Why I’d buy this UK technology share now

However, since peaking in October 2018, the stock’s performance has been underwhelming. And the main reason for the poor performance has been a period of volatile earnings in the underlying business. But today’s half-year report underlines positive changes in the enterprise. And it looks like the business is back on track with the directors’ growth ambitions.

Prior to those earlier wobbles, GHH delivered a record of generally rising earnings. And, over an extended period, the valuation became quite high. At 1,280p, the forward-looking earnings multiple for the trading year to September 2022 is around 31. And City analysts expect earnings to grow by about 20% that year.

GHH isn’t a cheap share. And the company’s market capitalisation of £326m makes it a small-cap stock. So the investment proposition has plenty of risks if earnings fail to grow as expected. Nevertheless, it looks like the company’s restructuring programme is beginning to pay off. And one positive indicator is the reinstatement of shareholder dividends after their temporary suspension last year.

Although GHH is a UK company it operates in the USA, Europe and China. And the directors describe the business as “A world leader in its field.”

The firm designs and makes advanced photonic systems, components and instrumentation for the aerospace, defence, industrial, telecom, life sciences and scientific research sectors. It’s clear from today’s report the Life Sciences and Biophotonics division is the most profitable. It delivered an adjusted operating profit of almost 19% in the period and accounted for around 23% of overall revenue.

A positive outlook

The directors’ strategy is based on moving up the value chain and diversification of the product range. And GHH pursues those objectives by investing in research & development and by searching for acquisitions and strategic partnerships.

Today’s figures are good. In the six months to 31 March, revenue rose by 1.8% year-on-year. And adjusted earnings per share shot up by just over 90%. The cash performance was impressive with an almost 23% rise in net cash inflow from operations. And there was a substantial reduction in net debt in the period. The modest level of borrowings is one thing that doesn’t concern me with GHH.

Looking ahead, the company is seeing “sustained recovery” in its industrial laser market and good demand from other markets. However, activities in the commercial aerospace sector suffered the most from the pandemic.

Meanwhile, the restructuring programme is set to produce better profits. And investment in the growth of the business produced new products during the period. The directors think the longer-term prospects of the business are “very strong”.

I think GHH looks like it’s emerged from its troubled period and the growth prospects appeal to me. Of course, I could be wrong and an investment in GHH now could lose money. But I’m inclined to pay up and embrace the high-looking valuation with a view to holding on for the next decade.

The post Here’s a UK technology share I’d buy right now appeared first on The Motley Fool UK.

Why I think it’s one of the best UK shares to buy now

The firm has generally grown its revenues, earnings and cash flow over several years. And that progress has reflected in a rising shareholder dividend.

Indeed, it took the recent coronavirus crisis to stall the dividend’s progress. Nevertheless, City analysts expect a strong bounce-back in the current trading year to September 2021 with the dividend hitting new highs.

Meanwhile, comparing the enterprise value (EV) close to £312m with the market capitalisation of around £284m suggests the company is conservatively financed. So, overall, I see Gooch & Housego as a long-term growth proposition operating in an attractive niche of the market.

Indeed, 10 years ago, the shares were changing hands near 467p. Today, the share price is about 1,220p. But it went just above 1760p in October 2018, so we could be seeing a pullback offering a better-value entry point right now.

Today’s full-year results report covers the period to 30 September, including trading outcomes affected by the lockdowns in the spring. And it also accounts for extra costs incurred because of mitigation methods within the business aimed at controlling the spread of the virus. Compared to the prior year, revenue slipped by 5.5% and adjusted earnings per share fell by almost 35%.

Looking ahead, chief executive Mark Webster admits that, in the short term, there’s “significant” global economic uncertainty because of Covid-19. But he reckons the company’s order book is “robust”.  Meanwhile, all the firm’s manufacturing sites in the US, UK and China are open and operating at full capacity.

Growth ahead

Webster reckons the company’s plan to streamline its manufacturing is on track and will deliver improvements in profitability. The directors have reduced the cost base and employee headcount to put the business “in line with the demands of the current working environment.” So it looks like the firm is adapting well for trading in a world featuring the Covid-19 virus.

