Monday saw more action for Titan holders- Mefro Wheels GMBH, a german private company increased it's holding to 29.9% by acquiring stock at 40p - against the prevailing market price of 20p. Mefro wheels acquired their original 24% stake at 40p in December.
A subsidiary of Titan International Inc, Tital Luxembourg Sarl, acquired 2,079,600 @ 35p and 339,000 @ 31.5p over the last two days taking their stake to over 20%. A director of Titan Lux Sarl is the non exec chairman of Titan Europe.

Roosters are hungry at this time of year and need to eat on chicken feed. This looks like a grain fest given Titan International broke off talks to buy Titan Europe in 2008 over 200p per share. Yeah - markets have changed but a battle for control of a niche business looks set to keep me well fed for the H1 09....

22.5-24.75p, still teetering on a breakout imo.

Spoken to the company again today and results out by end of this week or Tuesday morning next week.

Gushing up today on volume...results are tomorrow or Tuesday.

A 130,000 buy at 24p has just come through. Monster buy before results.

Strong buying volume today ahead of results tomorrow or Tuesday....poised for breakout imo upon release of finals:-

Titan Europe Preliminary Results



TIDMTSW

RNS Number : 6884S
Titan Europe PLC
22 May 2009

?
Issued by Citigate Dewe Rogerson Ltd, Birmingham
Date: Friday, 22 May 2009
Embargoed: 7.00am




Titan Europe Plc ("Titan Europe" or "the Company" or "the Group")
"Manufacturers of "off-highway" wheels and undercarriages for the global
Construction, Agricultural and Mining markets"






"2008 was a dramatic roller-coaster ride for our Company with market conditions
and material pricing and availability swinging dramatically in a very short
time. As a consequence, the 2008 financial results say much less than usual
about the tremendous amount of effort that our management team has put into the
business.


2008 saw record revenues of GBP452.3m (2007: GBP385.8m) an increase of 17.2%.
However, as a result of margin reductions and the downturn which began in the
4th quarter, trading profit for the Group was down 2.2% at GBP31.2m (2007:
GBP31.9m).


As reported in our February 2009 trading update, we have reduced our forecast
sales volumes for the year to 30% below those achieved in 2008. In light of this
reduction, we are continuing our programme of scaling back material inputs,
manufacturing, people and investment plans in order to realign our cost base to
reflect the more challenging markets our industry is experiencing. However,
great care is being taken to preserve the Group's resources and investment in
engineering, quality and technical sales.


On 19 May 2009, we successfully renegotiated the Group's primary banking
facilities. The new amendment and restatement agreement for the EUR110,000,000
facility provides covenant and liquidity headroom to support the Group's long
term business plans and reflects our primary lenders commitment to, and the
financial stability of, the Titan Europe business.


In the current situation, your Board believes that the business will be well
placed to take advantage of opportunities in our industry as markets recover."


Mike Akers, Chief Executive, Titan Europe Plc




2008 Preliminary Results attached


+------------------------+----------------------+------------------------------+
| Enquiries: | | |
+------------------------+----------------------+------------------------------+
| Mike Akers, Chief | Mark Percy | Fiona Tooley |
| Executive | | |
+------------------------+----------------------+------------------------------+
| Titan Europe Plc | Seymour Pierce | Citigate Dewe Rogerson Ltd |
+------------------------+----------------------+------------------------------+
| Today: +44 (0) 1562 | Tel:+44 (0) 20 7107 | Tel:+44 (0) 121 455 8370 |
| 850561 | 8000 | |
+------------------------+----------------------+------------------------------+
| www.titaneurope.com | | Mobile: +44 (0) 7785 703 523 |
+------------------------+----------------------+------------------------------+
| Ticker AIM: TSW | | |
+------------------------+----------------------+------------------------------+


Preliminary Results
for the year ended 31 December 2008






The Board of Titan Europe is pleased to announce its unaudited preliminary
results for the year ended 31 December 2008, expressed under International
Financial Reporting Standards (IFRS) and prepared in accordance with the
accounting policies to be adopted in the Annual Report for the twelve months
ended 31 December 2008.


