A brief update this time on a couple of sets of results from shares in the Compound Income Scores Portfolio. Firstly somewhat belatedly I report that we had results for the year to 31st December 2017 from Portmeirion Group(PMP) last week which is the supplier of branded goods in ceramic tableware, cookware, giftware and tabletop accessories. These were another good set of number and we summed up by the chairman when he said:
"We are delighted to be reporting a ninth consecutive year of record revenue and a record profit before taxation. Our core values of innovation, targeted product development and operational excellence remain unchanged, and we are pleased to report on the successful integration of the Wax Lyrical home fragrance business into the Group. Trading in the first two months of the current year is ahead of the comparative period in 2017. The outlook for 2018 is positive and we remain confident for the future."
Overall it remains a small and seemingly well managed company which looks reasonable value on around 14x earnings with a near 3.5% and growing yield, although it is hard to get excited about it, sometimes boring stocks can be good and it still scores well on the the CIS so boring or not it will remain in the portfolio for now.
Meanwhile in a more timely fashion we have also had full year results for 2017 form the small fund management group - Miton (MGR) which as they had already suggested were better than expected. These substantially beat existing forecasts & even matched or exceeded those that had been pencilled in for 2018 by the analysts. In addition as I flagged in January when I added it to the portfolio the dividend was also much better than expected coming in at 1.4p for 40% growth rather than the 10% or so that had been suggested by analysts as this also actually matched what they had in for 2018. Thus I suspect upgrades will be likely here as they seem well placed to make further progress unless volatile markets or a bigger sell off generally should de-rail them. They still look good value on 12.6x the eps they have just reported and with a yield of 3.3% too from the dividend just declared.
I suggest you read the results if you want more information & if you perceive that it is dependent on one fund manager, in the name of Gervais Williams, then you should check out their people & teams page from their investor relations web site to reassure you about the strength and depth of experience that they have on board.