2 Ergo Group (LON:RGO) (RGO, 57.5p, £18.82m) Trading statement for the year ending August 2010 confirms results in-line with expectations and the following year will benefit from the investments made. With losses still anticipated for this year and PBT of £3.4m and 7.9p EPS next year the group has a lot to deliver – for the time being we drop the recommendation to a HOLD.  

Alterian (LON:ALN) (ALN, 187.5p, £15.22m) has announced the acquisition of Intrepid Consultant, an international social media analytics and market research consultancy, for a total consideration of $11.5m. Initial consideration is of $3.5m cash plus the issue of 361,427 shares with a potential $7.35m relating to performance to March 2013 with another $0.65m available for personal bonuses. The operation has offices in Seattle, London and Ho Chi Minh City. To December 2009 the operation generated pre-tax profits of some £0.3m - which the group expects to enhance EPS in the year. We still see some upside to around the 15x PER with only a modest boost in the year to March 2011 from this acquisition. We maintain the BUY recommendation with a 214p price target.  

Ant (LON:ANTP) (ANTP, 25p, £6.07m) Interims to June 2010 saw revenues relatively flat at £2.11m (£2.01m) with a gross profit of £1.80m (£1.68m), a margin of 85.2% (83.5%) with lower admin costs of £1.15m (£1.42m), flat R&D at £1.17m (£1.16m) leaving the adjusted loss before tax reduced at £0.48m (£0.83m). The group ended the period with net cash and equivalents of some £4.61m (£5.05m at the year end). Unit shipments were relatively flat at 1.5m units (1.6m) but the mix of revenues shifted to professional services with £0.7m (£0.4m) while the royalty revenues fell marginally to £1.4m (£1.6m). Our valuation remains a SPECULATIVE BUY as the group is well positioned for the surge in hybrid broadcast which addresses the problems of over the air capacity by adding broadband.

Clyde Process Solutions Plc (LON:CPSP) (CPSP, 55.5p, £22.41m) 6 month trading to the end of August has been in line with management expectations. At the end of July the order book stood at £24.2m (£20.5m at the February year end), driven by orders secured in the food, metals chemicals and petrochemicals markets. The group has expanded its presence in the US, UK China and Brazil to enhance the pipeline of opportunities. Forecasts for…

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