Investment Thoughts

See the "Introduction" page for a description of what this site is about. Updates are shown below. Company summary sheets are a snapshot on the date of valuation and are not updated automatically. Coverage of a stock does not necessarily mean I hold. Links to recent results are to be phased out as they are easily accessible elsewhere. EBIT and EBITDA forecasts will probably also be phased out due to the disappearance of Hemscott.

20/01/12 Kentz (KENZ) - Trading update. 2011 revenue and profit marginally ahead of expectations. Order book remains strong but as at end of July. Net cash even stronger - now 28% of market value.

16/01/12 Stanley Gibbons (SGI) - Trading update. 2011 will be inline with expectations. Encouraging outlook. Significant increase in net cash from £0.7m at interim stage to £5m now. Prelims due in late March. Share price up over 7% to 180.5p. Very happy to hold in current environment.

21/12/11Goodwin (GDWN) - Half yearly report. Revenue up 18%. eps up 15%. Strong order book and good outlook. Share price up 8.4% on day.

21/12/11 Pennant (PEN) - Trading update. H2 to 31/12 trading inline. Order book strong. 2012 likely to exceed previous expectations. Price up 6.6% on the day.

13/12/11 Imagination Technologies (IMG) - Strong interim results and optimistic outlook, taking share price to a 10 year high.

06/12/11 Pressure Technologies (PRES) - Preliminary results. Conservatively presented by not classing £0.8m cost of renegotiating the Greenlane agreement as an exceptional.

28/11/11 Software Radio Technology (SRT) - Interim results. Poor - but share price has been virtually signalling this for some time.

18/11/11Aveva (AVV) - Interim results. Satisfactory with optimistic outlook.

14/11/11 Interserve (IRV) - Satisfactory interim management statement today.

13/11/11 Blinkx (BLNX) - Interim results look disappointing in relation to previous H1 but group expects to meet market expectations for full year. Nevertheless the share price suffered severely on release of the figures.

06/10/11 Matchtec (MTEC) - Preliminary results. H2 much better than H1. Cautiously optimistic outlook.

03/10/11 James Halstead (JHD) - Preliminary results. Continued growth but cautious outlook.

28/09/11 Judges Scientific (JDG) - Strong interim results.

25/09/11 Bodycote (BOY) - Resumed coverage. At 4.0% and 4.5% well covered prospective yield, beginning to look interesting again.

13/09/11 Aveva (AVV) - Updated following a recent re-entry. Interims due in early November.

08/09/11 Advanced Medical Supplies - Interim report. Well received by market. Continued growth. Still paying no tax, which flatters p/e ratios.

07/09/11 Stadium (SDM) - Interim results. Dividend increased by 10%. Net funds increased and pension deficit reduced due to sale of property. Profit and eps flattered by £451k profit on property sale, not declared as exceptional.

06/09/11 Pennant (PEN) - Interim results. Strong outlook. Prospective yields of 6. 2% and 6.8% on the basis of dividend yields that are clearly out of date. I expect them to be upgraded.

05/09/11 Staffline (STAF) - Interim results. Growth slowing but full year expectations will be met. Now with net funds.

03/09/11 Autoclenz (ACZ) - Interim results. Unexciting but future looks reasonably promising. Very good cash conversion.

30/08/11 Clarkson (CKN) - Interim results. Resilient. Net funds of £71.8m after deduction of bonus entitlements, equating to 380p per share.

30/08/11 Kentz (KENZ) - Interim results. Strong results and order book. Full year forecasts look likely to be upgraded.

29/08/11 Goodwin (GDWN) - Annual result for year to 30/04/11. A difficult year but no adjustment made for exceptionals.

28/08/11 Software Technology (SRT) - updated following arrival of annual report, containing data not present in preliminary report.

28/08/11 Severfield-Rowen (SFR) - Interim results reported on 23/08/11.

26/08/11 T Clarke (CTO) - Half yearly report. Poor. Dividend reduced from 4.5p to 1.0p.

19/08/11 Balfour Beatty (BBY). Interim results announced 17 Aug. At 230p, prospective yield currently 6.0% and 6.25%.

10/08/11 Interserve (IRV) - Interim report. Strong results and ecouraging outlook. Shares up 10% on day.

