Have taken a modest stake in RWS, which has niche market in patent translations into various languages for blue chip customers. Market cap approx 120M, but has 20M cash in the bank and excellent track record on profit/cash generation. Shares have been punished recently because of a forthcoming European Directive which will affect need for some translations. IMO the drop in the price from 360p to the 3 I paid looks overdone, but we shall see. Might be worth a look for those interested in medium term investing. Always DYOR

First class results today. Market cap approx 120M. Cash 20M. Making 11M pretax and rising. Decent prospects - legislation changes may impact a little on 2008, but growth still expected. Dividend increased 20% and further increase likely in 2008. Still around the price I paid and may add a few more for the longer term.Always DYOR.

Encouraging press release at todays AGM and first quarter ahead of expectations. Rise of over 10% in last three months much better than most in my portfolio and holding these tight. Chairman Andrew Brode holds just under 50% and is aged 67, so maybe a takeover one day when/if he decides to retire - in the meantime steady growth looks set to continue. Substantial cash pile raided today for acquisition in Germany - with a lot of earnings in Euro and most outgoings in , exchange rates currently in their favour. Always DYOR.

Results due soon and a nice move up today. They look unlikely to disappoint.

First class interims today. Not cheap, but imo a good hold in todays markets and one day major shareholder (late 60s) may want to sell.

Bit lonely on here - but steady uplift since recent results and now price now nearing 4. Excellent return over last 8 months, but I hope for better over next three years.Always DYOR

See from the "Newspaper Tips" thread it was tipped in Shares mag today - not sure whether that is good news or not!

Excellent trading update today

This company continues to perform and excellent interim figuires today. Increased profits and dividend each year since floated, no debt (has bought frehold in last 12 months to reduce rental outgoings and improve operational facilities, still has 20M in the bank). Large stake owned by chairman can be viewed either way, but I am very happy to hold. Always dyor.

Price has held up well in recent turmoil. Interesting acquisition announced today and whilst on the face of it a bit more speculative then some previously, potential looks excellent and track record suggests giving them the benefit of the doubt. Holding on to mine - anyone else in these?

Hi partridge - I did look at these at the lows last year - but did nothing. I will have another look - thanks.

Very muted reaction to today's RNS skinny (none!) and interested to have your view in due course. I think if they have got it right it could be very good news in the medium term. inovia has online patent filing business and should be excellent fit for cross selling of their traditional patent translation business. Cash earning virtually nothing for them in the bank, so it should not have to do a great deal to earn better return than that. Shares a bit illiquid, so spread sometimes a bit offputting, but as a patient longer term investor I like still RWS. Chairman's stake could become an issue, but I believe he sold a previous business to a large publishing group and RWS might ultimately go the same way. In the meantime, I am happy with decent yield and annual dividend growth but always dyor.

Trading update today suggests all on course for another good year. Board changes also suggest longer term succession planning well advanced.

partidge - the trading update is quite refreshing to read in these troubled times. Its also good to see board members with such longevity.

partridge - I don't know if you ever did cast your slide rule over JLIF - there is an interesting article in today's Telegraph.

Questor share tip: John Laing builds on strong promise with PFI projects

skinny - did have alook at JLIF. It should be a reasonably safe haven, although not sure how arms length the valuations are when it buys assets from John Laing Construction - and there is a remote chance that some of the historic PFI deals which have left some hospital trusts very short of cash may be renegotiated. I have no real aversion to dull stocks, particularly if they yield around 6%, but this could make watching paint dry quite interesting! PS A bit more activity in RWS today, with fairly neutral write up in the Times.

partridge another good year for RWS profits and dividend up eight years running.

Think it has been double digit dividend increase in each of last 8 years Halifax. Recent acquisition of online patent filing business could provide next leg up in profitability/cash flow from 2012. Still has plenty of cash in the bank. Chairman's large stake could put some off, but he seems gradually to be putting ducks in a row for succession. I am very happy to have stayed with it - and will continue to do so, but always dyor.

Steady as she goes set of numbers today, interim divi again increased a sign of confidence. Potential banana skin looming in the shape of European Union patent legislation, but RWS coped well with London Agreement a few years ago and more diverse business nowadays suggests effects should not be too great - even if ( and a big if) the Eurocrats ever come to a decision. Large acquisition last year inovia now looks around breakeven and growing strongly. Cash generation remains excellent and still lots in the bank. Happy to stay with it, but always dyor.

Rather belated positive response in last few days to year end trading statement earlier this month and results due mid December should not disappoint. Spread seems to have widened. Interesting, but always dyor.

Ninth successive year since flotation of growth in sales, profit and dividend. Cash pile maintained at £25M pending earn out payment for inovia due Sept 2013. I take additional comfort from "strong start to new financial year, in line with management expectation and well ahead of 2011". inovia remains something of an unknown quantity, but if it gets anywhere near the max earn out figure based on min EBITDA $5.4M in year to June 2013, then RWS cash should generate a much higher return invested in that (when it becomes consolidated subsidiary end September 2013) than it presently does on cash deposits. Always dyor.