Morning All!

Orchard Funding (ORCH)

99.5p - £21.2

Final Results For The 12 Months To End July 2017 – Revenue up 31.4% to £4.56m from £3.47m last time. Profits (after tax) up 34.0% to £1.34m and EPS up 33.2% to 6.26p (4.70p last time). Lending is up 30.5% and Barclays have increased facilities from £10 million to £15 million – And more from another bank (no mention how much). 2p Final Dividend proposed. Board “looks forward to the year ahead with cautious optimism”. On a PER of 15 looks like the market should like this update.

B.P. Marsh & Partners (BPM)

260p - £72.7m

Interim Results For The 6 Months To End July 2017 – This “niche venture capital provider” seems to be flying - NAV per share up to 304p (31 Jan 2017: 273p, 31 July 2016: 253p), Portfolio value up 24.6% with a 12.8% total shareholder return (31 July 2016: 5.8%). Significant rise in profit after tax (unaudited) of £10.2m (31 July 2016: £4m) - £8.6m still available for investment. Not really my area this but it is tempting here to open an initial position.

Note - There's no StockRank data as it's classed as an "Investment Trust".

DotDigital (DOTD)

73p - £215.8m

Final Results For The 12 Months To End June 2017 – Revenue up 19% to £32.0m from £26.9m, PBT up 30% to £8.1m from £6.2m and EPS up by 32% to 2.42p from 1.83p. Strong cash generation from operations of £8.8m with net cash position of £20.4m up 18% as at 30 June 2017. Revenue per user is up 24% and revenues outside the UK are up 48% (23% of total Revenue). There’s a lot to like here - On a PER of 26.7 it might still be reasonable value here (although Stockopedia doesn’t think so (Value = 10)), especially if this growth can be sustained. Q1 progress is reported as “in-line with plan” and the board is confident of “achieving our ambitious growth plans”.

Note – Proposed Dividend of 0.55p per share is an increase of 25%+ compared to 0.43p last time.

Hornby (HRN)

33p - £27.9m

Trading Statement & Directorate Change - Up about 20% this month, this update could put a dampener on that! The interim…

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