Highlights:


* Revenue up 17.2% to GBP452.3m (2007: GBP385.8m)



* Within the Wheels division record revenue (including share of joint venture) at
GBP197.2m (2007: GBP144.8m) and record trading profit (excluding share of joint
venture) at GBP22.6m (2007: GBP10.7m)



* Continued growth in revenue from South America and Rest of World with revenue up
in the Undercarriage division 40.8% to GBP84.2m (2007: GBP59.8m) and in the
Wheels division 38.9% to GBP31.8m (2007: GBP22.9m)



* Revenue from share of joint venture up 69.2% at GBP4.4m (2007: GBP2.6m)



* Agricultural revenue up 46.1% to GBP116.6m (2007: GBP79.8m)



* Mining revenue up 29.0% to GBP81.8m (2007: GBP63.4m)



* Trading profit for the Group down 2.2% at GBP31.2m (2007: GBP31.9m)


Statement by Mike Akers, Chief Executive


Introduction


The Group continues to be the only specialist manufacturer of tracked and
wheeled movement systems to the construction, agricultural and mining
industries.


Reviewing 2008 in May 2009 reinforces the memory of exactly how dramatic the
roller-coaster ride was during last year.


Before looking at performance for the year as a whole, I have extracted some
elements from our regulatory announcements made during 2008 to highlight the
pace of the changes.


In our 2007 review, reported at this time last year, we referred to the strength
of order books in earthmoving, mining and agriculture with only the North
American construction business declining and the Rest of the World construction
being flat. We were concerned with a possible rapid escalation in steel prices
and shortage of supply.


At the time of the AGM in June 2008 we had continued to see strong markets for
agriculture and earthmoving wheels - the concerns for steel had been confirmed
and we were facing draconian price increases and contracts being broken by
suppliers with the result being reduction in margin as steel price increases
were passed through either incompletely or with a time delay.
The Interim Report, issued in July 2008, reflected the continued strengths being
seen in agriculture and earthmoving with construction declining again,
particularly in North America. First-half profitability had fallen as a result
of the pricing time lag, but we still saw real sales volumes ahead of 2007
(Wheels volumes were up compared to 2007, but Undercarriage volumes were down).
We predicted margins advancing as price increases were achieved.


It was clear that the markets and pricing recovery potential in the Wheels
business was better at this time than in Undercarriages and we retained some
confidence that these markets would not be so significantly affected by the
global malaise.


Nonetheless, we started a programme of stock, overhead, and input material
reductions, anticipating further potential falls in order levels and
concentrating on preserving cash.


The agricultural business remained very resilient and even in December 2008, our
customers were forecasting increases in sales in 2009. We, however, discounted
these substantially and continued the programme of stock and overhead reduction
throughout the business which we started in September 2008. When we reported in
early December, the business was already deep into a programme of scaling back
which we believed would see us in good stead throughout this, the worst
recession any of us in this Group has seen.


In the current situation, your Board believes that the business will be well
placed to take advantage of opportunities in our industry as markets recover.
Results


Despite the near turmoil described in the introduction, the Group produced
record revenue of GBP452.3m (2007:GBP385.8m). This was an increase of 17.2% over
2007, but was very significantly affected by the move in exchange rates, the
impact of which is clearly set out in note 2.


The difference in performance of the two divisions was quite extreme, but this
deviation is expected to be temporary.


Our Wheels division had an outstanding year with revenue (including share of
joint venture) at GBP197.2m (2007: GBP144.8m) producing a record trading profit
(excluding share of joint venture) of GBP22.6m (2007: GBP10.7m).


In contrast, the Undercarriage division had a challenging and difficult year.
The reduction in volumes was felt much more strongly as also was the effect of
material price escalation and the lag in recovery. The Undercarriage division
accounted for revenue of GBP259.5m (2007: GBP243.6m) and recorded trading profit
of GBP8.6m (2007: GBP21.2m).


Overall, Group trading profit was 2.2% below that of 2007 at GBP31.2m
(2007: GBP31.9m). The impact of significant one off items, (largely relating to
restructuring and movements in fair value of exchange contracts), left
operating profit at GBP23.1m (2007: GBP30.2m), pre-tax profit at GBP9.6m
(2007: GBP21.5m) and the post-tax profit for the year at GBP5.5m
(2007: GBP14.3m).


Basic earnings per share at 6.62p (2007:17.32p) was down 61.8% on 2007, however,
the pre-exceptional level was 13.43p per share (2007: 18.78p), down 28.5%.


