Advanced Medical Solutions Group (LON:AMS) (AMS, 66p, £102.13m) has announced strong trading continued in H2 and as a result the full year outcome will be at the top end of market expectations (some £5.1m or even higher – EPS of 3.5p+) – putting the group on an about to be historic 18.9x falling to less than 14x. As a result we continue our Buy recommendation with a year price target of 89p. BUY

Electric Word (LON:ELE) (ELE, 4.75p, £14.19m) Trading for the year is in-line with expectations and the group continues to expect good performance from the November acquisition of Radcliffe Publishing (though there is a deferred consideration based on profitability).  Sitting on just over 9x for this year and next the group is cheap and has the ability to bounce, we rate the group a SPECULATIVE BUY.

Group Nbt (LON:NBT) (NBT, 365.75p, £94.67m) has acquired Indom SA of France, the leading French domain name provider, for a total consideration of €16.9m cash (though that will have €2.3m on the balance sheet – consideration thus €14.6m net). Financing will be from existing cash reserves and some £4.5m of debt. To December 2009 Indom had sales of €6.6m with adjusted PBT of €0.5m - with progress in the current year helped in part by one-off consultancy fees. The acquisition is expected to enhance EPS in the current year to June 2011. We see forecasts for this year and next moving thus – 2011 PBT £8.9m to £9.1m, EPS from 24.8p to 25.3p, 2012 £9.5m to £9.9m with EPS 26.9p to 28p, putting the group on prospective PERs of 14.1, falling to 13.1. We see this as fairly rated to cheap – with an upside to some 16x or higher next year - so BUY to the 446p level on a year view.  

Infoserve Group Plc (LON:INFS) (INFS, 3.25p, £1.9m), the online UK search specialist, reports interims to 30 September 2010. Revenues declined by 2% to £2.9m (£3.0m), but stronger gross margins and lower overheads pushed the group into break-even point with adjusted PBT of £0.017m (H109: -£0.20m). Net debt increased to £2.0m (2009: £1.5m). The JV with INML and the agreement with…

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