market News a chance to rub off on me in case I change my mind. Absolutely gutted I’ve had to search Paul out on here as in my opinion he is what made Stocko worth the price.
Have to agree Robin, “Must admit I’m finding substack a bit counterintuitive at the moment. Hopefully I’ll get used to it.” Paul Green, Substack Red! Being a technophobe doesn’t help.
I agree, I’m also slowly learning how to use Substack, it’s a different layout. They’re going to change some settings for me, which make it better apparently, but I didn’t follow the detail. So please bear with me, I’m doing a lot behind the scenes to get things running smoothly, it will take a bit of time.
Morning Paul, very sad to see you no longer at Stockopedia but best of luck on here and will definitely be subscribing. Your small cap analysis is simply the best available…fun, detailed & comprehensive. Thought I’d mention Frontier Developments. Big faller this morning. Recently launched Planet Coaster 2, a follow up to one of its supposedly safer in house franchise games, but has received mixed reviews. After recent disappointing games releases it couldn’t afford to mess this one up and market thinks it has. I did hold but sold out pronto this morning when saw reviews. Byeee for now !
Hi Joe,
Sorry I’ve only just seen your comment. I googled why FDEV was down sharply, and found the same info a while ago, hence my quick comment in the main article. Just wanted you to know that I’d spotted this independently, not taking the credit for your idea - I always give a hat tip when using reader’s ideas. Thanks for posting though, as I could have easily missed it.
Regards, Paul.
Bear in mind it was up sharply over the past few days, and has only just retraced that with today’s fall.
Hi Paul, I’ve noticed when you reply to comments in the thread by hitting the little speech bubble icon your comments aren’t visible- I assume that only the poster of the original comment sees the reply?
Still getting used to Substack, forgive my ignorance…
Yes - the big flaw in substack is that you only see the first level of replies to a comment… everything in that “thread” is hidden!
The only workaround is to look at the speech mark bubble - if the number there is more than 2, then you know you have to click into the comment, to see the rest of the thread….
Substack is very, very bad for discussions.
However, Paul - can you experiment creating a “Subscriber Chat”? (Go into your dashboard area and activate it). Maybe that works better than comments for us to discuss the day’s report and news?
Hi Boon!
Just following up on “Chat” functionality. It seems I have to wait for Substack to turn mine into a “publication”, then I will activate chat. They’re on the case, as they suggested it to me by email earlier today. So once that’s done, I’ll get the chat function working.
Cheers, Paul.
Hi Boon, yes I have activated “Chat”, in settings, but don’t know how to use it yet. Don’t worry, I’ll get all these things fixed, it will just take a little time :-)
I’ve noticed this too. I don’t think me and Substack are going to get along, so I probably won’t be sticking around, unfortunately. The interface is abysmal on the website and the app, neither of which seem to remember I want to order posts newest first. It seems Substack was designed by a 16 year old coder with Asperger’s. My Stockopedia sub is up next month and I’ve set the default to not renewing given this week’s developments as I have no interest in large cap commentary and prefer Sharepad for data. What a horrible week all round. I’ve had to dig out my SAD light the weather is so miserable here! All the best for a profitable investing future to all present if this is the last you hear from me. All the best, Si
Stick with it Simoan! I've tweaked a lot of the settings this afternoon, and it should be a lot better now. Like all new ventures, there are a few teething problems, and I'm now a one man band remember! I'd like to have you involved here, as your comments are usually very good.
Paul, I’ve just binned the app and gone back to the web browser which now looks much better with the comments ordered correctly (newest first) and all comments are visible. Much better, so thanks for sorting it. I will be using the browser to access your page directly as I have no interest in the rest of Substack. I really appreciate the chance to pay you some money too - only been reading your stuff for 25 years, so it’s well overdue :-)
Hi Simoan, I'm new to using substack directly (subscribe to a couple of other people but just read them as emails) - but now Paul is here so am I.
Regards the sorting of comments I had that issue yesterday but today it is sorted new comments first. When I click the comments bubble at the bottom of Pauls writing it opens another window and it is all in the correct order also just below the comments box mine says "Newest first" have you tried clicking there?
edit: Although it is a shame that the replies such as this to your comment are not at the top as the newest. Still digging to see if that is possible. PS does it alert the person who made the initial comment that someone has replied?
This isn't on Paul's list so may I chip in?
Kitwave AIM: KITW pre-close trading update FY 2024
This is a “Buy and Build” foodservice business.
Expects to report full-year results in line with market expectations. (doesn't say what they are).
IMPORTANT:
The Group has reviewed the implications of the recent budget announcement by the UK Government. As part of its forecasting, the Board anticipated some of the changes that were announced such as the increase in the national minimum wage. The reduction in the national insurance threshold was not anticipated, and when combined with the rise in the employers' national insurance rate to 15% the effect is to add c.£2 million to the Group's annual operating costs. Given the changes will only take effect from April 2025, the Board plans to mitigate this additional cost through efficiencies and other savings in the current financial year.
'Operating costs' was not a line in the 2023 results. Administration expenses were £48.375m so if that's the number to be affected by 'ers NI it's a 4% hit. But the breakdown of Operating Profit makes me wonder if that's the right analysis.
FY 2024 financial results in March 2025, which are expected to be in line with market forecasts
Comment: I’m always amused when businesses say they can mitigate the effects of unforeseen costs by operational efficiencies. Does that mean they were operating inefficiently before the extra costs hit?
https://www.londonstockexchange.com/news-article/KITW/trading-update/16752492
https://www.londonstockexchange.com/news-article/KITW/trading-update/16752492
John wood now down 44% hope you cover this paul
Morning Paul a thumbs up for your new venture and I will be happily subscribe on an annual basis as I’m only interested in small companies as a basis for investing for my grandchildren and it’s fun