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The pace at which City analysts have been increasing their forecasts means the share rating still looks reasonable - 13.5 times forecast earnings for the current year, comfortably below average for the support services sector. And the speed at which earnings are growing means there will be scope for smart dividend growth in the future but as always dyor and good luck.

This move looks well timed, particularly in the UK where energy and infrastructure projects are starting up. Sweett won commissions from United Utilities and Northern Gas Networks among others last year with revenues from energy, transport and infrastructure accounting for 17 per cent of the total, up from 10 per cent three years ago. The icing on the cake is that the retail segment is finally showing signs of life, too, with Sweett working on new shopping centres and projects, such as discount store Primark's expansion in France. Another part of Sweett's plan is to expand its Asia Pacific presence, which it terms its "largest single growth market". Three years ago, Asia Pacific contributed 8 per cent of group revenues; last year that was 32 per cent. This expansion has required heavy spending, which depressed profit margins from the region last year. But the good news is that, though the Chinese construction market may have come off its highs, there is still plenty of work for Sweett. It won several major commissions with Chinese property developers last year as well as with foreign firms investing in China, such as Nike. Hong Kong is a hive of activity, too, with Sweett involved in underground rail, tunnelling and hospital projects. The Middle East has been tougher as building projects were delayed amid economic uncertainty. But Sweett managed to get its Middle East business back into profit last year and the latest trading update said activity was motoring again

One look at the share-price chart for Sweett (CSG) and you might think you've missed the boat. Shares in the property and infrastructure consultant have been on a roll, but their price is just keeping up with the pace at which City analysts are upgrading their forecasts. There may be more good news when the company reports first-half results next month, so there is still value to go for. This marks a remarkable turnaround from the situation a year ago when poor performance in Australia and the Middle East and delays to a private-finance-initiative (PFI) project forced Sweett into a pre-tax loss for 2011-12. That prompted a new three-year plan, which is behind the revival in its fortunes. Simply put, Sweett is now in the right places at the right time. Sweett's business model, which did well on contracts such as Singapore's Marina Bay Sands casino, BBC North's new broadcasting centre and the Dubai Metro, has stayed the same. That means, win contracts, manage costs and achieve financial close. But now its bosses are fussier about where the company does business. There has been a move to sell off PFI assets and a big push to expand into European infrastructure and energy, branching out from the group's established strengths in retail and commercial property.

Trading on a forward PE ratio of 14.8 times, the shares sit at a modest discount to the support services sector average of around 16 times and there is a supportive dividend yield of nearly 3 per cent. The valuation gap with peers looks undeserved given DCC's track record. As DCC's profile grows, that valuation gap looks likely to close.but as always dyor..............

SerCom had a confident first half with operating profit up 11 per cent year on year, all of which was organic growth, to £14.1m driven by its dominant position in the UK mobile computing market for products such as notebooks and tablets, and a growing presence in the mobile handset market. The third-largest division is DCC Healthcare, which markets and distributes pharmaceuticals and medical devices and provides contract manufacturing services to health and beauty brands. This division accounted for 12 per cent of full-year 2013 group profit and has a good track record of growth with a 9 per cent five-year compound annual growth rate. Bringing up the rear are the final two, much smaller divisions - DCC Environmental and DCC Food & Beverage, which together made up 9 per cent of full-year 2013 group profits. While small, these two businesses still have attractive market positions. DCC Environmental is Ireland's biggest hazardous waste management company, while DCC Food & Beverage is Ireland's biggest independent wine distributor. Geographically, the UK accounts for the lion's share of group profits at 74 per cent, with continental Europe at 15 per cent and the Republic of Ireland at 11 per cent. DCC's established market positions - nine number one positions in its 14 markets - have been excellent drivers of earnings growth. One caveat is that there is a certain amount of seasonality and weather impact on the DCC Energy business. This is because the winter months, which fall during the company's second half, are the busiest time for oil distribution with demand for heating oil heavily influenced by the weather. So the company's guidance for 13 per cent earnings growth this year depends on 'normal' weather in the second half. On the flip side, if we get a cold winter, there could be upside to profit expectations.

The business itself is somewhat sprawling with five divisions. But drill down and the core driver is DCC Energy, Europe's leading oil and LPG marketing and distribution player. DCC Energy reported a 78 per cent year-on-year jump in first-half operating profit to £33.5m, which represented nearly half the group total. This robust performance was driven by a cold snap in the first quarter, contributions from acquisitions and improved efficiency. That helped to drive the group's overall adjusted operating profit up 38 per cent on year to £69.4m while adjusted earnings per share leapt 39 per cent to 58.34p. DCC reiterated its guidance for adjusted earnings per share to rise 13 per cent for the full year. That is already an impressive pace of growth, but analysts believe they could potentially do even better. The key drivers of possible positive earnings surprise are seen as integration benefits from previous acquisitions, a strong performance from the consumer electronics distribution business SerCom (which is the next biggest division after DCC Energy) and potential further M&A activity given the still strong balance sheet.

