Opened a new position in these after finding them to be extremly cheap, and also cheap going forward. P/E now circa of 12, forward P/E to end of june 2005 is 8.7.

Broker Numis is forecasting full year pre tax profit of 8.8 million and Earnings per share of 30.3p, stunning growth

Highlight Of results Interims 31/12/2004.

Profit of 4.45 million before goodwill amortisation and tax
(2003: 3.15 million)
Earnings per share 15.1p before goodwill amortisation (2003: 14.3p)
Interim dividend increased to 7.25p per share (2003: 7.0p)
Brightview acquisition completed
Current trading encouraging

Director Speak

The Company enjoyed a good half-year to 31 December 2004. Cash generation was
strong and as before a high proportion of this cash is being returned to
shareholders as dividend.

In the six months to 31 December 2004 Invox made a profit of 4.45 million
before goodwill amortisation and tax, compared with 3.15 million for the six
months to 31 December 2003. This includes a contribution of 1.26 million from
Brightview, the Internet Service Provider acquired on 9 August 2004.

During the period the postal promotions business continued to demonstrate its
resilience with a broadly maintained operating profit of 3.19 million (2003:
3.15 million). Most of the six months under review showed year-on-year profit
improvement but December, though still profitable, was not as strong as December
2003. Once again, margin improvements arose from a deliberate and increased
focus on our own highly responsive database, and a reduction in less profitable
third party campaigns. Further new promotional and prize innovations, such as
portable CD players, have allowed us to maintain a fresh and attractive
offering. A number of test SMS-based promotions have been conducted during the
half year, but with inconclusive results. Current trading is encouraging and we
continue to seek new ways of leveraging our database.

As an independent Internet Service Provider, Brightview has a relatively large
customer database of over 300,000 users, the great majority of these accessing
the internet via dial-up rather than broadband. It appears inevitable that
dial-up business will dwindle over the years, and management is therefore making
strenuous efforts to establish Brightview as a significant presence in the
broadband marketplace. We are looking to convert a significant proportion of our
Brightview customers to broadband as soon as possible, as well as attracting new
customers. We are now able to offer a range of broadband services, making us
more competitive than before. We are therefore promoting the offering in a
number of ways. Our experience to date has been that converting existing dial-up
customers to broadband is proving much easier, and more profitable, than
recruiting new users from advertising. Brightview's broadband customer numbers
have increased from around 3,600 at the time of the acquisition to almost 10,000
now, and the rate of increase has accelerated in recent months. Shareholders
should be aware, however, that while broadband customers are potentially a very
valuable asset in the longer term, in the short term they contribute relatively
little to profit, owing to the initial costs of connecting a broadband customer
and supplying a modem.

Outlook.

Further progress is now likely with its database of over 400,000 mobile phone users, and Brightview will be a challenge converting customers from dial up to Broadband. The core mailed promotion business which is highly cash generative should see the company realise Broker forecasts.

Highly Speculative but derd cheap. As a high beta and hopefully we should see a re - rating .

DYOR

cheers GF.

another small rise today am I talking to myself ? anyone a firm idea of the results date and a view of the potential final divi ?

Gordon,
Don't worry - you are not alone !!
The results are due in the third week of September I believe
The final dividend will be decided upon the state of the business at the time - it will be cut for sure but to what extent is still to be decided.
This is the last trading statement:

Invox PLC
26 July 2005




Trading update



On the basis of unaudited management accounts, in the year ended 30 June 2005
the Company made a profit of not less than 7.4 million (2004: 6.8 million)
before tax and amortisation of goodwill, giving earnings per share of 25.0p
(2004: 30.1p) after tax but before amortisation of goodwill, on the weighted
average number of shares in issue. These figures take no account of any
provision which may be made for impairment in the value of the Company's
investments in its subsidiaries.



As previously announced, the level of any final dividend to be recommended by
the Board will be set when the preliminary results are announced in September,
and will take into account trading and prospects at the time. The Board will
also provide shareholders with an update on the outlook for the current year at
that time. Group net debt as of 30 June 2005 was approximately 3.5 million.



Current trading is satisfactory in both Home Gaming and Internet Service
Provision. The strategic review announced in May 2005 has thrown up a number of
interesting possibilities and shareholders will be kept informed of any
significant developments.


As has been suggested on this board the shares are fundamentally very good value IMO.

K******

I've just jumped in with both feet as I also believe that the shares are currently good value.

Hi all

I'm now in for the run up to results (and hopefully beyond!)

have been on the advfn site a each of the last few days a big buy goes thru for 50k which gets delayed and looks to use like a sale but is actually a buy any views

IMHO could get back to 200p after results and 150p before them

Yeah - it certainly looks like there is a lot of interest building, but the MM are trying to hold it back.

Definitely oversold imo and will go higher - all will be clearer in september.

also found out nigel wray got nig shareholding anyone know how much ?

any views on results date last year was 21/9 also divi paid 7p at interim
expect the same this time ??? well hoping anyway

T1ps have target of 175p and expect they will review the tip between now and the results

A good rise so far today and not before time, i`m a bit surprised a the lack of movement in SP lately given results are due any time.
DB66

Results due by end of September.
At least 7.4 million profit!
I might be a novice but i`m sure given todays rise there is a bit more to come out of Invox to get to its real value.
Anybody else agree?
DB66

DB66

Totally agree. INX is seriously unervalued at the moment. I think a lot of people were spooked by the earlier profit warning but that is behind them now.

I expect more rises as we get towards the results and then hopefully we will get a clearer view of where INX is going!

I phoned the company today - results definitely out on Friday!


http://www.smallcaptrader.org/mydiary.html#12

What's your feeling on their positive (or otherwise) nature someuwin? They could do with some good news as the sp took another hammering today.

Yeah they took a bit of a hit today - but I remain quietly confident.

There are some unknowns here (i.e Brightview) but I am convinced the positives far outway the negatives.

We'll see what happens Tomorrow, but the real action will be on Friday!

nasty old day today can see this coming good in medium term shame about the dividend but they are comitted to it going forward think there is support around 90p

Bad, bad day but, perhaps mistakenly, I am keeping faith as I have a feeling in my bones about it.....

i have spoke to Tom Winifrith and hes just put out an update on whatshot.com
they think it will be above 100p again shortly and can see eps of 20p and dici of 10p next year so will watch and poss buy some more on weakness lets hope some directors come out and buy some more perhaps mr wray might just do that ?

UK smallcap opening - Invox up on talk of bid approach
AFX


LONDON (AFX) - Home gaming and internet service provider Invox made early progress, climbing 9 pence to 101-1/2 amid talk that a quoted company headed by entrepreneur John Gunn has made a tentative bid approach at a price of 125 pence a share.

fjb/ak

What's going on today??

bid 19p