Investor's Champion

The Group has confirmed improved trading during the year with results now anticipated to be ahead of current market expectations..

The pre-close trading statement drew attention to an unexpected impairment, although pre-this exceptional item trading remains in line – consensus eps for 2011 25.05p with a projected dividend of 4.99p

A reassuring trading update from the niche plastics products group who confirmed that trading was broadly in line with market expectations – year ending 31st March consensus estimates are for normalised pre-tax profit of £3.94m and earnings per share of 10.56p. 

Today’s trading update from consultancy and software provider to the oil and gas sector failed to impress the market but this is a great little business that has a lot to offer in 2012

The statement confirmed that trading performance in the second half has been stronger than in the first half (First half turnover was £4.7m and pbt £321,000) resulting in overall trading performance for the year ending 31 December 2011 expected to be in line with market expectations (Expectations are for pre-tax profit £1.1m and eps of 0.73p). 

The AIM quoted support services group announced the award of a new long-term highways maintenance contract for Harrow Council valued at up to £50 million

Two of AIM’s ‘blue chips’, both of whom ironically offer sustenance of one type of or another,  issued highly positive trading updates to open the New Year.

Following its pre Christmas trading statement, which saw the shares fall sharply to new lows, Directors in the UK’s leading supplier of specialist kerbside recycling containers have taken the opportunity to add their shareholdings.

The China based and focused internet solution provider announced its unaudited interim results for the six months ended 30 September 2011 with the usual cash flow issues highlighted…...and the usual excuses!

Shares in one of the most over hyped AIM stocks of recent times have finally fallen to earth following the announcement of its full year results and news of a proposed Rights Issue to raise net £8.88m at a discount of approx 50% to the Closing Price on the day before the announcement.

ExxonMobil believes that “natural gas will grow fast enough to overtake coal for the number-two position behind oil”,

The provider of end-to-end customer engagement software solutions announced that it has continued to trade in line with expectations in the first part of the year, with sales orders significantly ahead of this time last year, resulting from both new customer wins and the cross-sale of the enlarged product set into our existing customers.

The China based provider of software solutions issued a somewhat confusing update on both trading and a proposed acquisition. Despite the evident growth prospects we have had our doubts about the long term viability of this business for sometime, with cash generation our biggest concern. Today’s update serves up more mixed messages.

The engineering and technology solutions provider to the bioenergy sector recently issued an update on its exciting contract to design and construct a bio-gas recovery and purifying plant at a beer brewery.

The AIM quoted provider of specialist engineering services and housing announced encouraging results for the year ending 30th September 2011 in what amounted to a period of great change.

The AIM quoted oil and gas engineering group announced yesterday that four major oil and gas companies have joined Plexus’ Joint Industry Project for the development of the new POS-GRIP ‘HGSS™’ Subsea Wellhead. The move into subsea opens uop a world of opportunity

Shares in the AIM quoted voltage optimisation specialist received a boost after it announced the acquisition of a provider of biomass energy resources to industrial power facilities in Poland.

The international shaft sinking and underground construction group issued a reassuring Interim Management Statement although the shares dropped to new lows. 

The mobile payments and analytics company issued a somewhat disappointing trading update for the year ending 31st March 2012 announcing that full year results would be below market expectations, however, there was encouraging progress from the Analytics product

The leading provider of high technology tools and systems for industry and research announced cracking half year results for the six months to 30th Sept2011.

The designer and manufacturer of scientific instruments came out with a strong trading update announcing that adjusted earnings for the full year ending 31st Dec 2011 are now likely to exceed current market expectations – forecasts were previously for pre-tax profit of £3.26m and eps of 48.97p, however, these have now been upgraded (see below).

The trading update was disappointing but one look at the market and recent updates from some of the key players (some of which are surely customers of PRES) suggests this business is in great shape for 2012 and beyond.

A key document in the AIM Admission process is the Admission Document (‘AD’) which remains a source of reference for investors for many years to come post flotation. Time and time again we discover how companies quickly forget what they originally committed to!