05/08/11 Stanley Gibbons (SGI) - Interim report. A shelter from the storm!

02/08/11 Interim results today from SDL, WEIR and Rotork. All were positive. Weir and SDL were especially strong but the market was most excited about an unexpected special dividend from Rotork and an optimistic outlook.

01/08/11 Senior (SNR) - Interim results. Very satisfactory.

26/07/11 Communisis (CMS) - Interim results. Mixed results but stronger overall.

03/07/11 Immunodiagnostic Systems (IDH) - Preliminary results. Very strong figures.

22/06/11Imagination Technologies (IMG) - Preliminary results. Not well received.

21/06/11 Software Radio Technology (SRT) - Good looking preliminary results today. Inadequate data for some charts until annual report is available.

13/06/11 Autoclenz Holdings - New entry. A cash flow story.

10/06/11 Printing.com (PDC) - Full year results. 8% yield with recovery prospects but risky.

30/05/11 Norman Hay (HNN) - Full year results. Very good but not much detail in annual report since taken private.

25/05/11 Torotrak (TRK) - Preliminary results.

24/05/11 Renew Holdings (RNWH) - Interim results.

19/05/11 OMG (OMG) - Interim results. Very disappointing.

18/05/11 Blinkx (BLNX) - Preliminary results. Explosive as expected.

22/04/11 Staffline (STAF) - Updated to include latest forecasts

22/04/11 Pennant (PEN) - Updated to include latest forecasts

09/04/11 Senior (SNR) - Belated update of preliminary results announced on 28/02/11. Very good they were too!

08/04/11 Matchtech (MTEC) - Interim results.

07/04/11 Proactis (PHD) - interim results. Tough going while focussing on cloud solution model but optimism about future.

06/04/11 Dillistone Group (DSG) - Preliminary results

31/03/11 James Halstead (JHD). Interim results. Good progress.

30/11/11 Judges Scientific (JDG) - Preliminary results, followed by weakness in share price. See Summary page preceding JDG charts.

28/03/11 Pennant (PEN) - Preliminary results. improved profit and strong cash generation. Very large contract won after year end.

28/03/11 Kentz (KENZ) also reported prelims today. Very strong second half. Will be joining the Main market.

25/03/11 Robinson (RBN) - Preliminary results. Share price 16% up on the day.

25/03/11 Stanley Gibbons (SGI) - Preliminary results. In line with forecasts.

23/03/11 Soco (SIA) - Preliminary results. Cash flow and net funds charts updated.

22/03/11 - Severfield - Preliminary results. In line with expectations except for further reduction in dividend. Market unmoved.

21/03/11 - Stadium (SDM) - Share price up 13% at 12 noon following tip in Sunday Mail. Valuation Summary page has been updated.

21/03/11 - Judges Scientic ( JDG) is also up 13% after announcement of an acquisition. Full year results due out in nine days time (30/03/11).

18/03/11 - T Clarke (CTO) - Preliminary results. In line with Jan trading update. Yield 8.2%.

17/03/11 - See comment immediately below. The following have already reported since the 5th March, SDL, WEIR, AMS, IRV, SDM, NBT, CKN. All have now been updated.

05/03/11 - With apologies to those who keep an eye on this site, I am going on a month's touring holiday abroad sometime in April. Preparations will cause delays in updating as will the holiday itself.

04/03/11 Communisis (CMS) - Prelims announced yesterday. Somewhat below consensus. Tepid reaction from market. I am uneasy about the FD's resignation - in fact so uneasy that I took the precaution of selling into yesterday's early morning strength. Rightly or wrongly I am betting that an opportunity will occur to rejoin at a later date if wishing to do so.

03/03/11 Hansard (HSD) - Interim results announced on 24/02/11. I have made a start on what is hoped will be a template within which the next full year results can be better understood by private investors (including me). It will be updated from time to time when other commitments allow.

28/02/11 Staffline (STAF) - Extraordinary results for full year but bang inline with expectations. (02/03/11 - now updated with Altium's forecasts)

28/01/11 Hansard (HSD) - Excellent discussion on TMF. See HSD page for link.

23/01/11 Experian (EXPN) - New entry. Not sure about these yet. A possible GARP stock but not overly cheap. Very complex accounts.