Overlooked, undervalued and high quality, DCC (DCC) has all the ingredients to be a star performer. And an impressive set of first-half results last week and increasing coverage by City analysts means the shares may not be overlooked for much longer. The distribution company entered the FTSE 250 in June after dropping its Dublin listing to make the London exchange the sole home for its shares. While the dual listing has kept it off the radar of most UK investors, its track record suggests it warrants serious attention. In the 19 years since its float, the company has achieved a compound annual operating profit growth of 13 per cent and earnings have grown in every year except one. Dividends have done even better. DCC has an unbroken record of dividend growth since the 1994 IPO, and a compound annual dividend growth rate of 15 per cent. Return on capital employed has been equally impressive, averaging 18 per cent over the past 10 years, well ahead of the company's cost of capital (estimated by analysts to be around 7 per cent), meaning DCC has been an excellent long-term value creator.

The significant decline in the cash pile may look alarming, but it is no more than a reflection of the timing changes in cash flow, and target cost contracts carry significantly less risk. True, working capital requirements will change, in which supplier prompt payment mechanisms will play a part. But Costain still has a healthy cash pile backed up by banking and bond facilities worth an additional £495m. A decent dividend and a record order book, together with a diversified product offering and high percentage of repeat business, make Costain a compelling case for both income and growth as always dyor........

Two core operating divisions were created at the start of the year. Rail, highways, power and airport work became the infrastructure division, and adjusted profits at the half year were up 50 per cent at £14.4m. However, the new natural resources division - that covers water, hydrocarbons, chemicals nuclear processing and waste - has taken a bit longer to bed down. Additional costs to complete a project together with restructuring and business development costs meant a small half-year loss. However, new work secured has boosted the forward order book by a third to £1.2bn. Headline pre-tax profits will be down this year, but only because last year's numbers were boosted by £10.5m of PFI disposals, whereas there has been none this year. So on an adjusted basis, Liberum believes that profits should be up by around 24 per cent at £21.8m. This year's numbers will also include a one-off cost of £3.7m associated with the aborted merger with May Gurney, after the agreed all-share merger was beaten by a better offer from Kier. Sensibly, management elected not to chase the game by making an increased offer, believing that doing so would not have served shareholders' best interests. In valuation terms, Costain's shares are trading on 12 times 2013 forecast earnings, falling to 10 next year - that's cheaper than Kier and Balfour Beatty, although more expensive than Carillion. There is a decent and growing dividend on offer, too, with a prospective yield of 3.9 per cent this year, rising to 4.1 per cent in 2014 and, based on Liberum's forecasts, 4.3 per cent the year after that.

Costain (COST) has come a long way in the last 20 years, and the most beneficial change has been to the core business model. Instead of operating as a pure construction contractor, Costain has evolved into a one-stop shop for buidling services, covering planning, project delivery, and operation and maintenance. Customers like the idea of dealing with one provider, which is why over 90 per cent of the current order book is repeat business from existing clients. Significantly, most new work is now agreed on a target cost, cost reimbursable form of contract. Rather than receive a traditional lump sum, payment on such contracts come much later but can be much more lucrative and less risky. True, the change in model is a drain on cash, and broker Liberum forecasts a £141m working capital outflow over three years, but believes there will still be net cash of £22m at the end of the process in 2015. The big advantage of the new type of contract is that both sides adopt a more collaborative approach to agreeing a target price, and if Costain delivers below budget, then the savings are shared, as usually are any cost overuns. Costain has focused its attention on acquiring blue-chip customers in sectors where major spending is underpinned by regulation and strategic national needs, such as water, rail, nuclear and waste. The approach is paying off. Forward order book at the end of June were up 20 per cent on the year and has since hit a record £3bn, with a further £400m in the preferred bidder pipeline.

Lets hope this carries on steady over coming months..

Ask now 52p..........

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=ENEG&ArticleCode=23jqj2so&ArticleHeadline=Joint_Development_Agreement_signed_with_Antrim

heol-tyllwyd....

Been topping up on the dips and now im in a good bit of profit here..ive got a target and when i reach it i will sell half my holding and let the rest ride gl all.

Four months ago this was 26p...........

Afraid thats consolidation for you...rarely does it work out for investors on AIM when it happens....................... But this is moving quick now been good for new investors and possibly alot more to come........

Will be interesting to see if this carries on today....

http://data.beaufortsharedealing.com/broker-views/WATR/Water-Intelligence

Looks good and only 9m shares on offer.....