Good morning! I'm back in the UK now, so am using my normal desktop - so will be able to include graphics again. Hopefully normal service last week wasn't too disrupted by me being on the beautiful island of Paxos. It got me thinking that really I could work anywhere in the world, subject to time differences, so that's food for thought. So I might buy a better laptop, and spend a few more weeks in Paxos, who knows?! A couple of holiday snaps will be at the end of today's report, after the important stuff is out of the way.

Sprue Aegis (LON:SPRP)

Share price: 255p
No. shares: 45.5m
Market Cap: £116m

Sprue Aegis is a smoke & CO2 alarms company. It moved onto AIM on 30 Apr 2014, having stayed on the smaller ISDX market (used to be called Plus markets) for a surprisingly long time. Every now and then you can find a decent company on ISDX, and because very few investors bother looking, there can be under-priced things in there, although you often have to be very patient for anything to happen. A move to AIM is a good catalyst for unlocking the value in such under-priced situations, if management can be persuaded to do so.

Readers here should be familiar with this share, as I've covered it regularly since Jan 2013, when I first flagged it as looking "potentially cheap", and "worthy of more research" in my first ever report exclusively on Stockopedia, on 28 Jan 2013. The shares were only 66p then, so they have almost 4-bagged since then. This is a good example of the opportunities that crop up in small caps quite often, to buy into decent growth companies that are off the radar of most investors.

Shareholders will be pleased with the trading update today, which says;

On 14 July 2014, Sprue, one of Europe's leading home safety products suppliers, released a trading update for the six months ended 30 June 2014. Since that date, the Company's order book has grown considerably, largely driven by a significant increase in smoke detector orders received for the French market. As a result, the Board now expects that the Company's results for the year ending 31 December 2014 will exceed market expectations.

Clearly that is good news, although no indication is given of the scale of the…

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