Publishing Technology, whose activities are hard to fathom (have a look at the web site if you don’t believe me!) has announced that it has accepted unsecured loans in aggregate of £500,000 from its Directors and from certain senior managers

The leading UK machine gun manufacturer (there aren’t many left!), and a relative newcomer to AIM, disappointed the market with its recent trading update for the year ending 30 September 2011 – up until now Manroy’s life on AIM had had been free of mishaps, so it’s a big welcome to the real world!

The owner of the Superdry brand loved by UK teens has had an IT nightmare – call it growing pains!

The rally in US stocks in the final hour of trading today is only further evidence of the naivety of current stock market participants - or at least the machines that are now truly running the stock market asylum!

Game Group, the UK’s largest specialist videogame retailer has announced a loss before tax of £48.5m in the first half of 2011. The company sells video games and hardware direct from their 641 UK outlets and 678 International outlets, as well as their online presence.

The provider of offshore services tried to cunningly hide a profit warning in yesterday’s mayhem, without success!

May Gurney announced today that it has been named as preferred bidder for Cheshire West and Chester Council’s waste and recycling contract

The German state of Schleswig-Holstein this morning voted in favour of online gambling. The proposals, already approved by the EC will take the following shape.

There were decent interim results for the six months to 30 June 2011 from the specialist in the design and manufacture of high-end embedded computer products but it’s hardly a high growth play to excite investors!

The provider of port reception facilities and waste water treatment solutions for the oil, marine and process industries has been awarded a major contract (no figures mentioned although there is talk of it being worth more than $2m!) for the offshore treatment of waste oil slops generated on board a FPSO (Floating Production, Storage and Offloading vessel), employed by one of the oil majors (no names either!) off the coast of Brazil.

The engineering group announced first half revenue up 48.2% to US$643.5m, profit before tax up 49.8% to US$37.7m and diluted earnings per share of 26.05 US cents (2010: 14.72 US cents). The backlog has moved higher, it was just a pity that cash flow disappointed and thre are good bargains to be had elsewhere.

The manufacturer of offshore rigs issued interim results in line with expectations but the big fall in the order book is surely a concern

The sale of Caledon Resources will bring in 112p per share to Polo who has a 27% interest in Caledon; Polo has already proposed to pay its shareholders a 2p per share special dividend.

The Indian filmed entertainment group announced trading in line with expectations

RWS Holdings, the patent translations and technical search group, has announced excellent half year results for the six months ended 31 March 2011.

The supplier of soft drinks issued a decent update covering the first four months of its 2011 financial year end (31st Dec)

The provider of IT related services to leading law and accountancy firms issued a reassuring AGM statement.

Europe’s leading provider of intellectual property support services (patent translations and searches) and technical translations recently provided a positive update on trading for the half year ended 31 March 2011 ahead of the announcement of its half year results on 2 June 2011.

London Capital Group (‘LCG’) has announced that Paddy Power, a substantial white label customer, is currently reviewing their financial spread betting business Paddypowertrader.

GVC Holdings has today announced its revised and extended Betboo earn-out, whilst reaffirming its current policy of distributing at least 75% of net operating cash flow to shareholders by way of dividend

The industrial services and rental company issued a trading statement in advance of its preliminary results for the year ended 31 December 2010 confirming that it expected earnings for the year ended 31 December 2010 to be in line with market expectations.

One of our readers has kindly pointed out a mistake we made last week in our commentary on China Shoto. However, our overall prognosis on the business as a whole remains…

Having issued 2 disappointing statements in 2010, the Chinese battery producer has opened 2011 with yet another disappointing announcement covering trading for the year ended 31 December 2010.

Somewhat counter to what many might have been expecting, the AIM listed manufacturer and worldwide distributor of ‘traditional’ household goods has reported strong trading through the Christmas period – I enjoy my breakfast from Portmeirion’s Botanic Garden range!

Judges Scientific, the AIM-listed specialist in the design and production of scientific instruments, came out with yet another positive trading statement which pushed the share price back to all time highs.

Kentz Corporation, the AIM quoted engineering and construction group with a focus on oil and gas markets issued a highly positive trading statement ahead of its full year results for 2010 which are expected to be announced in late March 2011. In a weak market Kentz shares were up 8% as I write. 