The Group's net cash inflow from operating activities was GBP22.6m, down by
36.3% on 2007 (2007:GBP35.5m).


One impact of the dramatic change in direction of some of our markets during the
year was an almost overnight swing from a shortage of supply of raw materials,
to a major overstock. Changing the Group's focus towards stock reduction in
these conditions and in industries with traditionally long lead times, was very
demanding. Fortunately, we started the programme of lead time reduction in the
Undercarriage division some time ago and were able to adapt this to drive the
necessary stock reduction.


In all parts of the Group, we cut back raw material input in advance of customer
cutbacks and eliminated all but essential health and safety and quality related
capital expenditure. Despite early action in these areas, there exists a
significant time delay before the impact is felt in the Group's cash position.


Net debt at the year end was GBP158.2m (2007: GBP120.2m). This again was
significantly impacted by exchange rates; net debt at 2007 exchange rates would
be GBP121.5m, as the majority of the Group's debt is in Euros, reflecting the
Group's trading activities being heavily skewed to the Euro zone. The impact of
exchange rates on net debt is further explained in note 2.


The Group's property, plant and equipment had a net book value of GBP171.0m
(2007: GBP140.0m) being mainly freehold land and buildings, and plant and
machinery.
Operations


The global downturn in industrial activity has not changed the outstanding
quality of our physical assets and human resources. The Group has manufacturing
plants in Europe, South America, North America and Australia, many of which
command major market shares in industry sectors with a high cost of entry and
significant shipping cost barriers for non-indigenous manufacturers.


The Group's technical excellence continues to ensure that its sales are
dependant not only on price and quality, but the ability of our engineers to
'design & build' unique solutions to meet our customers' needs.


Wheels division


Our agricultural Wheels business had a strong order book throughout the year,
with cutbacks only starting to become apparent in December 2008.


Our large agricultural wheel factory located in Northern Italy serves the major
manufacturers of tractors and combine harvesters. Demand for these products has
been generally at very high levels, and, at the same time, the horsepower and
therefore the size of wheels and tyres, has been increasing. Consequently in
2007 this put considerable pressure on our manufacturing capacity. In August
2008, we completed the installation of our new rim-line with robotic handling
which has relieved the capacity pressure, increased our flexibility and set a
new standard for the manufacture of agricultural rims.


Volume was also high in our French and Turkish (joint venture) agricultural
wheel factories and despite pressure on material pricing and supply, we were
able to give customers an outstanding service throughout the year.


The European earthmoving wheel business located in Kidderminster, UK, also saw
volumes at very high levels through the first nine months of the year; however,
the final quarter decline was very dramatic. With the cooperation of trade
unions and suppliers, the management team has been able to restructure the
business efficiently and effectively to deal with much lower levels of volume.


Our operations in Australia did not see any significant impact in volumes during
the year and this continues to be a potential area of growth, particularly in
the OVM giant mining wheels, where supply agreements are being finalised with
Caterpillar.


Our operations in Chile and Peru were also almost unaffected to the end of the
year under review.


We had expected reductions in volume in the above three operational territories
and therefore made substantial cost reductions and cash conservation plans with
the emphasis moving from expansion to caution.


Although not a part of our Wheels division, our Associate Company, Wheels India
Limited ('Wheels India'), in which we hold a 35.9% equity stake has seen a
dramatic shift in its fortunes. Wheels India provides a significant proportion
of all types of wheels used in India. The truck and automotive sectors have been
particularly badly hit and the Company has also been affected by exchange rate
issues. The share of results recognised this year is shown in note 2 and shows
our share of unfavourable movements in mark to market valuations on exchange
rate contracts is GBP2.3m loss (2007: GBP0.2m profit).


We continue to see India as a significant focus for growth and believe that the
current market setbacks will not damage the basic fabric of the business.
Undercarriage division


Our Undercarriage division certainly has had a tough year. Volume in
manufacturing was already depressed with the reduction in sales into North
America.


Reductions in capacity and a plant closure were planned and effected early in
the 2008 year, but these did not fully compensate for the further volume
reductions experienced in the third and more dramatically, the fourth quarter of
2008.


