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DGM India Profitable Since March 2008; Insurance Advertising Grew During Recession; On Competition
By Nikhil Pahwa ⋅ August 10, 2009 Post a Comment ⋅ Email This Post Email This Post ⋅ Print This Post Print This Post ⋅
Adrian Moss

Adrian Moss

When AIM listed Asia Digital Holdings Plc launched its DGM India operations a little over two years ago, they were the first affiliate network in the country, providing Cost-Per-Acquisition based advertising solutions to advertisers. The company had targeted break even in less than a year, by March 2008. The market has changed dramatically since, with the economic downturn having afflicted advertising over the past year, with spends from Internet and Finance sector having reduced. Over the past two years, only one other affiliate network has launched in India. We discussed with Adrian Moss, CEO of Asia Digital Holdings and Anurag Gupta, MD, DGM India, these issues, impact on CPA advertising and rates during the recession, and the companys progress and plans. Excerpts:

How has it been for DGM in India since you launched two years ago? You had estimated break even by March 2008

Adrian Moss: We are really pleased with our progress here. DGM India has been able to set its stall out very well, with a leadership position in performance advertising, initially with the introduction of affiliate marketing which just wasnt here before. We managed to get to a positive contribution - weve been profitable here since March 2008 and despite the recession - weve been profitable and theres been strong growth. Whats more exciting for us is that from where we stand now, we feel well positioned for material growth. Weve been following advertising with a return-on-investment mantra for 10 years now, and thats the way the market is moving. Advertisers and agencies are demanding demonstrable results.

In India, publishers like Rediff have said that the returns from performance based advertising returns for them have been flat or declined; Internet and financial sector companies have reduced spends. What has been your experience?

Adrian Moss: We have a strong base in Finance and Travel, to the extent that consumers arent participating in those products, but were pleased that we stayed in the black through the whole process havent lost any clients. Its the consumers that may have driven a small decline.

Anurag Gupta

Anurag Gupta

Anurag Gupta: Online Travel and Finance categories saw a slowdown, but there was an upsurge from Insurance clients. Even in the recession, Insurance - Bharti AXA, ICICI Prudential, Metlife - stepped up their advertising. Also, new categories emerged in the recession - Auto became more active and increased their spends. The overall spends, despite the recession, went up in India. Education is a category that was stable and growing, consumer electronics grew with Nokia spending significant marketing dollars online. We werent very active in Auto, but Insurance did well for us. We did a couple of campaigns for FMCG clients for brand activation as well.

What does an FMCG advertiser market on an affiliate network?

Anurag Gupta: We did a campaign for Lipton. They launched an online campaign for a jigsaw puzzle called Stay Sharp. We drove significant number of user registrations for the puzzle. It was about driving registrations and getting people to solve the puzzle.

Adrian Moss: The obvious low hanging fruit there (for FMCG) is registrations, trial coupons, and the ability to build a platform for interacting with their target audience is a valid use of performance advertising. It creates exactly the sort of dialogue which helps brand value, positive association message recall and propensity to purchase.

dgm-logo

You had 20 advertisers on board at the end of your first quarter in India. How has that changed? What kind of publishers do you have on board?

Anurag Gupta: In our two years of our existence in India, we have serviced around 125-130 advertisers, and at any point in time, we have around 50 advertisers live for various services, which is significant from an Indian ecosystem point of view. We have over than 4000 publishers and 6000-7000 websites on the network. We categorise publishers into various categories - there are horizontals or news portals, niche websites with specific audiences, then you have long tail websites, which are very small. You also have SEO specific sites like those for travel and PPC affiliates - people who buy traffic from various search engines. Then there are email marketers with significant opt-in databases, who use that to drive action on a CPA basis on our network.

Did we see any impact of CPA rates over the past six months?

Anurag Gupta: In some cases, it declined some cases it went up. Online Travel increased rates for customer acquisition on our network. In terms of drops, we saw drops in registration based campaigns where there was pressure on advertiser bottom line.

When DGM India launched, one got a sense that competition from other affiliate marketing companies would emerge. The only other player were aware of is - ShooGloo (by LD Sharma, previously the Director of Search & Affiliate for DGM India). Why do you think no one else has launched here yet? Wouldnt more players help grow the market?

Adrian Moss: Thats an interesting one. Affiliate Marketing is not a simple business. For people coming in from scratch, its difficult to get a critical mass in place. Launching an affiliate network, client educationbut youre more likely to see the evolution of performance advertising players in a multichannel format, with affiliate marketing as one of several routes to deliver for clients. The fact that there havent been too many affiliate marketing channels launched doesnt change the fact that ROI is going to be the biggest driving force behind the return to high level of spends, but also the massive increase in digital spends over the next two years.

There are loads of search companies around, theyre educating clients about the component of performance based advertising, but not many people who can deal with the complexities that come when you use multiple channels together. We have 10 years of experience of dealing with this - for example, if you use search, affiliate and display, and you have three different technology platforms in use, all of them will potentially report on the same sale and say its theirs. Duplicated tracking is an issue. We know how to deal with it.

What are your expansion plans?

Anurag Gupta: We opened an office in Bangalore six months ago, and weve seen growth in number of advertisers and spends. Weve seen rapid growth in Mumbai in terms of number of advertisers. Delhi has been reasonably stable. We have clients in Chennai and Kolkata being services out of these offices. Were definitely looking at expansion to Chennai. Were also keen on Kolkata, Hyderabad, Pune and Ahmedabad, but no firm plans there yet. There are large advertisers sitting out of tier two towns - for example, Bajaj Auto sits out of Pune. Were also looking at SME and Retail route for local leads.

(Updates: Corrected the parent company name: Deal Media Group is now Asia Digital Holdings Plc.)
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Print This PostTags: Adrian Moss, Affiliate Marketing, Anurag Gupta, DGM India
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onlinewatcher's avatar

onlinewatcher 11 weeks ago
it seems that DGM has done a great job in the indian market which is not an easy market.
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0 replies active less than 1 minute ago
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AceDigitalMarketer's avatar

AceDigitalMarketer 11 weeks ago
Waiting for some other CPA networks to open shop here. How is Shoogloo doing?
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2 replies active 7 weeks ago
0 Vote up Vote down
Sandeep's avatar

Sandeep 11 weeks ago
Shoogloo recently got some new investors on board
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AceDigitalMarkete's avatar

AceDigitalMarkete 11 weeks ago
Who is the investor and how much has the investment been?
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0 Vote up Vote down
performics's avatar

performics 11 weeks ago
good to hear some one showing the doors of performance advertising to FMCG companies... I hope FMCG guys are reading this....
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0 replies active less than 1 minute ago
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Kash's avatar

Kash 11 weeks ago
DGM is good but pls learn to take all quotes from our Indian internet guys with giant pinches of salt.
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0 replies active less than 1 minute ago
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Guest's avatar

Guest 11 weeks ago
What does that mean??.....
Kash, credit where credit is due these guys are doing a good job in a tough market. What quotes don't you believe????? Most are factual and your posting adds zero value.

Thanks for the effort though
Report
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1 reply active 11 weeks ago
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Kash's avatar

Kash 11 weeks ago
I love the fact that you had the kohones to post as "guest". Anyway, what I meant is that the numbers are all exaggerated.
If you actually were in the market and saw what DGM (and even worse folks like IBIBO and BIG etc) said versus what everyone knows is the reality, you will see that exaggeration to the point of silliness is the norm from many "leaders" on the Indian internet.
Report
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rajeev's avatar

rajeev 11 weeks ago
very interesting to note that even FMCG advertisers are looking at perforance marketing for brand activation
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0 replies active less than 1 minute ago
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lukshman's avatar

lukshman 11 weeks ago
Any ideas Nikhil how are the ad networks doing financially? and turnovers?
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Industry Watcher's avatar

Industry Watcher 11 weeks ago
It would be a joke of the year if dgm says they are in profits. If people are watching affiliate marketing in India, you would appreciate the fact that dgm was probably launched in June 07, and you barely had any merchants / affiliates till end of 2007. I am sure you would have spent on launching in India, training of entire dgm India team in Singapore, launch later on, high salaries of Anurag + LD + other initial staff + business centre expenses etc.

I am one of those employees and that is why I felt bad as an industry professional now that you probably have published wrong year. It may be 2009 but definitely, it is not 2008. I would sincerely request that you should publish this for readers, else, they will make joke of you and your affiliate marketing in India.

How can you have profits when you barely had any billings these days? Next time you give any statements in India, be careful as everyone is watching you these days as you are the first one to set up your shop here. If affiliate marketing were to be profitable in 6 months here in India, where most of the merchants do not know what it means, then all other players would have had their shops here.

God bless you!

Your well wisher,
Industry Watcher
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's avatar - Go to profile

Sriraj 11 weeks ago
Great that I actually landed on this post that I learnt about another affiliate network in India, Shoogloo. Let's see how that performs
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's avatar - Go to profile

Rajeev 11 weeks ago
Very few brands in India advertise on digital medium. Before launching of my venture I discussed the digital advertisement scope in India with many people. The general response was Indian consumers do not take decision on the basis of digital advertisements. After that I launched my venture and haven't done any marketing or networking. Eventhough response is good till date.

Through this comment I request all brands of different products services in India to look digital medium as an option for advertisements.
Report
Reply
0 replies active less than 1 minute ago
0 Vote up Vote down
doodle's avatar

doodle 11 weeks ago
This is a plug, and the kind of shit which has ruined internet industry in India, there is no truth in this, recetly Ajit balakrishnan indicated the same how IAMAI lied about internet numbers, these are all lies, but its not going to work anymore...
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rajat's avatar

rajat 11 weeks ago
Why do we find it hard to believe that an internet company can make money?

I know lots of smart internet players who are making money since quite some time.

And honestly I dont see any quantitative claims being made in this post by DGM hence I would be inclined to believe what is said.. in fact for our internet industry it is great that internet companies start making money now !
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Nikhil Pahwa's avatar - Go to profile

Nikhil Pahwa 56p 11 weeks ago
doodle: we do not do plugs. If the company says they've been profitable since march 2008, we do not have the means of verifying that independently...yet. We've asked them for an explanation of how they became profitable, based on the comments received, and will update when we have it.
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0 replies active 11 weeks ago
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rajAT's avatar

rajAT 11 weeks ago
Shoogloo and DGM are Coke-Pepsi of indian internet industry.
They both evoke such passionate response from the community whenever there is news about either of them. Its so surprising.

I hope that they become real Coke and Pepsi in revenue terms at least and leave everyone a fizz.
Report
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0 replies active less than 1 minute ago
0 Vote up Vote down
Sourabh Suman's avatar

Sourabh Suman 10 weeks ago
The market of affiliate marketing in India is in nascent stage even though DGM is doing great since it has been launched. One can easily say DGM is father of affiliate marketing in India and Shoogloo is mother.
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0 replies active less than 1 minute ago
0 Vote up Vote down
Guest's avatar

Guest 6 weeks ago
Now, there is vcommission.com too. They target international market and surely not limiting to India. But it should be interesting to see how they come up in competition.
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0 replies active less than 1 minute ago
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Vijay singh bhati's avatar

Vijay singh bhati 4 weeks ago
Insurance is most important 4 us. I want and achive big post in this industry.
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1.

Waiting for some other CPA networks to open shop here. How is Shoogloo doing?

Posted by AceDigitalMarketer | August 10, 2009, 10:32 am
2.

DGM is good but pls learn to take all quotes from our Indian internet guys with giant pinches of salt.

Posted by Kash | August 10, 2009, 12:05 pm
3.

Shoogloo recently got some new investors on board

Posted by Sandeep | August 10, 2009, 12:06 pm
4.

What does that mean??..
Kash, credit where credit is due these guys are doing a good job in a tough market. What quotes don't you believe????? Most are factual and your posting adds zero value.

Thanks for the effort though

Posted by Guest | August 10, 2009, 1:05 pm
5.

very interesting to note that even FMCG advertisers are looking at perforance marketing for brand activation

Posted by rajeev | August 10, 2009, 2:31 pm
6.

it seems that DGM has done a great job in the indian market which is not an easy market.

Posted by onlinewatcher | August 10, 2009, 3:27 pm
7.

good to hear some one showing the doors of performance advertising to FMCG companies I hope FMCG guys are reading this.

Posted by performics | August 10, 2009, 3:32 pm
8.

Any ideas Nikhil how are the ad networks doing financially? and turnovers?

Posted by lukshman | August 10, 2009, 4:22 pm
9.

Who is the investor and how much has the investment been?

Posted by AceDigitalMarkete | August 10, 2009, 4:25 pm
10.

It would be a joke of the year if dgm says they are in profits. If people are watching affiliate marketing in India, you would appreciate the fact that dgm was probably launched in June 07, and you barely had any merchants / affiliates till end of 2007. I am sure you would have spent on launching in India, training of entire dgm India team in Singapore, launch later on, high salaries of Anurag + LD + other initial staff + business centre expenses etc.

I am one of those employees and that is why I felt bad as an industry professional now that you probably have published wrong year. It may be 2009 but definitely, it is not 2008. I would sincerely request that you should publish this for readers, else, they will make joke of you and your affiliate marketing in India.

How can you have profits when you barely had any billings these days? Next time you give any statements in India, be careful as everyone is watching you these days as you are the first one to set up your shop here. If affiliate marketing were to be profitable in 6 months here in India, where most of the merchants do not know what it means, then all other players would have had their shops here.

God bless you!

Your well wisher,
Industry Watcher

Posted by Industry Watcher | August 10, 2009, 5:51 pm
11.

Great that I actually landed on this post that I learnt about another affiliate network in India, Shoogloo. Let's see how that performs

Posted by Sriraj | August 11, 2009, 3:17 am
12.

Very few brands in India advertise on digital medium. Before launching of my venture I discussed the digital advertisement scope in India with many people. The general response was Indian consumers do not take decision on the basis of digital advertisements. After that I launched my venture and haven't done any marketing or networking. Eventhough response is good till date.

Through this comment I request all brands of different products services in India to look digital medium as an option for advertisements.

Posted by Rajeev | August 11, 2009, 3:45 am
13.

I love the fact that you had the kohones to post as "guest". Anyway, what I meant is that the numbers are all exaggerated.
If you actually were in the market and saw what DGM (and even worse folks like IBIBO and BIG etc) said versus what everyone knows is the reality, you will see that exaggeration to the point of silliness is the norm from many "leaders" on the Indian internet.

Posted by Kash | August 11, 2009, 6:37 am
14.

This is a plug, and the kind of shit which has ruined internet industry in India, there is no truth in this, recetly Ajit balakrishnan indicated the same how IAMAI lied about internet numbers, these are all lies, but its not going to work anymore

Posted by doodle | August 11, 2009, 6:50 pm
15.

doodle: we do not do plugs. If the company says they've been profitable since march 2008, we do not have the means of verifying that independentlyyet. We've asked them for an explanation of how they became profitable, based on the comments received, and will update when we have it.

Posted by Nikhil Pahwa | August 12, 2009, 6:59 am
16.

Shoogloo and DGM are Coke-Pepsi of indian internet industry.
They both evoke such passionate response from the community whenever there is news about either of them. Its so surprising.

I hope that they become real Coke and Pepsi in revenue terms at least and leave everyone a fizz.

Posted by rajAT | August 12, 2009, 8:32 am
17.

Why do we find it hard to believe that an internet company can make money?

I know lots of smart internet players who are making money since quite some time.

And honestly I dont see any quantitative claims being made in this post by DGM hence I would be inclined to believe what is said.. in fact for our internet industry it is great that internet companies start making money now !

Posted by rajat | August 12, 2009, 11:27 am
18.

The market of affiliate marketing in India is in nascent stage even though DGM is doing great since it has been launched. One can easily say DGM is father of affiliate marketing in India and Shoogloo is mother.

Posted by Sourabh Suman | August 17, 2009, 2:10 pm
19.

Now, there is vcommission.com too. They target international market and surely not limiting to India. But it should be interesting to see how they come up in competition.

Posted by Guest | September 15, 2009, 8:58 am
20.

Insurance is most important 4 us. I want and achive big post in this industry.

