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Should see good earnings from that and cements the fact that Steffan is driving increasingly larger clients and projects through the doors.

PPS/Newgate have been fundamental to the positive fracking decision for Cuadrilla which effectively opens up the UK to shale-gas. This should work wonders for the stance of PPS/Newgate due to the incredible barriers that it has managed to overcome to get this positive government decision working with Cuadrilla. Wake up and smell the coffee - Newgate/PPS just got a huge vote of confidence for its client negotiation management skills. Well done. This wont go un-noticed for long.

The government decision today to allow fracking in Lancashire is great news. PPS/Cuadrilla have been working together since 2014 to lobby opinion and operate in the arena of difficult decision-making. This is undoubtedly a real feather in the cap for PPS and since PPS is now integrated into Newgate its a great coup for the company as a whole. Spot on. Let's see how long it takes the news to sink in to potential buyers here.

http://www.bbc.co.uk/news

Looks like all the work with Cuadrilla is paying off with fracking approval in Lancashire getting the go-ahead. wukww.bbc.co.uk/news/ http://www.ppsgroup.co.uk/case-studies/cuadrilla-resources/ This is a real coup given PPS forte is working in areas of difficult communication and decision-making. Should give real kudos to PPS in negotiating with bigger companies.

From the interims [verbatim] - The outlook is undoubtedly strengthening all the time now that the Brexit vote is behind us, but we cannot relax our resolve in growing the business. We can say with confidence that the platform is there to continue driving the business forward. - Thats a very guardedly confident statement given the cautious update pre-Brexit IMO -

Rough diamond prices are still tracking 52-week highs. http://www.paulzimnisky.com/roughdiamondindex

Hi GT. Definitely and categorically working on the loan debt issue as I have asked all BoD on numerous occasions. I am presuming that this is why, despite the upturn and big increase in work in progress, directors have been prevented from buying. Whatever the reason for Emma Kane's sale, which I presume was for personal/family reasons, I am sure that these would have been mopped up off-market by directors. The fact that that didn't happen, and they have obviously been absorbed by an 'accumulator?' appears to vindicate that view. Fact: the company forewarned of a possible bumpy time after 23rd June vote but the interims indicated increasing progress after subdued trading around Brexit. That would have triggered an immediate rise from this low level but for the loan debt. These guys are ALL seasoned individuals with acute financial awareness - they KNOW that any resolution of the 12% loan debt will catapult the company forward. Ergo - it's a priority. Bob has supported Porta through the assembly and primary growth stages but as a rule expects to see a three-times multiple on his outlay. This must therefore be an ongoing balancing game where Porta is poised for considerable growth and we need someone like Nigel Wray or Chris Mills to sit down with Bob and work out an amicable arrangement. Bob has a lot of shares so he will be the major beneficiary of any substantial re-rate. He also realises that it is his 12% loan debt that is putting the brakes on that progress so it's a trade off. Time to sell the debt down to LIBOR plus 1%, get the rerate and bask in the sunshine of a rising MCap with a shed load of shares Bob. I'm sure it requires a little more horse-trading but there must be an entrepreneur who can see the potential now being built in to Porta. All IMO.

I think any refinancing will be accompanied by a re-jig. Bob has been very supportive of Porta, hence my thanks to him at the AGM. David Wright built the group to critical mass for which he should be commended. It is his baby and the old adage of see the way, point the way then get out of the way holds true. He has effectively passed the wheel to Steffan Williams who was brought in to oversee the next phase of growth. He is showing his prowess in steering the ship into bigger oceans and successfully bringing on board influential industry players and their networks. The company cannot continue to carry DW and FD Gene at £250k pa unless they are performing 100% in line with Steffan's vision and I honestly believe its time to make Steffan CEO. David should see this and voluntarily 'retire' to enjoy the increasing fruits of his labours. He has shares and options which will both increase markedly in value under new leadership. Bob, as you say has great diplomacy and will get great kudos from overseeing this as Porta accelerates. He will also benefit from this fundamental restructure. The new lead has to come from Steffan with Gavin, Charles and hires supporting his vision which is growing the business as he takes it to a totally integrated platform. The sheer quality of new hires vindicates his optimism fro the outlook. Watch this space IMO. The measures I have outlined would herald a massive re-rate overnight as this company has a global£35m turnover held up by a miserable £10m MCap - crazy, and a turnaround in the making. Just needs the match to light the blue paper.