In places where markets remained strong, we had the additional complications of
very difficult supply conditions for steel. The Undercarriage division buys a
wider range of steels than the Wheel division and has longer lead times. There
is also a wider range of end product types and dimensions within each material
type and so 'take it or leave it' price increases and quantity allocation from
steel suppliers does not lead to efficient operation.


Our customers for undercarriage were to an extent receptive to our need for
input cost recovery, but the wider range of customers along with other factors
meant that we were slower in recovering margin.


By the time this was done, the volume decline was beginning and customers again
were looking for the return to earlier price levels as steel prices collapsed.
We have generally been able to convince major customers that we ordered steel at
the high prices to meet their schedules and that these prices must be honoured
until stocks have washed through. Whilst the operating environment was
difficult, we continued our programme of change in the Undercarriage division.


The focus on a European business based on engineering excellence and giving our
major customers a 'design & build' solution for their complete undercarriage
needs, has continued.


We have moved further to create a 'Centre of Excellence' for engineering in our
facility at Gevelsberg, Germany, with fully assembled frame business supplied
from there and from Intertractor Americas location in Elkhorn, Wisconsin. This
engineering resource is able to focus on large scale applications and we are
also expecting to move our manufacturing facilities in a similar direction.


Since acquisition in 2005 we have created a very efficient and competitive
manufacturing operation in Atibaia, Brazil, making smaller components for
undercarriage vehicles.


The Italian manufacturing plants are being re-engineered to focus on mid to
large range product with a more flexible process system using less work in
progress with shorter lead times.


Our plans for a manufacturing facility in China supporting our European and
American Original Equipment Manufacturers (OEM's) in their Asian build
facilities are complete - the Chinese Government approvals are in place, as is
the factory building. The pace of this development may be moderated by the
impact of the global recession, but it remains an essential part of our plan for
a balanced undercarriage business.


Other developments on which we have reported in the past - such as mining and
service centres, are working well and will be a blue print for the future.


In all, the Undercarriage division has been transformed since its acquisition by
Titan Europe on 29 December 2005.
Revenue by geographical destination and market (including share of joint
venture)


+-----------------------------+----------------+----------------+----------------+
| | Unaudited | Unaudited | |
+-----------------------------+----------------+----------------+----------------+
| | Year ended | Year ended | Year ended |
+-----------------------------+----------------+----------------+----------------+
| | 31 December | 31 December | 31 December |
| | 2008 | 2008 at 2007 | 2007 |
| | | rates | |
+-----------------------------+----------------+----------------+----------------+
| | GBPm | GBPm | GBPm |
+-----------------------------+----------------+----------------+----------------+
| Destination | | | |
+-----------------------------+----------------+----------------+----------------+
| UK | 20.7 | 19.0 | 24.1 |
+-----------------------------+----------------+----------------+----------------+
| Europe | 264.8 | 233.7 | 221.3 |
+-----------------------------+----------------+----------------+----------------+
| North America | 55.2 | 50.3 | 60.4 |
+-----------------------------+----------------+----------------+----------------+
| South America | 28.6 | 24.9 | 19.2 |
+-----------------------------+----------------+----------------+----------------+
| Rest of the World | 87.4 | 76.9 | 63.5 |
+-----------------------------+----------------+----------------+----------------+
| Total revenue | 456.7 | 404.8 | 388.5 |
+-----------------------------+----------------+----------------+----------------+


+-----------------------------+----------------+----------------+----------------+
| | Unaudited | Unaudited | |
+-----------------------------+----------------+----------------+----------------+
| | Year ended | Year ended | Year ended |
+-----------------------------+----------------+----------------+----------------+
| | 31 December | 31 December | 31 December |
| | 2008 | 2008 at 2007 | 2007 |
| | | rates | |
+-----------------------------+----------------+----------------+----------------+
| | GBPm | GBPm | GBPm |
+-----------------------------+----------------+----------------+----------------+
| Market | | | |
+-----------------------------+----------------+----------------+----------------+
| Agricultural | 116.6 | 101.9 | 79.8 |
+-----------------------------+----------------+----------------+----------------+
| Construction | 251.4 | 225.9 | 242.1 |
+-----------------------------+----------------+----------------+----------------+
| Mining | 81.8 | 71.4 | 63.4 |
+-----------------------------+----------------+----------------+----------------+
| Other | 6.9 | 5.6 | 3.2 |
+-----------------------------+----------------+----------------+----------------+
| Total revenue | 456.7 | 404.8 | 388.5 |
+-----------------------------+----------------+----------------+----------------+