Posted by Vijay singh bhati | September 26, 2009, 9:40 pm

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Xstrata, Lonmin and Kazakhmys fall on lower prices to drag down FTSE 100
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Prudential Q3 sales drop but beat expectations, seeing signs of recovery in Asia
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Veris Approves 50m Asset Disposal and Proceeds with De-listing
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Gold Continues To Slide As the Dollar Maintains Recent Recovery, Futures Dip Below $1,035
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Gold declines, but Mariana Resources jumps on drill results, Mercator Gold, Avocet and Patagonia Gold also rise
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Yujin International to fall short of FY earnings target as cargo transport demand weakens
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Obtala Resources increases stake in Central China Goldfields to 11.13 pct
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Hong Kong shares come under pressure, but Shanghai holds steady
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Hoodless Brennan Daily Small Cap News Flash including Timestrip, Boomerang Plus and System C Healthcare
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Medicsights ColonCAD impresses in CAD study at University of Wisconsin School of Medicine
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Medusa Mining ups full-year gold production forecast to 86,000 ounces vs 82,000
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Avocet Mining third quarter gold sales rise 12% as output at Penjom and North Lanut climb
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Wolfson Electronics says visibility still poor, order patterns volatile
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British American Tobacco organic growth slips 3%, but group volumes rise 2%
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HSBC to Create Chinese Credit Card Joint Venture with Bank of Communications
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JSM Indochina expands presence in Vietnamese property market with US$65 million acquisition

1 year chart
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Epic & Msn data Epic UKX
Time: 12:49:45
Mid Price: 5123.43
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Fifty Two Week High:
Fifty Two Week Low:
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Period & price data Period Price
Now: 5123.43
3 Months ago:
6 Months ago:
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Additional information Additional Information
Market: LSE
Sector: General Financial
Epic: UKX
News: Latest news
Web Site: Hoodless Brennan
Other Articles: 27-10-200926-10-200923-10-2009
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Monday, September 14, 2009
Hoodless Brennan Daily Small Cap News Flash including Adili, Bglobal, Boomerang, IS Solutions, ROK, Timestrip, Velti, ValiRX and more

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Adili (ADIL, 4p, 4.7m), the online retailer, reported results for the 12 months ended 30 April 2009. Sales rose by 56% from a low base of 0.35m to 0.55m. Lower gross margins because of stock clearance and the acceleration of investment in the business, led to losses before tax widening to 1.9m (2008: 1.6m). Adili raised 0.94m through a placing at 1.5p in August, therefore we expect net cash to stand at c.1.1m. With the new funding, reduced overheads, clean stock base and rebranding to Ascension, the group believe they are in a better position than a year ago. Revenues for the first 5 months of the current financial year have seen growth by over 29%. Assuming the latter continues, we would expect revenues for the FY10 of c.0.7m. We expect gross margins to improve from 2.7% and the benefits of the cost reductions to come through the current financial year. Despite all the latter, we believe the group will continue to deliver a loss for FY10. On prospective 2010 revenue multiple of 5.1x the group is overvalued. SELL

Amino Technologies (AMO, 45.5p, 26.3m), the leading independent IPTV specialist, has won a significant order from Pioneer Telephone Cooperative for HD set-top boxes. We retain our HOLD recommendation.

Asia Digital Holdings (ADH.L, 1.62p, 7.4m), the independent online marketing group reported results for the 6 months ended 30 June 2009. Revenues were up 28% to 8.6m (H108: 6.7m), driven by new Asian businesses, but gross margins fell by 5.8% to 24.9% as a result of a shift in the sales mix. Operating costs grew as part of the Asian investment strategy. This led to an increase in losses before tax of 1.1m (H108: 0.7m). Net cash stood at 0.67m. The group recently signed two strategic alliances with agencies that have clients, which are potential clients for Asia Digital. At this stage, the alliances have yet to deliver benefits we look forward to seeing the benefits come through in the future. There are currently no market expectations. We believe the group can benefit from increases in online spend. Assuming H2 is slightly stronger than H1, we expect revenues of c.18.5m. If gross margins and the cost base remain stable in H2, we expect the group to deliver a loss before tax of around 1.95m. On 28/04/09, we recommended this stock as a spec. buy. Since then, the share price has risen by 1.4x from 0.675p to 1.62p. On 2009 prospective revenue multiple of 0.4x we reduce our recommendation to a HOLD.

Bglobal (BGBL, 34.5p, 25.57m) has won a contract with the UK retail arm of Gazprom to supply smart metering services. A continued HOLD, forecasts for 2011 are for 4.5m pre-tax profits with 6.07p EPS, putting the group on a Yr2 PER of 5.7x, high enough.

Boomerang (BOOM, 79p, 7.04m) Its newly created Boom Extreme Publishing has acquired Method, a multimedia publisher offering snow boarding news across print, audio and interactive platforms. Still a SPECULATIVE BUY.

Clean Air Power (CAP, 18.5p, 10.22m) has won a contract for a demonstrator for VSE, set up by Brazilian mining company Vale to investigate greener power solutions. The group will create a dual-fuel 8x4 axle tipper truck at a cost of some $0.355m. This could become meaningful as natural gas is established as a vehicle fuel in Brazil We maintain our SPECULATIVE BUY recommendation.

DM (DMP.L, 10.75p, 17.9m), the direct marketing group specialising in customer recruitment and database management, announced results for the 6 months ended 30 June 2009. Sales were up 55% to 11.6m (H108: 7.5m) driven by the addition of the 2 acquisitions. Gross margin were maintained at a consistently high level due to strategically planned reductions in volumes and a focus on margins. PBT fell by 15% to 2.3m (H108: 2.7m) and EPS down by 16% to 1.1p (H108: 1.4p). Net debt grew to 6.3m (2008: 0.1m) following a substantial interim dividend in 2008, the acquisitions of DLG and PDV and the net placing of 1.0m in April 2009. The restructuring of the group is in line with management expectations. The acquisitions of DLG and PDV are integrated into the business and are profitable at a pre-tax level. DM is now diversified into influential online direct marketing and customer lifestyle sector. The new areas offer an integrated service to a wide range of customers. Gamecard activities have been significantly hit by the pressure of consumer spending and competitor activity. The management team are confident that the Group is well placed to benefit from any upturn in marketing. There are currently no forecasts in the market. On 28/04/09, we retained our speculative buy at 7.75p. The shares have risen 39% since then. Under the assumption H1=H2, we anticipate FY09 pre-tax profit of 4.6m and EPS of 2.2p this puts it on a prospective 2009 PER of 4.9x. Considering the stock is trading in line with the media sector median on 4.6x, we reduce our recommendation to a HOLD.

Intelligent Environments (IEN, 10.75p, 17.93m) has won a 3-year rolling contract to provide an e-statement solution to the Home Retail Group, holders of Argos and Homebase. We repeat our BUY recommendation, last iterated at 9.75p on 20/07/09, with a 14p price target.

IS Solutions (ISL, 21p, 5.20m) Interim results to June 2009 saw revenues rise 40% to 5.12m (3.64m) with underlying pre-tax profits of 0.21m (0.20m) with EPS of 0.71p (0.71p) and 0.33p (0.33p) DPS and net cash of 1.81m (1.86m). Broadly half of the improvement in revenues arose from last years acquisition. Forecasts this year of around 0.5m would imply a 1.69p EPS, putting the group on a 12.4x prospective PER, BUY to the 25p level.

Just Car Clinics (JCR, 55.5p, 8.1m), the independent collision repair chain, announced results for the six months ended 30 June 2009. Revenues up 1.9%, but LFL revenues fell 4% because of the tough economic climate. The group reported PBT of 0.56m (H108: 0.65m) and net debt stood at 1.3m (2008: 1.8m). Interim dividend is retained at 0.53p. Vehicle insurance means the accident repair market is broadly insulated against the economic climate. However, reduced road usage has resulted in fewer car collisions and reluctance by retail customers to incur insurance excess payments, has adversely affected volumes. Gross margins continue to be negatively impacted by variability in weekly repair volumes resulting in reduced efficiency and the difficulty of passing cost increases on to customers in the prevailing economic climate. Just Cars have reduced their cost base. The group are seeking acquisition opportunities. 2009 market pre-tax profit estimates of 1.4m, EPS of 6.6p and DPS of 1.8p seem optimistic. We estimate the 2009 pre-tax profit to be 1.1m, EPS of 5.4p and DPS of 1.53p. This puts it on a 2009 prospective PER of 10.2x and yield of 2.8% - in line with the sector. We initiate with a HOLD recommendation.

NetServices (NSV, 2.75p, 0.81m) The group has taken time to gain work as a Cisco Managed Service Channel Partner. As a result the group now expects to report a net loss around 0.2m and gross cash of 0.6m to August 2009. Negotiations are continuing with Fibernet UK (part of Global Crossing) in an attempt to reduce the contractual obligations, though has yet to gain any satisfaction. We recommended the share as a Sell at 6p on 12/05/09 and, although the news is far from good, the valuation has fallen far enough to justify an upgrade to a HOLD.

Publishing Technology (PTO, 78.5p, 6.60m) Interims to June 2009 saw revenues of 7.68m (7.31m) with 65% of revenues arising from recurring revenues and underlying pre-tax profits of 0.15m (0.11m) and net debt reduced to 2.82m (3.90m). Our last recommendation, Speculative Buy at 50p on 23/03/09, has performed well, but the shares appear well up with events and so we drop to a HOLD.

ROK (ROK, 50.5p, 90.55m) has been appointed a partner in 8 new frameworks agreements which could generate 140m over the next 5 years. Customers include Scottish Water, Devon country Council, City West Homes, Firebird JVC (a consortium of registered social landlords), the National Ambulance Service, Teign Housing, Sanctuary Housing and Cardiff County Council. We maintain our BUY recommendation with a 61p price target.

Scientific Digital Imaging (SDI, 21p, 3.50m) Final results to April 2009 saw revenues of 6.75m (5.73m) with an underlying pre-tax profit of 0.22m (0.18m) with EPS of 1.07p (0.97p) with net cash of 0.34m (0.31m). The group has warned that significant investments may affect short-term profits, specifically in R&D and the sales-channel. With the warning a cautious flat outlook would put the group on a 19.6x PER. At 14.5p we were holders, and we move the recommendation to a SELL with a price target of 15p.

Timestrip (TIME, 1.7p, 8.54m) The group has appointed Vygon UK as the main distributor for its TimeStripPlus to hospital pharmacies in the UK and Ireland. The group has received its first order and announces its products will shortly be available through the NHS Supply Chain Catalogue with a full launch later this year. With 1 hospital pharmacy reporting a saving of 34,000 on protecting a high value drug there is every expectation of a significant adoption profile. We repeat our SPECULATIVE BUY recommendation.

ValiRX (VAL, 2p, 3.06m) has established a trading subsidiary, ValiMedix, which will be the distributor of the groups diagnostics products, extending the groups reach beyond the existing UK sales. SPECULATIVE BUY

Velti (VEL, 166p, 59.28m) Interim results from mobile marketing and advertising solutions company saw revenues of 21.65m (15.92m) with pre-tax profits of 2.26m (1.24m) and .0.08 (0.055) EPS. The group has seen strong growth on the back of its performance based solutions and its position as the sole end-to end mobile marketing solution provided as a Software as a Service (SaaS). The group believes its exposure to China, India, the US and other major economies will see increasing benefits in the second half of 2009 and into 2010. The group has a major product developed and ready for launch in October. Following the acquisition of Ad Infuse in May 2009 the group ended the period with net debt of 7.6m, well within the existing facilities, and a NAV of 42m. With no publicly available forecasts, the confident statement draws a cautious forecast towards 0.18 EPS - putting the group on a prospective PER of just 10.5x, too low given the exposure to mobile marketing and some of the Tiger economies for the post recession period. BUY to the 15x PER a target price of 237p.

Westminster Group (WSG, 44.5p, 6.64m) has been awarded a contract to protect a family that is worth some 540,000 annually. Our recommendation remains a BUY with a price target of 50p.

Zenergy Power (ZEN, 124.5p, 65.04m) Interims to June saw revenues of 0.2m (1.0m) with a pre-tax loss of 4.99m (2.59m) with 11.71m (12.58m) of net cash, though that is after cash usage of 5.34m, including one-off spend on properties/leases of 1.3m. The group reports good results from its first industrial scale induction heater installation, though the general market conditions are limiting expenditure in the foundries. The fault-current limiting device installed in California is installed and being monitored. Unless the outlook improves dramatically there is an increasing danger of another cash raise, though for the time being our recommendation remains a HOLD.

Zoo Digital (ZOO, 33p, 7.04m) has launched its Translation Management System that enables users to enter translations and legal information into an on-line data-base. We last recommended the shares a Buy on the back of forecasts around 2p-2.66p EPS for the year, a 15x PER gives a target price of 30p-40p, so the recommendation is reduced to HOLD.
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ShareTips365.co.uk
A collection of share tips from newspapers, financial magazines and brokers
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Share Tips
Share Tips

September 2009 share tips including Daily Telegraph Share tips from Questor and share tips from The Times, financial magazines (including Investors Chronicle and Shares Magazine) websites and brokers.

In August we started adding the page number to share tips when the tip was made by and newspaper or financial magazine. This will help when you want to look up full details of the share tips in the relevant publication.
30th September 2009 - Broker Share Tips

Legal & General has been upgraded to hold from sell at Deutsche, with a target price of 82p
British Land initiated with sell rating Land Securities at Panmure Gordon, target price 435p
Land Securities initiated with sell rating at Panmure Group, target price 573p
ACM Shipping cut to hold from buy at Charles Stanley, target price 210p
AstraZeneca cut to sell at Collins Stewart, target 2676p
Burberry upgraded to buy from hold at RBS
Centrica cut to reduce from hold at Kepler
Chime Communications raised to buy from hold at KBC Peel Hunt, target price rises to 200p from 190p
Chloride cut to hold from add at Charles Stanley, target price 150p
Clarkson cut to add from buy at Charles Stanley, target price 954p
Dairy Crest downgraded to hold from add at Numis
Hamworthy downgraded to outperform from buy at Jefferies, target price 240p
Harvey Nash downgraded to reduce from hold at Charles Stanley, target price 40p
MITIE Group upgraded to add from hold at Numis, price target 281p
Paddy Power cut to equal-weight from overweight at Morgan Stanley, target price 20 up from 17
Pendragon raised to buy from hold at Citigroup, target price 50p
Renishaw cut to underperform from market-perform at WH Ireland
Sage raised to overweight from equal-weight at Morgan Stanley, target price upped to 270p from 217p
TUI Travel downgraded to add from buy at Numis
25th September 2009 - Investors Chronicle Share Tips

This week, Investors Chronicle magazine has articles on "How to survive deflation", "FTSE looks overbought" and "Best trading systems"" as well as the following share tips

Spirent Communications (SPT) - Buy 87p - Page 42,43
Chemring (CHG) - Buy 2429p - Page 43,44
Spice (SPI) - Buy 82p - Page 44
Pan African Resources (PAF) - Buy 6.5p - Page 45
Intelligent Environments Group (IEN) - Buy 11p - Page 46
Fairpoint Group (FRP) - Buy 63p - Page 46
24th September - Broker News

British Airways has been cut to hold from buy at Citigroup, target raised to 250p from 240p
AstraZeneca cut to sell from neutral at Goldman Sachs, target price 2675p
Barratt Developments cut to sell from hold at Panmure Gordon, target price 172p ex-rights
Charlemagne Capital raised to buy from fair value at Singer, target price 20p up from 13p
Charter raised to buy from neutral at UBS, target proce upped to 850p from 600p
Hays downgraded to equal-weight from overweight at Morgan Stanley, target price 130p up from 115p
JD Sports downgraded from buy to fair value at Singer, target price raised to 663p from 555p
Micro Focus upped to buy from neutral at Goldman Sachs, target price 440p
Phoenix IT upgraded to buy from hold at Altium, target price rises to 275p from 240p
Punch Taverns raised to buy from sell at Evolution, target price 160p up from 120p
PV Crystalox started at HSBC with overweight rating, 120p price target
ReneSola started at HSBC with underweight rating, 120p price target
United Business Media upgraded to buy from hold at Panmure Gordon, target price raised to 550p from 450p
25th September 2009 - Broker News

Barclays has been upgraded to buy from hold at SocGen, target price raised to 440p from 260p
Luminar downgraded to sell from hold at Panmure Gordon, target price cut to 82p from 140p
Luminar downgraded to neutral from add at Evolution, target cut to 95p from 150p
ARM Holdings upgraded to buy from neutral at UBS
AstraZeneca started as hold at Berenberg Bank
Carnival started as buy at Nomura, 2700p price target
Compass started as buy at Nomura, 495p price target
DSG International cut to underweight from equal-weight at Morgan Stanley
Enterprise Inns upped to neutral from sell at Goldman Sachs, 130p price target remains
Enterprise Inns started as neutral at Nomura, 150p price target
Greene King started as reduce at Nomura, 440p price target
InterContinental started as buy at Nomura, 910 price target
Ladbrokes started as reduce at Nomura, 185p price target
Marston's started as reduce at Nomura, 100p price target
Mitchells & Butlers started as buy at Nomura, 345 price target
Panmure Gordon raises Tate & Lyle target to 400p from 355p after trading update
Petrofac downgraded to underperform from neutral at BoA Merrill Lynch, 930p target held
Provident Financial downgraded to hold from buy at Altium, target remains 980p
Punch Taverns started as neutral at Nomura, 120p price target
Robert Walters cut to sell from hold at Altium, target price stays 140p
Thomas Cook started as reduce at Nomura, 245p price target
TUI Travel started as neutral at Nomura, 280p price target
Whitbread started as buy at Nomura, 1435p price target
William Hill started as neutral at Nomura, 190p price target
23rd September 2009 - Broker News

