This week: Ipoint’s downwards, Space & People acquires and LiDCO top lines

AdEPT Telecom (ADT 22.5p / £4.74m)

Adept has secured a new contract to supply a national electronic games operator, valued in excess of £0.8m over 36 months. The contact is good news and highlights the group’s long term order book visibility and quality of earnings. However, the high debt levels of £10.2m is reflected in the low 2011 P/E of 2.7x leaving the group looking an anachronism from a bygone age.

Anglesey Mining (LON:AYM) (36.3p / £53.99m)

Anglesey’s 41 per cent associate Labrador Iron Mines has started construction of a 4.5km spur line. It is expected that rail work will be completed within the next 30 days and used to move the main components of the processing plant and the accommodation camp for which the majority of kit has already been delivered. The group has received a number of permits comprising; mining leases for the first stage of James and Redmond deposits, surface use leases for the beneficiation area, camp, and residue disposal but awaits a number of additional permits including the mine operating permit expected to be issued in the near future.

ANT (ANTP 29.5p / £7.16m)

Ant has signed another license for the Hybrid Broadcast Broadband TV (HBBTV) operating software, this time with German based Kathrein Group for use in various European markets. This combination of simple broadcast with content delivered by broadband is the most logical use of limited capacity which makes this stock attractive and an interesting peer to Motive TV*.

Ashley House Plc (LON:ASH) (43.5p / £24.23m) & AH Medical Properties (AHMP 35.5p / £22.98m)

Following our March 30 comment, we see that the bid talks at PLUS quoted AH Medical Properties have now inflicted collateral (but probably temporary) damage on its sister company (historically its parent) Ashley House. Due to the very close trading connection between the two (whereby AHMP has first refusal on primary care properties developed by ASH – we described the link last time) it seems that the possibility of another company taking over AHMP means that Ashley House cannot – for the moment – recognise the design and project management fees, and the development profit, on four properties that would, by now, have been transferred to AHMP. Neither does it feel that it is desirable- again for the moment - to continue with…

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