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Ticking up today on a healthy 360,000 shares traded. Hopefully the City Financial overhang is cleared or nearly cleared.

The final results on 26th April should provide a healthy boost to sentiment and the share price given all the info we have.

Dodger777, I think your timing will prove to be very good indeed :o))

WH Ireland today note the £3m+ cash pile and conclude as follows, noting that their forecasts of 8p EPS and 3.2p dividend are prudent and leave room for upside:

"Prudence dictates that we leave our FY2019 expectation unchanged this morning – given broader macro uncertainties. That said, if business confidence holds, the risk with respect to our full year expectations is certainly towards the upside. Our estimates look for revenue of £34.4m (FY2018: £32.1m +7.1% y-o-y) and WHI PTP of £5.4m (FY2018: £4.8m, +12.5% y-o-y), both relatively undemanding given the momentum seen in H1. EPS of 8.0p (PER: 11.8x) and DPS of 3.20p (yield 3.4%).

Sanderson expects to report interim results on 15 May 2019."

Moving up almost every day now - hopefully back to 350p soon and then well beyond that.

Good to see the share price bouncing most days last week - hopefully that was the bottom.

Extensive interview with the MD of Gama Aviation Asia about their prospects in China and the rest of Asia:

Https://www.ainonline.com/aviation-news/business-aviation/2019-04-13/gama-aviation-eyes-asian-expansion

Extracts:

"Gama Aviation Eyes Asian Expansion
April 13, 2019, 11:00 PM

Farnborough, UK-based Gama Aviation has started to build up its general sales agent (GSA) network in the Asia-Pacific region aimed at getting more aircraft owners in the region using its management services, as it eyes opportunities to grow its footprint out of Hong Kong, particularly into Mainland China. Sergio Oliveira e Silva, managing director of Gama Aviation Asia (Booth B523), told AIN, “The Chinese government is doing very good things that in the mid- to long term will be very good for China."

He continued: “They appreciate international companies that respect compliance,” and suggested, “small Chinese companies will struggle.”

And of Gama’s plans? “We’ll try to replicate in China in the next couple of years what we’d done in Hong Kong [with Hutchison Whampoa]. We’re hoping to identify strong local partners around Asia to act as our GSAs. If that allows us to grow the fleet, it could lead to acquisitions at a later stage. So we want to expand our footprint in Asia, but Hong Kong will always be the regional office for Gama.”

In terms of its regional fleet so far, Oliveira e Silva said, “We now have six aircraft under our management and are going to bring two Globals—a 6000 and an XRS—to the region, fully dedicated to charter.” He confirmed the aircraft belong to a “customer.” “They should be here ready for the summer time. They are currently parked at Bournemouth [Gama’s new facility in the UK]. Charter is getting very busy.”

"So he prefers to focus on growing organically. “The GSA concept and evolving the organization is my favored option.”

Oliveira e Silva says the priority countries for Gama are China and Australia, “but most likely the first ones will be Japan and South Korea. We’ll reveal the GSAs at ABACE, hopefully.” He added that “the three main bases” for business aviation in the region today are Hong Kong, Beijing, and Shanghai “so our focus will be on northern China,” as the south is covered by Hong Kong."

"Maintenance & Support

On the maintenance side, Gama established a foothold at Hong Kong Chek Lap Kok in late 2017 when it signed a collaboration agreement with China Aircraft Services Ltd (CASL) as the exclusive GSA to sell CASL’s business maintenance capability in Asia.

Oliveira e Silva said, “We are also looking at opportunities in China. If we developed line maintenance in China as we did in the U.S., that would be very useful. I’m a strong believer that China needs a line maintenance network, and we have already started talks. There is a fleet of 300 aircraft based in China with thousands of hours of maintenance requir

News that PTSG have won multiple contracts via CBRE for a variety of services at 800 sites for BT, plus presumably many others for Dulux and BUPA:

Http://www.ptsg.co.uk/news/ptsg-wins-multiple-contracts-for-household-names-for-cbre/

"PTSG wins multiple contracts for household names for CBRE

Premier Technical Services Group PLC (PTSG) has won major contracts with Dulux, BUPA and BT – all of which are under the CBRE umbrella.