Prudential upgraded to outperform from in-line at Cazenove
Carnival upgraded to buy from neutral at Evolution, the target price set at 3,000p
Carnival cut to neutral from outperform at Credit Suisse, with a target of 2,260p
Amlin downgraded to in-line from outperform at Fox-Pitt Cochran Caronia
Arriva downgraded to sell from neutral at UBS
Aviva upgraded to outperform from in-line at Cazenove
Blacks Leisure upped to hold from sell at Altium, target price stays 43p
Chaucer raised to outperform from in-line at Fox-Pitt Cochran Caronia
Close Brothers upgraded to buy from add at Arden
CVS Group upped to buy from hold at Investec, target price rising to 180p from 140p
Enterprise Inns downgraded to sell from neutral at UBS
Go-Ahead downgraded to neutral from buy at UBS
Greene King downgraded to sell from buy at UBS
Highland Gold Mining downgraded to hold from buy at Investec, target price 74p up from 66p
Liberty Intl raised to hold from sell at KBC Peel Hunt, target price 298p
Marston's downgraded to sell from buy at UBS
Mitchell's & Butlers downgraded to sell from neutral at UBS
Old Mutual raised to in-line from underperform at Cazenove
PV Crystalox Solar cut to hold from buy at Jefferies, target price falls to 76p from 111p
RPC upgraded to buy from hold at Altium, target price rising to 300p from 250p
St James's Place upgraded to outperform from in-line at Cazenove
22nd September 2009 - Broker Share Tips

Greggs has been initiated at Evolution with a buy rating and a 500p price target
Arriva raised to hold from sell at Astaire
Derwent London started at Morgan Stanley with overweight rating, 1120p price target
EDI started at Evolution with buy recommendation and 137p price target
Euromoney raised to buy from neutral at UBS, target price upped to 500p from 230p
Findel cut to hold from buy at Seymour Pierce, judged fairly valued
Kirkland Lake Gold initiated at Panmure Gordon with buy rating and 644p price target
Misys upped to buy from neutral at UBS, target raised to 230p from 195p
Phoenix IT upped to buy from neutral at UBS ahead of interims, target price 255p from 230p
Shire upgraded to hold from underperform at Jefferies, target price upped to 1050p from 770p
Taylor Wimpey cut to sell from hold at Panmure Gordon, target price stays 39p
Trinity Mirror moved to sell from hold at RBS, target price 130p
Tullow Oil started as hold at Canaccord Adams, target price 1180p
UBM cut to underperform from hold at Jefferies, target price lowered to 400p from 430p
Wilmington upped to buy from add at RBS, target price rising to 150p from 114p
21st September 2009 - Broker Share Tips

Cable & Wireless has been cut to hold from buy at ING, target price is reduced to 155p from 160p
Antofagasta raised to buy from neutral at Goldman Sachs, target upped to 1089p from 970p
ASOS downgraded to hold from buy at Altium, target price stays 375p
Assura upgraded to buy from hold at Investec, target price 35p
Balfour Beatty downgraded to add from buy at Numis
Conygar initiated at Collins Stewart with buy rating, 169p target
ENRC upgraded to buy from hold at Citigroup, target price raised to 1030p from 750p
Great Portland Estates cut to underperform from neutral at BoA-Merrill Lynch, target price 265p
Informa cut to neutral from buy at MF Global
ITV downgraded to neutral from overweight at JP Morgan, target price raised to 58p from 49p
Next raised to hold from sell at ING, price target upped to 1900p from 1360p
Royal Dutch Shell upgraded to buy from neutral at BoA-Merrill Lynch, target price 2050p up from 1650p
Stagecoach started at RBS as a hold, target price 150p
Thorntons cut to sell from hold at Altium, target price remains 105p
Tullow Oil downgraded to hold from buy at Citigroup, target price upped to 1285p from 1250p
Vedanta cut to neutral from buy at Goldman Sachs, target price lowered to 2434p from 2527p
Vernalis initiated with 'fair value' rating at Singer, target price 102p
18th September 2009 - Investors Chronicle Share Tips

This week, Investors Chronicle magazine has articles on "Low risk oil shares", "FTSE could hit 5,350" and "The best US shares"" as well as the following share tips

Ashtead (AHT) - Sell 93p - Page 40,41
Xchanging (XCH) - Buy 226p - Page 41,43
Smiths News (NWS) - Buy 122p - Page 43
Mediterranean Oil & Gas (MOG) - Buy 52p - Page 44
Johnson Service (JSG) - Buy 20p - Page 46
May Gurney Int. Services (MAYG) - Buy 205p - Page 46
18th September 2009 - UK Broker tips

WS Atkins raised to buy from hold at Brewin Dolphin, target price upped from 700p to 850p
Cosalt downgraded to add from buy at Evolution, target price 12p
AVEVA raised to buy from hold at Investec, target price increased to 1000p from 750p
French Connection raised to hold from sell at Altium, target price upped to 50p from 35p
Hays upgraded to hold from sell at Deutsche, target lifted to 115p from 63p
Michael Page upgraded to hold from sell at Deutsche, target raised to 333p from 155p
Primary Health Properties cut to hold from buy at KBC Peel Hunt, target price 321p
Rolls-Royce upped to neutral from sell at Goldman Sachs, target price raised to 530p from 420p
SABMiller upped to buy from neutral at UBS, target price raised to 1700p from 1300p
St James's Place upped to neutral from sell at Goldman Sachs, target price raised to 225p from 150p
Standard Chartered upgraded to buy from neutral at Goldman Sachs, target rising to 227p from 220p
Telecom Plus started at Brewin Dolphin with buy rating, 378p price target
17th September - Shares Magazine Share Tips

Shares magazine has an article titled "The best director deals" as well as the following share tips.

Korean National Oil Company (KNOC) - "Speculative Buy" 1422p - Page 8
Prezzo (PRZ:AIM) - Buy 33.25p - Page 8
Sainsbury (SBRY) - Buy 333.6p - Page 8
ZincOx (ZOX:AIM) - Buy 69.5p - Page 12
ILX Group (ILX:AIM) - Buy 34.5p - Page 13
16th September 2009 - Daily Telegraph Share Tips (Questor)

Genus - Buy 700p - Business section, page B6
Hargreaves Services - Buy 643p - Business section, page B6
16th September 2009 - Broker Tips

Xstrata has been upgraded to buy from hold at RBS, target price rising to 1,050p from 625p
Evolution starts coverage of GlaxoSmithKline (buy), and AstraZeneca (sell)
Robert Walters upped to buy from sell at KBC Peel Hunt, target increased to 250p from 70p
Morson upgraded to buy from hold at KBC Peel Hunt, target price rises to 150p from 65p
Northgate cut to hold from buy at Panmure Gordon, target price stays 26p
Ashmore upgraded to buy from neutral at UBS, target price rising to 275p from 220p
Booker initiated as buy at KBC Peel Hunt, target price 45p
14th September 2009 - Broker Tips

HSBC has been upgraded to buy from neutral at Nomura, target price rising to 750p from 600p
Aegis moved to add from hold at Numis, target price 123p
AstraZeneca cut to reduce from hold at Bank Vontobel
Barratt Developments upgraded to hold from sell at Citigroup
British Land upgraded to buy from hold at KBC Peel Hunt
Asia Digital started as buy at house broker Daniel Stewart, target price2.5p
BSkyB moved to buy from add at Numis, 684p
Berkeley Group upgraded to buy from neutral at Goldman Sachs, price target upped to 1130p from 875p
Croda International downgraded to market-perform from outperform at WH Ireland
Domino's Pizza upgraded to buy from hold at KBC Peel Hunt
Great Portland upgraded to buy from hold at KBC Peel Hunt
Home Retail upgraded to add from hold at Oriel
Huntsworth moved to add from buy at Numis, 92p
Imagination Technologies initiated as buy at Evolution, target price 225p
IMI upped to buy from hold at Citigroup, target price raised to 550p from 270p
ITE moved to buy from add at Numis, 136p
ITV moved to hold from add at Numis, 53p
Johnson Matthey cut to equal-weight from overweight at Morgan Stanley, target risies to 1450p from 1400p
Kesa Electricals cut to add from buy at Natixis. Downgraded to hold from add at Numis
Kesa Electricals upgraded to hold from sell at Oriel
Maxima raised to buy from hold at Charles Stanley, target 190p
Millenium & Copthorne upgraded to outperform from neutral at Credit Suisse, target price rising to 500p from 310p
Mothercare upgraded to neutral from underperform at KBC Peel Hunt
Redrow downgraded to conviction sell at Goldman Sachs, target price raised to 178p from 174p
Reed Elsevier moved to hold from add at Numis, 481p
Scottish & Southern initiated as overweight at HSBC, price target 1350p
Shanta Gold started as buy at house broker Fairfax, target price 24p
Vodafone rated neutral at UBS as short-term sell removed, target price upped to 130p from 115p
WPP moved to add from buy at Numis, 597p
WS Atkins downgraded to market-perform from outperform at WH Ireland
Yell Group moved to reduce from sell at Numis, 63p
YouGov moved to buy from add at Numis, 67p
Yule Catto raised to overweight from equal-weight at Morgan Stanley, target price upped to 190p from 70p
888 Holdings upgraded to buy from hold at KBC Peel Hunt
11th September 2009 - Broker Share Tips

Morrison was downgraded to neutral from outperform at Exane BNP Paribas, target price 315p
Antofagasta upgraded to neutral from underperform at Credit Suisse, target price raised to 650p from 600p
ASOS upgraded to buy from hold at KBC Peel Hunt, target price 400p
Cadbury upgraded to neutral from underweight at HSBC, target rises to 880p from 540p
Cadbury cut to neutral from buy at Nomura, target price 805p
Cadbury upgraded to buy from hold at Investec
COLT Telecom raised to hold from sell at Investec
Home Retail raised to neutral from sell at Pali Intl, target price raised to 290p from 240p
Home Retail upgraded to hold from sell at Oriel
JD Wetherspoon raised to buy from hold at Altium, target price rising to 600p from 500p
Kesa Electricals downgraded to hold from add at Numis
Millenium & Copthorne upped to outperform from neutral at Credit Suisse, target price raised to 500p from 310p
Mothercare downgraded to hold at KBC Peel Hunt, target rises to 660p from 448p
Old Mutual upgraded to neutral from underperform at BoA-Merrill Lynch, target price raised to 97p from 86p
Sports Direct cut to hold from buy at Citigroup, target price 115p down from 140p
Sthree downgraded to hold from buy at Seymour Pierce, target price 250p
Vodafone lifted to buy from hold at Investec
888 holdings upped to buy at KBC Peel Hunt, target price 93p
8th September 2009 - Broker News

Whitbread raised to outperform from neutral at Credit Suisse, target rising to 1,331p from 900p
Babcock started at Canaccord with buy rating and 600p price target
Cadbury cut to hold from buy at Kepler, target price 850p
Charlemagne Capital upgraded to buy from neutral at UBS, target price raised to 17p from 14p
Daily Mail upped to overweight from equal-weight at Morgan Stanley, target price rises to 447p from 360p
Dimension Data raised to hold from sell at Deutsche
Intercontinental Hotels raised to outperform from neutral at Credit Suisse, target price rising to 910p from 527p
RSA started as hold at Jefferies, price target 135p
SQS Software Quality upped to buy from hold at Panmure Gordon, raising target price from 189p to 205p
7th September 2009 - Broker News

BAE Systems upgraded to accumulate from hold at CM-CIC
British Airways initiated at Deutsche with hold rating, 175p target price
Easyjet initiated at Deutsche with buy rating
Fenner raised to buy from hold at Brewin Dolphin, target price upped to 175p from 87p
ATH Resources downgraded to hold from add at Evolution, target stays 146p
Northgate raised to buy from hold at Panmure Gordon, target price rises to 26p from 11.6p
PureCircle cut to hold from buy at Investec
Rolls-Royce downgraded to sell from hold at CM-CIC
Signet Jewelers raised to buy from neutral at Goldman Sachs, target price upped to 1896p from 1276p
Ryanair initiated at Deutsche with hold rating, 3.50 target price
Smurfit Kappa upgraded to buy from neutral at Goldman Sachs
Sports Direct upgraded to buy from hold at Seymour Pierce
4th September 2009 - Investors Chronicle Magazine

Investors Chronicle has articles "The Only Banks To Own" and "Dividends On Tap" as well as the following share tips

Serco (SRP) - Buy 456p - Page 44
Severn Trent (SVT) - Buy 962p - Page 45
Chesnara (CSN) - Buy 170p - Page 47
PayPoint - Sell 486p - Page 48
CLS Holdings (CLI) - Buy 445p - Page 50
H&T Group (HAT) - Buy 268p - Page 50
3rd September - Shares Magazine Share Tips

Shares Magazine has an article titled "Wireless wonders - Make money from the mobile revolution" as well as the following share tips.

Game (GMG) - Buy 88p - Page 6
Majestic Wine (MJW:AIM) - Buy 208p - Page 6
Fenner (FENR) - Buy 115p - Page 10
Alexander Mining (AXM:AIM) Buy 7.5p - Page 11
Share Tips Archive

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Share Tips
Share Tips

September 2009 share tips including Daily Telegraph Share tips from Questor and share tips from The Times, financial magazines (including Investors Chronicle and Shares Magazine) websites and brokers.

In August we started adding the page number to share tips when the tip was made by and newspaper or financial magazine. This will help when you want to look up full details of the share tips in the relevant publication.
30th September 2009 - Broker Share Tips

Legal & General has been upgraded to hold from sell at Deutsche, with a target price of 82p
British Land initiated with sell rating Land Securities at Panmure Gordon, target price 435p
Land Securities initiated with sell rating at Panmure Group, target price 573p
ACM Shipping cut to hold from buy at Charles Stanley, target price 210p
AstraZeneca cut to sell at Collins Stewart, target 2676p
Burberry upgraded to buy from hold at RBS
Centrica cut to reduce from hold at Kepler
Chime Communications raised to buy from hold at KBC Peel Hunt, target price rises to 200p from 190p
Chloride cut to hold from add at Charles Stanley, target price 150p
Clarkson cut to add from buy at Charles Stanley, target price 954p
Dairy Crest downgraded to hold from add at Numis
Hamworthy downgraded to outperform from buy at Jefferies, target price 240p
Harvey Nash downgraded to reduce from hold at Charles Stanley, target price 40p
MITIE Group upgraded to add from hold at Numis, price target 281p
Paddy Power cut to equal-weight from overweight at Morgan Stanley, target price 20 up from 17
Pendragon raised to buy from hold at Citigroup, target price 50p
Renishaw cut to underperform from market-perform at WH Ireland
Sage raised to overweight from equal-weight at Morgan Stanley, target price upped to 270p from 217p
TUI Travel downgraded to add from buy at Numis
25th September 2009 - Investors Chronicle Share Tips

This week, Investors Chronicle magazine has articles on "How to survive deflation", "FTSE looks overbought" and "Best trading systems"" as well as the following share tips

Spirent Communications (SPT) - Buy 87p - Page 42,43
Chemring (CHG) - Buy 2429p - Page 43,44
Spice (SPI) - Buy 82p - Page 44
Pan African Resources (PAF) - Buy 6.5p - Page 45
Intelligent Environments Group (IEN) - Buy 11p - Page 46
Fairpoint Group (FRP) - Buy 63p - Page 46
24th September - Broker News

British Airways has been cut to hold from buy at Citigroup, target raised to 250p from 240p
AstraZeneca cut to sell from neutral at Goldman Sachs, target price 2675p
Barratt Developments cut to sell from hold at Panmure Gordon, target price 172p ex-rights
Charlemagne Capital raised to buy from fair value at Singer, target price 20p up from 13p
Charter raised to buy from neutral at UBS, target proce upped to 850p from 600p
Hays downgraded to equal-weight from overweight at Morgan Stanley, target price 130p up from 115p
JD Sports downgraded from buy to fair value at Singer, target price raised to 663p from 555p
Micro Focus upped to buy from neutral at Goldman Sachs, target price 440p
Phoenix IT upgraded to buy from hold at Altium, target price rises to 275p from 240p
Punch Taverns raised to buy from sell at Evolution, target price 160p up from 120p
PV Crystalox started at HSBC with overweight rating, 120p price target
ReneSola started at HSBC with underweight rating, 120p price target
United Business Media upgraded to buy from hold at Panmure Gordon, target price raised to 550p from 450p
25th September 2009 - Broker News

