Good morning!

ShareSoc's investor evening in Brighton last night was terrific, thanks to everyone who came along and survived extraordinarily hot weather. The urgent need for constant hydration was met by an excellent draught Asahi.

I was the warm-up act, and did a run-through of my favourite small caps - just a recap of the previous month's reports, so nothing new. I'll put them on a spreadsheet later, so we can track how my "best of" perform over time.

Next was a presentation from Palace Capital (LON:PCA) . I've not come across this company before, and don't usually invest in property companies. However, this one certainly sounds interesting. Management seem very shrewd in spotting bargains. It put me in mind of Newriver Reit (LON:NRR) when we first met them at Mello a few years ago. Although NRR is a REIT, whereas PCA is not. PCA offers a 5.2% dividend yield, plus hopefully long term capital gains on its properties too.

A job for later is for me to crunch the numbers properly, and check out how the spoils are divided. You have to be careful with property companies to ensure that management are not taking a disproportionately large slice of the upside, in remuneration, options, etc..

In other news, the lady at my local sandwich shop here in Hove is "still trying to digest the news that Bake Off is moving to Channel 4". She seems devastated. I tried to soften the blow by pointing out that commercial breaks are very handy when you need to spend a penny. She gave me a withering look, and responded that she just presses pause for that. Overall though, she surmised that Mary Berry is far too ethical to leave the BBC. As for Mel & Sue, well...

Right, onto some shares news now.



accesso Technology (LON:ACSO)

Share price: 1527.5p (down 4.7% today)
No. shares: 22.2m
Market cap: £339.4m

Interim results, 6m to 30 Jun 2016 - H1 results from this company tend to be of limited interest, because it has a very heavy H2 seasonal weighting. Notwithstanding this, the uplift on H1 last year is very impressive;

Revenue up 23.7% to $39.7m (note that it reports in US dollars)

Adjusted operating profit up 212.5% to $5.0m - a lot of the increased revenue seems to…

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