Here is the trading statement:


Invox PLC
27 January 2005



Invox plc will announce its interim results for the six months to 31 December
2004 on Monday, 7 February 2005.

The Directors of the Company believe that both earnings per share and the
interim dividend will show a modest increase on the comparables for the previous
year.


Further information: Stephen Hargrave, chairman: 0207 242 0735
Jerry Reidy, finance director: 0121 214 9900



This information is provided by RNS
The company news service from the London Stock Exchange




And here is what I think:


It's stonking cheap, profit making and throwing off a whopping great big 7% dividend which is set to increase.

The growth deserves a PER of at least 15 and from my very cautious figures I see a target share price of 421p being reached very soon.

One thing is for sure after todays trading statement - the SP is going to travel up to the results and anyone with any sense is going to stay in until they have heard exactly what plans/targets the company has got for the future.

Another point - companies which are struggling do not increase the dividend payout.

With all the rubbish out there on the LSE - worthless companies who are losing money paying no dividend and constantly promising jam tomorrow (which never comes) - here is an absolute gem of a company which is growing, making profits and already rewarding it's shareholders with a juicy dividend.

What on earth more could you possibly want for?


Here are my basic calcs on value:


If you are worried about underlying growth then apply a low PER of say 12.

With EPS of 35.1p expected this full year (Numis figures) that still gives a target SP of 421p


However, if Numis are correct and growth is going to be good (ie EPS 39p in 2006) then a PER of 15+ would be entirely reasonable. Don't forget - the generous divi should easily support this kind of multiple.

Then you get a SP target of 585p for next year.

At worst case I see 50% upside here in the share price from here: 280p>>>>421p

Best case it's 109% profit 280p>>>>>>585p


My recommendation - watch closely and if it dips, then buy. But don't watch too long as the results are on 7th February and therefore I expect this to travel up pretty swiftly.


Guy Sands.

not u again! take your ramping over 2 adfvn thanks.

Opened a new position in this one derd cheap.. If nobody minds I will start a new thread as it looks like trouble above and no further back up comments. I will wait 24 hours for any reply.

cheers GF