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Cinpart (CINP, 11.25p, £7.70m) Has won a contract worth £1.18m for its consumer voltage stabilisation technology called VoltageMaster with the UK arm of a well known leading international retailer and manufacturer of affordable home products. The units will be supplied and installed in association with SCD Industries, a small shareholder in the Cinpart subsidiary Active Energy which owns the IP to VoltageMaster. Installation is expected to be completed by Q3 2009. Active Energy has surprised us with the speed of this development so we move from a HOLD to a SPECULATIVE BUY.
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Webis (WEB, 3p, £6.2m) Trading update for the year ending May 2009 reports it has seen strong year-on-year growth within its sportsbook operation, betinternet.com, and its pari-mutuel business, European Wagering Services. Growth has been partially offset by some margin pressure, especially on the fixed odds business, but the group is confident. A mere doubling of the interim EPS would give 0.24p EPS for the year ending 2009 - suggesting the group has some upside on the historic rating, BUY to 3.6p.
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Metalrax (MRX, 6.63p, £7.95m) Final results to December 2008 saw continuing operations revenues up 6.6% to £74.8m (£70.2m) which generated operating profits of £2m (£2.6m) before exceptionals. With pre-tax losses of £16.2m (Loss £7m) the group is not paying a dividend. The group has refocused onto 2 divisions, Consumer Durables and Specialist Engineering, sold 6 businesses and consolidated 3 operations during the year. The company is warning that, despite the restructuring, 2009 remains challenging and the group’s performance will fall below market expectations. The group did generate £3m of cash, holding net debt to £12.5m (£12.6m) despite a £3.2m cash acquisition. With the majority of its markets, especially consumer, remaining depressed we expect the shares to retrench back down to our Hold level, published on 01/05/09 at 4.38p, so SELL to that level.
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Eckoh (ECK, 7.75p, £15.48m) Final results to March 2009 saw revenues fall to £19.1m (£25.6m) and a significantly reduced loss of £0.7m (loss £2.1m) on continuing operations. The group is seeing good growth opportunities from larger companies seeking to reduce direct overhead and confirms it is on-track for revenue growth and profitability. Forecasts of £0.7m pre-tax with EPS of 0.36p put the company on 21.6 times for the year ahead, well up with events so HOLD.
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Ten Alps (TAL, 26.5p, £16.94m) Final results to March 2009 saw revenues of £80.2m (£81.4m) and pre-tax profits of £3.3m (£3.15m) and underlying EPS of 6.52p (6.06p) with a NAV of £22.7m. It’s too early to see growth from the customer base so the company is targeting margin growth, especially from a greater on-line presence, and continues to seek opportunities, such as local digital services. Forecasts reflect the lack of growth and increased number of shares following the placing in March at 27p with pre-tax profits of £4m and 3.8p EPS putting the group on 7x prospective PER. We repeat our 02/04/09 BUY recommendation made at 26p with a 32.5p price target.
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Cryptologic (CRP, 400p, £51.31m) Has signed a 3 year contract to provide at least 9 of its on-line slot games to Paddy Power, 2 live already with the rest live before the end of 2009. The availability is a direct result of Cryptologic’s deal with Orbis that made its games available on Orbis’ Fixed Odds Games platform. We repeat our SPECULATIVE BUY last made on 11/06/09 at the same price.
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Servision (SEV, 15.5p, £4.63m) Has signed an exclusive distribution agreement with RamVision of India and secured initial orders worth $250,000. RamVision was formed in March 2009 to specifically market Servision’s products – implying there are no established relationships. Clearly good news we rate the company a HOLD due to the increased losses of $1.1m reported at the interims to June 2008 and we are still awaiting the full year results.
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Plant Impact (PIM, 41.5p, £11.03m) Final results of the plant stress management business to March 2009 are fairly academic due to the developments the company has announced, specifically the LOI and loan agreement with Arytsa Lifesciences Corporation, first sales in 8 territories, 1st sales of its Cocoa Stress Tolerance product and crop nutrients products on ornamentals. The company saw sales rise to £0.8m £0.3m) with a pre-tax loss of £2.47m (Loss £1.85m) and ended the year with cash of £0.76m (£2.98m). SPECULATIVE BUY for future product related announcements which will take the group much further towards profits and cash break-even.
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Top Level Holdings (TLDH, 3.5p, £5.68m) Interim results to April 2009 saw the impact on payments from search result providers, increased web traffic attrition and the impact on general advertising. The company intends to concentrate on its top level domains to extend its reach from .com, .net and .org. The group will seek permission at the AGM to diversify into a range of businesses that are related to support services for domains and websites. Revenues for the 6 months were £0.129m (£0.232m) with pre-tax losses of £0.421m (£0.246m) and net cash of £2m and an NAV of £3m. Well ahead of events SELL down to the NAV or a target price of 1.85p.
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Vphase (VPHA, 7.75p, £54.29m) Has achieved a CE certification for its voltage stabilisation product and it can now start trials with partners Scottish & Southern and British Gas. We repeat our SPECULATIVE BUY but investors should note the progress being made by new entrant VoltageMaster, part of Aim quoted Cinpart, which today announced a commercial contract for its product.
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Avanti Communications (AVN, 236p, £65.39m) Has been awarded preferred bidder status, so subject only to standard contract documentation, for the rollout of broadband services to Bryness and surrounding areas in Northumberland. We repeat our long standing HOLD recommendation, last iterated on 12/06/09 at 232p.
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