Andrew Sykes (ASY, 105p, £45.52m) Interims to June 2010 saw revenues of £27.57m (£28.77m) with an adjusted op profit of £6.82m (£6.61m) and adjusted PBT of £6.56m (£5.69m) with EPS at 11.83p (10.43p) aided by a tax rate 1% lighter. The group ended the period with net cash of £3.04m (net debt of £11.52m at the yearend). The long winter helped the group, though the dry Spring effect was offset by the group’s diversification into less weather dependent areas. With a modestly optimistic statement, healthy cashflow and continued share buyback programme we move the shares back to a BUY with a 125p price target, but note some concern over the increasing lack of liquidity with just a 13% free float and falling.  

Caspian Hldgs (LON:CSH) Holdings (CSH, 0.55p, £2.45m) The interims to June 2010 reflected the start up costs ahead of production from its US assets. The group reported no revenues with a loss before tax of £0.04m (loss £0.07m) with £0.04m net cash (net debt of £0.1m at the yearend) reflecting tight cost controls and the £0.2m share issue. The group has made excellent progress in the USA with oil wells now in production with further lease expansion opportunities being pursued. Encouragingly the initial 5 US oil producing wells are now expected to produce between 100-200 barrels of oil per month for the balance of the year. Even the dispute Kazakhstan asset my still potentially return some value to shareholders, implying a potential deal for the assets already written to zero in the balance sheet. We see a move into profits on an annualised basis with the potential for further expansion both in oil as well as mining which the group recently gained approval from shareholders to include in potential opportunities. The 20% fall in the price this morning does not reflect the start of production, cashflow or the potential for further additions to production. SPECULATIVE BUY. N.B. HB Markets acts as Broker to Caspian Holdings.  

Imaginatik Plc (LON:IMTK) (IMTK, 2.38p, £5.05m) The AGM statement highlights the reorganisation of the business has impacted H1 – “it will take time to rebuild the Company’s sales pipeline”. The revised Board believe sales should return to normal levels in H2. We believe additional contract wins may act as a catalyst to…

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