Agree - excellent post Baron and hit the nail on the head. The interims highlighted a re-presentation of the company with its cutting-edge intergrated offerings. Steffan Williams is doing a first-rate job, attracting new clients and successfully encouraging ace players to join Porta. We now need to clear out the old guard to cement that change in the eyes of new investors. Time to give Steffan the reins and let him lead the company as CEO with new FD. Swingeing but necessary. It would reignite the prospects in a flash.

And that's why my money is on this new raft of management to sort it quickly as its a glaring reason for this low rating given prospects. I am assured that it is a top priority.

Basically we are in a classic turn around here. David Wright has built a company of complimentary businesses over the past five years where turnover has risen from zero to the current £35m pa which is no mean feat. Despite this, delays in securing PPS and Publicasity 'at the right price' delayed progress by 15 months and start-up costs ate into any profits. As a result, some existing and legacy institutional holders have decided that the wait is too long and have downsized their holdings - fair enough given the impatience of their managers. To rejuvenate the business, which is fundamentally sound and growing revenue, Steffan Williams was appointed to drive it forward. I suggest you read Steffan's achievements and networking breadth for a guide to his capabilities. Four senior hires have either come on board or defected to Porta on his approaches. All are seasoned and very competent players who again bring along excellent contact networks - vital to a communications business. The decision to provide a comprehensive and integrated communications, IR and PR offering from a single point of access was undoubtedly the factor that persuaded them. They are now building that cohesive platform by interlinking the various businesses and it appears to be working well looking at the 60% increase in Work in Progress highlighted in the interims. So we have basically a vote of confidence in a completely new set of competent players forming a new team under a rebranded offering as Newgate and PPS work closely together to lead it. It is cash generative at the EBITDA level and growing after a Brexit hiccough. It is now a multi-faceted player with a compelling and attractive offering. The crazy thing to me is that if Porta were a new IPO coming to market with the depth and quality of management that it now has, it would certainly be commanding the £50m ticket that DW aspired to on basics and outlook. Heyho. So we have the team, we have the vehicle....now lets see it motor as I am certain that it can.

For all the reasons I've stated - yes, I've been cautiously adding. I just find it compelling that the quality of hires following Steffan must mean that they see where Porta is going. As I said, it's great when one comes on Board but the succession of seasoned entrepreneurial hires voluntarily joining is a clear indication of change. I really do think that this assembled team are focused and motivated. At this level, the downside is limited by having several constituent companies under one umbrella; the upside looks very promising imo given the interim outlook. Steffan is not given to overbullish promises and no delivery; his impact is starting to show and should gain speed this half.

Is that N+1 Singer were eager to take on Porta, having previously been with Porta before Sanlam. They know the company, it's seasoned Board, and its ambitions. The fact that this year has seen so many senior professionals convinced by this evolving business is also very relevant. Porta has spent the last 18 months consolidating David Wright's build strategy. The next phase is Steffan Williams driving it strongly forward having formed a cohesive team of top quality leaders. The work in progress is up 60% on H1 2015 in the interims which indicates that Porta just might be getting into a sweet spot. There were a lot of good indicators that progress is being made in the half year accounts, Sentiment could change very quickly as the quality and reach of these guys starts to sink in.

When the accumulator(s) show their hands and we see who the quietly-quietly fund managers are who are picking up stock at this low level. As with everything, quality is the key ingredient for growth. Look at the hires coming on board this people focused networking sensitive business and you'll come to the same conclusion as the astute first-movers ...This is a classic turnaround from build to accelerating organic growth gowing forward. Expect a raft of good news in H2 based on the quality of new hires and the increasing size and quality of both client and projects. I can see revenue per client increasing markedly as the multiple offerings from the integrated platform are taken up. All IMO but I am heartened by many phrases in the interims. Porta were previously accused under DW of over-bullishness; not any more. They called it right with the cautious statement regarding Brexit and I believe they are now being cautiously optimistic that business is in the ascendancy. Time to board the boat??

