Good morning! Right, let's get this show back on the road.

Today I intend reporting on;

Matchtech (LON:MTEC) - trading update for y/e 31 Jul 2016

Cloudcall (LON:CALL) - Interim results to 30 Jun 2016, and another Placing

Audioboom (LON:BOOM) - interim results to 31 May 2016

I'll also have a leisurely stroll through yesterday's RNSs, later this afternoon, and will update on anything interesting.


Matchtech (LON:MTEC)

Share price: 361p (up 6.9% today)
No. shares: 30.9m
Market cap: £111.5m

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

Trading update y/e 31 Jul 2016 - this is a recruitment agency, specialising in the engineering & technology sectors. In common with some other smaller recruiters, its shares have been really slammed hard over Brexit fears. So personally I held back on buying more, as I assumed something must be going wrong.

However, today's update begins with an (ambiguous) confirmation of performance;

The Board expects profits to be in-line with its previous expectations.

What do they mean by "previous expectations"? Is that different to current expectations? If so, in what way?

Total NFI (Net Fee Income) is up 45% to £73.2m for the year ended 31 Jul 2016. The big rise here is due to the acquisition of Networkers International, which was a major acquisition.

There's an excellent research note here from Paul Hill of Equity Development, which is well worth a read, because it includes graphs on competitors, as well as for Matchtech. This note points out what good value Matchtech shares appear, and that it is far less cyclical than some investors seem to think. Although he does rein in his forecasts to essentially flat earnings for the next 2 years. That's probably sensible in current uncertain economic times.

Valuation - based on 43.7p EPS for 2015/16, the PER is 8.3 - clearly good value.

Dividends - a particular attraction of this share is the good dividend yield. Based on a forecast payout of 22.8p this year, that gives a nice yield of 6.3% - which looks sustainable to me, because it's twice covered, and also the balance sheet is strong (see below).

Net debt - is £27.5m at 31 Jul 2016, down 18.2% from a year earlier.

Although it should be noted that net debt is up 10.9% from 6…

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