Member Info for Bazzaman

Financial highlights § Turnover 27% ahead at £343.0m (2013 £270.1m) § Overseas revenues increased by 36% to £66.5m (2013 £48.9m). Now over 19% of total turnover § Adjusted operating profit up 21% to £16.0m (2013 £13.3m) § Operating margin on sales (excluding pass through) maintained at 6.9% (2013 6.9%) § Adjusted earnings per share (fully diluted and excluding the after tax effects of exceptional items and amortisation of acquired intangibles) increased 10% to 4.62p (2013 4.19p) § Final dividend of 1.33p per share. Full year dividend up 11% to 2.0p per share (2013 1.80p) § Free cash inflow improved by £11.6m to £6.0m (2013 outflow £5.6m) principally due to tighter working capital management § Year-end net debt at £35.9m (2013 £25.7m). Increase attributable to investment during the year § A £21m non-cash provision for the impairment of goodwill that arose on acquisitions made in the early years of the last decade resulted in a loss after tax of £15.1m (2013 profit £4.9m). Basic loss per share was 7.67p (2013 earnings 2.65p) § 2014 triennial pension deficit valuation substantially reduced at £19.5m (2011 £38m deficit). Annual deficit reduction payments halved at an initial £1.5m (previously £3m)

are excellent. Key highlights: · Fifth consecutive year of double digit growth in organic revenues, accelerating in H2 · Step up in marketing investment driving top line organic growth and yielding healthy returns · Three year sponsorship of Rangers Football Club announced in April 2014 · Successful launch of new sportsbook, 32Red Sport, in June 2014 · Progress in Italy and new marketing campaign launched in early 2015 · Successful integration of the Go Wild UK business, acquired in September 2014 · Strong start to 2015 with current trading up 35% in the first two months of the year

are due tomorrow

Numis cuts Breedon Aggregates to add from buy, 58p target unchanged

Breedon Aggregates (BREE) is enjoyed the upturn in fortunes for the UK construction industry which resulted in a 20 per cent improvement in its revenues and a 94 per cent rise in profits to £21.4m for 2014. Buy.

Great results, shame no dividend but can understand why at this stage of their development.

Never believe them as I see so many in the wrong box

A focus on gaming on mobile devices is critical to maintaining this growth as this segment now accounts for a third of all casino revenues, up from only a fifth at the end of 2013. Strict cost control is important too, something that 32Red is keeping an eye on. For instance, active gaming players shot up 15 per cent to over 82,000 over the course of 2014, but the added cost per acquisition of the new players was covered by the corresponding increase in gaming yield per customer. Of course, the new tax regime will have an impact which is why Numis forecasts pre-tax profits of £4.7m on revenues of £34.8m in 2015 compared to profits of £5.5m on revenue of £32.1m in fiscal 2014. On this basis, expect adjusted EPS of 5.9p this year, down from 7p forecast in 2014. Still, this only means that the shares are priced on a modest 10 times likely earnings for this year, and on only 8.5 times once you strip out net cash worth 8p a share. Moreover, with cash generation strong, expect a dividend of 2.2p to be declared in next week’s full-year results on Thursday, 5 March. Mr Jones at Numis predicts a payout of 2.5p this year, implying a prospective yield in excess of 4 per cent. So with the trading outlook much improved, and investor caution toward gaming companies overdone prior to the implementation of the new tax regime, then I see the bounce back in 32Red’s share price from last autumn’s lows continuing in the months ahead. Trading on a bid-offer spread of 59p to 60p, slightly above the price when I last updated the investment case (‘Gamble on recovery’, 25 September 2014), I rate 32Red’s shares a buy and have a six month target price range of 75p to 80p

Aim-traded shares in online gaming company 32Red (TTR: 60p) have regained territory above my recommended buy in price of 51.75p (‘Game on’, 7 July 2013), but it has been an incredibly volatile ride to say the least as the sector was sold down heavily last year on concerns over the introduction of a point of consumption tax. However, an upbeat trading statement from the company in late January indicated that the business is adapting to the new regulatory regime far better than many had anticipated. In fact, in the first 22 days of the new financial year revenues had raced ahead by 31 per cent on the corresponding period in 2014. True, analyst Ivor Jones at broking house Numis Securities rightly points out that “it’s too early to conclude that the new regime is favouring 32Red as it may be that the company is mopping up the market share left by companies which chose not to get licensed in the UK”. However, it’s also worth noting that 32Red’s chief executive Ed Ware believes that “our marketing and operations have never been in better shape”. He has a point as a drill down through the revenue figures for last year shows that the company posted 33 per cent growth in the second half of 2014, and clearly this strong momentum has continued into the new fiscal year.

Results on Thursday expecting to be very good, buying ahead IMO.

up again at these silly prices.

They gave an update on 19th Feb, next one probably sometime in March but not sure when.

Simon has raised his target price from 90p to 100p together with a positive article following the results update yesterday.

Simon posting a positive buy signal today.

Simon posting a positive buy update today.

Spoke too soon, posting was a little late. Strong buy recommended.

No update today, maybe tomorrow but more likely Monday now.

Expecting ST to cover this following the results, hopefully today in which case it will be published on-line at 12.

Inland Homes founder and chief executive Stephen Wicks has been appointed as as a non-executive director of Energiser Investments with immediate effect. Wicks has worked in the construction and housebuilding sector all of his working life and has extensive knowledge of local and national policies on both greenfield and brownfield sites. He is currently the CEO of Inland Homes, having founded the company in June 2005.

5 days on the bounce, maybe