Revenue and trading profit by division


+--------------------------------+---------------+---------------+---------------+
| | Unaudited | Unaudited | |
+--------------------------------+---------------+---------------+---------------+
| | Year ended | Year ended | Year ended |
+--------------------------------+---------------+---------------+---------------+
| | 31 December | 31 December | 31 December |
| | 2008 | 2008 at 2007 | 2007 |
| | | rates | |
+--------------------------------+---------------+---------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+---------------+---------------+---------------+
| Revenue | | | |
+--------------------------------+---------------+---------------+---------------+
| Wheels (including share of | 197,224 | 178,598 | 144,824 |
| joint venture) | | | |
+--------------------------------+---------------+---------------+---------------+
| Undercarriages | 259,526 | 226,248 | 243,634 |
+--------------------------------+---------------+---------------+---------------+
| Revenue including share of | 456,750 | 404,846 | 388,458 |
| joint venture | | | |
+--------------------------------+---------------+---------------+---------------+
| Less share of joint venture | (4,437) | (4,064) | (2,644) |
+--------------------------------+---------------+---------------+---------------+
| Group revenue | 452,313 | 400,782 | 385,814 |
+--------------------------------+---------------+---------------+---------------+
| Trading profit | | | |
+--------------------------------+---------------+---------------+---------------+
| Wheels (excluding share of | 22,571 | 20,735 | 10,657 |
| joint venture) | | | |
+--------------------------------+---------------+---------------+---------------+
| As a percentage of revenue | 11.7% | 11.9% | 7.5% |
+--------------------------------+---------------+---------------+---------------+
| Undercarriages | 8,593 | 7,760 | 21,212 |
+--------------------------------+---------------+---------------+---------------+
| As a percentage of revenue | 3.3% | 3.4% | 8.7% |
+--------------------------------+---------------+---------------+---------------+
| Group trading profit | 31,164 | 28,495 | 31,869 |
+--------------------------------+---------------+---------------+---------------+


Dividend
As we indicated in our trading update on 20 February 2009, the Board is not
proposing a final dividend. The interim dividend of 2.17p makes a total for the
year of 2.17p (2007: 6.50p). As part of the new amendment and restatement
agreement with our primary bankers Banca Intesa SpA and Unicredit SpA no
dividend distributions will be made until after the Company has re-commenced
payments of the loan in January 2011 and are subject to the Company achieving a
leverage ratio of 3.5:1 or less.


2009 Outlook
Timing in market conditions, material pricing and product price recovery all
acted against the Undercarriage division in 2008, but we expect to see a
considerable levelling out in 2009. Unfortunately in 2009, it will be the Wheels
division that will feel the impact of reduced volumes.


As reported in our February 2009 trading update, we have reduced our forecast
sales volumes for the Group for the year to 30% below those achieved in 2008.


In light of this reduction, we are continuing our programme of scaling back
material inputs, manufacturing, people and investment plans in order to re-align
our cost base to reflect the more challenging markets our industry is
experiencing. Fixed costs are being reduced throughout the Group but care is
being taken to preserve the Group's resources and investment in engineering,
quality and technical sales.
Post year-end events


Substantial shareholdings


During January 2009, the Company was informed that Mefro Wheels GmbH had
increased their shareholding in the Company to 24,788,853 ordinary shares,
representing 29.81 per cent of the issued share capital of the Company. In the
same month the Company was informed that Titan Luxembourg Sarl, a subsidiary of
Titan International, Inc., bought 4,687,197 ordinary shares in the Company.
Following these purchases, Titan Luxembourg Sarl has an interest in a total of
18,993,821 ordinary shares representing approximately 22.89 per cent. of the
issued share capital of the Company.


Renegotiation of banking facilities


During May 2009, the Group has renegotiated the Group's banking facilities with
Banca Intesa SpA and Unicredit SpA. The revised facility agreement for
EUR110,000,000 includes no further repayments of capital in 2009 and 2010, the
first payment will now be made in January 2011 and the final repayment is
extended by two years to October 2015. The agreement includes revised covenants
reflecting the Group's revised business plan. The substantive agreement
(amendment and restatement agreement relating to the ITO and ITM EUR110.0m
facilities agreement) was signed on 19 May 2009.