Barclays has been upgraded to buy from hold at SocGen, target price raised to 440p from 260p
Luminar downgraded to sell from hold at Panmure Gordon, target price cut to 82p from 140p
Luminar downgraded to neutral from add at Evolution, target cut to 95p from 150p
ARM Holdings upgraded to buy from neutral at UBS
AstraZeneca started as hold at Berenberg Bank
Carnival started as buy at Nomura, 2700p price target
Compass started as buy at Nomura, 495p price target
DSG International cut to underweight from equal-weight at Morgan Stanley
Enterprise Inns upped to neutral from sell at Goldman Sachs, 130p price target remains
Enterprise Inns started as neutral at Nomura, 150p price target
Greene King started as reduce at Nomura, 440p price target
InterContinental started as buy at Nomura, 910 price target
Ladbrokes started as reduce at Nomura, 185p price target
Marston's started as reduce at Nomura, 100p price target
Mitchells & Butlers started as buy at Nomura, 345 price target
Panmure Gordon raises Tate & Lyle target to 400p from 355p after trading update
Petrofac downgraded to underperform from neutral at BoA Merrill Lynch, 930p target held
Provident Financial downgraded to hold from buy at Altium, target remains 980p
Punch Taverns started as neutral at Nomura, 120p price target
Robert Walters cut to sell from hold at Altium, target price stays 140p
Thomas Cook started as reduce at Nomura, 245p price target
TUI Travel started as neutral at Nomura, 280p price target
Whitbread started as buy at Nomura, 1435p price target
William Hill started as neutral at Nomura, 190p price target
23rd September 2009 - Broker News

Prudential upgraded to outperform from in-line at Cazenove
Carnival upgraded to buy from neutral at Evolution, the target price set at 3,000p
Carnival cut to neutral from outperform at Credit Suisse, with a target of 2,260p
Amlin downgraded to in-line from outperform at Fox-Pitt Cochran Caronia
Arriva downgraded to sell from neutral at UBS
Aviva upgraded to outperform from in-line at Cazenove
Blacks Leisure upped to hold from sell at Altium, target price stays 43p
Chaucer raised to outperform from in-line at Fox-Pitt Cochran Caronia
Close Brothers upgraded to buy from add at Arden
CVS Group upped to buy from hold at Investec, target price rising to 180p from 140p
Enterprise Inns downgraded to sell from neutral at UBS
Go-Ahead downgraded to neutral from buy at UBS
Greene King downgraded to sell from buy at UBS
Highland Gold Mining downgraded to hold from buy at Investec, target price 74p up from 66p
Liberty Intl raised to hold from sell at KBC Peel Hunt, target price 298p
Marston's downgraded to sell from buy at UBS
Mitchell's & Butlers downgraded to sell from neutral at UBS
Old Mutual raised to in-line from underperform at Cazenove
PV Crystalox Solar cut to hold from buy at Jefferies, target price falls to 76p from 111p
RPC upgraded to buy from hold at Altium, target price rising to 300p from 250p
St James's Place upgraded to outperform from in-line at Cazenove
22nd September 2009 - Broker Share Tips

Greggs has been initiated at Evolution with a buy rating and a 500p price target
Arriva raised to hold from sell at Astaire
Derwent London started at Morgan Stanley with overweight rating, 1120p price target
EDI started at Evolution with buy recommendation and 137p price target
Euromoney raised to buy from neutral at UBS, target price upped to 500p from 230p
Findel cut to hold from buy at Seymour Pierce, judged fairly valued
Kirkland Lake Gold initiated at Panmure Gordon with buy rating and 644p price target
Misys upped to buy from neutral at UBS, target raised to 230p from 195p
Phoenix IT upped to buy from neutral at UBS ahead of interims, target price 255p from 230p
Shire upgraded to hold from underperform at Jefferies, target price upped to 1050p from 770p
Taylor Wimpey cut to sell from hold at Panmure Gordon, target price stays 39p
Trinity Mirror moved to sell from hold at RBS, target price 130p
Tullow Oil started as hold at Canaccord Adams, target price 1180p
UBM cut to underperform from hold at Jefferies, target price lowered to 400p from 430p
Wilmington upped to buy from add at RBS, target price rising to 150p from 114p
21st September 2009 - Broker Share Tips

Cable & Wireless has been cut to hold from buy at ING, target price is reduced to 155p from 160p
Antofagasta raised to buy from neutral at Goldman Sachs, target upped to 1089p from 970p
ASOS downgraded to hold from buy at Altium, target price stays 375p
Assura upgraded to buy from hold at Investec, target price 35p
Balfour Beatty downgraded to add from buy at Numis
Conygar initiated at Collins Stewart with buy rating, 169p target
ENRC upgraded to buy from hold at Citigroup, target price raised to 1030p from 750p
Great Portland Estates cut to underperform from neutral at BoA-Merrill Lynch, target price 265p
Informa cut to neutral from buy at MF Global
ITV downgraded to neutral from overweight at JP Morgan, target price raised to 58p from 49p
Next raised to hold from sell at ING, price target upped to 1900p from 1360p
Royal Dutch Shell upgraded to buy from neutral at BoA-Merrill Lynch, target price 2050p up from 1650p
Stagecoach started at RBS as a hold, target price 150p
Thorntons cut to sell from hold at Altium, target price remains 105p
Tullow Oil downgraded to hold from buy at Citigroup, target price upped to 1285p from 1250p
Vedanta cut to neutral from buy at Goldman Sachs, target price lowered to 2434p from 2527p
Vernalis initiated with 'fair value' rating at Singer, target price 102p
18th September 2009 - Investors Chronicle Share Tips

This week, Investors Chronicle magazine has articles on "Low risk oil shares", "FTSE could hit 5,350" and "The best US shares"" as well as the following share tips

Ashtead (AHT) - Sell 93p - Page 40,41
Xchanging (XCH) - Buy 226p - Page 41,43
Smiths News (NWS) - Buy 122p - Page 43
Mediterranean Oil & Gas (MOG) - Buy 52p - Page 44
Johnson Service (JSG) - Buy 20p - Page 46
May Gurney Int. Services (MAYG) - Buy 205p - Page 46
18th September 2009 - UK Broker tips

WS Atkins raised to buy from hold at Brewin Dolphin, target price upped from 700p to 850p
Cosalt downgraded to add from buy at Evolution, target price 12p
AVEVA raised to buy from hold at Investec, target price increased to 1000p from 750p
French Connection raised to hold from sell at Altium, target price upped to 50p from 35p
Hays upgraded to hold from sell at Deutsche, target lifted to 115p from 63p
Michael Page upgraded to hold from sell at Deutsche, target raised to 333p from 155p
Primary Health Properties cut to hold from buy at KBC Peel Hunt, target price 321p
Rolls-Royce upped to neutral from sell at Goldman Sachs, target price raised to 530p from 420p
SABMiller upped to buy from neutral at UBS, target price raised to 1700p from 1300p
St James's Place upped to neutral from sell at Goldman Sachs, target price raised to 225p from 150p
Standard Chartered upgraded to buy from neutral at Goldman Sachs, target rising to 227p from 220p
Telecom Plus started at Brewin Dolphin with buy rating, 378p price target
17th September - Shares Magazine Share Tips

Shares magazine has an article titled "The best director deals" as well as the following share tips.

Korean National Oil Company (KNOC) - "Speculative Buy" 1422p - Page 8
Prezzo (PRZ:AIM) - Buy 33.25p - Page 8
Sainsbury (SBRY) - Buy 333.6p - Page 8
ZincOx (ZOX:AIM) - Buy 69.5p - Page 12
ILX Group (ILX:AIM) - Buy 34.5p - Page 13
16th September 2009 - Daily Telegraph Share Tips (Questor)

Genus - Buy 700p - Business section, page B6
Hargreaves Services - Buy 643p - Business section, page B6
16th September 2009 - Broker Tips

Xstrata has been upgraded to buy from hold at RBS, target price rising to 1,050p from 625p
Evolution starts coverage of GlaxoSmithKline (buy), and AstraZeneca (sell)
Robert Walters upped to buy from sell at KBC Peel Hunt, target increased to 250p from 70p
Morson upgraded to buy from hold at KBC Peel Hunt, target price rises to 150p from 65p
Northgate cut to hold from buy at Panmure Gordon, target price stays 26p
Ashmore upgraded to buy from neutral at UBS, target price rising to 275p from 220p
Booker initiated as buy at KBC Peel Hunt, target price 45p
14th September 2009 - Broker Tips

HSBC has been upgraded to buy from neutral at Nomura, target price rising to 750p from 600p
Aegis moved to add from hold at Numis, target price 123p
AstraZeneca cut to reduce from hold at Bank Vontobel
Barratt Developments upgraded to hold from sell at Citigroup
British Land upgraded to buy from hold at KBC Peel Hunt
Asia Digital started as buy at house broker Daniel Stewart, target price2.5p
BSkyB moved to buy from add at Numis, 684p
Berkeley Group upgraded to buy from neutral at Goldman Sachs, price target upped to 1130p from 875p
Croda International downgraded to market-perform from outperform at WH Ireland
Domino's Pizza upgraded to buy from hold at KBC Peel Hunt
Great Portland upgraded to buy from hold at KBC Peel Hunt
Home Retail upgraded to add from hold at Oriel
Huntsworth moved to add from buy at Numis, 92p
Imagination Technologies initiated as buy at Evolution, target price 225p
IMI upped to buy from hold at Citigroup, target price raised to 550p from 270p
ITE moved to buy from add at Numis, 136p
ITV moved to hold from add at Numis, 53p
Johnson Matthey cut to equal-weight from overweight at Morgan Stanley, target risies to 1450p from 1400p
Kesa Electricals cut to add from buy at Natixis. Downgraded to hold from add at Numis
Kesa Electricals upgraded to hold from sell at Oriel
Maxima raised to buy from hold at Charles Stanley, target 190p
Millenium & Copthorne upgraded to outperform from neutral at Credit Suisse, target price rising to 500p from 310p
Mothercare upgraded to neutral from underperform at KBC Peel Hunt
Redrow downgraded to conviction sell at Goldman Sachs, target price raised to 178p from 174p
Reed Elsevier moved to hold from add at Numis, 481p
Scottish & Southern initiated as overweight at HSBC, price target 1350p
Shanta Gold started as buy at house broker Fairfax, target price 24p
Vodafone rated neutral at UBS as short-term sell removed, target price upped to 130p from 115p
WPP moved to add from buy at Numis, 597p
WS Atkins downgraded to market-perform from outperform at WH Ireland
Yell Group moved to reduce from sell at Numis, 63p
YouGov moved to buy from add at Numis, 67p
Yule Catto raised to overweight from equal-weight at Morgan Stanley, target price upped to 190p from 70p
888 Holdings upgraded to buy from hold at KBC Peel Hunt
11th September 2009 - Broker Share Tips

Morrison was downgraded to neutral from outperform at Exane BNP Paribas, target price 315p
Antofagasta upgraded to neutral from underperform at Credit Suisse, target price raised to 650p from 600p
ASOS upgraded to buy from hold at KBC Peel Hunt, target price 400p
Cadbury upgraded to neutral from underweight at HSBC, target rises to 880p from 540p
Cadbury cut to neutral from buy at Nomura, target price 805p
Cadbury upgraded to buy from hold at Investec
COLT Telecom raised to hold from sell at Investec
Home Retail raised to neutral from sell at Pali Intl, target price raised to 290p from 240p
Home Retail upgraded to hold from sell at Oriel
JD Wetherspoon raised to buy from hold at Altium, target price rising to 600p from 500p
Kesa Electricals downgraded to hold from add at Numis
Millenium & Copthorne upped to outperform from neutral at Credit Suisse, target price raised to 500p from 310p
Mothercare downgraded to hold at KBC Peel Hunt, target rises to 660p from 448p
Old Mutual upgraded to neutral from underperform at BoA-Merrill Lynch, target price raised to 97p from 86p
Sports Direct cut to hold from buy at Citigroup, target price 115p down from 140p
Sthree downgraded to hold from buy at Seymour Pierce, target price 250p
Vodafone lifted to buy from hold at Investec
888 holdings upped to buy at KBC Peel Hunt, target price 93p
8th September 2009 - Broker News

Whitbread raised to outperform from neutral at Credit Suisse, target rising to 1,331p from 900p
Babcock started at Canaccord with buy rating and 600p price target
Cadbury cut to hold from buy at Kepler, target price 850p
Charlemagne Capital upgraded to buy from neutral at UBS, target price raised to 17p from 14p
Daily Mail upped to overweight from equal-weight at Morgan Stanley, target price rises to 447p from 360p
Dimension Data raised to hold from sell at Deutsche
Intercontinental Hotels raised to outperform from neutral at Credit Suisse, target price rising to 910p from 527p
RSA started as hold at Jefferies, price target 135p
SQS Software Quality upped to buy from hold at Panmure Gordon, raising target price from 189p to 205p
7th September 2009 - Broker News

BAE Systems upgraded to accumulate from hold at CM-CIC
British Airways initiated at Deutsche with hold rating, 175p target price
Easyjet initiated at Deutsche with buy rating
Fenner raised to buy from hold at Brewin Dolphin, target price upped to 175p from 87p
ATH Resources downgraded to hold from add at Evolution, target stays 146p
Northgate raised to buy from hold at Panmure Gordon, target price rises to 26p from 11.6p
PureCircle cut to hold from buy at Investec
Rolls-Royce downgraded to sell from hold at CM-CIC
Signet Jewelers raised to buy from neutral at Goldman Sachs, target price upped to 1896p from 1276p
Ryanair initiated at Deutsche with hold rating, 3.50 target price
Smurfit Kappa upgraded to buy from neutral at Goldman Sachs
Sports Direct upgraded to buy from hold at Seymour Pierce
4th September 2009 - Investors Chronicle Magazine

Investors Chronicle has articles "The Only Banks To Own" and "Dividends On Tap" as well as the following share tips

Serco (SRP) - Buy 456p - Page 44
Severn Trent (SVT) - Buy 962p - Page 45
Chesnara (CSN) - Buy 170p - Page 47
PayPoint - Sell 486p - Page 48
CLS Holdings (CLI) - Buy 445p - Page 50
H&T Group (HAT) - Buy 268p - Page 50
3rd September - Shares Magazine Share Tips

Shares Magazine has an article titled "Wireless wonders - Make money from the mobile revolution" as well as the following share tips.

Game (GMG) - Buy 88p - Page 6
Majestic Wine (MJW:AIM) - Buy 208p - Page 6
Fenner (FENR) - Buy 115p - Page 10
Alexander Mining (AXM:AIM) Buy 7.5p - Page 11
Share Tips Archive

2009 Share Tips
October
September
August
July
June
May
April
March
February
January

2008 Share Tips
December
November
October
September
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Magazine and newspaper share tips
2008 - 2009 ShareTips365.co.uk - Share Tips aggregated from the financial press, financial magazines, brokers and other sources
Website maintained by Commatic - Search engine optimisation experts

Small Cap Report by Jon Levinson

Wednesday, October 28, 2009
Monday 26th October 2009
LAST WEEK/ THIS WEEK
The FTSE closed the week up 1% with the FTSE AIM All share up 1.6% to 675. The disappointing 3 QTR GDP decline did little to slow the market as it was concluded that the best option, this side of an election, will be to continue with or increase Quantitative Easing.
This Thursday the US will be reporting 3Qrt GDP and a chartist friend tells us that the signs are pointing to a creak on Wall St. Also on Thursday the UK September Mortgage Approvals are expected to show improvement with 53,600 new loans. Meanwhile Small Caps improve from the added liquidity.

COMPANY REPORTS

Next Fifteen (NFC) - 34.8m@64.5p - Global IT Public Relations Consultancy group
The July 09 finals were better than expected when announced last week. Despite the fall in PBT to 5.2m against 6.6m last year, it was shown that 1.7m of the decrease was due to an adverse currency hit. Revenues, however rose 3.6%, to 65.4m and net cash as at 31 July 2009 stood at 1.8m.
Founded in 1981 Next Fifteen has become a global public and press relations consultancy mainly with clients in the technology sector. A sector consolidation strategy is being pursued and since the year-end, the group has announced a number of add-on acquisitions of specialist agencies, which should add to future growth. After a tough first quarter trading conditions are reported to be improving and Hewlett Packard is a recently won new contract.
Due to the better trading conditions and good momentum, the research house Edison recently raised profits forecast to 6.8m giving a FY10 diluted EPS estimate to 7.8p thus a prospective P/E of 8.3x with DPS of 1.8p an implied yield of 2.8%.

Financials
With net cash of 1.8m and a track record of generating positive cashflow Next Fifteen are well placed to make further acquisitions. The key will be not to pay too much and to continue to add value through the post acquisitions strategy, so far it seems so good


Earthport (EPO) - 24.1m@27.25p - International payments system since 1998
The disappointing finals showed an 18% fall in turnover to 1.6m from 1.93m as business fell due the global, challenges in the financial services sector. Net losses increased 104% from 3.4m to 7.3m mostly due to increased in marketing spend.
Earthport collects and remits international payments locally on behalf of corporates and banks in nearly 60 countries and territories Earthport also makes payouts in all countries accessible via SWIFT. There is a clear need for a compliment truly global digital based payment systems. Earthport s proposition is still in the early process of being rolled out has some big name joint venture partners including Lloyds, IBM and Adobe Systems. A US office has been opened and despite the non-receipt of payments further contracts have been signed in the Middle East. The company feel they are better prepared than ever and are confident of delivering increased revenues due the strength of their core proposition.

Financials
Over 10m has been raised in equity from a decent shareholder list over the last two years. The board are optimism that there are various arrangement in place to finance further development. Debt is unlikely to be available so it seems whether they can land a contract with robust cashflow before they do the equity rounds. As there is a short 1m cash in the bank it may be sooner rather than later.