Meanwhile, the directors think Gooch & Housego will deliver “material progress” in the current trading year to September 2021 and “substantial long-term growth.” Meanwhile, City analysts have pencilled in a robust earning recovery of around 27% for the current year.  And with the share price near 1,220p, the forward-looking earnings multiple is around 31. I’d buy some of the shares now with a holding period of at least five years in mind and probably a lot longer.

But Gooch & Housego isn’t the only UK share I’m interested in right now. I also like the look of software company Oxford Metrics. And I’m keen on technology tools and systems provider Oxford Instruments. I’d also run the calculator over motor industry testing systems specialist AB Dynamics. All these companies strike me as decent long-term growth stories.

The post I reckon these could be some of the best UK shares to buy now appeared first on The Motley Fool UK.

This suggests they could offer a wide margin of safety at a time when the prospects for the UK banking sector are highly uncertain.

Of course, other stocks also experiencing challenging futures lack value for money at present. One such company released a disappointing update on Tuesday, and may therefore be worth avoiding.

Weak sentiment

The stock in question is manufacturer of optical components and systems Gooch & Housego (LSE: GHH). Its interim results showed a fall in adjusted pre-tax profit of 22.8%, with a challenging industrial laser market the key cause for the decline. It’s been impacted by a cyclical downturn, as well as the impact of the US/China trade dispute.

As a result, the company has reduced its guidance for the full year, which prompted a 24% fall in its share price following the release of its results. Although the company remains optimistic about prospects for the industrial laser sector over the long term, and is seeking to invest in R&D alongside greater diversification, weak investor sentiment could push the Gooch & Housego share price even lower in the short run.

Uncertain outlook

Although sentiment towards the Lloyds share price has been weak at times in the last few years, the company has been able to deliver improving operational and financial performances. Key to this has been its ability to reduce costs at a faster pace than many of its industry peers, now having a highly competitive cost/income ratio.

In tandem with cost reductions, Lloyds has also been able to invest in its long-term growth potential. It appears to be aligned with changing customer tastes, with investment in its digital offering likely to remain high.

While there are risks ahead for the business from a weak UK economy, its current valuation suggests the stock has a wide margin of safety. As mentioned, it trades on a P/E ratio of 7.5. Assuming the stock will trade on a still-highly-appealing rating of 13 over the long run, it could be worth over 100p. This would represent a potential capital gain of around 75% from its current price level.

Of course, political and economic risks could hold back investor sentiment in the near term. But with the prospect of rising interest rates, the end of PPI claims, and a dividend yield in excess of 6%, Lloyds appears to have an enticing risk/reward ratio for long-term investors.

Therefore, even though further pain could be ahead in the short run from a weaker operating environment, its long-term growth capacity appears to be high.

The post Why I think FTSE 100-member Lloyds’ share price could be worth 100p appeared first on The Motley Fool UK.

But to put that move in perspective, the stock has been a big success, and even today’s price around 1,200p is more than 160% higher than it was six years ago. That long move was driven by annual rises in revenue and earnings.

Headwinds

Today’s statement starts with the headline: “Continued growth despite microelectronic headwinds.” In the first four months of the firm’s trading year, it saw a downturn in demand for critical components used in industrial lasers for microelectronic manufacturing, “particularly from China.” The news chimes with other recent reports about slowing economic activity in China, so perhaps we shouldn’t be surprised.

In the last full trading year to September 2018, around 23% of revenue came from the Asia Pacific region and countries other than the UK, US and those in Europe. So revenue from China falls in that classification, which puts the slowdown in context a bit. But, of course, the decline could gather pace to affect trading in other regions more over time.

To balance the negative news, the company said in the report that demand for fibre optic products and high-reliability fibre couplers used in undersea cable networks has strengthened “still further.”  The company reckons that high-reliability fibre couplers “are about to experience a multi-year growth phase.” That’s why the company is investing in further capacity to take advantage of its “market leading” position in the industry. The directors think the benefits of the first phase of such growth will arrive in the second half of the firm’s trading year to September 2019. So we are getting negatives and positives in the same statement.

Cyclicality biting

To add a bit of colour, GHH owned up to having “long been aware” of the risks regarding the inherent cyclicality of the microelectronics sector. It also pointed a finger at the impact of US/ China tariffs. Although demand in the area of microelectronics was up against strong comparatives from trading last year, uncertainty in the Chinese market means stocks will take longer to shift than the directors thought.

