Beximco Pharmaceuticals (BXP.L) 29p/£33.2
Like the Bangladeshi cricket team, Beximco’s share price has been on the up. Beximco in its AGM statement on 18 June said that following years of difficult economic and political times in Bangladesh, it has now “successfully re- established its strategic positioning in all areas of its operation”. The AGM speech resonated with increased domestic (+11 per cent) and international markets (+39 per cent) sales, improved profitability (pre-tax +79 per cent), and higher EPS for 2008. The Board has recommended a 10 per cent cash and 20per cent stock dividend to be paid. Beximco Pharmaceuticals is based in Bangladesh, and so on the exotic level is not for the faint hearted, but in itself is a very old and established business. Beximco was established in 1976 and manufactures and sells generic pharmaceuticals, branded generics, active pharmaceutical ingredients and intravenous fluids. Beximco also undertakes contract manufacturing for multinational pharmaceutical companies, for household names that we would all recognize.
Cashbox (CBOX.L) – 3.6p/£5.2m
The vision of omnipresent high speed data connectivity took another step forward this week with the announcement from Cashbox, the ATM operator, that it is to Wi-Fi enable its network of 2,500 ATMs. Cashbox has struck a deal with BT whereby users of BT’s broadband and of o2 iPhones will be able to hook up to Cashbox’s Wi-Fi terminals. We suspect that this deal will have little significant financial impact for Cashbox, but Andrew Morton, the CEO, did say that May was a record month for cash withdrawals as consumers continue to spurn credit cards.
Separately, Cashbox announced that it won a competitive tender to take on another 125 ATMs in Mitchells and Butlers pubs taking the numbers in these pubs to over 270. We’ll drink to that!
Creston (CRE.L) – 64.5p/£36.2m
Creston, as a ‘cyclical’ marketing company with debt and deferred payment liabilities on acquisitions, hasn’t exactly been in favour. The shares, which hit 192p in April 2007, had sunk to just 20p in October 2008. More recently, though, there has been a bounce back. And Creston’s results statement for the year to 31 March suggests the markets have been on to something.
Crucially, the new 2010 financial year is reported to have started well, with some ‘high profile’ new business wins and an ‘encouraging’ new business pipeline. And, for the 2009 financial year, organic revenue growth of…