TEG (TEG) - 23.3m@44p - Composting plants supplier and operator
TEG has signed heads of agreement for a 20,000 tonnes per annum in-vessel compost plant and a 50,000 tonnes per annum anaerobic digester (AD). This will be sited west of Bridgend on land provided by TEGs partner Anagest. TEG will build, own and operate the plant which will provide recurring revenues for the business. Anagest will bear the risk for the anaerobic digester - this is the first of TEGs plants to include one. TEG operates four composting plants as well as selling them to third parties.
The Welsh Assembly is about to start tendering for organic waste disposal contracts. Once enough contracts have been won to make the project viable then TEG should commence construction. This is likely to be early in 2010 and the plant should start to generate revenues in 2011.

Finance
TEG is expected to have more than 6m in cash at the end of 2009. TEGs cash investment in the new facility should not be more than 2.5m.


Tristel (TSTL) - 16m@54p - Infection control products
The infection and contamination control products supplier reported a 15% increase in revenues to 6.85m in the year to June 2009. Profit growth was more modest, rising 6% to 1.29m. A greater proportion of revenues came from washers and the lower hardware margins were made worse by the Euro exchange rate.
Profits were held back by the costs of building up business in China and the US. Tristel has set up an 85%-owned subsidiary in China.
Clorox has licensed Tristels chemistry for the US. It will take a couple of years to gain regulatory approvals and launch the products but Clorox, which is known for its bleach-based products, will bear that cost. Clorox has annual revenues of $5bn and has spent a significant amount of time researching Tristels products and failed to replicate them.
In July, Tristel paid an initial 1m, raised from a share placing at 41p a share, for a portfolio of Medichem products. The final cost will be between 2.15m and 2.4m. These products are selling well and they are using up excess capacity in the factory. They could contribute 1.5m to revenues this year.
Astaire forecasts an increase in Tristels revenues to 9.51m in the year to June 2010, so there would still be organic growth of just over 1.1m. Profits of 2.03m are forecast for 2009-10, rising to 2.78m in 2010-11. The shares are trading on just over 11 times 2009-10 prospective earnings, falling to eight in 2010-11.

Finance
Net debt was 392,000 at the end of June 2009. The total dividend was increased from 1.55p to 1.7p a share - including a final dividend of 1.295p a share.

Dillistone (DSG) - 7.36m@130p - Recruitment software
Executive selection software provider Dillistone Group says that trading is starting to improve after a tough first halfs trading.
Dillistone reported a fall in revenues from 2.52m to 1.82m in the six months to June 2009, while profits halved from 949,000 to 472,000 in the same period. Revenues were slightly lower than the second half of 2008 but profits were similar. Management has successfully cut costs but has not reduced development spending.
Dillistone is expected to report a full year fall in profits from 1.4m to 1m in 2009. That represents a small improvement in the second half figures. New orders are being won. Recurring income dominates revenues.

Finance
The cash pile fell from 2.35m to 1.8m in the six months to the end of June 2009 but it has recovered to 2.2m since then. This cash pile enables Dillistone to confidently say that they will maintain the full year dividend at 10.5p a share even though the dividend cover will fall to around 1.2 times. The dividend costs 567,000 a year. The yield is 8.1%.

Beacon Hill Resources (BHR) - 1.14m@0.49p -Mining
Beacon Hill Resources has completed the reverse takeover of Tasmanian Magnesite.
BHR was formerly known as Carnegie Mines and it sold all of its previous interests including the Gambian heavy mineral sands assets.
BHR was looking for a mining operation which is associated with the steel industry and has a project that is near to production. The project needed to be simple and not capital intensive. BHR was looking to start production within two years of acquiring a project.
Tasmanian Magnesite fits these criteria. BHR issued 5bn shares at a nominal price of 0.25p a share in return for the business. The vendors of Tasmanian Magnesite ended up with more than 80% of the enlarged share capital of BHR.
Magnesite is used to produce magnesia, which has one of the highest melting points of all minerals. It is used in the steel industry to line blast furnaces as well as other sectors such as pulp and paper, agriculture and water treatment.
The magnesite deposit is in north west Tasmania and was found in 1925. The initial defined resource 39m tonnes, of which 13m tonnes is JORC compliant. A pre-feasibility study has been completed. The valuation range is A$69m-A$83m (35m-42m). BHR is considering building a calcinator which would turn the magnesite into magnesia. This would be done with a joint venture partner.
In the first year, BHR intends to obtain a mining licence, design the mine, sign the joint venture and undertake additional exploration. The following year BHR will construct the mine and calcination plant and then start mining. Mining could commence in the first half of 2011.

Finance
BHR will have around 1.7m to invest after raising 1m at the time of the acquisition and 725,000 after the reversal - both fundraisings were at 0.25p a share.
BHR will need to invest between 5m and 10m to develop the project.


Frontier Mining (FML) - 39.5m@7.75p - Minerals explorer
Kazakhstan-based Frontier Mining is on course to commence production at its Benkala copper project in early 2011.This should transform the business and make it a strong cash generator in the first year of production.
Benkala is in the north of Kazakhstan and it is jointly owned with Coville Intercorp. The intention is to produce 20,000 tonnes a year of copper cathode. Equipment is being bought and a JORC resource will be announced in the second quarter of 2010. Infill drilling is currently taking place.
The pre-feasibility report suggested that operating costs would be less than $1/lb, compared with a price for copper cathode of $2.70/lb. Even the recent low of the copper cathode price of $1.29/lb is above the cash costs of producing the metal.
One uncertainty is how quickly that Frontier can obtain the mining licences and permissions that it requires. There is already a huge backlog of applications but the company is keen to stress that it can continue to develop the mine while it is waiting for any licence it requires.
The appointment of Erlan Sagadiev as chairman and chief executive of Frontier has coincided with a sharp upturn in the share price. He has sorted out the business, including pumping in money through his own business interests.
Frontier started gold production at the Naimanjal complex during the summer so this is providing cash flow to cover the companys costs. The Koskuduk gold project should start production in the middle of 2010. This will require an investment of $1.5m to bring it into production.
Zere Group was issued 407.5m warrants exercisable at 1.5p a share as part of the debt facility agreement. They would be equivalent to nearly half of the companys enlarged share capital if exercised. In theory, these are already 25m in profit if they were exercised at the current share price, which would also raise more than 6m for Frontier.

Finance
A $10m debt facility wasprovided by Zere Group JSC, which is deemed to be controlled by Sagadiev. The facility lasts until April 2011 and the interest charge is 15% a year. At the same time, a placing raised $4m at 1.5p a share. Some of the cash was used to repay part of an existing loan note issued to Coville. The remaining Coville loan of $3.24m is repayable at the end of 2009.
During August, Frontier signed a Standby Equity Distribution Agreement with Yorkville Advisors. The SEDA is worth 5m ($8.2m) and so far 120,000 has been drawn down at a share price of 6.65p.
House broker Libertas believes that Frontier has enough cash for its immediate needs.
Libertas reckons that Frontiers share of the development costs of Benkala could be around $15m. Frontier would like to secure an off-take agreement to help finance the development costs.
Posted by A series of blogs on Enterprise Britain, on behalf of our country's four point three million business owners and managers at 1:43 AM 0 comments
Labels: AIM, Alexander David, capital gains, Capital gains tax relief, EIS, EIS Fund, Enterprise Investement Scheme, Fund, PLUS, VCT
Monday, October 19, 2009
LAST WEEK/ THIS WEEK
The FTSE improved 0.5% over the week while the Aim All Share rose 1.5% to 764.3. At the mid week point it felt like a bull market as the Dow Jones hit a year high helped by far better than expected earnings from giant US companies Intel, Goldman and JP Morgan. By Friday, however the Bank Of America disappointed and served as a reminder that the recovery is yet to come. No-one sees the rise stopping while Quantitative Easing continues. This weeks main event, is UK GDP figures which will be reported on Friday and should show a 0.2% increase confirming that technically the recession is over, but it case any one feels too good GDP is still likely to be 4.6% lower than last year and may improve slowly.

COMPANY REPORTS
Leisure & Gaming (LNG) - 9.68m@10.25p - European Betting & Gaming Group
These 3rd Qtr results cover the quieter summer period but managed to show an improvement in key targets. An EBITDA profit of Euro100,000 against break-even while there was a 13% increase in the number of Italian distributors to 589 and new territories, of Cyprus and Greece showed traction on the business role out. Turnover from the new poker tournament game have continued improvement and also reduces the groups reliance of sports betting.

Profits are forecast for the December Y/E 09 at 2.1.m giving an EPS of 2p so a prospective P/E of 5x. There have been a history of volatile earnings and the company was formed as a result of the US closing of online gaming where there are residual discussions casting a shadow of litigation. Leisure and Gaming are in a good position to trade towards better times even through the pathway of strategic development is unclear.

Financials
There are no long term debts and there is cash of around 2m which is more than sufficient to fund organic expansion.


Sceptre Leisure (SCEL) - 42.4m@76.5p - Gaming machines supplier
Although reported profits look flat the underlying performance is better. They rose from 1.05m to 1.82m in the year to April 2009. Revenues grew 83% to 39.2m. That is after a loss from the Gamingking business which was part of the shell that Sceptre reversed into. Gamingking provided seven months of revenues.
Pubs are closing at an increasing rate. The remaining pubs are looking for ways of generating more revenues and Sceptres gaming machines are also replacing cigarette machines. Weekly revenue per machine has risen from 31.62 to 38.92. Sceptre runs its assets efficiently with 95% of its machines on hire at any one time. The number of machines increased from 15,183 to 20,921. Market share is still below 15%.

Finance
Sceptre regularly collects the cash from its machines in most cases so it does not have significant exposure to bad debts.
Net debt was 19.3m at the end of April 2009. In July, Sceptre raised 5.5m at 33.1p a share. Negotiations continue with Sceptres bank about new facilities.


Ceramic Fuel Cells (CFU) - 159m@14.5p - Fuel cells
An Australian utility is installing Ceramic Fuel Cells BlueGen gas-to-electricity generator in a showcase sustainability home. This will help to show off the technology and boost commercial sales when they start in 2010.
Like its micro-CHP peers CFC was frustrated by the slow progress made by its boiler manufacturing and utility partners. BlueGen, which is the size of a dishwasher, can work with an existing or new boiler and can produce up to 17,000 kilowatt hours of power a year. That is enough electricity to power a home and the surplus can be sold to the grid. CFC is still working with boiler manufacturers who will incorporate the fuel cell technology in their boilers but this will take longer to generate revenues.

Finance
CFC raised A$32.2m (16.1m) from a placing and rights issue at 2.2p a share. The share price is now more than 600% higher. There was A$25.5m (12.8m) cash in the bank at the end of June 2009. CFC has sold all its financial investments since the end of June 2009. They were in the books for A$4.3m (2.3m) and CFC received A$6.6m (3.5m) for them.
There will continue to be a cash outflow from operations even if revenues do grow significantly. Even so, CFC has plenty of cash for its immediate needs.


Animalcare (ANCR) - 20.5m@105p - Vet medicines, livestock identification
The share price is exactly double the level at which the veterinary medicines and livestock products joined Aim in January 2008.
The eponymous Animalcare business was acquired when the group joined Aim so this years figures are not strictly comparable with last years numbers. Revenues grew from 11.8m to 17.6m in the year to June 2009. Underlying profits rose from 1.21m to 2.01m.
On a pro-forma basis the revenues of the core veterinary medicines division grew by two-fifths. This business generated the main growth in profits.
Adverse foreign exchange movements hit the profits of the animal identification chip business. The introduction of electronic tagging of sheep should help sales to grow.
The loss of a low margin helped to improve the gross margins of the animal welfare division. This is a commodity business so growth is likely to be more modest than in the other businesses. Exchange rates will have a negative effect this year.
Animalcare is on course to make profits of at least 2.5m in 2009-10. That would put the shares on 13 times prospective earnings for the year to June 2010. That rating reflects the strong growth prospects for earnings.

Finance
Net debt was 3.92m at the end of June 2009 and the cash generative nature of the business means that borrowings will continue to reduce. Net debt should fall below 3m by June 2010. There are no worries about the banking covenants. The majority of the debt lasts until December 2012, with the rest in the form of 12 year mortgage of 1m.


Walker Greenbank (WGB) - 13.3m@22.5p - Wallcoverings and furnishing fabrics
Interior furnishings supplier Walker Greenbank is seeing some signs of improvement in its markets after a tough first half.
Revenues fell 12% to 29.1m in the six months to July 2009. The interim profits slumped from 1.72m to 568,000.
The Zoffany brand was hardest hit in the first half. This is because it is the most upmarket. The Sanderson brand held up well. The brands still made an operating profit of 2.3m, down from 3.09m. The manufacturing operations swung from an interim operating profit of 672,000 to an operating loss of 84,000. The second quarter was better and redundancies should help the second half performance.
Sales in September were higher than one year before and revenues are set to be higher in the second half than they were in the first half. Hedging the dollar meant that Walker Greenbank has not benefited from that currencys recent weakness. This years rate is $1.88/ and next year it is set to be $1.50/.

Finance
Despite the fall in profits net debt was much lower than 12 months before. Interest charges were seven times covered. The net debt was 6.73m at the end of July 2009 and it is on course to be 4.5m at the end of January 2010. The main bank facilities last until July 2010 with a 4m property loan lasting until July 2019.
Posted by A series of blogs on Enterprise Britain, on behalf of our country's four point three million business owners and managers at 9:00 AM 0 comments
Labels: AIM, Alexander David, capital gains, Capital gains tax relief, EIS, EIS Fund, Enterprise Investement Scheme, Fund, PLUS, VCT
Wednesday, October 14, 2009
Monday 12th October 2009
LAST WEEK/ THIS WEEK
The FTSE 100 closed the week up 3.5% at 5161.87, while the FTSE AIM All-Share improved 5% to 664.2. Last week was busy for world economic news and UK house prices and at least superficially all seems well . This week there will be further economic evidence to form an opinion on whether the market is over-brought on fundamentals. Inflation will be on Tuesday which could fall to by 0.1% to 1.5%. Wednesday could see unemployment reaching 2.5m and Average Earnings improve by 3%. It is news that drives small caps and the market seems to be reacting well to good news while poor news is seemingly already discounted in the price.

COMPANY REPORTS

Hanson Westhouse (HWH) - 7.73m@67.5p - Broker
Hanson Westhouse intends to start making markets in the shares of its clients. It says that this should not take up much of its capital - possibly around 1m.
Hanson Westhouse has around 40 clients, of which 35 are on Aim. Management believes that floating has helped to show potential clients that it has a strong balance sheet. Revenues fell sharply in the six months to June 2009 and the business made an underlying loss. Fees and commissions have improved since the end of June 2009. At its peak the business had an annual turnover of around 7m - it may not be much more than half that this year.
Robert Hanson is severing his connection with Hanson Westhouse so it intends to change its name to Westhouse.

Finance
Hanson Westhouse has six times its required regulatory capital and it has the finance to grow its business. There was 517,000 of cash in the bank at the end of June 2009 and the position has improved since. There are also investments - quoted and unquoted - held by SovGEM, the shell the broker reversed in to, which will provide additional cash as they are liquidated. That is unlikely to happen in the short-term. That portfolio has increased in value by one-third so far this year.
M&A
More likely to take on teams rather than acquire other brokers.


Inland (INL) - 20m@12p - Brown Land Property Developer
Steve Wicks turned pennies into pound in Country and Metropolitan and set up Inland after rising near 50m in 2007. Inland are developers of urban regeneration projects around Southern England predominantly specialising in buying brownfield property and enhancing its value through obtaining planning permissions for residential and mixed-use developments. Inland currently gained planning permission on 11 sites for around 300 plots. The finals for June 2008 reported a loss of 10.5m without substantial write downs the loss would have been 3.93m. House builders, last year were not buying land with planning consent. The NAV was marked down from 50m to 40m, which is 25p a share and no further right downs are envisaged. By developing some plots, themselves and selling the houses turnover of 4.5m was generated and rental income was 0.71m.
Inland own a 25 acre site ex-military site in Farnborough, part of which is being developed. There is very significant potential from a Joint-land development venture in a 30 acre site in West Drayton, where there are potential for over 2000 plots plus commercial opportunities. Inland estimate that its portfolio has a gross value of 420m. Recently House builders have been raising money via right issues and could soon be paying development land again. Meanwhile Inland are building out plots in Byfleet, Queensgate Farnborough, which should generate sufficient cash and profits to meet obligations. The 52% discount to NAV seems to discount bad news.

Financials
Bank borrowing stood at 6.6m and there is a revolving credit facility of 10m with the Royal Bank of Scotland, due to be renewed shortly. The schedule for paying deferred consideration of 9.5m on the estate has been renegotiated to manageable terms so that 3.5m is due to be repaid in the current year. Administration costs are around 2m as most activities are outsourced when required.

