Small Cap Value Report (Weds 26 April 2023) - PSN, NICL, BRCK, ELM, LTG, TST, POLX, EYE

Good morning from Paul amp; Graham.
(for any new subscribers, we first post a blank "placeholder" article at 07:00 every weekday, so that readers can add your initial comments on the day's announcements, which we encourage, especially if you add your own insights to any news. The main article then gradually builds throughout the morning, until usual finish time of 13:00, when the SCVR email goes out)

Explanatory notes -
A quick reminder that we don’t recommend any stocks. 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 up to about £700m. We avoid the smallest, and most speculative companies, and also avoid a few specialist sectors (e.g. natural resources, pharma/biotech).
A key assumption is that readers DYOR (do your own research), and make your own...