Blacks Leisure Group (LON:BSLA) (BSLA, 34p, £28.58m) Post the disappointing trading update in July the company has reportedly received approaches for all or parts of the business. At 41.5p we went to a hold and see some upside potentially so move to a SPECULATIVE BUY with that as a price target.

Kewill (KWL, 102p, £92.03m) Trading statement for the 6 months to September reports results in-line with expectations, despite longer sales-cycles. With the group winning material orders with significant customers, it is still seeking acquisitions to augment the growth. With the group sitting on some 11x PER we see upside to around 13x - or a raised target of 119p, just sufficient to maintain the BUY.

Nature Group (LON:NGR) (NGR, 59.5p, £23.39m) The group has signed a letter of intent to acquire a substantial oil waste business providing slops and tanker washing disposal services to shipping in a major port in Europe. In Gibraltar the volume capacity of its tankage will be increased from 7000m3 to 12,000m3 including an extension to the lease terms.   A pervious letter of intent with a multinational oilfield services group has lapsed in favour of the new agreement as it would have restricted the group’s ability to market to the oil industry. Sitting on 12.7x PER for the current year investors will focus on the rating next year – potentially 11.2x PER or lower – offering an increase in excess of 13% - thus we move from a hold to a BUY.  

Next Fifteen (NFC, 74.0p, £40.62m) Prelims for the global PR consultancy group, for the year ended 31 July 2010, is at the top end of market expectations. Adjusted PBT increased by 68% to £5.3m (2009: £3.2m) and adjusted EPS increase by 30% to 8.45p (2009: 6.48p) on an 11% increase in revenues to £72.3m (2009: £65.4m). A 9% increase in DPS to 1.85p (H109: 1.70p) signals confidence in current trading. The group has seen a strong recovery in its US and Asia businesses with revenues now stabilised in the UK. Next fifteen has recovered to pre-recession revenue levels. The balance sheet remains strong. Following £5.1m of acquisition related payments, net debt stood at £0.9m (2009: net cash £1.8m). The business continues to seek acquisitions and expects strong cash generation to…

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