Brainspark (BSP) - 1.36m@0.41p - Investment company
Brainspark started out as a technology investment company a decade ago and has made little progress since then. It still has a small portfolio of investments but wants to build up a business with wholly owned operations that are away from the traditional technology focus. Brainspark intends to spin off its China IPO and technology investment interests in a separate vehicle. Brainspark would then be a shell. China IPO has ended its advisory agreement with London Asia.

Finance
There was 183,000 in the bank plus available for sale investments of 403,000 at the end of June.
M&A
Brainspark wants to expand through acquisition. It appears likely to acquire a theme park operator in which it already has a 0.47% stake. Brainspark is also considering a TV production company, an interactive mobile content provider and an Italian stockbroker.


Public Service Properties Investments (PSPI) - 51.1m@76p - Property investor
PSPI is trading at a discount to its NAV of well over 75%. The reported NAV is 153.1p a share at the end of June 2009, compared with 155.1p a share six months earlier. When this figure is adjusted for goodwill and deferred tax on unrealised gains the NAV is 193.7p a share, against 196.9p a share at the end of 2008. That is after a 4p a share dividend payment in May 2009 so the underlying NAV has grown slightly. An unchanged interim dividend of 2p a share has been declared.
Revenues improved from 7.6m to 9.37m in the six months to June 2009. The write-down on the portfolio valuation was less than 1%. Profits increased from 4.52m to 5.34m.
Revenues are assured by index-linked long-term leases, although there is always a worry that the tenant could get into financial difficulties. There are also longer-term concerns about potential budget cuts and public funding for care home occupants.
PSPIs portfolio is dominated by UK healthcare sector properties. They account for 69% of the value of the portfolio with the German properties accounting for 20%. The rest is in Switzerland and the US. The US properties are post offices and they do not fit in with the core business. However, they provide a good return and, if they were sold, PSPI would need to find an even better investment that it can reinvest the money in.

Finance
Net debt was nearly 148m at the end of June 2009, giving balance sheet gearing of 145%. Loan to value is currently 54%. The maximum loan to value that PSPI is willing to go to is 70% but in reality it is unlikely to want to go as high as that. Germany is likely to be the focus of acquisition activity. No property acquisitions have been made so far this year but PSPI has been putting money into refurbishing existing properties. This will help to improve rental income. Enough cash was generated in the first half to cover the periods capital investment.

Sigma Capital (SGM) - 7.4m@ 15.75p - Asset management
The property and renewable energy funds manager booked a profit of 3.58m on the demerger, which was partly offset by a 1.88m write down on the value of a property. Revenues fell from 3.31m to 1.34m in the six months to June 2009 due to the lack of fees from new property partnerships. Profits rose from 506,000 to 1.58m but there would have been a loss without the two one-off items.
Edison forecasts a full year profit of 1.27m. Excluding the gain on the disposal of Frontier IP and the write down of the property, the loss would be 435,000.
Management believes that this is a good time to be buying property so this part of the business should strengthen. Sigma also intends to launch new funds covering sectors such as biomass and small scale wind.

Finance
Net cash is 4.43m - including 628,000 raised by Frontier IP. Sigmas net asset value is 20.8p a share.

SciSys (SSY) - 14.2m@50p - IT services
SciSys is benefiting from cost cutting and the completion of unprofitable contracts. Although revenues are expected to be flat this year at 38.2m the underlying operating profit is expected to improve from 900,000 to 1.3m. The interim operating profit was 600,000. The improvement in margins is expected to continue for the next couple of years. Canaccord forecasts an improvement in operating margins from 3.4% in 2009 to 5.7% in 2011. These margins could possibly reach up to 7% over the long-term.
The government and broadcast divisions are doing better than expected but the space division is behind budget. The government contracts are in areas where spending is less likely to be cut.
SciSys is winning new contracts so this augurs well for future revenues. These include contracts with the government, BBC and European Space Agency.

Finance
Net cash is 1.3m and the dividend has been reinstated.


Motivcom (MCM) - 19.8m@68p - Promotions
Reported profits were flat at 1.4m, although pre-amortisation profits fell from 1.77m to 1.62m. Revenues fell from 55.9m to 49m.
The core motivation division was hit by reduced spending by clients but new clients and a solid contribution from vouchers means that the profit contribution doubled to 510,000 even though revenues fell by 12%.
Cost savings are offsetting the lower activity levels in the events division. There was a decline in contribution in the first half but the full year contribution should be similar to last year.
The promotions division was hit by higher take ups for some promotions where Motivcom gets a fixed fee. This was partly offset by higher employee benefits income.
Numis is maintaining its full year profit forecast at 3.5m, up from 2.9m in 2008.

Finance
Net debt was 136,000 at the end of June 2009 but this is a low point in the year for cash. The end of the year cash position is always much stronger.

Proton Power (PPS) - 8m@7.5p - Fuel cells
The companys manufacturing partner is already assembling fuel cell stacks and is gearing up for full scale production. The plan is for Proton to become a supplier of a fuel cell-based power pack that has a number of different uses rather than a large number of different products.
Proton has signed an agreement giving Michigan-based engines and transmissions supplier L-3 Communications exclusivity over its fuel cell systems in propulsion systems, marine and universal power supply applications in the North American market. L-3 can also sell the products internationally. The military is a key market for L-3.
Revenues fell from 455,000 to 289,000 in the six months to June 2009. The loss increased from 1.29m to 2.05m. Interest is being shown in Protons technology by light duty vehicle manufacturers.

Finance
Proton still has cash and available bank facilities but it will need to start generating significant revenues early next year or more cash will be needed.


Baobab Resources (BAO) - 13.4m@11.5p - Minerals explorer in Mozambique
Baobab is exploring for iron ore, base and precious metals in Mozambique. It is one of the best performing Aim shares over the past month, having risen around 150%, thanks to news of its Tete iron, vanadium and titanium project. This has a 47.7m tonne inferred resource. An independent assessment concludes that there is 400 to 700m tonnes of mineralization to a dept of 250 metres below the surface. This project could underpin an operation process up to 10m tonnes per year for 30 years. A financial modelling exercise is underway. Further updates will be published later in October.

Finance
Baobab says that it has enough cash to last it until next year.


Northbridge Industrial Services(NBI) - 11p1m@134.5p - Industrial equipment and generators hire Going Ex-dividend in on Tuesday
The equipment rental and sales company reported a fall in revenues from 6.87m to 6.1m in the six months to June 2009. A 38% increase in rental revenues helped to improve margins. Pre-tax profits improved from 1.03m to 1.12m.
A one-for-four open offer at 110p a share in June 2009 raised 1.46m after costs. This will increase the average number of shares in issue in the second half and make it more difficult to increase earnings per share.
Net debt was 3.08m at the end of June 2009 as Northbridge invested in its rental equipment fleet. This investment continues. Northbridge has additional land at its factory site which would enable it to increase its production capacity. The interim dividend is being increased from 1.3p to 1.4p a share.
Northbridge has won a $2.9m a year contract at the Jabali zinc project in Yemen. The contract with Aim-quoted ZincOx lasts for three years and will make a significant contribution in 2010. Northbridge will supply generators, transformers and other equipment.

Finance
A one-for-four open offer at 110p a share in June 2009 raised 1.46m after costs. This will increase the average number of shares in issue in the second half and make it more difficult to increase earnings per share.
Net debt was 3.08m at the end of June 2009 as Northbridge invested in its rental equipment fleet. This investment continues. Northbridge has additional land at its factory site which would enable it to increase its production capacity. The interim dividend is being increased from 1.3p to 1.4p a share.
M&A
Northbridge continues to look for acquisitions that will add to the product range of equipment and help the company to expand geographically.
Posted by A series of blogs on Enterprise Britain, on behalf of our country's four point three million business owners and managers at 3:23 PM 0 comments
Labels: AIM, Alexander David, capital gains, Capital gains tax relief, EIS, EIS Fund, Enterprise Investement Scheme, Fund, PLUS, VCT
Tuesday, October 6, 2009
Monday 5th October 2009
LAST WEEK/ THIS WEEK
Regular readers, assuming there are any, should not be surprised by the profit taking on Thursday and Friday due to the uncertain economic news and as the market has risen some 20% over the last Qtr. The FTSE 100 fell -1.2% on the week and our new preferred measure of small caps is now the AIM All Share which at 632.1 was down -1.3%.

This weeks economic newsflow could stimulate economic bulls and bears there is consumer confidence on Wednesday with Eurozone GDP. Thursday there are interest rate decisions in both the UK and US. In the US there are also Jobless claims and on Friday will be there Trade imbalance. All things being equal small caps will ignore the economic data.

DIRECTORS DEALING
The rules covering Directors Dealing makes this a more useful as a medium term indicator.

BUYS
Archial Group - 148k@10p
Douglasbay Capital - 198k@5.3p
Interbulk Group - 400k@ 3.7p
Immedia Group - 500k@9.3p
Northacre - 1.5m@20p
Global Coal - 50k@89p
Nasstar - 6.5m@ 6p
Tower Resources - 62m@2p

SELLS
BG - 2m@11.1p
Hargreaves Services - 1.4m@6.5p


COMPANY REPORTS
ADVFN (AFN) - 21m @3.4p - Development and provision of financial information
Turnover at this long established international financial website information service provider marginally improved. For the full year turnover improved by 1% to just over 7m, while losses are reduced 67% to 0.429m, at the EBITDA level profits of 641,000 were reported. The long term strategy is to build the ADVFN brand internationally where the US market is a key (perhaps overcrowded target). ADVFN continuing to develop new products and services and although once developed they are highly scalable the payback period and return on the development investment is less visible. Advertising sales fell 9% which is relatively small drop in comparison to the kinds of slumps seen in print and TV advertising. Subscription income is making up for the loss in advertising and does presently provide a relatively stable revenue base.
Financials
The amortization of intangible asset is running at around 1m so the cash position is relatively strong with year-end cash balances at 1.5m. The relatively high market cap is not supported by earnings which suggest that there is an expansion opportunity to buy assets and earnings for shares. The 19.3% shareholding by On-Line another, Aim is valued at 4m, while On-Line at 22p is capitalised at 1.7m.

Radicle Projects (RDP) - 1.1m@5.75p - Agricultural investments
Radicle Projects is trying to refocus its business so that it can become a fund management business.
The Australian agricultural projects investor historically was an investor in projects but it wants to organise funds to invest in projects and manage those funds itself. Radicle intends to improve its cash position by selling investments.
The administrator of Kaupthing Singer & Friedlander has sold its 1.96m shares in Radicle. That removes an overhang of more than 10% of the shares.
Full year figures for the year to June 2009 will be published in December.
Finance
Radicle has agreed a restructuring of its convertible loan notes. The face value of the loan notes will be reduced by 60% from 15.1m to around 6m. The face value will then be increased on a monthly basis until it returns to the original value when they mature in June 2012. The December 2009 interest payment will be deferred until June 2010.
One of the main loan note holders would like to raise cash so Radicle intends to use the money raised from asset disposals to tender for loan notes. Some of the disposal cash is also needed for working capital.
Radicle had cash in the bank of 660,000 at the end of August 2009.

AEC Education (AEC) - 10.5m@22p - Education
AEC Education is on course to grow profits by 57% this year. The educational qualifications and training programmes provider is expected to report 2009 profits of 1.2m, up from 762,000 in 2008.
AEC reported underlying interim profits of 403,000 in the six months to June 2009. Demand remains strong in the companys core market in the Far East.
London-based educational courses provider Malvern House will make an initial contribution in the second half. AEC will be able to refer students to Malvern House.
Finance
Net cash was 1.5m at the end of June 2009 but since then 1.63m has come in from a placing but around 2.84m has been paid in cash for Malvern House - or will be when the next payment is made in October 2009. The business is cash generative so it will still be cash positive after the imminent payment for Malvern House.

eg solutions (EGS) - 4m@28p - Software
Operations management software supplier eg solutions managed to maintain interim profits even though revenues fell by 8% to 2.09m in the six months to July 2009.
Profits edged up from 53,000 to 56,000 thanks to cost cutting. This represents a strong recovery from the second half loss and was achieved despite a sharp fall in interest income.
There has been some downward pressure on the prices of maintenance renewals. The company has signed up the clients to three year deals to compensate for the reduced income.
Businesses increasingly need to measure the efficiency of their business processes so the outlook for the company is good. Larger customers, such as Legal & General and Nationwide Building Society, are buying software licences but are using their own staff to implement the software. This means that eg solutions does not need as many staff involved in the delivery of the software.
The second half of last year was particularly weak so eg solutions should be able to do better in the second half of this year. Analysts forecast profits of 300,000 for the year to January 2010. The shares are trading on 15 times prospective 2009-10 earnings.
Finance
Lower working capital requirements helped the cash balance rise to 592,000 at the end of July 2009.
Mirada (MIRA) - 8.14m@41p - Interactive TV
Formerly known as Yoomedia, Mirada has sharply reduced costs and its loss in the year to March 2009. Annualised admin costs are running at around 6m. The interactive content services manager says that it got out of the business to consumer market because it was competing against its customers.
The marketing services side of the business has similarities to part of Veltis operations.
Miradas latest development is a mobile-based parking service.
Finance
There was net cash of 1.1m at the end of March 2009. The cost savings should have stemmed the cash outflow and the company is not looking for cash for operations. It may require cash for acquisitions so that it can consolidate the market.
M&A
Mirada would like to expand geographically so that it can offer its existing products in more markets. There is a window of opportunity in the US over the next 12-18 months. It would also be interested in widening the range of products that it can offer.

Brainjuicer (BJU) - 18.9m@154p - Market research
Overseas growth made up for lower revenues in the UK operations of online market research agency BrainJuicer Group. The new Swiss and German operations are already in profit and the US moved from loss to profit during the first half. The overseas operations generate more revenues from BrainJuicers own products and the sale of these has held up better than standard market research.
Overall revenues grew 22% to 4.85m in the six months to June 2009. Profits rose 6% to 243,000. The year started off poorly but trading continues to recover.
BrainJuicer plans to open an office in China.
The share price has risen by 60% over the past six months.
Full year profits are expected to improve from 1.4m to 1.6m. The shares are trading on 17 times prospective earnings for 2009. That is similar to the multiple at the same time last year.
Finance
The interim dividend was increased by one-fifth to 0.6p a share. Net cash was 1.19m at the end of June 2009. The figure was lower than six months before but BrainJuicer has been investing in a new software platform.

Morson (MRN) - 53.1m@115.5p - Engineering recruitment
Technical recruitment has always held up well when there is a downturn in the economy. Turnover rose 4% to 220m and pre-tax profit adjusted for head office relocation costs declined 5% to 5.4m in the six months to June 2009. Permanent recruitment declined.
There was a small decline in revenues in the nuclear sector. Aerospace, construction and oil and gas all edged ahead. Newer activities are growing fastest. Morson is moving into the rail welding market.
There has been some margin pressure on renewals - a drop of around 0.5 percentage points - but some of the lost values have been made up for by higher volumes.
Brewin Dolphin forecasts a fall in full year profits from 11.7m to 11m. That puts the shares on seven times prospective 2009 earnings.
Finance
Reduced working capital has enabled Morson to reduce its net debt by nearly one-third to 18.8m.
M&A
Morson would like to expand geographically and move into new sectors.

Stratex International (STI) - 9.98m@4.125p - Mining
Stratex International is expanding its interest into Ethiopia.
Up until now Stratex has focused on Turkey. A 40,000 investment has given Stratex a 5.6% stake in Plus-quoted Sheba Exploration and it also has the right to earn an initial 60% of Shebas Shehagne gold project in northern Ethiopia in return for spending 350,000. Sheba has There is also a joint venture that will explore other parts of northern Ethiopia.
Stratex believes that the Arabian Nubian Shield is highly prospective and it hosts a number of high-grade gold and copper deposits. Stratex says that the area it is exploring is politically stable.
Stratex expects to sign a definitive joint venture agreement with Turkish construction and mining company NTF Insaat Ticaret Ltd - for Stratexs Inlice and Altintepe gold projects - in the next few weeks.
Stratex expects to start drilling at the Oksut gold project in Central Anatolia in Turkey in a week or so. This is the subject of a joint venture with Canada-based Centerra, which is earning an initial 50% interest in the project.
Finance
Stratex has cash of around 2.1m at the end of September 2009.

Totally (TLY) - 0.625p @0.6m - Jewish Publisher and provision of Digital Marketing services
It must have crossed the chairmans mind that Totally will not be able to grow organically to be large enough to justify being listed on AIM or fast enough to repay convertible debt of 0.5m. The recent interims showed a brave effort in a declining market as they managed to increase sales by 5.8% to 0.86m making a PBT of 56k. There are two divisions; the publishing and media that relies on advertising and the Software Development and Digital Marketing Division. The publishing side has opened a new Events division to further monitories its mainly Jewish audience which should make a contribution by the year-end. The Software development divisions is showing relatively strong growth and works with web communities to monetise the audience through addition white labelled services such as flat share and classified ads. Traditionally the second half is stronger so continued progress is expected so profits of over 110,000 could be achievable.
Financials
The convertible debt of 0.5m is largely to Michael Sinclair and Leo Noi so is safe but does give them sufficient control to agree to a chance of business.

