Small Cap Value Report (Mon 1 July 2024) - ATG, GMS

Good morning from Paul, and welcome back Graham!

I see several companies have announced their brokers have changed, due to a merger of Liberum and Panmure Gordon. It's good to see more consolidation in the sector, and I wish both firms well as a larger group. I rely on Liberum's excellent research a lot through Research Tree, so I very much hope the combined entity will adopt Liberum's approach of getting their research out to the people who create the liquidity and set the share prices for small caps - private investors!

Explanatory notes -

A quick reminder that we don’t recommend any shares. We aim to review trading updates amp; results of the day and offer our opinions on them as possible candidates for further research if they interest you. Our opinions will sometimes turn out to be right, and sometimes wrong, because it's anybody's guess what direction market sentiment will take amp; nobody can predict the future with certainty. We are analysing the company fundamentals, not trying to predict market sentiment.

We stick to companies that have issued news on the day, with market caps (usually) between £10m and £1bn. We usually avoid the smallest, and most speculative companies,...