Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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WH Ireland kept its "buy" recommendation for Avesco Group* (AVS) with a 225p target price. The media firm reported a trading profit of 2.1 million pounds in its first half, ended 31st March 2012, compared to a loss of 0.3 million pounds in 2011's comparable period, with the broker noting that the firm introduced an interim dividend of 1p per share. WH Ireland added that if the verdict for the company's case against Disney is upheld, with a decision expected in 2013, it would be worth 140p per share to the firm. Shares in Avesco were flat at 150p.
The company is on the hunt for a new Chief Executive after it said the incumbent Ian Martin had decided to leave the company to "pursue other interests and opportunities". It added that the parting had been amicable.
"Looking ahead, with the underlying growth in the business continuing and with the additional demand arising from the staging this summer of a number of major events including the London 2012 Olympics, the board remains confident regarding the outlook for the remainder of the financial year," said Chairman Richard Murray. "Beyond the London 2012 Olympics, the group's growth is expected to be underpinned by the expansion of our services into lighting and the increasing importance of Asian markets to our clients."
Avesco Group, a provider of services to the corporate media markets, hailed a successful first half and said confidence at the firm was high for the year as a whole. The company reported revenues up 9% to £67.5m in the six months to the end of March. It jumped back into the black with a £1.04m profit, making up for a £622,000 loss the previous year, and taking earnings per share up to 3.7p.
WH Ireland Securities initiates buy on Avesco, target price 225p.
13th March 2012 Analyst: Steven Moore Email: steven.moore@gecr.co.uk Tel: 0207 562 3370 Avesco Group - Positive First Quarter Results. Forecasts & Target Price increased. Buy at 163.5p, Target Price 260p (from 235p)
FINcap raises price target to £1.85
Another update that should have brought some blue today albeit AVS has risen well of late (although it is still off the top of the rise)
Ian Martin, Chief Executive, commented: "The 12 months ended 30 September 2011 have witnessed another period of strong growth for the Avesco Group. This performance reflects various strategic decisions and actions that we have taken over the last few years to develop the Group to meet the challenges and requirements of a global economy with a more international spread of customers and events across the globe. Moving forward into 2012, we have good reason to believe it will be a year of significant progress for the Group. Although the economic conditions look uncertain, we have substantial forward momentum and the additional benefit of many large events this year. Our strategy continues to be centred around the organic growth and development of the business. Since 2005, the Group has grown revenues at around 15% annually while maintaining a strong, conservative financial structure with modest levels of debt. Longer term, we believe that Avesco is well placed to meet any of the shifts in our market and to continue to grow by building on our international network, adding additional services, retaining our culture, maintaining a strong balance sheet and never forgetting to give our customers a world-class service."
Preliminary Results for the year ended 30 September 2011 Avesco Group plc ("Avesco" or the "Group") (AIM: AVS), the international provider of services to the corporate presentation, entertainment and broadcast markets, announces its preliminary results for the year ended 30 September 2011. KEY HIGHLIGHTS · Revenue up 7% to £125.5m (2010: £117.2m) · Trading EBITDA of £20.3m (2010: £19.7m)* · Trading profit of £2.3m (2010: £1.3m)* · Operating profit of £1.5m (2010: loss of £0.8m) · Adjusted basic earnings per share of 2.6p (2010: losses per share of 1.2p)* · Net cash inflow of £1.7m (2010: £7.4m) · Final dividend tripled to 3.0p per share (2010: 1.0p) * As described in note 8, the Group uses certain non-GAAP alternative measures to assess underlying operating performance.
http://www.investegate.co.uk/Article.aspx?id=201201120700144102V
12th January 2012 Analyst: Steven Moore Email: steven.moore@gecr.co.uk Tel: 0207 562 3370 Avesco Group - Strong Full-Year Results. Reiterate ‘Buy' at 155.5p - Target Price 235p
Missed opportunity nearly got in sub 140p lost out for a penny or two.
Avesco has the X Factor 24/11/2011 Miles Nolan Media services firm Avesco (AVS) has signalled that it now expects to beat market expectations – leading finnCap to double its pre-tax profit estimate for the year. Trading in the final quarter to 30 September has continued positively, with particular strength in the US-based audio-visual business Creative Technology. In the UK, the Wembley-located Fountain Studios, home to the X Factor, has also proved very buoyant. The improved international profile is helping Avesco win new work. Speaking to Growth Company Investor, finance director John Christmas enthused, 'We are enjoying good momentum in our businesses, 'adding that the Asia operations are starting to gain more traction. Avesco has benefited from strong cash generation; indeed, the AIM counter has delivered a net positive cash flow despite investing £18 million in new equipment to support its growth. House broker finnCap has revised its prediction of a year-end net debt position of £18.5 million to nearer £13 million as a result. It has edged up its numbers for 2011 to a pre-tax profit of £800,000 (previously £400,000), while for 2012 it predicts a pre-tax profit of £4.5 million (EPS of 13.6p) driven by the impact of large projects, such as the London Olympics. We have remained positive on the prospects for Avesco for some time, with a buy recommendation in March at 90.5p. The shares are up 7p to 140.5p and remain attractive.