Legion Group (LGNG) - 1.75p@ 9.85 - Provision of total security solutions
There has been a period of significant development for this the former SectorGuard and the recent finals showed some stretch marks. Acquisition assisted turnover increased to 28.9m from 17.5m but losses after exceptional increased for a verity of reasons to 1.4m from 1.2m. After the sequence of acquisitions new management are in place and the Former FD was replaced just before these figures were announced. Legion is one of the UKs Top Ten manned guarding companies which is a sector where there are benefits from economies of scale likely to drive further sector consolidation.
These results have not established the news management position who emphasised a need to deal with difficult legacy issues in accounting and funding although few details were given. This must cause uncertainly in the existing forecast of PBT of 2.8m on turnover of 71m. There could be some downside in the current price but that would increase potential bid interest.
Posted by A series of blogs on Enterprise Britain, on behalf of our country's four point three million business owners and managers at 10:10 AM 0 comments
Labels: AIM, Alexander David, capital gains, Capital gains tax relief, EIS, EIS Fund, Enterprise Investement Scheme, Fund, PLUS, VCT
Monday, September 28, 2009
Monday 28th September 2009
LAST WEEK
The FTSE closed down -1.9 on the week while the Small Cap was -2% lower with the Fledgling down -0.9%. There is plenty of opportunity for spotting Green Shoots this week with 2nd Qtr GDP figures likely to be verdant but what are the clues for 3rd Qtr figs? Well pointing the way will be Land Registry, an indication for house prices, then Consumer Confidence followed with Purchasing Mangers Index on Friday. The state of the global recovery may be summed up by US September Unemployment figures. Unemployment, as a lagging indicator, is likely to continue to increase, but markets will be hoping that the rate of increase is slowing. The picture could remain mixed.

DIRECTORS DEALING
The rules covering Directors Dealing makes this a more useful as a medium term indicator.

BUYS
- Argo, 88k@17p
- Capital Regional, 4.5M@24p
- CustomVis, 80k@1.28p
- Cyprotex, 121k@4.45p
- Johnson Press , 79k@40p
- Merchant Securities, 520k@9p
- Oneline Publishing, 265k@0.75p
- PureWater, 12m@2p
- Turbotec Products, 50k@28p

SELLS
- Anglo Pacific, 1m@210p
- Care Uk, 14k@300p
- Kopane Diamonds, 500k@16p

COMPANY REPORTS
Mission Marketing TMMG - 13.3m@ 34.5p - National marketing communications and advertising group
Good news is expected to follow the bad after Mission Marketing Group reported lower interims and the scrapping of its dividend. They have come through what they described as the toughest trading conditions in the advertising industry for many years. Operating income fell 17% to 18.6m down from 22.5m. Profits are down 65% to 1.7m from 4.9m but the good news is that they see the rate of deterioration bottoming out .
Mission Marketing is a national group of digital, brand, marketing, advertising and full service agencies and could be well positioned to benefit from an improvement in confidence and when clients spending levels begin to increase. There are signs of improvement in some sectors and industries although the investment spending levels are likely to only improve gradually . So the shadow of green shoots a plenty. The Broker Seymour Pierce is forecasting of 4.8m for the year to Dec 2009 giving an EPS of 9.8p and a prospective P/E of 3.5x. These forecast seems to imply a stronger second than these figures strictly justify.
Finance
The debt of 14.5m that was build up in an aggressive acquisition spree is being paid down although there are further acquisition liabilities of 6m. Mission seem to have managed the integration of acquisitions better than most but they have stated that further acquisitions are presently on hold.

Intelligent Environments (IEN) - 19.6m@11.75p - Software
Intelligent Environments increased its interim profits by one-third to 458,000. The online savings and investments applications software provider increased recurring revenues by 21% and this means that 30% of total revenues of 3.2m in the six months to June 2009 were recurring. Transactional revenues were lower than in the second half of 2008. IE receives a payment every time there is an application for savings and investments. A reduction in applications hit transactional revenues but this should be a short-term blip.
The profit was struck after capitalising development costs of 356,000 - net of amortisation. The amortisation charge and the capitalised costs should move towards cancelling each other out by 2011.
Banks are keen to attract more funds from investors and they also want to reduce their costs. These are both arguments for installing IEs software. IE is extending its coverage to mortgages and insurance.
The contract with National Savings and Investments has been completed in the second half. The premium bonds module went live in September 2009.
House broker FinnCap forecasts an increase in full year profits from 1.3m to 1.7m in 2009. That puts the shares on just over ten times forecast 2009 earnings. IE will need to win a couple of new contracts by the end of November to achieve that target. A maiden dividend of 0.1p a share is forecast.

Finance
IE has net cash of 1.05m and this is expected to rise steadily. Cash flow tends to be strongest in the second half. There are still more than 7m of tax losses available.

Autoclenz ACZ - 4.73m@45.5p - Motor vehicle retail, franchised dealership, rental and distribution
Interims reported a 19% fall in sales to 13.7m but due to improved systems and efficiency the gross margin increased from 17% to 27% so that profits came out at 707k against a loss of 475k. The business which includes Rental, Valeting, AC SMART, Movements and Auction business saw a decline in sales mainly due to some account rationalisation of poorer performing parts of the business and a decline in car sales. The most notable sales decline was within Rental and Movements due to customers reducing fleet size to "recessionary" levels. Sales levels in the core Valeting and Auction business sectors fell slightly which in light of the economic climate is a better performance than most market place trends show. React is the non automotive part of the business and is the specialist cleaning decontamination service, is showing some increase in sales and profitability as the new sales and operational structure are implemented. The company are looking to expand the non auto part of the business.
Finance
Good cash generation reduced net debt from 2.7m at the year end to 2.2m the target is to reduce net debt below 2m by the year end. There are no forecast but the (ADJUSTED) interims EPS of 4.9p is well on the way to the 2007 full year EPS of 6p. There seems to be room for further recovery momentum.

smartFOCUS (STF) - 11.25m@12p - Consumer relationship software
SmartFOCUS continues to provide positive surprises for investors.
The marketing and consumer relationship software provider reported a swing from a loss of 649,000 to a profit of 154,000 at the interim stage. Revenues improved from 4.96m to 5.63m in the six months to June 2009 even though smartFOCUS is still working through the switch from perpetual licences to a Software-as-a-Service model. Recurring revenues account for 61% of group revenues. Many newer customers are taking email services and these may upgrade to higher margin software in the future.
This has been enough for house broker Arbuthnot to upgrade its profit forecast yet again this year. The broker increased the 2009 forecast by 100,000 to 400,000. The company has already secured 87% of the revenues it requires to make that forecast. The 2010 profit forecast is 640,000. Two-thirds of 2009 revenues should recur in 2010.
The shares are trading on 17 times forecast earnings for 2010.
Finance
There was 1.54m in cash in the bank at the end of June 2009.


Seeing Machines (SEE) - 6.24m@2p - Technology
Seeing Machines fell into loss in the second half of its financial year after reporting a profit in the fist half.
Seeing Machines designs integrated software and digital camera technology that tracks facial movement and reactions. The main source of revenues comes from supplying devices fitted in vehicles to assess driver distraction and drowsiness. Even so, the contract with Dycom Industries has not generated revenues at the pace originally expected. There is still some way to go in the roll-out across its fleet of vehicles.
Seeing Machines went from a profit of A$327,000 in 2007-08 to a loss of A$5.61m in the year to June 2009, although that includes a net write-off of development costs of A$5.04m. This means that there are no capitalised development costs on the balance sheet.
The TrueField Analyzer is launching later this year. It is designed to detect glaucoma. Seeing Machines is talking to global distribution partners.
Seeing Machines recently appointed Daniel Stewart as its broker. The new house broker forecasts a profit of A$700,000 in the year to June 2010. This assumes at least one new vehicle fleet contract. That puts the shares on 17 times forecast earnings for 2009-10.
Finance
Net cash was $679,000 at the end of June 2009. Management believes it has enough cash for the companys needs. If it meets forecasts the cash pile should be higher at the end of June 2010.

Asia Digital Holdings (ADH) - 9.1m@1.625p - Online advertising services
Growth in Asian markets helped Asia Digital Holdings to offset the loss of a major customer in Australia.
The online advertising and marketing services provider says that its businesses in Singapore and India account for more than one-third of revenues compared with nothing two years ago. There is not as much competition in these markets as there is in a mature market such as the UK. Asia has the largest and fastest growing internet user base in the world. Asia Digital will move into other Asian markets - possibly through partners.
Revenues grew 28% to 8.6m in the six months to June 2009. The loss increased from 743,000 to 1.14m, which is due to spending on expanding the Asian operations. There was also a one-off charge of 90,000 relating a new IT system. The loss-making South African business has been offloaded.
The Australian operation has managed to replace the lost business. Australia is the largest part of the business but that may not still be true by the end of 2010.
Asia Digital is on course to move into monthly profit before the end of 2009. House broker Daniel Stewart forecasts a profit of 100,000 in 2010, rising to 1.4m in 2010.
Finance
There was 674,000 of cash in the bank at the end of June 2009. This figure is expected to increase to 800,000 by the end of 2009.

Medgenics Inc (MEDG) - 6.3m@7.125p - Biopharmaceuticals
Medgenics Inc says that one patient has lasted nearly 11 months on one EPODURE treatment and this is helping the company to advance its discussions with pharma companies. Israel-based Medgenics is a biopharmaceutical company, which has developed a technology that could replace regular injections as a treatment for various ailments. The first product is called EPODURE, because it produces EPO (erythro-protein) to treat anaemia.
The 72 year old patient has previously needed regular EPO injections. Many patients need three injections each week. Most of the other patients in the clinical trial have also gone longer than normal without injections. The trials need to be expanded to a broader range of patients to further prove the efficacy of the treatment.
M&A
Medgenics is in talks with a major pharma company to co-develop a treatment producing Factor VIII protein for treating haemophilia, a market worth more than $3.5bn a year. An Asian biopharma company is interested in doing a deal that would involve treatments for Asian markets and an investment in Medgenics.

Vindon Healthcare (VDN) - 14.2m@16p - Environmental control products and services
Vindon Healthcare reported a fall in interim profits but this was in line with August trading statement. Revenues were flat at 2.59m but profits dipped from 828,000 to 497,000 in the six months to June 2009. There was a lack of higher margin environmental control cabinet sales plus some duplicate costs relating to the move to new premises.
Customers are taking their time to make up their minds when to trigger equipment orders. They are still likely to happen but timing is uncertain.
Sales of cabinets in the US are building from a low base and this will be used as a springboard for a storage services operation possibly later in 2010.
Sometimes an expected equipment order does not happen but the customer outsources the storage business to Vindon instead. This provides recurring revenues even if short-term margins are lower.
The new premises provide additional storage capacity and Vindon has added cryogenic facilities. As well as pharma and healthcare customers Vindon is adding customers in the heritage area. The Irish storage business has moved into profit.
Vindon has committed second half revenues of 1.3m, compared with 796,000 at the same time last year. Vindon has not replaced all the committed revenues at the time of the 2008 results but they are still 3.9m.
Vindon should still achieve profits of more than 1m, down from 1.5m in 2008, for the full year. That puts the shares on nearly 20 times prospective 2009 earnings.
Finance
Most of the cash generated from the business was taken up by increased working capital. Even so, net debt only edged up to 2.66m.

WIN (WNN) - 6.55m@74.5p - Mobile telecoms services
WIN reported reduced interim profits but this should mark the bottom of its fortunes.
The mobile content and distribution services provider reported a fall in interim profits from 416,000 to 28,000, after 177,000 of exceptional charges relating to cost cutting. Annualised costs have been reduced by 200,000. Revenues edged ahead from 19.4m to 19.7m in the six months to June 2009.
Newer, higher margin operations are becoming more important to the group and WINs recovery will be based on these operations. The premium rate phone numbers business is declining. The managed services business has won new contracts from Vodafone, T-Mobile and Sony Ericsson
House broker Arden forecasts a dip in full year profits from 1.8m to 1.2m in 2009. The broker expects a recovery in profits to 1.9m in 2010. The shares are trading at less than eight times prospective earnings for 2009.
Finance
The interim dividend is maintained at 1p a share. Net cash was 933,000 at the end of June 2009. The cash position has improved since then.

Nationwide Accident Services (NARS) - Crash repairs - 43.4m@101.5p
The crash repairs business was hit by lower claims volumes and the work that is coming through requires more parts and less higher margin labour.
Profits declined from 3.89m to 2.41m in the first half of 2009 even though revenues rose from 88.3m to 90.9m. The main reason for the profit fall was a reduction in margins. There was also an increased pension charge. In the first quarter there were good volumes but poor margins while in the second quarter volumes were weak and margins improved.
Nationwide expects to win work as smaller repairers exit the market. A reduced cost base will help the second half performance.
Finance
Working capital has been reduced so the cash pile has increased to 7.88m. The interim dividend is unchanged at 1.7p a share.
Posted by A series of blogs on Enterprise Britain, on behalf of our country's four point three million business owners and managers at 3:33 PM 0 comments
Labels: AIM, Alexander David, capital gains, Capital gains tax relief, EIS, EIS Fund, Enterprise Investement Scheme, Fund, PLUS, VCT
Monday, September 21, 2009
Monday 21th September 2009
LAST WEEK
The FTSE 100s run continues with a 2.9% gain on the week. Over the year the FTSE has improved 6%, the All Share is up 6.5%, while the FTSE Fledgling is 29.4% higher on the year with a rise of 3.4% on the week. Small Caps outperform!
The FT reported comments from brokers that there is a tide of private investors frustrated with the low interest rates on offer in cash savings accounts and wary of buying into property have turned to equities.The macro-economic picture has a cautious texture. The news that public sector borrowing rose to 16.1bn last month sent a few shivers through the market. This borrowing is up from 9.9bn last year, but is in line with Chancellor Darlings forecasts and lower than many had predicted. The Governments debt now stands at 57.5% of GDP. The recession has dented tax receipts and increased unemployment benefit payouts, which increased 900m over the month. Taxes will go up and the next Government will need to cut expenditure.

COMPANYREPORTS
Tenon Steady Finals
Ultimate Finance Strong Finals
Independent Media
Surprising Interims
Net Dimensions
Profitable and at a Discount to cash
Cassidy Brothers
Profitable and discount to assets


DIRECTORS DEALINGS
The rules covering Directors Dealing makes this a more useful as a medium term indicator.

Buys:
- Antisoma, 225k@30p
- Capital & Regional, 3.6m@24p
- Coms, 4.3m@3p
- Deltax Medical, 250k@8.5p
- Guoco Leisure, 350k@22p
- Ingenious Media, 9.4m@40p
- Pure Water, 5.675m@2p
- Symphony Intern., 80k@28p

SELLS
- Petmin, 2,4m@16p
- Rurelec, 5.78m@17p



COMPANY REPORTS
Tenon (TNO) - 109.2m @ 57.25p - Accountants

Accountants Tenon produced another good set of results and it is looking forward to the increase in income tax rates next April generating even more business.
Chief executive Andy Raynor says that Tenons clients will want to do as much as they can to protect their income from the higher rate of tax of 50%. There is National Insurance on top of that. Once tax starts to take more than half of any additional income people take more notice of tax planning. Some individuals may decide to sell their business before the tax hike and this could help the corporate finance side of the business.
Business recovery is currently the star of the business and it grew its revenues by 41%. This area is likely to continue growing for the next couple of years even if the economy does recover.
Business recovery accounts for just under one-third of total group revenues of 151m in the year to June 2009. Some other parts of the business reported lower revenues, including low-margin strategic tax work and corporate finance, so revenues dipped by 6%. Profits before amortisation and exceptionals rose from 16.5m to 17.6m.
Net debt was 21.1m at the end of June 2009. On top of that there is deferred cash consideration of 3.8m, most of it payable within one year. There are bank facilities of 44m which last until November 2012 so there is still plenty of scope to make additional acquisitions.
Tenon has not been particularly active on the acquisition front in the past year but this could be set to change. It was difficult to assess how much an accountancy business was worth when the economy was still heading downwards. Now that the economy appears to have bottomed out it will be easier to assess the underlying value of the businesses.
Tenon still believes that there will be more consolidation in the sector and that the partnerships are no longer an ideal ownership structure. General accounting practices with a limited range of services would be ideal because Tenon could enhance the range offered to clients. Leeds, Bristol, Birmingham, Northampton and Bedford are areas that Tenon would like to enhance their presence.
Profits are expected to improve to around 19m in 2009-10. That puts the shares on just over 8x prospective earnings. The 1.5p a share dividend represents a yield of 2.6% and the dividend is likely to grow steadily over the years.


