Good morning!

Friday's late report is here - apologies for the delay in posting it.

In it, I had a look at;

NetDimensions Holdings (LON:NETD) - 100p cash takeover bid

Zamano (LON:ZMNO) - business being shut down, turning into a cash shell

Johnston Press (LON:JPR) - trading update


On to today's trading updates then.


accesso Technology (LON:ACSO)

Share price: 1545p (pre-open, so likely to change later)
No. shares: 22.3m
Market cap: £344.5m

Trading update - this update for calendar year 2016 reads positively. Key points;

  • 2016 revenues to be in line with expectations.
  • 2016 profit ahead of expectations.
  • "The Board is also pleased to report a strong start to 2017 where all accesso business lines are reporting good momentum."


Forecasts - one broker has put out a note this morning, saying that it is increasing its profit forecasts by 2-3%.

Valuation - the Stockopedia rolling 12 month forecast PER is currently showing 36. That's a warm rating, but this market loves growth stocks, so it's not outlandishly expensive relative to other growth companies.

Mind you, to maintain that rich PER, the company will need to keep growing at a fair old clip.

My opinion - Accesso does seem to have sewn up a decent niche market, globally, largely to itself. It has recurring revenues, and high quality customers, so I can see the attraction of the shares, and indeed it's one I held for a while after the blockbuster deal with Merlin was announced.

Overall, I think it's a high quality company, with a price which reflects that. I'm not convinced that there's enough growth on the table to justify re-entering at the moment, at the current price.



Pebble Beach Systems (LON:PEB)

Share price: 12.25p (down 29.5% today)
No. shares: 124.6m (estimated from recent holding in company RNS)
Market cap: £15.3m

Trading update (profit warning) - this company only adopted its new name on Friday last week, so it's a pretty inauspicious start to the newly-named company to put out a profit warning on day 2.

This company is what's left of Vislink, with the original core business being pending a disposal, which itself is looking decidedly risky & uncertain. In my report here of 16 Jan 2017,…

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