The bottom line is the firm expects percentage growth in low single digits overall for the full year to September 2019. So that’s not a disaster and growth is still growth. Indeed, the order book is almost 2% higher than a year ago at £91.4m. However, I think the news today reveals the company’s Achilles heel, which is its vulnerability to economic cycles in the sectors in which it operates.

Meanwhile, the forward-looking price-to-earnings ratio stands close to 19 for the trading year to September, and the anticipated dividend yield is about 1%. City analysts following the firm expect earnings to cover the payment more than five times, though, and I reckon high cover like that suggests the directors see plenty of opportunities ahead to invest in growth rather than pay out all the company’s spare cash with the dividend. If I had been holding the shares for a long time, I’d continue to hold, but to enter a position now, I’d demand more of a discount in the valuation. But Gooch & Housego is firmly on my watch list.

The post Is Gooch & Housego a falling knife worth catching, down 20% today? appeared first on The Motley Fool UK.

But this could present a buying opportunity. The company’s long-term investment prospects seem to be sound, with a relatively low valuation suggesting that it may offer a wide margin of safety. As such, it could offer upside potential at a time when a number of shares appear to be overvalued. An example of such a share is an AIM-listed company that released a trading update on Thursday.

High valuation

The company in question is manufacturer of optical components and systems, Gooch & Housego (LSE: GHH). Its full-year trading update showed that performance in the year to 30 September 2018 has been in line with expectations. It has benefitted from positive market conditions in the industrial sector. Demand for critical components used in microelectronic manufacturing has been high, while sales of high reliability fibre couplers for undersea cables have also helped to boost its overall performance.

The business has a record order book which stands at £96.1m. This is an increase of 33% compared to the same period of the previous year. It has a strong financial position which should allow it to continue to invest for the long term as it seeks to execute its strategy.

However, with the Gooch & Housego share price having risen by 26% in the last year, it now appears to lack a margin of safety. Despite being forecast to post a rise in earnings of 15% in the current year, a price-to-earnings growth (PEG) ratio of 2 suggests that it may be a stock to avoid at the present time.

Improving outlook

As mentioned, the financial performance of IQE has been somewhat disappointing in recent months. The company has reported lower profitability as it seeks to invest for long-term growth. As a result, its bottom line is expected to fall by around 1% this year. This puts it on a forward price-to-earnings (P/E) ratio of around 28 for the current financial year.

However, next year the performance of the business is due to improve significantly. It is expected to post a rise in earnings of 43%, which puts it on a price-to-earnings growth (PEG) ratio of 0.7. This suggests that it offers a wide margin of safety that could mean there is recovery potential over the coming years.

IQE’s recent update may have shown a fall in profitability, but the company was hit by negative currency adjustments. It continues to invest in its production facilities, while demand within its operating segments remains high. As such, from a long-term investment perspective, it seems to have significant appeal. Certainly, volatility could continue to be high, and there may be further disappointment ahead in the near term. But in the long run, a turnaround could be on the cards.

The post Why IQE’s share price could be set for a rebound appeared first on The Motley Fool UK.

Roland Head: Dixons Carphone

Dixons Carphone (LSE: DC) shares slumped on 29 May after new boss Alex Baldock cut profit guidance for 2018/19. But I feel the market may have over-reacted to this news.

The group’s performance during the year ended 28 April was pretty solid, with like-for-like revenue up 4% and profits in line with forecasts.

Although earnings will be lower this year, cash generation is expected to remain strong and the dividend will be held at 11.25p per share. I estimate that the shares now trade on a forecast P/E of 9, with a dividend yield of nearly 6%. That seems too cheap to me, for a market-leading business.

Roland Head owns shares of Dixons Carphone.

G A Chester: Centamin

Shares of FTSE 250 gold miner Centamin (LSE: CEY) fell heavily near the end of May after the Egypt-focused operator lowered production guidance for 2018. It also said costs will be higher than previously anticipated.

However, to me this looks very much a temporary setback for the miner’s low-cost, long-life asset. I expect production to head higher again in 2019.

The company, which has $425m cash on its balance sheet and no debt, is trading on a current-year forecast P/E of 14, with a prospective dividend yield of 4.5%. This looks highly attractive to my eye and I rate the stock a top buy for June.

G A Chester has no position in Centamin.

