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Small Cap Review 18th June 2010

Published: 18/06/2010

Lamprell (LAM) grows on the back of renewables, the situation with Vantis (AIM:VTS) is just as we feared, Cape (AIM: CIU) receives another approach but Andor Technology (AIM:AND) looks the one to follow!

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Companies featured in this report

Andor Technology Cape Hamworthy Lamprell System C Healthcare Vantis

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DateSummary 
19/05/2010 Many consider that Clean Harbors Inc (NYSE:CLH) and Nalco Holding Inc (NYSE:NLC) could be big beneficiaries of the oil spill in the Gulf. We aren’t so sure and consider that Superior Energy Services (NYSE:SPN) may actually offer some hidden attractions that aren’t currently factored into its valuation.  
12/03/2010 Stonking results from high flying ABCAM (AIM:ABC), contract wins for Plexus (AIM:POS), cash still flowing at Tikit (AIM:TIK) but a dearth of share trading activity in AIM’s minnows surely highlights a growing problem for the junior market  
04/02/2010 The good news continues for Straight (AIM:STT), contract wins for Bglobal (AIM:BGBL) but the freezing weather impact trading; Mediwatch (AIM:MDW) results show progress and there’s a toothbrush order for Timestrip (AIM:TIME); Ceramic Fuel Cells (AIM:CFU) Bluegen product sounds exciting!  
28/01/2010 The Greenko (AIM:GKO) placing is well received, Galleon (AIM: GON) is equally well placed in China, System C (AIM:SYS) comes out with some cracking results, Surgical Innovations (AIM:SUN) looks to the US and James Halstead (AIM:JHD) delivers yet again.  
13/01/2010 Vertu Motors (AIM:VTU) brings us another conflict of interest classic from an AIM company and Elektron (AIM: EKT) appears to be sorting things out nicely – let’s hope 2010 is free from Aero Inventory style disappearing acts!  
04/12/2009 Cohort (AIM:CHRT) brings another AIM accounting problem, Geong (AIM:GNG) still has a problem collecting cash but Tanfield (AIM:TAN) has a much better week with news of a cracking contract win –congratulations to Tanfield  
27/11/2009 A round of applause for the outgoing group MD of Dee Valley Group (DV) after 43 years service, Total Produce (AIM:TOT) warrants a closer look and Chamberlin (AIM:CMH) says some sectors are showing signs of recovery.  
24/11/2009 Stunning results from Andor Technology (AIM:AND), compelling yield offered by Renew Holdings (AIM:RNWH) and Gladstone (AIM:GLD) encourages shareholders to stick around  
24/07/2009 An encouraging AGM statement from VERTU MOTORS, reassuring interims from ALL LEISURE GROUP, yet another contract win for KENTZ, SYSTEM C HEALTHCARE makes a nice acquisition and NIGHTHAWK ENERGY raises more money.  
10/07/2009 ADVANCED MEDICAL SOLUTIONS announces news of a key agreement, new appointments at ALBERMARLE & BOND will get tongues wagging but LONDON CAPITAL GROUP & HALLIN MARINE put out disappointing announcements  
01/06/2009 It’s hard to find encouragement in the ROMAG numbers, but contract awards for HALLIN MARINE, KENTZ and MAY GURNEY look positive and VERTU MOTORS secures further funding to support expansion.  
22/05/2009 Disappointing announcements from ATH RESOURCES and FINDEL but IDOX continues to impress, INTERNATIONAL GREETINGS looks like a survivor and MICHELMERSH surely merits closer scrutiny  
15/05/2009 The gold price gives H&T GROUP a boost, SYSTEM C HEALTHCARE secures an encouraging contract win but it’s Oil Equipment Services week with WELLSTREAM, JOHN WOOD, WEIR & PETROFAC all coming out with encouraging statements.  
07/04/2009 ATH RESOURCES offers a 12% yield, REDHALL gets a boost from Chieftain, NORMAN HAY secures a major contract, HAMWORTHY reassures but MOTHERCARE is probably of greatest interest to this writer at the moment!  
02/04/2009 KENTZ CORPORATION and JAMES HALSTEAD deliver great results and both have cash aplenty, WESTERN & ORIENTAL manages to find some extra cost savings and with a yield of over 6% STRAIGHT should appeal to some out there!  