With the share price languishing at all time lows, the UK designer, manufacturer and vendor of specialist buses and coaches came out with a somewhat mixed trading update which did give hope of better times in 2011. However, high levels of debt remains an issue!

The UK pawnbroker with 135 store outlets and 45 Gold Bar retail mall units issued a pleasing trading statement covering the year ending 31st December 2010 announcing that it expects that full year profit before tax for 2010 (but before exceptionals and amortisation) will be above the top end of current market expectations – can’t quite understand that last one as market expectations surely also generally take into account amortisation! 

The international provider of services to the energy and mineral resources sectors has confirmed that trading in the year to 31 December 2010 was in line with expectations (Consensus pre-tax profit of £68m and earnings per share of 41p).

The UK soft drinks group (Vimto worldwide and Panda and Sunkist in the UK as well as Dispense operation) has released a highly positive pre-close trading statement covering the year to 31 December 2010.

The rapidly growing bioscience company that markets antibodies via its own online catalogue issued a pre-close trading update ahead of its results for the six months ending 31 December 2010.Trading since the AGM is in line with ‘management’s’ expectations but…. 

The leading provider of intellectual property support services (patent translations and technical searches) and technical translations, announced encouraging preliminary results for the year ended 30th September 2010 broadly in line with forecasts with the dividend payout increased again.

The AIM quoted specialist recruitment agency providing temporary and permanent staff to the healthcare and social care sectors increasingly looks like a disaster waiting to happen.

The AIM quoted producer of diagnostic testing kits for the clinical and research markets, announced high flying interim results for the six month period to 30 September 2010.

The £12m market cap AIM quoted provider of specialist leathers has announced a cracking ‘seven figure’ contract win which will see the UK armed forces issued with some of the most technically advanced leather gloves available – good to see our fighting boys get the best! 

Majestic Wine, the UK’s largest wine warehouse chain, announced excellent set of results for the 26 weeks ended 27 September 2010.
Some have questioned the ability of the group to keep growing in its UK heartland but these interim results look truly exceptional

The provider of products for the control and treatment of storm and waster water yesterday announced a huge contract win totaling £15.6m for its innovative Zickert Sludge Scraper technology – great name! 

Halliburton (HAL) continues to defend the fact they alerted BP about the results of the cement testing. It turns out that 3 out of 4 of the tests failed, and HAL appears to have failed to highlight this to BP who chose to go ahead with using it.

The developer and supplier of the market-leading ATM advertising solution, atmAd, has encouraged with a series of positive announcements over the past few weeks.

Chevron Corp’s announcement that it will invest $7.5 billion to develop two of the Gulf of Mexico’s largest unexploited oil fields is the first big commitment from an oil major since the drilling moratorium was lifted.

Great results from Caterpillar (NYSE: CAT) today with a highly positive outlook suggests that AIM quoted Titan Europe (LON:TSW), the maker of steel wheels and undercarriages for off highway vehicles, could also be benefiting; Caterpillar is a major client of TSW.

The speciality pharmaceutical company has announced that it has raised £3.6m at 77p per share with Abingworth LLP, the strategic healthcare investor. The placing price surprisingly (at least in this market) represents a 9% premium to the closing price of 70.5p the day before the announcement.

The UK’s largest veterinary group, operating 211 veterinary surgeries, 6 laboratories, 1 pet crematorium and 1 online dispensary, primarily focused on the small animal market, issued encouraging results presenting sustained growth in revenue and operating cash flow in what amounted to a difficult year.

The China based manufacturer of high quality solar cells and modules issued highly promising interim results for the six months ended 30th June 2010 in what amounted to a very difficult period for manufacturers in the solar space.

The UK’s leading provider of technical contracting personnel to the aerospace and defence, nuclear and power, and rail sectors announced interim results for the six months ending 30th June 2010, in line with expectations. The focus on the aerospace and defence, nuclear, power and energy industries remains attractive.

The audacious oil exploration company, Petrel Resources recently announced half year interim results to end June 30th 2010, and explained the latest ‘high risk’ location they will operate in.
The audacity comes from the focus of Petrel remaining firmly on Iraq. Petrel was active in Iraq prior to the invasion, so has not been smeared with the WMD ruse, as far back as 1999. Since entry they have dealt with “5 governments, survived a war, faced down many threats and risks, all in pursuit of oil”, at least they don’t mix their words!

