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. Preparation of charts is time consuming, hence there will always be a time lag of hours and sometimes days before updates follow results announcements. Please note that forecasts are often adjusted by analysts a few days after my updates have been made.

18/05/12 Blinkx (BLNX) - Preliminary results. CEO provides an optimistic outlook.

17/05/12 21st Century Technology (C21) - New entry. Strongly growing small-cap. Provides CCTV onboard and other services to public transport companies. See the Comments page for much more detail.

14/05/12 GB Group - New entry. A software company, providing identity authorisation services. Strong growth over the past couple of years. Not overly cheap by the usual metrics but future prospects look promising.

11/05/12 IDOX (IDOX) - New entry. An acquisitive software company, heavily engaged with UK local government but recently diversifying.

09/05/12 Chemring (CHG) - Resumed coverage. (I do not currently hold)

08/05/12 Avingtrans (AVG) - New entry. Similar company in many respects to Tricorn.

08/05/12 Tricorn (TCN) - New entry. See the Tricorn Comment page for a link to a TMF thread initiated by Bob Hellen.

26/04/12 Senior (SNR) - Interim management statement. Strong start to year. Q1 is 'slightly ahead of expectations'.

25/04/12 Fenner (FENR) - Interim results. Very strong results and confident outlook.

25/04/12 Bodycote (BOY) - Interim management statement for Q1 to 31/03/12. Continued growth, as expected.

22/04/12 Matchtech (MTEC) - Interim results. Announced on 11/04/12.

06/04/12 Proactis (PHD) - Interim results announced on 22/03/12. Back in profit but clearly finding the environment tough.

04/04/12 Kentz (KENZ) - Placing of singificant number of directors' shares with institutions at discount after bookbuilding. Well covered on ADVFN. Share priced closed down 7.4%. Placing was over-subscribed.

29/03/12 Fenner (FENR) - Resumed coverage. Interim results due on 25 April.

29/03/12 James Halstead (JHD) - Interim results were well received by the market today. I do not currently hold (more's the pity). They look fully priced. Trouble is, they always do.

29/03/12 Judges Scientific (JDG) - Strong preliminary results. Company is developing an enviable reputation for integrating bolt-on acquisitions without stretching the balance sheet.

28/03/12 Advanced Medical Solutions (AMS) - Preliminary results announced on 07/03/12. I missed them. Do not currently hold. Very chunky recent acquisition. A lot will depend on how successful is the integration.

26/03/12 Pennant (PEN) - Strong preliminary results, reflected in earnings, cashflow, margins and order book.

26/03/12 Kentz (KENZ) reported strong results today. Backlog increased by 50%.

23/03/12 Stanley Gibbons (SGI) - Preliminary results. Excellent but only slightly above consensus forecasts. I expect 2012 forecasts to be upgraded.

22/03/12 Autoclenz (ACZ) - Preliminary results. Encouraging, especially with regard to cashflow.

20/03/12 Clarke (T) - Full year results. Inline with consensus forecasts. Well received by market (price up 12%).

20/03/12 Severfield Rowen (SFR) - Full year results. Market not impressed (down 10%). Consensus met but tough outlook and reduction of order book in India due to cancellation of one large contract which failed to conclude its project financing.

09/03/12 Goodwin (GDWN) - Interim Management Statement. Significant improvement on last year.

08/03/12 Balfour Beatty (BBY) - Preliminary results. In line but sizeable contract at Hong Kong airport announced.

08/03/12 Clarkson (CKN) - Preliminary results. More of less in line.

01/03/12 Communisis - Preliminary results. Adjusted eps ahead of forecasts, up 47.5%. Pension scheme is proving troublesome again, mainly due to falls in gilts.

29/02/12 Weir (WEIR) - Preliminary results. Nicely ahead of forecasts on all fronts. Good outlook. 2012 expected to meet consensus expectations.

29/02/12 Interserve (IRV) - Preliminary results. Adjusted earnings ahead of expectations. Increased future workload but 2012 expected to be flat, with progress thereafter. Debt reduced by 18%. Yield is 6.5%.

28/02/12 Good results from SDL. Strong growth accross all operating segments.

28/02/12 Rotork (ROR) - Preliminary results. Strong as usual.

27/02/12 Senior (SNR) - Prelims. Record results. Promising outlook. Margins have increased incrementally since 2004.

27/02/12 Staffline (STAF) - Preliminary results. Beat revenue and earnings forecasts comfortably.

23/02/12 Hansard Global (HSD) - Interim results. Sharp fall in assets under administration but strong cash flow continues, funding new regular premium business.

23/02/12 Bodycote (BOY) - Preliminary results. Share price up 15.5%. Beat estimates and 5-yr agreement with ZF/Bosch.

23/02/12 Telecity (TCY) - Strong results on 14/02/12. Exceptionally strong cash flow.

22/02/12 RBS and Bodycote (BOY) report tomorrow and Lloyds the day after.

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.