20/01/11Rotork (ROR) - resumed coverage. Prelims due on 1st March.

18/01/11 Chemring (CHG) - Preliminary results

17/12/10 Imagination Technologies (IMG) - Interim report

14/12/10 Healthcare Locums (HLO) - New entry. Risky but interesting nevertheless.

08/12/10 Focus Solution (FSG) - Interim results and recommended offer at 140p from Standard Life.

07/12/10 Pressure Technology (PRES) - Preliminary results.

06/12/10 Matchtech (MTEC) - Full year results, belated update.

05/12/10 Proactis (PHD) - Full year results, updated somewhat belatedly.

04/12/10 Immunodiagnostic Systems (IDH) - Interim results.

03/12/10 Torotrak (TRK) - Interim results. Still plenty of patience required.

02/12/10 OMG - Preliminary results. Strong overall growth in revenue and profits but not yet firing on all cylinders.

29/11/10 Regenersis (RGS) - New entry. Low p/e with growth prospects. No dividend.

29/11/10 ILX Group (ILX) - Interim results. Share price down 13% first thing, recovering to 2% gain by 4pm.

24/11/10 Renew Holdings (RNWH) - Preliminary results. Very well received by market.

24/11/10 ILX Group (ILX) - New entry. Training and e-learning group. £6m market cap. Yield 5%. Prospective P/E of 6.4 and 5.1. Wide spread. Blue chip clientele.

21/11/10 Judges Scientific (JDG) - New entry.

19/11/10 Blinkx (BLNX) - New entry. Recent interim results. Entry into profit.

16/11/10 Aveva (AVV) - Interim results. Running out of steam?

14/11/10 Printing.com (PDC) - Recent interim results. Weak, but dividend held although uncovered.

12/11/10 Staffline (STAF) - Presentation by directors on Monday evening 15 Nov: SeaSalts-Beckenham

02/11/10 Software Radio Technology (SRT) - Interim results

31/10/10 Focus Solutions Group (FSG) - New entry.

29/10/10 Pennant International (PEN) - New entry.

27/10/10 Software Radio Technology (SRT) - New entry.

25/10/10 MBL Group (MUBL) - Updated, having retaken a holding after a fortunate exit just in time!

20/10/10 Price and forecast update for HMV.

19/10/10 Price and forecast updates on AVV, WEIR and AMS.

06/10/10 Stagecoach (SGC) - Preliminary results (announced 23/06/10).

04/10/10 Renew Holdings (RNWH) - Resumed coverage. Dividend yield 8.7%.

02/10/10 Weir (WEIR) - Interim results (announced 03/08/10)

02/10/10 Keller (KLR) - Interim results (announced 02/08/10)

02/10/10 Soco (SIA) - Interim results (announced 26/08/10)

02/10/10 SDL plc (SDL) - Interim results. (announced 03/08/10)

01/10/10 James Halstead (JHD) - Preliminary results. Amazingly resilient.

27/09/10 Clarkson (CKN) - Belated update. Interim report as at 30/06/10. Very encouraging results.

27/09/10 Matchtech (MTEC) - Resumed coverage. Reports for full year to 31/07/10 on 7 October. Currently yielding 8%.

27/09/10 Alumasc (ALU) - Goes ex/d on 29/09/10. Final dividend is 6.5p, which represents a discount of 5.6% on share price of 119.5p. Yield is currently 8.4%.

24/09/10 Severfield Rowen (SFR) - belated interim results. Improved order book.

24/09/10 Dillistone Group (DSG) - Interim results.

23/09/10 Hansard (HSD) - Preliminary results. 7.8% yield. 60p per share cash against share price of 170.25p.

23/09/10 Group NBT (NBT) - Prelimary results. Strong cash flow.

19/09/10 T Clarke (CTO) - 10% div yield and £7.2m net cash.

17/09/10 Printing.com (PDC) - Resumed coverage. An income stock. Yield over 8.5%. Net funds. Good cash converstion rates.

14/09/10 Kentz (KENZ) - Interim results. Net cash is 39% of market cap.

13/09/10 HMV - recent trading update

12/09/10 Advanced Medical Solutions (AMS) - New entry. Interim results

06/09/10 Staffline (STAF) - Interim results. Very optimistic outlook. Share price up 33%.