Small Cap Value Report (Thu 31 March 2022) - NWF, ELCO, XSG, PRES

Good morning, it's Paul amp; Jack here with the SCVR for Thursday.
Agenda - 
Paul's Section:
Nwf (LON:NWF) - another positive trading update, significantly ahead of expectations. This follows on from a similar upgrade at the start of March. It's benefiting from a supply shortage of oil, so is clearly able to raise prices amp; profit margins. This looks a good company, with a noteworthy long-term track record of paying reliable, and rising divis. Boring, but sometimes boring is good! 
Eleco (LON:ELCO) - final results are out, with profit flat, and EPS lower, due to increased tax charge. Balance sheet looks adequate. It's a nice company, but the valuation still looks too rich to me. 
Xeros Technology (LON:XSG) - more bad news from this serial disappointer, jam tomorrow company. It won't now reach breakeven in 2023, and only has enough cash to last for another year. It's tempting to punt on things like this, but they rarely end well.
Pressure Technologies (LON:PRES) - I responded to a reader comment from Camtab and have copied it into the main report. Results look OK, but maybe the recent c.50% rebound in share price might be worth a top slice?

Explanatory notes...