Good afternoon! It's Paul here.

It's very quiet for small cap news, so I had a lie in. Today I'll be covering;

Focusrite (LON:TUNE) - Final results

Audioboom (LON:BOOM) - Interims to 28 Feb 2017


Webinar 1pm tomorrow

Ed is launching some terrific new features, with a webinar tomorrow (4 May 2017) at 1pm.

Here is the webinar sign-up page. I've had a preview, and I really like the new features - a new "stock classifications" system, to sit alongside the StockRanks.

As you would expect from the boffins at Stockopedia HQ, it's well thought through, and has been number-crunched to oblivion!

This is another great feature for our toolbox in trying to find great stocks, and avoid all the junk out there.



Focusrite (LON:TUNE)

Share price: 241.5p (up 8.5% today)
No. shares: 58.1m
Market cap: £140.3m

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

Interim results - for the 6 months to 28 Feb 2017.

This company describes itself as a;

global music and audio products company supplying hardware and software products used by professional and amateur musicians

I've written positively about this company here 4 times in the last year - click here to see those previous reports, which have useful background. I usually re-read my previous notes, to refresh my memory about the company.


These interim figures look excellent to me.

Revenue up 23.7% to £32.0m

Adjusted operating profit is probably the best comparison number, and is up 23.8% to £4.6m

Note that the numbers below this line are flattered by a big reduction in the finance charge line - which was £725k in H1 last year, but only £24k this year. Therefore, don't get over-excited about the 89.1% increase in profit before tax, as that's benefited from the reduction in finance charge.

Note also that some of this year's headline numbers are also flattered by there being no "non-underlying" costs in H1 this year, whereas last year contained £537k in non-underlying costs.

Adjusted EPS is up 52.2% to 7.0p

Broker forecasts look too conservative now, so I am expecting to see forecasts raised. Maybe the company could be heading for 14-15p adj EPS for the full year? Consensus is currently 12.3p, so the company seems to be running ahead of that.

Research Tree has got 2 broker updates on it today. Panmure…

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