25th November 2011 Analyst: Steven Moore Email: steven.moore@gecr.co.uk Tel: 0207 562 3370 Avesco Group – ‘Ahead of expectations’ trading update. Reiterate ‘Buy’ at 141.5p - Target Price 235p
14th September 2011 Analyst: Philip Morrish Email: philip.morrish@gecr.co.uk Tel: 0207 562 3371 Avesco Group - Good 9-month Results and Favourable Outlook. Re-iterate Target Price of 235p and Recommendation of Strong Buy
Good spot mulledwine. Link to GECR's coverage note at: http://www.gecr.co.uk/research/97/avesco-group
Now I might even agree with this prediction... but Disney isnae making it easy
22nd June 2011 Analyst: Derren Nathan Email: derren.nathan@gecr.co.uk Tel: 0207 562 3371 Avesco Group - Initiation of Coverage. Strong Buy at 114.5p with a target price of 235p
17JUNE Finally, Avesco (AVS) reported yesterday in a very upbeat manner. The stock came off 15p to around 114p. This was because the statement warned that the appeal hearing against Disney might take two years. And indeed it might. But, equally, Disney might just sober up and settle. It is worth noting that Disney may have in effect got a $300m loan where it is probably liable to pay derisory interest and perhaps $1m at most by way of legal fees. So it has a powerful incentive to drag its feet. Even so, Avesco reckon that, as matters stand, there is a cash injection of 140p on the way. Given that Avesco has won and that most appeals are thrown out this 140p must be worth north of 100p now. That gives a share price for Avesco of at least 200p now. So I bought some more. Who would not? An extract from the diaries of infamous bear raider Evil Knievil
Today's RNS seems to have spooked those hoping for a very quick buck from the US litigation. My 2ps worth is that as the appeal process would have started almost immediately after the judgment in our favour in July 2010, the reality of the "2 year" timescale for the appeal is that we're already almost a year through that. Therefore you have to ask yourselves whether you're prepared to hold onto your shares for a further 12 months max in return for a 100%+ return? Now if banks started offering savings accounts which would double your money in a year, I think the stampede would be TOWARDS them, not away and panic selling! As a litigator myself (albeit UK based), I would also expect the following possible outcomes: 1. Disney press on with the appeal and win: We appeal that decision, and could take another year perhaps. 2. Disney press on with the appeal and lose - this is what we're all hoping for. If they lose then I would expect them to pay as soon as possible, so as to minimise the further ongoing interest which will continue to accrue since the date of our original judgment. 3. The parties agree a reduced settlement of some kind before the appeal is determined - I consider this highly unlikely - we are on a strong footing and have the benefit of the judgment and disney's failed application for a retrial, and disney won't want to set what they'd see as a dangerous precedent by settling this claim and potentially opening the door for other similar claims. Like I said, just my 2ps worth. I got in very recently at 115p, and could have sold for a quick 20% gain, but am holding on for the appeal outcome. And in the meantime, please let's not forget that the company is going from strength to strength in it's actual day-to-day business thank you very much!
and another pat http://brokermandaniel.com/2011/06/07/avesco-still-going-strong/
Buy Avesco at 122.5p Says James Faulkner of specialist small caps site WatsHot.com Avesco (AVS) was first tipped on WatsHot.com at the end of November at 80p. Since then the shares have risen by a whopping 53%! But small cap wizard James Faulkner, who edits WatsHot.com, believes there is still further to go. Every month on WatsHot.com, James provides two brand new tips like this on small cap stocks where he sees fantastic potential. To get all these new tips (including a brand new one tomorrow) plus a daily column from James with the latest small cap news and rumours, join WatsHot.com now. And here's why Avesco is still a buy... I wouldn't normally be drawn to a business like Avesco, a provider of services to the corporate entertainment and broadcast markets. However, the company could be in line to receive a cash payout of c.$60 million following a court ruling which ordered Walt Disney to pay almost $270 million in damages to Celador, a company in which it retains an interest. Avesco's management has said it has no other plans but to distribute the cash windfall to its shareholders. What's more, the company is trading well and there is strong downside protection provided by a net asset position of £36.6 million, or 146p per share.
Looking good for the free money