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Bioventix: 2018 Results Suggest 20% Underlying Growth But Disappointing Troponin Sales Leave Lofty P/E Open To Debate

12 October 2018
By Maynard Paton
Update on Bioventix (BVXP).
Event: Preliminary results for the year to 30 June 2018 published 08 October 2018.
Summary: The antibody specialist delivered yet another set of record results, with my number-crunching indicating underlying growth of 20%. However, I was disappointed to discover early sales of the important new troponin product had been below expectations — and may have left the lofty P/E valuation open to debate (at least for now). Still, the business continues to exhibit magnificent accounts while a special dividend for the third consecutive year underpins the board’s confidence. I continue to hold.
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Getech: H1 Revenue Hits A 7-Year Low And For Now My Hopes Rest On A Stronger Oil Price

08 October 2018
By Maynard Paton
Update on Getech (GTC).
Event: Interim results for the six months to 30 June 2018 published 28 September 2018.
Summary: These figures were not as good as I had hoped. The lowest first-half sales for seven years created a not-insignificant operating loss and left cash flow dependent on tax refunds. Still, the geoscience software specialist talked of a stronger second half and I remain hopeful the accounts will eventually showcase the high margins and expanding revenue the directors continue to predict. For the time being, I just have to trust a stronger oil price can one day tempt GTC’s customers to increase their spending. I continue to hold.
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[SharePad] Screening For My Next Long-Term Winner: Character

08 October 2018
By Maynard Paton
I have written another article for SharePad.
This time my screening has short-listed Character (CCT) as a possible longer-term investment.
The attraction here is a quite extraordinary story about buybacks.
You see, since 2006, this small-cap has bought back shares every year to reduce its overall share count by a huge 60%.
What’s more, the purchases have been an exemplary use of surplus cash. The average price paid was 143p, and the shares currently trade above 500p.
Needless to say, I now ask myself whether further significant buybacks at Character should prompt us to invest, too.
Simply click here to read my Character article for SharePad.