The creative media transformation software company issued a positive AGM statement along with news of the launch of a new production toolset that enables full movie material, including extras such as stills, deleted scenes, exclusive interviews and behind-the-scenes footage, to be adapted for sale on the Apple iTunes® platform – Apple in the headline generally attracts some interest! Perhaps more importantly they also confirmed that a major Hollywood studio (no names!) has already chosen to adopt this technology for a range of catalogue titles.

In September 2009 SeaEnergy took the lauded, or perhaps audacious, move to sell off its oil and gas investments to focus purely on its conceptual offshore wind business. It now claims to be ‘The only listed pure play UK offshore wind development company, to benefit directly from the impetus behind the UK offshore wind energy market’. We believe that this is possibly a stretch for a company with no revenue, yet with a Heads of Terms agreement with the Crown Estate, progress is clearly being made!

Prezzo, which arrived on AIM in March 2002, is a branded restaurant operator positioned in the UK casual dining market. Its principal trading brand is Prezzo, which offers a contemporary menu with a variety of pizza, pasta, salad and grill dishes with the typical Italian emphasis. There are currently 145 Prezzo branches but they are looking to expand out from their heartland in the South of England. 

Lupus Capital, Greg Hutchings creation and a leading international supplier of building products to the door and window industry and the world’s number one manufacturer of marine breakaway couplings, announced encouraging interim results for the period ended 30 June 2010.

The beleaguered engineering group has announced an open offer to all shareholders of 20 million new ordinary shares to raise up to £2m before costs (which shouldn’t be high). The issue price of 10p per share represents a 31% discount to the closing price on 7th September 2010) and equates to the issue of one new share for approximately every 3.7 existing shares. As I write the share price stands at 14p, with the shares off only 3.45% so the news has actually been quite well received.

The Cambridge based bioscience company that markets antibodies via its own online catalogue announced outstanding preliminary results for the year ended 30 June 2010.

Revenue increased 25.2% to £71.1m, pre-tax profits 58.4% to £25.8m and earnings per share by 54.5% to 53.82p justifying the punchy price earnings multiple of c31x consensus estimates for the year to June 2010.

There was a bizarrely worded announcement today from Pursuit Dynamics, the developer of the PDX Atomiser and Reactor technologies that enables significant reductions in energy usage and process acceleration.

Whilst the much anticipated announcement of an agreement with Oettinger Brauerei GmbH , one of Germany’s leading brewers, to install the Group’s new PDX brewing system at its Braunschweig brewery was highly encouraging, the actual wording of the announcement left us somewhat baffled.

Stanley Gibbons Group, the market leading stamp dealers and collectibles group, this week announced the acquisition of the business and assets of Nigel Haworth, a specialist stamp dealer who formerly traded as M & N Haworth for a consideration of £0.3 million .

The AIM quoted provider of pneumatic conveying and air filtration solutions, reported a trading performance in line with management expectations.

The Group has seen its share price decline from a high in 2007 of c133p to the current level of 55p and today’s news failed to deliver any boost to the share price.

We commented earlier on AIM quoted Vertu Motors and another UK automobile retailer Cambria Automobiles also issued a strong pre-close statement today.

Cambria Automobiles was admitted to trading on AIM in April 2010 and operates from 25 sites with a total of 37 dealer franchises. Take your pick from Aston Martin, Jaguar, Volvo, Ford, Fiat, Mazda, Honda, Renault, Citroen, Seat, Lotus, Nissan and Triumph – we have a preference for the first name on the list!

The UK’s 8th largest motor retailer issued a positive trading update ahead of its half year for the six month period ending 31st August 2010.

Vertu was launched five years ago by former senior managers from Reg Vardy and is smaller than its main UK focused rivals but growing rapidly, largley through acquisitions but also organic growth.

Today’s announcement from Tanfield that it is trying to finalise an equity fundraising as an open offer at a substantial discount to the current share price surprised the market sending the share price down over 45% at one point.

Having announced somewhat disappointing interim results earlier in August (Revenues £0.05m, net loss £2.41m with no major revenues received from JIP partners), the AIM quoted developer of energy efficient compressor technology has announced a new agreement with an independent exploration & production company with gas interests in the United States – Texas based?