Kevin Godbold: Imperial Brands

Investors sold down the stock of smoking-focused, fast-moving consumer goods company Imperial Brands (LSE: IMB) over the last couple of years along with other firms operating defensive businesses. Valuations had become too rich and I reckon we’ve seen investors rotate out of expensive-looking defensives and into cheaper-looking cyclical companies.

But since the end of March, Imperial Brands’ share price has turned up. I see the firm as a decent long-term hold and today’s lower valuation and fat dividend yield attracts me. I think it could do well during June and beyond.

Kevin Godbold does not own shares in Imperial Brands.

Rupert Hargreaves: Genel Energy 

Between January 2014 and January 2017, shares in Genel Energy (LSE: GENL) lost 93% of their value as the company suffered, with the rest of the oil industry, from the oil price slump. 

However, year-to-date shares in the oil minnow have surged 151% as higher oil prices have lifted investor sentiment. And it looks as if insiders are also expecting a big year for the firm. Emma Gudgeon, the wife of non-executive director Martin Gudgeon, recently forked out £230,000 on the group’s shares. 

The City is expecting the company to post earnings per share of $0.40 this year, giving a forward P/E of 9.6. So it looks to me as if this stock can push higher. 

Rupert does not own shares in Genel Energy. 

Royston Wild: Gooch & Housego

I reckon the release of half-year numbers on Tuesday, June 5th could provide a fresh catalyst for Gooch & Housego’s (LSE: GHH) share price to rise.

In April’s trading update the photonic component and system manufacturer advised that overall market conditions remain “positive” and that “there continue to be exceptional levels of demand for critical components used in microelectronic manufacturing.” The company’s order book jumped to a record £84.7m as of March, and fresh news on the trading landscape in next month’s release could see investors pile in again.

City analysts expect Gooch & Housego to report a 14% earnings rise in the year to September 2018. I reckon a subsequent forward P/E ratio of 24.4 times is a decent valuation given the chances of strong profits growth continuing long into the future.

Royston Wild does not own shares in Gooch & Housego.

Edward Sheldon: ITV

My top stock for June is ITV (LSE: ITV). The FTSE 100 company currently trades on a low forward P/E ratio of just 10.7 and offers a very attractive prospective yield of 5%. I believe these metrics are unjustified.

A recent Q1 update was positive, with total external revenue increasing 5%, and revenue from the content side of the business, ITV Studios, rising 11%. With an exciting schedule for the rest of the year, which includes the World Cup and Love Island, I think the company can generate a solid performance in 2018.

The shares bounced higher after the Q1 update, but I think there could be more gains to come for patient investors.

Edward Sheldon owns shares in ITV.  

Paul Summers: Howden Joinery

Recent momentum in the share price of FTSE 250 kitchen supplier Howden Joinery (LSE: HWDN) could continue in advance of interim results in July.

Last month’s trading update was encouraging with the company revealing a 14.8% rise in UK revenue in the 16 weeks to 21 April. Although comparatives with the previous year will get tougher going forward, plans to add “around 30” new depots and 19 product ranges in 2018 suggest a positive outlook on the part of management.

Even if the shares don’t fly, Howden Joinery remains a quality company that justifies its 16 times forecast earnings valuation. Returns on capital employed are consistently high and there’s a healthy amount of cash on the balance sheet.

Paul Summers has no position in Howden Joinery.

The post Top shares for June appeared first on The Motley Fool UK.

A robust order book

The upbeat message is one you’ll have become used to over the past few years if you hold the shares. The stock has risen 2,800% or so in nine years, from around 43p in spring 2009 to 1,295p today, driven by generally rising revenue and earnings and a change in investor sentiment since the post-credit-crunch lows of the previous decade. Remember all those ‘millionaire-maker stock’ headlines? Well, it really can happen if you pick the right stocks, and in a relatively short period of time too.

Looking forward, the directors expect a higher second-half weighting to trading and say the firm is experiencing positive overall market conditions with “exceptional” demand for critical components used in microelectronic manufacturing. However, there’s been a dip in demand for high-reliability couplers since the beginning of the year, but the directors think that market will recover in the second half. Meanwhile, the order book is higher than it has ever been at around £85m, some 36% above the figure a year ago at constant currency prices.

More to come?

