Good morning!

Thank you to ShareSoc for organising, and FinnCap for hosting, last night's investor evening. Four companies presented, but due to time pressures I was only able to attend for the first half.

Avation (LON:AVAP) - (I hold a long position in this share) - this aircraft leasing company sends its finance guy, the affable Richard Wolanski along to numerous investor events, which does make me wonder whether the law of diminishing returns is in play? The narrative always sounds so good, but chatting to investors afterwards, there's a slight sense of unease about this company, that nobody can quite put their finger on. The business model is clearly working well at the moment, but doubts remain about plane residual values in the next recession. That said, I'm tempted to add to my (small) long position on the next dip in price, as there's good growth coming through this year, with 10 new planes being added to the fleet, which will help dilute admin costs more, thus improving profitability.

Somero Enterprises Inc (LON:SOM) - (I hold a long position in this share) - I was very keen to meet the Directors of this laser-guided concrete screeding machine maker. They were over from America, and gave a clear explanation of what the company does, and its history. I particularly liked the Q&A session, led by the CEO,  Jack Cooney, who gave very straightforward answers, and didn't try to gloss over the cyclicality of the business. Although his feeling was that the inevitable future economic downturns are not likely to be as savage as 2007-8, and the company's finances are now in much better shape to withstand a downturn (with net cash, instead of net debt as was the shaky position in 2008).

The unknown factor is Chinese demand, but the CEO sounded pretty happy with things, and confirmed what they have said in trading updates this year to date, that the outlook for 2015 is positive, despite Chinese uncertainty. It's the buoyant US market that matters most to Somero anyway.

Right, on to today's results & trading updates.


Indigovision (LON:IND)

Share price: 227p (down 7% today)
No. shares: 7.6m
Market cap: £17.3m

(at the time of writing I hold shares in this company)

Interim results to 30 Jun 2015 - these figures need…

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