24/03/2009 H&T GROUP benefits from the rising gold price, wave power pioneer OCEAN POWER TECHNOLOGIES trades at 35% discount to cash on the balance sheet and TENON comes out with excellent numbers – what else from accountants!  
19/03/2009 KBC ADVANCED TECHNOLOGIES and HALLIN MARINE show there is life in oil equipment services but healthcare probably holds greater attraction at the moment and ADVANCED MEDICAL SOLUTIONS appears to be delivering on all fronts.  
06/03/2009 STADIUM gives you an 8% yield but a poor outlook, RWS makes a much anticipated acquisition, CAPE and TITAN EUROPE surely merit closer study at these single digit levels and CLEAN AIR POWER has come out with some very encouraging announcements in 2009!  
13/02/2009 HALLIN MARINE exceeds expectations despite some slippage, RWS has kicked off the year in fine form and CHINA SHOTO is also powering ahead!  
27/01/2009 A final batch of ‘AIM for IHT’ stock considerations from 2008 with M (May Gurney) to S (Stanley Gibbons - recent announcement somewhat mixed!). Nationwide, the accident repair boys look interesting!  
26/01/2009 A second batch of ‘AIM for IHT’ stock considerations from 2008 with H (H&T Group) to L (James Latham). Quite by accident another pawnbroker leads the way!  
23/01/2009 A review of some of our ‘AIM for IHT’ stock considerations from 2008. With quite a few companies covered we have broken it down into manageable bites - first up is up A (Albemarle & Bond) to G (Goals Soccer Centres).  
20/01/2009 Disgruntled shareholders at Indian Film Company need to elaborate on their intentions; ATH Resources secures a nice contract from Scottish Power and Colliers ‘defensive attributes’ aren’t terribly evident!  
14/01/2009 AIM mounts a mini recovery, GTE grows its top line, CAPE misses its debt target but H&T proves that pawnbroking is really the game to be in!  
23/12/2008 Fabulous results from Pressure Technologies, our AIM star of 2008, and a bizarre pre-Christmas announcement from Indian Film Company  
28/11/2008 Another week of mark downs!  
17/11/2008 VANTIS Material Director buying and the shares are up a whopping 2% - says it all about Aim at the moment!  
12/09/2008 TOROTRAK The technology with this one may be great, but without any idea what the earnings potential is there is no way to gauge what premium (if any) the shares should be on to the net cash in the balance sheet – can anyone help the Champion?  
01/09/2008 When is a fixed price contract not a fixed price contract? When it’s an OPG Power Ventures fixed price contract!  
25/07/2008 Oil service groups enjoy ‘boom time’ but things could get tougher for the the solar boys  
21/07/2008 A positive trading update from the top of the Champion score board  
04/07/2008 Pursuit Dynamics - I still see nothing to justify the valuation!  
30/06/2008 Yet another interesting business leaves the junior market – concerns for AIM!  
23/06/2008 Victoria: Great results, great cash generation and a stonking dividend – the carpet boys have done it again! A move to AIM would surely give the shares a lift.  
13/06/2008 Poor old Chamberlin! Its foundry has been around since 1890 and now it is subject to a ‘nuisance claim’ from a new housing development. No wonder British industry has a tough time  
03/06/2008 Corporate insolvency looks encouraging for Begbies Traynor (at least someone is winning) and IDOX puts out a positive trading update  
26/05/2008 Share plc; one week on AIM and the valuation looks even more wacky!  
19/05/2008 A great set of results from Vertu Motors and the sun continues to shine on the solar industry  
09/05/2008 Claimar Care - the share price fall looks a bit severe but are there deeper problems!  
29/04/2008 Lots of positive updates but Tanfield still has it all to do  
22/04/2008 Titan Europe - patience is a virtue!  
11/04/2008 Both the Bateman boys come out with news of encouraging contract wins, Pressure Technologies is experiencing boom times and Lamprell powers on  
20/03/2008 Lots of good news here but share prices continue to tumble. CVS Group proves to be the great defensive choice – for the time being!  
