11 April 2011

Stadium is entering its centenary year in robust health, with the restructuring programme at the group now complete following the sale of the non-core plastics business last year.  The group can now focus on its higher margin electronics business and with a strong balance sheet, boasting net cash, it has the resources to fund future expansion.

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21 January 2011

The financial services group has a strong balance sheet with significant net cash balances which are greater than the market value of the group.  As the company is profitable and should continue to win business from smaller competitors on the back of the retail distribution review this defies logic and we would expect the share price to increase as investors realise the potential at the group.

5 January 2011

A solid performance has been produced in 2010 despite the difficult trading conditions, although only one new site was added during the year.  Further growth through acquisition can be expected going forward, whilst the recent share buyback should enhance earnings per share.

6 December 2010

The group has released good results for the year to 30 September considering the challenging trading conditions.  Debt has been reduced and the group ended the year with a strong order book so that the new financial year started well.  The shares stand on a very modest rating and we have a 12 month price target of 43.25p for the shares.

25 November 2010

The trading statement issued in October confirmed the solid progress that the group is making and, although revenues fell by 1% in the three months to 30 September, costs fell by 4%.  Net debt continues to fall and the group aims to develop new revenue streams outside traditional print publishing.  The recent share price weakness in the media group Mecom has left the shares looking undervalued.  We have raised our share price target to 365p.

23 September 2010

Interim results from the consumer and motor finance group S & U have revealed that the group has continued to make solid progress in the six months to 31 July.  Pre-tax profits have risen by 8% to £5.4m with earnings per share increasing by 9% to 33.2p.  Strong cash flow has resulted in yet another fall in gearing and the group looks well-placed to develop its business further.  We have increased our profit forecasts for the coming year and with the shares on a prospective dividend yield of 6.6% there is scope for them to be re-rated.

16 September 2010

Interim results from Straightfor the six months to 30 June saw a reduction in revenue and a small reduction in profit.  However, the group has been successfully restructured over the last eighteen months and the board is now implementing a five year plan to create a vertically integrated and diverse group with an international profile.  The two acquisitions made so far this year are a first step in this direction and the full benefits of these should start to be felt going forward.

16 September 2010

Excellent interim results have been reported by technology group Elektron, with revenues rising by 45% and pre-tax profits before exceptionals increasing to £2.46m from £0.17m.  Further strong progress is expected going forward as the group benefits from its high level of operational gearing and the recent acquisition of Hartest.  Pre-tax profit forecasts for both 2010 and 2011 have been increased significantly on the back of this providing scope for a re-rating.

13 August 2010

The strong rise seen in Weir Group’s share price since our last note in April has been more than justified by the interim results which have shown that the group continues to make excellent progress. Despite the underlying