10 December 2010 – trading statement

The group has issued an interim management statement for the period 1 August to 9 December which has confirmed that despite difficult trading conditions it is performing in line with expectations.  Customers in the Home Credit business have become understandably more cautious due to job insecurity and potentially lower levels of Government benefits, whilst the Motor Finance division has also seen a slight slowdown in transactions growth.  However, cash flow is strong with net borrowings falling by £2m during the period and these are now at the lowest level since 2001.  We continue to rate the shares as a LONG TERM BUY.      

2 December 2010

The group has announced that it has acquired the remaining 70% of Tapmagic Ltd that it did not own for £92,000.  Although only a very small acquisition, the addition of Tapmagic’s proven and unique range of water saving devices will significantly enhance the group’s offering to its utility company clients.  The shares remain a BUY.   

30 November – 2010

Annual results to 30 September from this software and IT services group were very pleasing and the new financial year has stared well.  Although the shares have recovered strongly over the  last 18 months we believe that there is further to go and have set a share price target of 43.25p.  A new brokerlink report should be available soon.

10 September 2010

The resignation of David Montgomery as chief executive was not unexpected as pressure from three large institutional shareholders for change at the top eventually told.  The group is now searching for a new CEO although Mr Montgomery will stay with the company until January.

3 September

A positive trading update has been released by sports and leisure equipment group Tandem.  Firts half results to the end of July are expected to be ahead of last year, despite increases in freight and raw material prices, while the last few weeks have seen an increase in customer orders.  As a result, profits for the year to the end of January 2011 are expected to be well ahead of market expectations.

5 July 2010 – Trading update

A trading update has been released and pre-tax profit for the six months to 31 July 2010 is now expected to be significantly higher than management’s previous expectations. The company has a cautious outlook due to the weak broad economy but still anticipates full year results ahead of management’s previous expectations. This news justifies our recent recommendation and with the shares trading on a low multiple of prospective earnings there is scope for a re-rating.

15 June 2010 – disposal and trading update

Stadium Group has confirmed the disposal of its branded plastics business for net cash proceeds of around £2.5m. This leaves the company focussed exclusively on a high growth electronics business.

Results for the six months to 30 June 2010 are expected to be well ahead of the same period in 2009 and the company is confident that market expectations for the full year will be met.

28 May 2010 – possible disposal

Electronics group Stadium has announced that it is in talks to dispose of its Plastics division.  The latter, which is seen as non-core, saw a strong recovery last year with operating profit increasing by 90%, and the business is now in a suitable state for sale.  The disposal, which seems likely to proceed as the talks are at an advanced stage, will allow the group to focus on its core electronics’ business.  This is good news for the company and the shares are a BUY.

25 May 2010

- Yes, the market’s down 2.6 per cent at 4936.21 (gulp!) but Mecom’s fall of 8.81 per cent is undeserved.  BUY

We are looking to recruit a suitably qualified, experienced stockbroker/portfolio manager to work alongside us in the Ilkley office of Redmayne-Bentley.  We’re not a sleepy outpost …. it’s busy, demanding, diversified and exciting!