Ultimate Finance Group (UFG) - 2.6m @ 13.25p - Invoice Discounting

Ultimate Finance Group has reaped the benefits of being choosy about which businesses it lends to and this has helped it grow steadily over the past year.
A maiden dividend of 0.25p a share helped the share price rise 4.875p to 13.25p following the results. Former chief executive Brian Sumner took the chance to sell 500,000 shares he still owns 4.6%.
The invoice discounting and factoring companys underlying profits improved by one-third to 406,000 in the six months to June 2009. This adjusts for the 167,000 of restructuring charges in 2007-08. Lower interest costs helped boost the second half profits.
Ultimate had already announced that its facility from Lloyds TSB has increased from 18m to 25m. The facility lasts until 3 July 2012. However, the interest rate was increased. Ultimate was using 16m of the facility at the end of June 2009.
New enquiries increased by 77% last year but only a limited number of these were taken on as clients. Ultimate is also lending less as a percentage of its customers turnover. The amount of client turnover financed still increased by one-quarter to 213m. The northern and south eastern offices are moving into larger premises and the sales force is expanding.
Ultimate is in a good position to make add-on acquisitions if it can find the right quality of business that has been careful about whom it lends to.
Arbuthnot was appointed as nominated adviser and joint broker, with WH Ireland, in July 2009.
Ultimate is on course for profits of 500,000 this year. The shares are trading on around 8x prospective earnings for 2009-10.
The companys cautious approach may have reduced its short-term growth rate but it has meant that it is in a strong position to take advantage of the opportunities available in a tough market where competition has weakened.


Independent Media Distribution (IMD) - 16.2m @ 47.5p - Online Advertising Distribution

Independent Media Distribution has reported better than expected interim revenues and profits.
IMD distributes advertising online to TV and radio stations. It also offers booking management and other software and services to the broadcasting sector.
The loss of a reseller led to a fall in revenues but 50% of the work has been won back at better prices because IMD no longer has to pay the reseller. More work could be won in the second half. IMD also had to cope with lower revenues from the radio sector.
Revenues from new products helped offset some of the shortfall but revenues still declined from 3.76m to 3.65m in the six months to June 2009. Profits fell from 629,000 to 463,000 but that shortfall should be made up in the second half. Business start up losses fell but the new French business is still losing money. The German business is profitable but it has been hit more by the recession.
IMD returned to a net cash position at the end of June 2009. The business is highly cash generative and net cash was 799,000 at the end of the period. That enabled IMD to pay an interim dividend of 0.5p a share. That is lower than the corresponding interim but 43% higher than last years final dividend.
IMD World made an initial contribution in the first half. This service is offered to agencies adapting or reversioning existing adverts to local markets. These adverts are then distributed around the world by IMD, sometimes directly sometimes through partners. This is lower margin work but IMD has distributed to more than 50 countries so far.
The new archiving service IMD Index will generate revenues in the second half.
IMD is a highly cash generative business which is not directly affected by the level of advertising spending TV advertising spend has declined by 17% over the past year. IMD delivers the advert once and it does not matter how many times it is shown.
House broker Charles Stanley forecasts an improvement in full year profits from 1.1m to 1.3m. That suggests a strong second half. The recent rise in the share price means that the shares are trading on 16x prospective 2009 earnings. The nature of the business means that it warrants a higher rating than those companies directly exposed to advertising spend.



Net Dimensions (NETD) - 3.93m@19p - Licensing of computer software

Cheap as chips. Net Dimensions reported strong interims for the 6 months to 30June, a trading period including the height of the recession. Thus a 3% increase in turnover to $3m with a PBT of $0.41 against $0.09m, is a strong performance. There is net cash in the balance sheet of 4.1m which is greater than the market cap. Annualising the EPS would give a prospective P/E of 10x. The company reported that the second half is usually stronger than the first half.

The latest version of its flagship product The Enterprise Knowledge Platform 5.6 was launched and 26 new clients have been signed up. Net Dimensions provide companies, government agencies and other organizations with enterprise solutions to help deliver and manage corporate training solutions, career development, assessment and certifications programmes and support client with regulatory compliance needs

The new brokers Arden Partners have yet to put out a note but these fundamentals make this a firm base to build up from.


CASSIDY BROTHERS (CDY) - 2.2m@ 42.5p - Toy and nursery good manufactures

The finals surprised with a PBT of 324,000 on turnover of 3.9m as these numbers showed marginal improvements. The fall in UK sales due to destocking and the impact of the collapse of Woolworths was more than replaced by new international business not least from Australia.

The sales of George Foreman Grills and the Postman Pat steering wheels are receiving increasing numbers of international enquiries and orders. Five new products are being developed including a toy Dysons.

The NAV is 64.5p a share so this does seem cheap but historic earnings have been volatile and mainly loss making. The shares are also illiquid with the Cassidy family owning around 70%.
Posted by A series of blogs on Enterprise Britain, on behalf of our country's four point three million business owners and managers at 11:36 AM 0 comments
Labels: AIM, FTSE, PLUS, PLUS Markets, small cap market, small cap report, small caps
Monday, September 14, 2009
LAST WEEK
The FTSE closed 4.3% higher at 5011.4 while the Small Cap and Fledgling improved 5.8% and 4.1% respectively. The FTSEs rally seems understandable as it is supported by corporate activity and the progress being made by the economic recovery. There a few doubters wondering if it all recovering a little quickly given the prospects of slow growth. Small caps should continue to relatively outperform. Gold also had a good week and closed at $1,011 an onz.

COMPANY REPORTS
Advanced Medical Solutions
AMS
39m @ 28p
Woundcare products supplier

AMS was hit by large one-off charges relating to a potential acquisition that fell through. Without this, and the costs of moving to larger premises, the underlying performance of AMS remained good.
Revenues were flat at 9.9m in the six months to June 2009. A small decrease in gross margin was more than offset by favourable currency movements. Underlying profits dipped from 1.02m to 889,000. That is before the 763,000 charge for the failed acquisition and 186,000 spent on the site move.
Both divisions improved their contribution wound closure made a smaller loss. Even though there was destocking the advanced woundcare business made a higher operating profit. The reason for the fall in pre-tax profit for the group was lower income from fees paid by partners for the development of new products. There are some development projects being worked on but there is little in the way of revenues from them.
The outlook remains positive and the 2009 figures will be weighted even more to the second half. AMS should be able to maintain or beat the pre-tax profit of 2.93m in 2008.
Net cash was 4.2m at the end of June 2009. There was a cash outflow from operations of 985,000 in the first half of 2009 plus additional investment in the companys new premises. AMS should be able to continue to maintain a net cash position while it completes the move to new premises.

Alliance Pharma (APH)
37.7m @ 19.25p
Drug Distributor
Alliance Pharma has been one of the best performers on Aim during 2009. The shares have risen from 2.625p to 19.25p an increase of 633%. Alliance, which buys up well-established, niche drugs, finally started making significant profits in 2008 and they are increasing rapidly.
Alliance reported a profit of 2.4m in 2008 and it has already beaten that figure in 2009. In the six months to June 2009, Alliance reported an increase in interim profit from 1m to 2.9m, as revenues increased from 9.9m to 13.2m. Alliance is on course to make a full year profit of more than 6m. That means that, even though the share price has soared, Alliance is trading on less than eight times prospective earnings for 2009. There is even a maiden interim dividend of 0.07p a share.
The improvement in the share price has been sparked by healthcare investor MVM Life Science Partners buying a 9% stake in March and Nigel Wray building up his stake to 11.1% during 2009. Probably just as important is RAB Capital taking advantage of the rise in the share price to sell nearly all of its stake. That removed a potential stock overhang.
Alliance does not have to spend on marketing on the majority of the drug portfolio because they dominate their niche markets and competition is limited. Some of the drugs were launched in the 1950s. There are other drugs which do require some marketing spend, such as Nu-Seals, a low dose aspirin that has strong market share in Ireland.

One of the things that has held back the Alliance share price in the past has been the high level of debt. Net debt was 30.4m at the end of June 2009 and 34.3m after recent acquisitions. Most of the debt is from a facility secured on the value of the drugs acquired. These drugs are highly cash generative.
The financing is secure until 2012. There is still 10m of tax losses available so more of the cash generated can go towards reducing debt.
There is 7.5m of convertible unsecured loan stock paying an interest rate of 8% included in the net debt figure. This is convertible up until 30 November 2013 at 21p a share. The share price is getting back to that level and should hopefully be much higher before 2013. That means there is a good chance that a significant chunk of this loan stock will be converted into shares. Although the holders are fixed-income institutions so they will probably leave it as long as possible to convert. The loan stock is traded on Aim so they could sell it in the market it is trading close to par.
Alliance continues to look for more niche drugs to buy. It acquired nausea treatment Buccastem and skin cream Timodine from Reckitt Benckiser in August for 7.5m. This deal should be significantly earnings enhancing in 2010. Alliance has the ability to finance more deals like this.

UNIVERSE GROUP (UNG.L)
3.87m@3.875p
Universe is a supplier of payment and loyalty systems.

Strategic stake building at Universe Group as the AIM-quoted Brulines Group has bought a 7.05% holding. The shares appear to come from former Universe boss Ray Mackie who has cut his stake to below 3%. Other major holdings include Unicorn Asset Management 8%, Rathbone 4.9% and Ennismore 15.8%.

Universe is a supplier of retail payment and loyalty systems. Brulines supplies systems that measure the dispensing of beer and provide reports on amusement and gaming systems. Brulines also has a subsidiary called Edensure that monitors the loss of fuel at petrol forecourts. This appears to be the area where there is overlap between the two companies. Universe has petrol forecourt operations as well.

At the current price Universe is valued at 3.87m and moved back into profit in the first half of 2009 but had net debt of 2.06m at the end of June 2009. House broker Arbuthnot forecasts full year profits of 500,000, which puts the shares on a P/E of around 10x prospective 2009 earnings. Shares in Brulines are 103.5p which gives a market cap of 28.9m. The shares are trading on less than a PE of 8x for the year to March 2010.

A merger should give scope to cut costs, particularly those related to being a quoted company. The sum of parts in Universe have for some time seem undervalued so further stake building may be anticipated.


INTELLEGO (IHP.L)
1.04m@0.725p
Provide e-learning consultancy and training

The AGM statement reported that progress is being made. Following the changes last year and the improvements that are underway since the appointment of a marketing director, Intellego intend to accelerate plans and increase marketing expenditure and further growth is anticipated . At the full year revenues assisted by acquisitions improved 40% to 2.34m but losses were exaggerated by restructuring costs and increased to just over 0.5m.

Intellego have developed and launched a new library of courses for retailers which appropriately enough includes a course on selling skills. As well as customer services, health and safety, buying and merchandising, team leadership and loss prevention. These modules build into a complete training programme for retail staff. These services are provided on a hosted basis so will continue to have high gross margins. E-learning is a cost effective and efficient way to train staff and should suit restricted training budgets in these recessionary times. At current margins sales only need to increase to 2.74m for the company to breakeven and once that is established the company have further acquisition plans.


MAINTEL (MAI.L)
16.4m @ 152p
Telecom Services

Full-year profits many be upgraded after ringing a high note at the interims. As a 39% PBT improvement to 1.13m was reported. The balance sheet remains strong with 1.4m cash at the end of the period. A significant maintenance order of upto 1.4m was announced in April which will impact in the second half. Current forecast from house broker Finn Cap are for 2.4m giving a P/E of 8x and a yield of 4% after the interim dividend was raised by 24%.

New business wins in the core area of maintenance have pushed contracted base revenue to over 10m for the first time by the end of the period and the maintenance pipeline remains strong. This may well be attractive to a large services business. The management have been buying shares back for cancelation.
Posted by A series of blogs on Enterprise Britain, on behalf of our country's four point three million business owners and managers at 2:50 PM 0 comments
Labels: AIM, FTSE, PLUS, PLUS Markets, small cap market, small cap report, small caps
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Jon Levinson MBA
Jons experience of small cap quoted companies stretches back further than he cares to remember. In capacities ranging from Analyst Head of Small Cap Research (Teather & Greenwood, Insinger Townsley), Journalist (Six years Penny Share Focus plus others ) and Director Corporate Broking (Hoodless Brennan, Merchant Capital and Alexander David ). He has deep knowledge of the small cap sector and its funding problems as well as a pragmatic approach to adding value.

Jon has advised on a large number of public and private transactions. Transactions undertaken include pre-IPO fundraisings, IPOs, secondary capital raisings, the issue of convertible loan stock, as well as public and private takeovers and mergers. Jon completed his MBA in 1992 at Southbank University with a published Dissertation on filling the Small Companies Equity Gap.

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Pence Change

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Percentage Change

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ASIA DIGITAL HDS ORD

A PLUS-traded
(Unlisted) Company
Market Status:

Open
Symbol Cncy Code Bid Ask Volume Open High Low Close
ADH.GB GBX 0.75 1.25 1443740 1 1.35 0.85 0.8
Last Trades
Trades delayed 15 mins
Trade Date Trade Time Price Volume Type Considerations Conditions
28/10/2009 12:52:52 0.90 197,904 NB 1,781.14
28/10/2009 12:50:54 1.04 15,942 NB 166.59
28/10/2009 12:44:10 1.05 46,197 O 485.07
28/10/2009 11:48:38 1.06 200,929 NB 2,129.85
28/10/2009 11:32:51 1.05 47,619 O 500.00
28/10/2009 11:22:11 1.06 25,000 NB 265.00
28/10/2009 10:59:32 1.06 55,617 NB 589.54
28/10/2009 10:41:34 1.06 12,958 NB 137.35
28/10/2009 10:14:28 1.07 21,585 O 230.96
28/10/2009 10:05:28 0.85 8,193 O 69.64
28/10/2009 09:41:06 1.07 5,743 NB 61.74
28/10/2009 09:40:04 1.07 10,834 NB 116.47
28/10/2009 09:29:51 1.09 16,441 O 179.21
28/10/2009 09:24:28 1.09 30,000 O 327.00
28/10/2009 09:16:46 1.09 17,344 O 189.05
28/10/2009 09:12:07 1.09 35,592 O 387.95
28/10/2009 09:03:52 1.09 18,000 NB 197.10
28/10/2009 08:46:49 1.10 44,328 O 487.61
28/10/2009 08:38:19 1.10 3,618 NB 39.80
28/10/2009 08:25:09 1.00 100,000 NB 1,000.00
28/10/2009 08:16:07 1.20 85,000 O 1,020.00
28/10/2009 08:16:07 1.20 31,405 O 376.86
28/10/2009 08:09:52 1.15 7,618 O 87.61
Loading Trades...
current_20091028-000000017791 current_20091028-000000001253 [Latest trades] [Newer trades] [Older trades]
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INVESTORS CHRONICLE buy amid bid rumours
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Asia Digital Holdings
Market Cap

4.56m
Change Today

0.20p
Share Price

1.00p

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Asia Digital Holdings is in the software & computer services sector and is currently trading at 1.00p per share. In the last year Asia Digital Holdings's share price has ranged from 0.45p to 2.25p and brokers are currently rating this stock as 'buy'.

Last Change today Day Low/High 52 wk Low/High Open Prev. Close
1.00p 0.20p(25.00%) 1.00p/1.38p 0.45p/2.25p 1.00p 1.00p
Share Price Changes
Period Price Change Percent Change
1 week 1.13p -0.13p -11.11%
1 month 1.50p -0.50p -33.33%
3 months 0.55p +0.45p +81.82%
6 months 0.68p +0.33p +48.15%
1 year 0.55p +0.45p +81.82%
IC News
Deal group media reveals bid approaches 17-Feb-2006
Investor Relations Information from Asia Digital Holdings
Annual Reports

* 2009 Interim report (pdf)
* 2008 Annual report (pdf)

Fundamentals
Year Ending Revenue (m) Pre-tax (m) EPS P/E PEG EPS Grth. Div Yield
31-Dec-04 a14.80 a0.22 0.54p 26.4 n/a n/a n/a 0.0%
31-Dec-05 a20.56 a(0.49) (0.13)p n/a n/a n/a n/a 0.0%
31-Dec-06 6.51 (2.01) (1.00)p n/a n/a n/a n/a 0.0%
31-Dec-07 9.43 (2.14) (0.49)p n/a n/a n/a n/a 0.0%
31-Dec-08 14.70 (2.80) (0.62)p n/a n/a n/a n/a 0.0%

a. Based on UK GAAP presentation of accounts - includes discontinued activities

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

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Note 3: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 4: In the case of dual listed securities, broker recommendations and forecasts relate to the primary listing.

Note 5: Forecast figures based on normalised accounts.

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0.0.1-SNAPSHOT - 14/01/2008 18:29:44 - GhulyanV

What a load of hogwash!!!!!

Spam, spam, spam, spam, spam

Aye, this guy pinches people's usernames from advfn and then post endless
rubbish on here iii and advfn, he used to spam here as holmes and devlin
and diggingdeep etc etc etc.

All for just a pump and dump on rumours he makes up himself on iii.

Beware.

He did tip fml and ntog look what happened to them

Shall i list all the stocks that he tipped that have been suspended in October
or about to delist ?

It's not a pretty site !

hmmmmmmmmm
something afoot here today??