Accumuli (LON:ACM) (ACM, 8.125p, £8.92m) has announced the acquisition of Fujin Technology Limited for a total of £2m cash (with £0.1m of that retained till working capital converted to cash with final payment expected in January 2011). To October 2010 Fujin had an underlying PBT of £0.5m on revenues of £3m with Net Assets of £0.42m. This is the second acquisition, the first was Tuscany Networks for £4m which was accompanied by a cash raise if £5m gross at the start of November. With further acquisitions almost certain to come we rate the group a HOLD.
Aec Education (LON:AEC) (AEC, 13.5p, £5.97m) has warned that its UK operation, Malvern House, and the uncertainties caused by the tightening of foreign student visas will result in the group reporting a loss of some £0.25m on turnover of £17m for the year. This marks a £0.6m into losses in H2 – despite continued growth in its overseas operations with revenue growth of some 14%. Luckily the group remains cash positive with some £3m – and the group intends to pay the forecast dividend of some 0.2p. espite the warning we see the group as fairly rated, aided by the cash backing ?– but obviously the shares will take a short term hit – so SELL down to 10.75p.
Airsprung Furniture Group (LON:APG) (APG, 18.5p, £4.42m) Interims for the 6 months ended 30 September 2010 are in line with full year expectations. Adjusted PBT remained broadly flat at £0.48m (H109: £0.47m), despite the challenging retail environment especially for UK household products, which had an adverse impact on revenues. Sales fell by 13% to £20.1m (H109: £23.1m). A 13% reduction in operating costs, lower interest and tax charges has driven adjusted EPS growth of 8% to 1.4p (H109: 1.2p). The Board anticipate operating profits to remain at the current level. The outlook remains uncertain given the challenging UK environment – weaker consumer confidence, increase in VAT and potentially lower disposable incomes. We do not expect a massive ramp up in sales ahead of the VAT increase. The acquisition of Collins and Hayes Furniture, an upmarket manufacturer of upholstered furniture with distribution through many of the UK's premium department stores, announced today, is acquired for a total consideration of…
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