Excellent results imo. New news about the banking facility too and trading on a p/e of less than 2 is unbelievable. Should see massive correction now imo to around 1.00 levels and possibly more directors buying, Titan Inc. buying, and Mefro also having some say.

Up 15% thus far on v.strong volume.

Record revenue at Titan Europe
Fri 22 May 2009

LONDON (SHARECAST) - Titan Europe, a producer of wheels for the construction and agricultural markets, posted record sales in 2008 and has renegotiated its primary banking facilities.

Revenue rose 17.2% to 452.3m in the 12 months of 2008 thanks to exchange rate moves, although pre-tax profit fell on weaker margins and one-off items to 9.6m from 21.5m in 2007. Trading profit fell 2.2% to 31.2m.

In February, the firm reduced its forecast sales volumes for the year to 30% below 2008. As such, Titan is continuing to scale back material inputs, manufacturing, people and investment plans.

In the current situation, your board believes that the business will be well placed to take advantage of opportunities in our industry as markets recover, it said.

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=2793713

Titan Europe Director/PDMR Shareholding

TIDMTSW

RNS Number : 7550S
Titan Europe PLC
22 May 2009

?
Titan Europe plc
(the "Company")


Director's Holding

The Company announces that on 22 May 2009 Steel Wheels Executive Pension Fund
bought 42,000 Ordinary Shares at 25.5p per share on behalf of Mike Akers, a
Director of the Company.


Following this, Mr. Akers has an interest in a total of 652,000 ordinary shares
representing 0.79 per cent. of the issued share capital of the Company.


This information is provided by RNS
The company news service from the London Stock Exchange
END

Breaking out on Volume with finals out now:-

Record revenue at Titan Europe

22/05/2009
London City news: Record revenue at Titan Europe

Titan Europe, a producer of wheels for the construction and agricultural markets, posted record sales in 2008 and has renegotiated its primary banking facilities.

Revenue rose 17.2% to 452.3m in the 12 months of 2008 thanks to exchange rate moves, although pre-tax profit fell on weaker margins and one-off items to 9.6m from 21.5m in 2007. Trading profit fell 2.2% to 31.2m.

In February, the firm reduced its forecast sales volumes for the year to 30% below 2008. As such, Titan is continuing to scale back material inputs, manufacturing, people and investment plans.

"In the current situation, your board believes that the business will be well placed to take advantage of opportunities in our industry as markets recover," it said.

http://www.cityam.com/index.php?news=34991

As well as the confirmation after close on Friday about the director buying 42,000 shares, there were lots of 50K buys = 14,000 throughout the day on Friday. 3 in succession towards close too at 28p which suggests someone else has also been increasing their stake. All of them were put through as ordinary trades (O). Await confirmation!

08:53 (22/05) 27.50 50000 purchase
08:53 (22/05) 27.50 50000 purchase
12:39 (22/05) 27.20 50000 purchase
16:08 (22/05) 28.00 50000 purchase
16:08 (22/05) 28.00 50000 purchase
16:09 (22/05) 28.00 50000 purchase

http://www.hemscott.com/companies/share-trades.do?companyId=4586

Another big trade, 100,000 buy showing at 27.72 pence at 17:42 on Friday.

Back in this morning again and possible consolidation over now and on the way back upto the 30s.

Titan Europe TSW

Nice move up this morning going first to take out the spike at 84p. After that pretty much blue sky.

Great results from Caterpillar (NYSE: CAT) good read across for Titan Europe (LON:TSW)?
On the blog at www.investorschampion.com

nice breakout this week

MIDAS UPDATE: Shares of tip Titan Europe rise 171% but don’t sell yetBy Joanne Hart
PUBLISHED: 21:26, 18 August 2012 | UPDATED: 10:50, 19 August 2012


..
Titan Europe’s shares have risen 171 per cent from 45p to 121¾p since Midas recommended them in July 2010, not least because last month the board recommended a bid from Titan Inc of America.


http://www.dailymail.co.uk/money/markets/article-2190303/MIDAS-UPDATE-Shares-tipTitan-Europe-rise-171-don-t-sell-yet.html#ixzz23zRweqHl

Good performance today.