Like you GT I am sure that we have one (or two) institutional growth fund investors dipping their toe in the water on the back of a stream of quality management hires. Frankly, for five senior appointments of this calibre to all come on board voluntarily and heralding the unique Porta offering it is not surprising. These guys don't move around for fun as they are all successful business builders. One is a great coup, two is exceptional, five is astonishing for a company like Porta. This can only be indicative of a great deal of internal confidence and THAT IMO is definitive of the turnaround now taking place. If you believe it, like I do, then you're not alone as the shrewd fund managers mopping up sales are obviously seeing it too.

Turnaround par-excellence in operation at MCap <£10m. Steffan Williams Group MD appointed last October to steer the ship created by david Wright and make senior hires - done. Four exceptional senior hires in place from end H1 all now bringing in profit from day one. Increasing list of clients buying into the integrated services offering. Outlook positive on turnover £35m pa. These guys are now proving themselves as the seasoned initiator David Williams allows the business to scale. Get the term debt sorted and this one could rerate smartly. Look at the current strategy, management and capability, NOT the building process and its hiccoughs.

The current sub £10m MCap is discounting ANY positive progress highlighted in the interims. With £1.3m in cash, having bought the additional 15% in Redleaf, and uplift post-Brexit this is an excellent buy for a company generating £35m pa revenue.

The buy and build strategy took longer than expected I agree and an MCap at this level certainly brings into question the current salaries of senior management David Wright and Gene Golembiewski. They have been integral in assembling the framework which has taken 5 years. Steffan has been in the post one year in October and has certainly lived up to his brief in bringing in new business and senior management. Brexit was an undoubted set-back given the positive first five months of 2016, but confidence is returning and Porta is benefitting according to the outlook in the interims. The senior hires joining Porta are convinced that the company now has a unique offering with critical mass, it is early days for them to be making an impact, but the fact that they have been 'profit generating from day one' bodes well. I am looking at this as a classic turnaround situation as we run into H2 and 2017 given the quality of management and new ideas. With a good crew and a fair tailwind plus a handle on debt renegotiation, Porta could pleasantly surprise as these guys kick in.

Agree, but I believe consolidation with senior hires coming on board is the best 'next step' as Steffan indicates in the interim statement. David Wright has built a formidable operation of eight companies with great potential. Steffan was brought in to provide senior hires and scale operational performance and cohesion. His vision of an one-stop integrated communications, PR, IR, reputation management and marketing business is rapidly evolving. I am encouraged by several factors that make me think the corner has been turned. 1] The eagerness of very good senior execs to join Porta and 2] The fact that companies like Somero are choosing multiple offerings from Porta rather than just single briefs. This vindicates the positive outlook on 'critical mass' and scalability. The list of end H1 running into H2 client wins across all the businesses looks good and heralds well with the cost-savings kicking in during H2. Whilst Emma Kane's decision to sell shares for whatever reason was ill-timed she is a dyed-in-the-wool Redleaf girl and it is her baby. Whilst there is no obligation for her to explain her actions it would be helpful if she did state it was for personal or tax reasons. Integrity and transparency is high on her list of attributes as can be seen by her impressive client list and rejection of those she would prefer not to handle. I am reassured that Porta is either past or rapidly approaching its tipping-point and that debt reduction or refinancing is a priority as its resolution will certainly speed change of sentiment. At a time when most agencies are swimming against the tide, Porta does indeed appear to be attracting top hires and, as a people business, that bodes well for the future. They must be seeing traction in the integrated product offering and the quality of these hires is now attracting bigger clients as they have been 'profit-making from day one'. I expect that we should now start to see an increasing level of news regarding contract and project work. The IPO market has a pent-up number of companies post-Brexit, wishing to float and the bounce-back in the economy bodes well for all operations. With a firm hand on the tiller and a stated aim of 're-presenting the company' to its client markets, Porta could well be on the ascendancy as H2 rolls out.