14/03/2008 Some great results from Hallin Marine, Tikit Stanley Gibbons, Northbridge and Mears; to name but a few.  
29/02/2008 Nighthawk continues to fly, Lupus encourages and Smallbone is making progress in the US – we can’t cook but we can make kitchens!  
22/02/2008 A thought provoking commentary on Mattioli Woods, reassurance from Et-china and for Corac the long wait begins  
15/02/2008 An encouraging new sales agreement from Jetion to close the week – all eyes on Domino’s Pizza results next week!  
08/02/2008 A c14% yield (confirmed) from Sport Media Group and Titan Europe also warrants more attention.  
01/02/2008 A terrific performance from Victoria (the carpet boys) and a diabolical state of affairs at Worthington Nicholls Group  
25/01/2008 A scandalous state of affairs at Acertec but Jetion finishes the week on the up after the principal shareholder loads up again and again and again….  
18/01/2008 Another shocking week on the market and even the brokers are starting to fight each other  
11/01/2008 In the face of a tumbling share price the pizza boys come out with a reassuringly positive trading update!  
04/01/2008 Happy New Year! Jetion gets off to a 2008 flyer as management picks up over £1m of shares in the company  
21/12/2007 Hooray, some positive news from Interbulk (any news will do!) and a cracking announcement from Bond International to finish off 2008  
13/12/2007 As expected, the results from International Greetings weren’t good, but at current levels these boys are surely worth following  
06/12/2007 A lovely set of interims from James Latham, the timber merchants. Short term perception will be that this one has exposure to the UK’s struggling housing market so should be avoided– not true according to management  
04/12/2007 Shares in Domino’s Pizza continue to suffer along with the rest of the UK restaurant sector – with the average spend at only £5.90 per head I can’t see the logic!  
28/11/2007 It’s tough in the AIM arena at the moment but those single digit forward estimates are starting to appear!  
16/11/2007 Chieftain provides a nice finish to the week!  
09/11/2007 A nice week for resources!  
02/11/2007 LEADCOM – you can’t say we didn’t warn you, again!  
26/10/2007 Aero Inventory is really flying – but so it should be!  
19/10/2007 More good news from Geong, oil services boys are booming, Worthington Nicholls disappoints and Wray and Hemsley continue to receive preferential treatment at Myhome – what’s new!  
12/10/2007 Broker Network – an example for us all to follow  
05/10/2007 There’s one near the end for the ethical dreamers of this world!  
28/09/2007 The usual controversial note on Tanfield – I do like them, it’s just a valuation thing!  
21/09/2007 Flying Mounties!  
14/09/2007 Shaken not stirred!  
07/09/2007 A good week for kitchen manufacturers!  
31/08/2007 There’s some value starting to appear!  
10/08/2007 In the current market wobbles we thought a ‘Bargain Assessment’ theme was warranted  
26/07/2007 It’s business as usual, James Halstead continues to shine in the gloom  
20/07/2007 Tanfield – even a broker’s starting to think the share price is looking stretched!  
16/07/2007 Some favourites in here (Somero, FDM, Geong, Hallin, Albemarle & Bond) and some others!  
04/07/2007 Betting on a spread better would have bought big returns!  
29/06/2007 Champagne and chocolate cake; all signs of prosperity!  
22/06/2007 The story of carpet making and the tale of 2 desperados!  
15/06/2007 The fat lady hasn’t even entered the hall and other interesting small cap news!  
08/06/2007 Hunter falls prey to Tesco!  
01/06/2007 Colourful tie exits stage!  
25/05/2007 Beware flashy Chief Execs, boring is often best!  
17/04/2007 A review of small caps we cover that made the news over the last few days  
28/03/2007 Some interesting stories here  
26/03/2007 Some nice cash generators in this lot and a few problem cases as well!  
16/03/2007 A review of small caps we cover that made the news over the last few days  

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