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Numis have today retained their 480p price target which was recently upgraded, whilst Liberum have raised their price target to 445p (from 375p).

Shore Capital have updated today. They forecast 1.3p EPS this year, rising to 1.5p EPS next year - with 0.2p and 0.3p dividends respectively.

They conclude:

"Valuation thoughts.

As the economy recovers from the impact of the Covid pandemic, Inspired is trading on a revised FY2021F PER of 13.2x (EV/EBITDA 9.7x), offering a progressive dividend yield of 1.4%. With recovery out of the pandemic set to emerge, Inspired is poised to benefit, in our view, delivering essential services in energy assurance and optimisation as well as through its emerging ESG based compliance platforms"

The results look pretty good considering the pandemic badly affected Energy Optimisation:

- INSE achieved a £6.9m PBT
- £11.6m positive cash generation from operations
- confidently paying a 0.12p dividend
- and the Corporate Order Book increasing again showing great visibility going forward

Encouragingly INSE are already able to say "the Board remains confident of achieving current market expectations" despite optimisation being hit by the Q1 lockdown. From memory those expectations were for 1.3p EPS?

Particularly exciting are (1) the new proprietary software for customers which is "optimising their energy cost equations, quantifying their carbon emissions, and delivering their ESG objectives", and (2) the new ESG Disclosure Services which are already delivering revenues.

PS : I tried to post this earlier, but it doesn't seem to have posted - apologies if it turns up twice!

The results look pretty good considering the pandemic badly affected Energy Optimisation:

- INSE achieved a £6.9m PBT
- £11.6m positive cash generation from operations
- confidently paying a 0.12p dividend
- and the Corporate Order Book increasing again showing great visibility going forward

Encouragingly INSE are already able to say "the Board remains confident of achieving current market expectations" despite optimisation being hit by the Q1 lockdown. From memory those expectations were for 1.3p EPS?

Particularly exciting are (1) the new proprietary software for customers which is "optimising their energy cost equations, quantifying their carbon emissions, and delivering their ESG objectives", and (2) the new ESG Disclosure Services which are already delivering revenues.

Lovely stuff - "Full year results anticipated to be above market expectations"....

All parts of the business are growing, and we have news of another giant eFulfilment centre being opened. Plus "New business secured with B&Q, Snug, Heineken and Kelkay".

The share price should continue to climb very nicely indeed:

https://uk.advfn.com/stock-market/london/wincanton-WIN/share-news/Wincanton-PLC-Trading-Update/84709635

Good news confirmed on FNX' web site:

Https://blog.fonix.com/fonix-secures-two-year-contract-renewal-with-comic-relief-82be3d538dd6

"Fonix secures two-year contract renewal with Comic Relief
Mar 25

Fonix is delighted to announce that it will continue to power SMS donations for both Red Nose day and Sport Relief over the next two years. The contract renewal is testament to the great collaboration between the two companies and is a fantastic opportunity for Fonix and Comic Relief to further drive innovation and help to make a difference to the lives of millions of people around the world...

....During the telethon the new £40 SMS donation price point was promoted, accounting for the highest proportion of SMS donations generated that evening. Also new to the 2021 campaign was the Great Comic Relief Prizeathon, which aired after the telethon and rounded off the evenings events. This unique show offered viewers the chance to win four fantastic prizes, with the option to give a voluntary £10 donation once they had texted in their competition entry. Viewers were delighted when a winner, who had been selected during the evening using Fonix’s Winner Picker, was called during the live show and awarded a brand new Mazda electric car!

Fonix’s journey with Comic Relief started back in 2015 and during this time there has been many innovations; from an increase in donation price points to Gift Aid initiatives. This campaign saw a fantastic £11.1 million raised through the power of SMS donations alone. It has been a great journey so far with Comic Relief and we are delighted to be their chosen provider for future campaigns."

According to this, Fidelis have won a £22m contract for cleaning services over six years to September 2026 at the University of Birmingham!

Https://bidstats.uk/tenders/2020/W39/735445093

Looking closely, I suspect this is a case of the commas in the wrong place....further down there's a link to this, which states that the contract is for £2.16m over 3 years, i.e £720,000 per annum, with an option to extend for another 3 years:

Https://litmustms.co.uk/tenders/UK-Birmingham:-School-cleaning-services./522QM7J29B

In the last 9 months Fidelis have also won an £815k school cleaning contract over 5 years here:
Https://bidstats.uk/tenders/2020/W31/732037122

Another one here for £390k for 3 years:
Https://bidstats.uk/tenders/2020/W26/729546868

And another for £350k for 5 years:
https://bidstats.uk/tenders/2020/W24/728563855

Pretty impressive. That's around £1.1m of guaranteed revenues per annum just from these four contracts. No wonder Fidelis has 87% recurring revenues if these are typical.

For the record, Chelverton Growth Trust are major shareholders here with a £250,000 holding, and they said this today in their interims:

Https://www.investegate.co.uk/chelverton-grwth-tst--cgw-/rns/half-year-report/202103300700078740T/

"Touchstar has made some positive announcements in the past six months following its period of reorganisation. Petards is some way behind, but should, in the course of the next 12 months, evidence the positive impact of the remedial work it has been undergoing. In both cases, once trading picks up, operational gearing should drive profits forward."

Good spot - ISDM apparently have £14.5m of turnover and make a decent profit, so are quite sizeable:

"ISDM Solutions (Infrastructure – Service – Delivery – Management) has rapidly grown into an international operation, supporting global businesses from offices in Belfast, Halifax, Cambridge, Washington, and Singapore."