After such a successful multi-year run, you could be forgiven for thinking it could be all over soon and we’ve missed the investing boat. But the firm is positioning itself for growth and created three technical divisions in a drive to become a “more scalable” organisation that can “accommodate the anticipated growth rates.”  Chief executive Mark Webster said: “G&H remains committed to our strategy of diversification and moving up the value chain.”

Many believe British manufacturing could be set for a long period in the economic sun. If that proves to be the case, I think Gooch & Housego is a good place to start your research. The forward price-to-earnings (P/E) ratio runs close to 22 for the trading year to September 2019, which isn’t cheap, but I see the valuation as a mark of quality in this case.

Turning around

Meanwhile, sector peer Morgan Advanced Materials (LSE: MGAM) is around three times the size of Gooch and Housego with a market capitalisation near £924m. The firm presents us with something of a turnaround proposition and trades at a lower valuation. The recent share price of 321p throws up a forward P/E rating of just over 12 for 2019 and there’s a forward dividend yield running at 3.6%.

After several years of gently shrinking earnings, the firm’s full-year results in February saw a “return to organic growth” during the year, which City analysts predict will continue with earnings advances of 9% during 2018 and 6% in 2019.

The recovery plan includes restructuring, simplification, focus, research & development, staff training and a sales drive – the meat and veg of any serious turnaround. It is a sign that the directors are aiming to carve a lean, modern business from the fat of the old, which has Victorian origins stretching back around 160 years. I think the stock is interesting right now.

The post 2 solid firms that could be among the best stocks to buy now appeared first on The Motley Fool UK.

The business, a giant in the manufacture of industrial threads, was last dealing 11% higher on the day and within a whisker of January’s record tops of 90p per share. Coats’ market value has grown 60% in the past 12 months alone and there is plenty of scope for it to continue swelling.

Today the FTSE 250 giant announced that, with revenues having risen 4% in 2017, to $1.51bn, adjusted operating profit had risen 10% to $174m.

While troubles remain over at Crafts — sales here slipped 10% last year — revenues at Coats’ core Industrial division (responsible for almost nine-tenths of group sales) continue to click through the gears. It noted that here, market share grabs supported sales at its Apparel & Footwear sub-division, while bolt-on acquisitions boosted sales at its Performance Materials operations. Thus total Industrial sales rose 6% year-on-year.

The bright result encouraged it to hike the dividend 15% to 1.44 US cents per share.

More to come?

Last year’s estimate-beating numbers were not the only cause for celebration, though, as the company upgraded its profits outlook for 2018.

Indeed, chief executive Rajiv Sharma advised that “adjusted operating profits are expected to be slightly ahead of previous management expectations,” the main man citing the impact of Coats’ so-called Connecting for Growth transformation programme as well as the contribution of US-based Patrick Yarn Mill, which it acquired in December.

And brilliant cash generation provides the firepower for it to keep organic investment and M&A action on the front burner. Last year adjusted free cash flow bumped 12% higher to $87m.

Underlining the manufacturer’s rosy profits prospects, City analysts are expecting earnings to rise 7% and 9% in 2018 and 2019 respectively, figures I reckon could be subject to chunky upgrades in the months ahead given exceptional sales momentum.

So while a forward P/E ratio of 16.9 times may sit outside widely-regarded value territory of 15 times or below, I reckon the threads play is a compelling growth share to consider today.

Business is booming

Investors searching for little-known growth gems may also want to check out Gooch & Housego (LSE: GHH) right now.

The photonics specialist is expected to chalk up earnings expansion of 14% in the year to September, and a 6% advance is forecast for fiscal 2019. This leaves the business trading on a pretty toppy prospective P/E ratio of 24.9 times.

However, ripping demand for the AIM company’s wares means that this expensive rating can be forgiven. Just this week Gooch & Housego announced that “we are experiencing exceptional demand for critical components used in microelectronic manufacturing,” a scenario which has driven its order book to record levels (to £89.7m as of the end of January, up 48.4% year-on-year).

Like Coats, Gooch & Housego has also seen its share price gallop over the past year, up 15% in the period. I fully expect it to continue flying as the firm upgrades capacity to meet rampant demand.

The post 2 secret growth stocks to watch in 2018 and beyond appeared first on The Motley Fool UK.

Of course, there are a number of large-cap stocks that offer upbeat income growth prospects. However, some smaller companies could also be of interest to income-seeking investors. Here are two prime examples.

