Adept Telecom (LON:ADT) (ADT, 19.5p, £4.11m) Trading update for the 6 months to September reports EBITDA is in line with 2009 comparables and in-line with expectations, with revenues of £12m and net debt of £8.2m. With a focus on cross selling of product and on its larger more productive clients the group is well placed to ride out the austerity storm gathering as companies move to faster and more efficient IP based networks. SPECULATIVE BUY

Alternative Networks (LON:AN.) (AN., 187p, £88.79m) Trading update for the year ending September 2010 saw fixed line and mobile (accounting for over 80% of revenues) growth continue with good levels of orders in IP pbx systems. Mobile growth was boosted by the ability to sell Apple products, filling a gap in its offering. Ahead of the acquisition of Scalable yesterday the group had some £12m cash - implying the group will still have £4.5m post the Scalable cash element so is still able to seek acquisitions. We maintain our BUY recommendation with a 225p.  

Optos (LON:OPTS) (OPTS, 103.75p, £73.20m) The trading statement for the year ended 30 September 2010 highlights the medical retinal imaging company is trading in line with expectations. The installed base of the ultra-widefield retinal scanning devices has increased by c.3% to devices 3,912 (2009:3,797) with 282 customers owning the device whilst the others rent. The group is experiencing less than 1% de-install rate, so has lost 366 devices. The numbers demonstrate a new pricing model is retaining the existing client base, over 80% renewal rates, and ensuring the visits per site is relatively stable. Strong trading has driven revenues to increase from the previous year’s $97.2m. The latter coupled with operational efficiencies has increased FY earnings. Net debt has been materially reduced. The market forecasts are broad, ranging from 2010 PBT of £3.5m - £5.7m and EPS of 3.9p - 5.9p. Assuming 2010 earnings of 4.7p and 8.4p in 2011, the stock trades on a prospective 2010 PER of 21.9x falling to a more reasonable 12.4x 2011 earnings. We maintain the HOLD recommendation ahead of product enhancements to be launched in the foreseeable future.  

Telit Communications Plc (LON:TCM) (TCM, 72.0p, £55.38m)…

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