I'm posting this article 2 days late, as I was unwell on Monday, so apologies again for the delay. Let's catch up!

The main company I want to report on is this engineering & environmental consultancy;

Waterman (LON:WTM)

Share price: 95p
No. shares: 30.8m
Market cap: £29.3m

(at the time of writing, I hold a long position in this share)

Background - regular readers here will know that I've been positive about this consultancy group for a while now. It's not a madly exciting company, but the economic cycle has been working in the company's favour, and it had turnaround potential due to having one division making heavy losses, thus diluting overall group profitability, which management were focused on sorting out.

For further background info, see my archive of articles on this company (as with any company, just find the company's StockReport, then click on the "Discuss" tab, to see a list of all mine, and other peoples' articles which relate to that company). Incidentally, I was really pleased to see one reader comment that when researching a company, he first looks at the StockReport, and if he likes that, then his second step is to click "Discuss", and read my views on the company. He reckons that saves a lot of time when researching companies, to decide whether or not to then continue to do his own in-depth research.

To give investors a chance to ask questions, and to get a flavour for the person running a business, I also try to interview CEOs of my favourite companies - so this link (audio and transcript) is my interview with Waterman's CEO, Nick Taylor, on 15 Oct 2015. He seemed fairly upbeat about the outlook for the next couple of years, and strikes me as a grounded, sensible CEO - the best type, in my view. With small caps, I don't want visionaries, I want hands-on, motivated, honest, and competent manager/entrepreneurs.

Results for y/e 30 Jun 2015 were good, and the shares moved up from around 70p to c.90p after the results were published in Oct 2015. The share price had been held back somewhat by a selling overhang, although the seller (Ruffer) seems to have stopped selling now, and Hargreave Hale took a decent chunk from them (c.6% of the company) - see Holding in Company RNSs in Nov 2015.

Interim results, 6m to 31…

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