While all the recent talk has been about the rising price of soft commodities, notably wheat, an even greater problem surely surrounds the worldwide shortage of potable water. Although the world isn’t short of water per se (annual human and animal consumption is much less than 1% of the world’s total water supply) the world does appear to be running short of clean affordable drinking water.

AIM quoted Modern Water (AIM: MWG) owns and develops a portfolio of water technologies that helps address the global problems of fresh water availability and the treatment and disposal of wastewater.

Following on from its AGM statement on 22nd June the leading Chinese battery producer and the largest supplier of back-up batteries to China’s telecommunication operators updated the market today with an announcement with the somewhat gloomy title of ‘Factory Closure & Trading Update’.
We warned previously after the AGM statement (Commentary 22nd June 2010) that things weren’t looking too good and it appears they remain tough.
The factory closure itself relating to a business in which CHNS only has a 59% interest and which accounts for approximately 3% of the Group’s total production capacity doesn’t look that significant. However, it remains a ‘closure’ of a business that should be going through expansion, rather than the contraction that is now clearly the case.

Zetar, the AIM listed confectionary and snack company, yesterday announced its preliminary results for the period ending 30th April 2010. The company, which was listed on the 6th January 2005 (Share price 100p), and acquired its first business, Kinnerton, on 13th April 2005 for £32.2m, set out with a strategy to acquire, or make investments in, companies or businesses engaged primarily in the confectionery and snack foods or related markets.

RSM Tenon, the fully listed accounting and businesses services group, has been quick to take advantage of the demise of Vantis, which fell into administration yesterday (as we anticipated!), by snapping up certain business and assets of Vantis for a cash consideration of up to £6.8 million, from the administrators of Vantis.

The leading international shipbroker announced decent preliminary results for the year ended 31st March 2010 but for us there was news of somewhat unexpected diversification into dry cargo.

NWF Group, the specialist distributor set up in 1871 with an eclectic mix of activities, aimed originally at supplying farmers with food, feed and fuel recently announced the expectation of another record year for the Group with trading in the year ending 31st May 2010 ahead of market expectations.

There has been lots of press coverage how the cut in the dividend would be a blow to millions of savers with approximately £1 in every £7 received by UK pension funds coming from BP. It’s also worth remembering that there are probably a large number of US pension fund holders are well. However, very little seems to have been made of the crucial role being played by the pension fund managers and large institutions who are the major shareholders in the oil giant.

President Obama’s motivational skills are coming into question as he continues his tirade against BP and more particularly the company’s Chief Executive, Tony Hayward, who has honorably been prepared to face the music, almost single handedly, since the Deepwater Horizon rig sank back in April.

Vantis, one of the UK’s leading accounting, tax, business recovery and advisory groups recently announced that, as part of its ongoing plan to reduce its level of debt, it is reviewing a number of alternative courses of action. About time some would say!

The company, which provides specialist pharmaceuticals and equipment in core areas such as Oncology and Neurology saw revenue up 17% to £14.2m (2009: £12.2m).

Advanced Medical Solutions Group plc (AIM: AMS), the global medical technology company, today held its annual general meeting.

RWS Holdings, Europe’s leading provider of intellectual property support services and technical translations, today released its half year report for the six months ended 31st March 2010.

Work at MC252, otherwise known as the Macondo Prospect and now infamous as the location of one of the worlds largest oil spills, today continues at a frantic pace.

Nichols, the soft drinks group famed for its Vimto brand issued a reassuring AGM statement boosting the shares up 3% - that’s about as good as it gets when the FTSE fall 25%!

Many consider that Clean Harbors Inc (CLH) and Nalco Holding Inc (NLC) could be big beneficiaries of the oil spill in the Gulf. We aren’t so sure and consider that Superior Energy Services (SPN) may actually offer some hidden attractions that aren’t currently factored into its valuation  

The share price of BP has been badly hit by the terrible oil spill in the Gulf of Mexico.

William Ransom, the natural healthcare company, has surely established a record for the shortest appointment of a senior Director.

The specialist pharmaceuticals company launches more brands internationally