Active Energy Group (LON:AEG) (AEG, 3.75p, £4.21m) has won a contract with the National Trust for its energy saving Voltmaster, in association with its route to market of SEE, Scottish & Southern’s industrial contractor.  While the contract just covers Penrhyn Castle, the National Trust holds some 3,500 historic buildings. We remain impressed by fast route to markets and obvious acceptance by the marketplace. SPECULATIVE BUY

Clean Air Power (LON:CAP) (CAP, 6.5p, £4.81m) Trading update for the year ending December 2010 is disappointing with delays in the gas plant in Tasmania leading to a backlog of orders in to the Australian market. Although orders are now being delivered the impact will not help the H2 of the current year. However the group raised some £2.25m in September so it states that it “is well capitalised”. Investors should look through the short term disappointment, remember investors paid 12.5p in September, and focus on 2011 which will see the delayed orders delivered and the first production units on Volvo trucks. We expect the group to take further actions to enhance its market position and we would back the group, even in a further cash raise. SPECULATIVE BUY  

Electronic Data Processing Plc (LON:EDP) (EDP, 47.5p, £5.95m) Finals to September 2010 saw revenues of £5.58m (£5.84m) which reflects a continued modest recovery in revenues H2 on H1. Gross profits of £5.26m (£5.43m), gross margins of some 94.2% (93%) with adjusted op. profits at £0.70m (£0.71m) reflecting the benefits of cost savings and masking an H1:H2 split of £0.33m:£0.37m, leaving adjusted PBT at  £0.73m (£0.82m) reflecting the lower achieved interest on the new cash balances that increased to £2.81m (£2.43m). EPS came out at 3.38p (1.74p). In addition the group has assets held for sale with a balance sheet of some £1.83m, but since the year end has announced the sale of its freehold Sheffield office for £2.3m generating a profit of some £0.33m. Encouragingly the contracted recurring revenues now represent some 77% of turnover (74.5%) with outsourced, hosted functionality at 30% revenues, up from 23% in the previous year. The group has declared a final DPS of 2p, taking the full year DPs to 2.713p (2.713p), a full year yield of 5.7% and a…

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