A buy out of lossmaking subsidiary from National Grid some 7 years ago and I bought at 14p in 2012 on hopes that it could be turned round. Sold half at 7p 18 months later, when progress not good. New management came in and having been to the last three AGMs in Sheffield I have regularly added. Traditional gas pipe laying now profitable and cash generative on a monthly basis and they are expending into pipe and meter ownership, which provides steady rental streams. Cash position strong because of terms of trade in the industry - could be a weakness if those terms change, but statement at AGM recently suggests all is going well and rating not too demanding even after recent rise. Always dyor.

Bit lonely on here, but long term faith in FCRM now being handsomely rewarded. Results today appear very strong and outlook also promising. Always dyor.