Solid growth

Reporting on Wednesday was manufacturer of photonic components and systems Gooch & Housego (LSE: GHH). The company has been performing in line with management expectations and has benefitted from positive overall market conditions in the first four months of the financial year.

There has been exceptional demand for critical components used in microelectronic manufacturing. And while there has been a slowing in demand for high reliability couplers since the start of the year, this is expected to come back in the second half of the year.

With an order book that has reached record levels, the outlook for the stock remains positive. In fact, it is forecast to post a rise in earnings of 11% in the current year. This follows a strong trend of growth in previous years, with the company generating an annualised bottom-line growth rate of 12% during the last five years.

In terms of its dividend prospects, Gooch & Housego’s coverage ratio of 4.9 suggests that it could afford to pay out a significantly higher proportion of profit as a dividend. This could help to lift its yield of 0.8% to substantially higher levels. And with the company having a reliable track record of growth, its shares could continue to rise following their 23% growth in the last year.

Uncertain prospects

One smaller company which has endured a difficult recent period is beverages company Nichols (LSE: NICL). The producer of Vimto has experienced supply issues in the Middle East that have caused its operational and financial performance to come under pressure versus expectations. As such, the stock is forecast to post a rather lowly 4% rise in earnings in each of the next two financial years. This is considerably lower than the double-digit growth which has been delivered in recent years.

With the Nichols share price having fallen 6% in the last three months, there could be a wider margin of safety on offer than is normally the case. The business continues to have a bright long-term future, although its near-term performance could be relatively volatile.

With its dividend being covered 2.1 times by profit, the company appears to have significant scope to raise payouts to its shareholders over the long run. While it may only yield 2.2% at the present time and lacks the stability of previous years, the total returns on offer may be exceptionally high.

The post 2 small-cap dividend-growth stocks I’d buy with £2,000 today appeared first on The Motley Fool UK.

And even though the company’s stock has risen more than 75% over the past year, I think more astounding growth could be on the way as the group sets its sights on the massive European market. Its latest two acquisitions there total €274.1m and not only broaden the group’s exposure to new regions, but also marked its first foray into ceramic flooring, a huge market in its own right.

Even before these two high-margin acquisitions, revenue has been growing quickly with sales up a whopping 24% year-on-year in the half year to September. Much of this growth came from acquisitions but I estimate organic growth of around 4% was recorded in the period, which is very, very good.

With growth accelerating and a stellar history of consistently improving margins and cash flow across the business, I think Victoria is setting itself up for another great year.

You’ve got mail 

Also on my list is digital marketing software provider dotDigital (LSE: DOTD). The company’s share price has leapt by 50% in the past year as its dotmailer e-mail and multi-channel marketing tool has caught on with clients looking for effective, easy-to-use automated methods to stay in contact with prospective and current customers.

With a highly effective, but low-cost, core product, dotDigital has had few problems finding clients ranging from small businesses to FTSE 350 firms. In the half year to December, revenue was up 25% to £18.8m due to a small bolt-on acquisition and impressive organic expansion of 17%.

And unlike many small firms that are growing rapidly but lose loads of money, dotDigital is profitable and has a large cash position. This is in large part due to the fact that over 80% of its revenue is highly profitable recurring sales from existing clients. In 2017 this led to EBITDA margins hitting 31.5% and net cash rising to £20.4m, although a recent £11m acquisition will dent this figure.

With a great product in a fast growing market, cash on hand and proven profitability, I think dotDigital is attractively priced even at 30 times full year 2018 earnings.

To infinity and beyond 

A more out-of-this world option I’ve got my eye on is Gooch & Housego (LSE: GHH), which is an expert in designing high-quality optical components for end markets ranging from space agencies to health imaging and a wide variety of industrial applications.

In the year to September the group’s revenue jumped 18.7% on a constant currency basis to £112m due to organic growth and a small acquisition. This growth was driven by particularly strong demand and management is investing heavily in both R&D and acquisitions to support what are expected to be years of strong growth.

And in the meantime the business is still strongly profitable with adjusted pre-tax profits hitting £16.1m last year and its net cash position rising to £14.9m at year-end. While Gooch & Hosuego isn’t cheap at 26 times forward earnings, the group’s strong competitive position and high growth prospects make it very attractive to me.

The post 3 promising stocks I’d buy in 2018 appeared first on The Motley Fool UK.