Also for the record, Chelverton Growth Trust are large holders here with a £552,000 holding, and they said this today in their interims:

Https://www.investegate.co.uk/chelverton-grwth-tst--cgw-/rns/half-year-report/202103300700078740T/

"Touchstar has made some positive announcements in the past six months following its period of reorganisation. Petards is some way behind, but should, in the course of the next 12 months, evidence the positive impact of the remedial work it has been undergoing. In both cases, once trading picks up, operational gearing should drive profits forward."

An NED, Andy Malpas, has bought 18,000 at £5.75on 25th March - over £100,000's worth.

That's £250,000 of shares bought by three different directors in the last few days.

Excellent results - very good news on revenues.

Plus with almost $1.5m cash ITX appear to have enough cash to go forward without any or much further funding given the fast-reducing losses. Note that admin expenses reduced to $2.6m from $3.4m last year - impressive stuff.

The section on Sustainability should be well received too and is nicely explained.

Above all, "we expect the commercial momentum in 2020 to progress in 2021, particularly as current customer products succeed in the market and major new customer products continue to launch in 2021."

Looking good......

Let's hope P.Mawer's OK and Mozambique returns to normality quickly..

More prosaically, today's results and prospects look surprsingly positive to me.

RAI made 5.6c underlying EPS, i.e a P/E barely above single figures, plus had $11.2m net cash at the year end, around 10% of the m/cap. And there's an increased 1.35c dividend demonstrating good confidence.

And all of this sounds rather rosy despite Mozambique:

"Shareholders should also be aware that the level of business development activity we are involved in is particularly strong with encouraging new bid activity on contracts ranging from USD 10 million to USD 50 million in value. We have developed and expanded new relationships with large US corporations, setting up partnerships and teaming agreements for new projects in relation to existing global government programmes. Our recent teaming partner announcement with Cherokee Nation is a great example of this and we continue to pursue more contracts together. We are also now bidding on global UK government programmes as a prime contractor. These programmes run for 3 to 5 years, providing RA a pool of future potential work on long term contracts. Our new bids to existing clients see RA having the opportunity to expand our geographical footprint to a potential 5 new countries in 2021/22. This is an unprecedented level of new business activity relating to high value contracts.

We also expect heightened levels of project starts by existing and new clients as commercial activity returns to normal. Depending on timing, this could materially strengthen our financial position in the current financial year but, in any event, we expect the anticipated acceleration in activity during the course of this year will bridge to an even stronger performance in 2022."

Wow - if Carling did trading updates.....

"the Board is confident that trading for the year ending 31 December 2021 will be significantly ahead of already upgraded management expectations"

Plus the Covid-19 test kit contract has become "a new multi-million dollar global supply contract" which will secure large revenues through to essentially mid-2023 and then monthly after that.

And it's now global rather than just the UK.

Lovely stuff:

Https://uk.advfn.com/stock-market/london/ekf-diagnostics-EKF/share-news/EKF-Diagnostics-Holdings-PLC-Trading-update-Expa/84696446

SUR have today won a £2m contract over the next three years for the servicing & maintenance of communal fire alarms and equipment in Hampshire and the IOW:

Https://bidstats.uk/tenders/2021/W13/747765896

Nice start to the week.

Another sizeable purchase by a director - this time £75,000's worth at 580p by the Chairman, increasing his holding by around 40%:

Https://www.investegate.co.uk/accesso-technology--acso-/rns/pdmr-notification/202103291207548299T/

Yet at 81p SUR are still only on a P/E of 13.5, which will drop to 12.1 after this September.

And if you strip out the £9m-£10m net cash which will hopefully soon be used for acquisitions, the ex-cash P/E drops by a further 7%-8%.

My decimal point was in the wrong place for the prior post! Here it is now corrected.....

Allenby Capital have issued a new note. They've increased their EPS forecast for this year by 40% to 0.14p EPS, and note that with a full year's contribution from the Fidelis acquisition the forecast would have been 0.17p EPS.

This puts REAT at 2.15p on a current year P/E of just 12.6 on the fully consolidated business.

And with Fidelis being so cash-generative, REAT are still expected to have £0.9m cash as at this 30th September.

Which means there's still room for another acquisition, albeit likely on a smaller scale than Fidelis:

Http://www.allenbycapital.com/research_1188_3174052641.pdf

Allenby Capital have issued a new note. They've increased their EPS forecast for this year by 40% to 1.4p EPS, and note that with a full year's contribution from the Fidelis acquisition the forecast would have been 1.7p EPS.

This puts REAT at 2.15p on a current year P/E of just 12.6 on the fully consolidated business.

And with Fidelis being so cash-generative, REAT are still expected to have £0.9m cash as at this 30th September.

Which means there's still room for another acquisition, albeit likely on a smaller scale than Fidelis:

Http://www.allenbycapital.com/research_1188_3174052641.pdf

REAT's maiden acquisition - and it looks a very good one:

- immediately earnings enhancing
- a whopping 87% recurring revenues
- £1.7m initial consideration paid for £253k PAT, being £200k shares and £1.5m cash
- the deferred consideration is dependent on big increases in profits
- the founder and management are staying with the business within REAT
- it's complementary to REAT, with a wide spread of customers

Looks ideal imho:

Https://uk.advfn.com/stock-market/london/react-REAT/share-news/React-Group-PLC-Acquisition-of-Fidelis-Contract-Se/84685072