May 1, 2026 · 23 min
Paul Scott flags another profit warning at Proservice
Paul's Podcast - Fri 1 May 2026
The episode pairs informal investor-lunch plans with a clear personal warning about a company Scott believes investors should avoid.
- 1Paul Scott records from an improvised bedroom setup while previewing a Mayfair investor lunch.
- 2He highlights Proservice’s latest profit warning and says he considers the company problematic and best avoided.
- 3The discussion sits within a broader focus on UK smaller and mid-cap companies and personal investment judgment.
Don't miss
Paul Scott delivers his clearest warning of the episode, calling Proservice problematic and best avoided after another profit warning.
The brief
Paul Scott opens from his bedroom after being displaced from his usual office, giving the episode an unusually informal setting before turning to market commentary.
He previews an investor lunch with friends at a Mayfair club, suggesting the gathering could stretch into an all-day event rather than remain a brief meeting.
The central warning concerns Proservice, which has issued another profit warning; Scott says he believes the company is problematic and best avoided.
Scott stresses that the view is personal and not investment advice, framing the Proservice discussion as a judgment call rather than a formal recommendation.
What was said on this episode
27 statements · 18 positive · 4 negative · 1 mixed · 4 neutral
Paul prefers Primary Health Properties over New River REIT for risk-adjusted income.
“I think personally I'd probably go PHP in preference, but I like New River REIT as well.”
Listen at 5:16
Paul Scott prefers Primary Health Properties over New River REIT.
“I think personally I'd probably go PHP in preference”
Listen at 5:16
Paul Scott evaluates New River REIT favorably.
“I like New River REIT as well.”
Listen at 5:19
The London market can fund high-quality companies.
“there is funding there for the good quality stuff.”
Listen at 6:10
Mortgage Advice Bureau is attractively valued.
“Very attractively valued.”
Listen at 6:31
Paul Scott strongly favors Mortgage Advice Bureau Holdings.
“MAB1, I like a lot.”
Listen at 6:50
Paul Scott judges the housebuilding sector to be substantially oversold.
“I feel the sector is really oversold.”
Listen at 8:58
Paul Scott identifies Barrett Redrow as his preferred housebuilder.
“So my sector pick, for what it's worth, is Barrett Redrow.”
Listen at 9:17
Paul Scott penalizes MJ Gleeson for its communication and forecast downgrade.
“So Gleason goes on the naughty step.”
Listen at 13:49
Paul Scott believes MJ Gleeson is attractively undervalued despite risks.
“I'm sticking stubbornly to green because I think the value is now so attractively low.”
Listen at 14:11
MJ Gleeson’s valuation is attractively low despite sector risks.
“I think the value is now so attractively low.”
Listen at 14:13
Paul will continue holding MJ Gleeson but will not currently add.
“I'm happy to continue holding. I'm not going to buy any more just yet.”
Listen at 14:55
Paul Scott recommends not buying additional MJ Gleeson shares immediately.
“I'm not going to buy any more just yet.”
Listen at 14:57
Paul Scott judges Pearson Group to be fairly valued.
“we think it's priced about right.”
Listen at 15:16
Paul Scott judges Pearson Group and Rotork to be fully valued.
“Both we think are fully priced really for our purposes”
Listen at 15:24
Paul Scott considers NatWest Group shares good value.
“But we think they're good value.”
Listen at 15:48
NatWest Group and other banks are good value.
“we think they're good value.”
Listen at 15:48
Paul Scott views Shield Therapeutics favorably overall.
“So overall on Shield Therapeutics, I do quite like it”
Listen at 17:39
Paul Scott likely excludes Shield Therapeutics from future consideration.
“So I think for me that probably rules out Shield Therapeutics from, from, from now on.”
Listen at 18:29
Paul Scott and John decline to rate Pulsar because it cannot be valued reliably.
“So we agreed on no color now for Pulsar.”
Listen at 19:46
Pulsar cannot currently be valued under Paul’s stock-selection criteria.
“we don't want— we don't— we can't value it.”
Listen at 19:50
Paul Scott endorses the view that markets generally muddle through crises.
“his view is that the market finds a way to muddle through”
Listen at 21:09
Paul believes markets generally find a way through difficult conditions.
“his view is that the market finds a way to muddle through, um, and that, and that's broadly my view as well.”
Listen at 21:09
Paul Scott predicts One Health Group could become a major multibagger long term.
“I think long term that could be a serious multibagger.”
Listen at 22:22
Paul Scott judges One Health Group fairly valued currently.
“I think it's priced about right now.”
Listen at 22:28
Paul Scott remains bullish on the housebuilding sector because valuations are too low.
“So I remain, um, pretty bullish on that simply because I think it's way too cheap”
Listen at 23:08
The housebuilding sector is substantially undervalued.
“I think it's way too cheap”
Listen at 23:11
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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