4imprint Group (LON:FOUR) (FOUR, 273.5p, £70.68m) Trading update for Q3 to the 2 October reports revenues 28% up at £52.67m, 24 % on constant currency, taking 9 month revenues to £147.86m up 21%. While SPS, the former Trade division, saw modest declines in revenues, these were more than offset by Q3 revenues up 55% in the Brand Addition Division and by 24% in Direct Marketing. With further overall growth expected in Q4 this is a very reassuring trading update. Investors will now start to focus as much on next year as this. On a prospective PER of 8.7x falling to 7.8 we see upside of at least 11% so return the group to a BUY with a 305p price target.

Forbidden Technology (FBT.L, 36p, £31.02m) has announced Maverick Television has used its Forscene cloud based video editing suite and management system for a news series of ‘My Super Sweet’ for broadcast on MTV. The recent integration with the market leading (but fixed access and very costly) Avid Hldgs (LON:AVD) system added flexibility for the productions team. We see this as just further proof that very positive news is building for FBT, including potentially a relationship with either a cellular handset manufacturer or major service provider, and we maintain the SPECULATIVE BUY recommendation.

Highams Systems (HSS, 3.125p, £2.16m)  Interims to September 2010 saw revenues  rise to £4.41m (£3.77m) with gross profits of £0.77m (£0.57m), or margins of 17.5% (15.2%), higher admin costs at £0.64m (£0.53m) left PBT at £0.12m (£0.04m) with EPS of 0.18p (0.06p), post no taxation. The group ended the period with £0.19m net debt, down from £0.23m at the year end. Encouragingly the group is seeing resilience in its niche markets and is expecting a stronger H2 at both the turnover and profit level. Forecasts of £0.3m with 0.4p EPS should prove modestly conservative – but they put the group on 7.8x prospective PER leaving plenty of upside. With a 9x PER target we maintain the BUY recommendation with a 3.6p price target.  

Intercede Group (LON:IGP) (IGP, 60p, £28.91m) has achieved a balance sheet reconstruction that clears the way for the group to pay a dividend this year. With forecasts of £2m PBT with 4.1p EPS a 3x cover would give…

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