Access Intelligence (LON:ACC) (ACC, 5.12p, £13.19m), the provider of Software-as-a-Service (SaaS) solutions for areas in compliance, procurement, media relations and PR, reports a trading update for the year ended 30 November 2010. Operating profit is in line with market expectations, despite a marginally lower than anticipated revenue. The group has performed well throughout the period, especially in Media Communications and Due North divisions. The Cobent acquisition has somewhat suffered from the UK economic uncertainty, with sales taking longer to close. However, Access Intelligence has strong cash generation and high revenue visibility combined with exposure to a relatively defensive market. The strong management team will continue to grow the business organically and via earnings enhancing acquisitions. We regard 11.1x 2011 earnings as an attractive investment opportunity, trading at a discount to the sector on 15.6x. We maintain our BUY but reduce our target price to 7p.

Clearstream Technologies Group (LON:CTN) (CTN, 27.0p, £12.44m), has received FDA approval for the Sleek OTW catheters, an upgrade to the range of catheters that are distributed by Cordis Corporation. The product can now be distributed to the US market. We maintain our HOLD recommendation.

Cohort (LON:CHRT) (CHRT, 89.5p, £36.50m) In a difficult to read results release, the interims to October 2010 from the independent technology group saw revenues fall by 15% to  £32.72m (£38.50m) with gross profits of £10.05m (£11.25m), gross margins of 30.7% (29.2%) with higher underlying admin expenses at £8.0m (£8.66m) leaving adjusted op profits down at £2.07m (£2.59m) and adjusted PBT at £1.99m (£2.52m) with adjusted EPS at 3.85p (4.57p). The group has declared an interim DPS at 0.8p (0.65p) and ended the period with £5.47m net cash (£3.44m at the yearend) reflecting £1.95m from operations and £2.15m from working capital. The direct MOD related work fell to £14.2m (£20.7m) with indirect MOD related sales increasing to £7m (£6.8m) - leaving total MOD work down at £21.2m (£27.5m) with export defence work up slightly to £4.2m (£4.1m). Transport revenues fell to £1.2m (£1.9m), other commercial was flat at £1.4m while space was a bright area at £4.7m (£3.6m). Encouragingly the order book at £107m includes H2 revenues of at least £27.5m.  The group saw strong performances at MASS, defence related information system house, and a…

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