The CBRE Group (Inc.), a commercial real estate services and investment firm, is the largest company of its kind in the world, managing 41 million square metres of assets across 20 countries. PTSG has a long and successful history of work with CBRE. In 2018 the Group attended the CBRE Preferred Supplier of the Year Event for the third year running, held for CBRE’s specially selected supply chain partners.

Engineers from PTSG’S four divisions will perform fixed wire and portable appliance testing, testing of fall arrest equipment and testing of lightning protection systems at sites for BUPA and Dulux as well as 800 BT sites throughout the UK.

CBRE is one of many large international organisations with which PTSG has long-established working relationships. Often beginning with the delivery of a single specialist service, contracts are invariably extended to include services from PTSG’s other divisions. This ‘bundled service provision’ is beneficial for clients, saving them the time and expense of finding multiple specialist service providers."

Good to see John Rosier buying more SDI at 50p

Https://www.investorschronicle.co.uk/investing-for-growth/2019/04/11/sanguine-not-second-guessing/

"Last month, I wrote about my addition of Scientific Digital Imaging to the portfolio. On 22 March, I added at 50p, taking the position to 3.0 per cent."

Interesting to note almost £250,000 of director share buying:

Karen Slatford - 11835 @ 845 = £100k
Bill Russell - 10000 @ 862.5 = £86k
Paul Noland - 6000 @ 980 = £58k

Plus, Princess Cruises have ordered two new 4,300 passenger ships to be built - both of which are to incorporate Ocean Medallion technology.

More proof of its success and soon to come roll-out:

Https://www.cruisetradenews.com/princess-cruises-cruise-ships-lng/

"Even more exciting is that these two ships are being designed to include our MedallionClass platform, powered by Ocean Medallion, the most advanced wearable device available within the global hospitality industry."

And also news of an award win:

MIAMI, April 4, 2019 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK), the world's largest leisure travel company, today announced its revolutionary OceanMedallion wearable has won the 2019 Red Dot Award for Product Design.

hTTps://www.prnewswire.com/news-releases/carnival-corporations-oceanmedallion-receives-red-dot-award-300824840.html

Still a 6.7% yield at 63p. Forecast EPS of 10.5p and a strong Balance Sheet. A bullish outlook too.

Extremely undervalued imho.

From the FT today - games subscriptions to become a "multibillion dollar business" for Apple:

Https://www.ft.com/content/44236e86-5ba3-11e9-9dde-7aedca0a081a

Extracts:

"Apple spends hundreds of millions on Arcade video game service

Gaming could generate more revenues than TV or news subscriptions

Apple is spending hundreds of millions of dollars to secure new video games for its forthcoming Arcade subscription service, according to several people familiar with the deals.

The substantial outlay to developers shows how seriously Apple is taking games as a new source of subscription revenues, despite the public paying more attention to its star-studded push into television and news.

It also reflects the increasing competition in Silicon Valley for exclusive rights to the best content, as the iPhone maker bids against other new games platforms from Google and Tencent, as well as the console makers Nintendo, Sony and Microsoft."

"Some analysts predict games subscriptions could become a multibillion-dollar business for Apple within a few years. But to establish itself in the market, Apple is having to make substantial upfront investments without knowing whether Arcade will be a success.

Several people involved in the project’s development say Apple is spending several million dollars each on most of the more than 100 games that have been selected to launch on Arcade, with its total budget likely to exceed $500m. The games service is expected to launch later this year.

That compares with the $1bn that Apple was said in 2017 to have budgeted for original content for TV+, though analysts believe that its video spending has already exceeded that level."

Strong numbers confirmed today for March, up 53% year on year. The Internet Sports Wagering Gross Revenues almost doubled from February....

Https://www.investegate.co.uk/gan-plc--gan-/rns/march-2019-internet-gambling-growth-for-new-jersey/201904150700071269W/

Excellent news, another confident statement. Progressive Equity currently forecast £418.2m revenues for last year, so around £449m as stated today would be hugely above expectations.

Net cash is "significantly above expectations", and it looks like another acquisition is on the cards.

Well done yet again to IGR:

https://www.investegate.co.uk/ig-design-group-plc--igr-/rns/trading-update-and-notice-of-results/201904150700071270W/

Excellent H1 trading statement - ahead of management's expectations....

The order book is up to £8m (from £7.6m at the year end), cash is over £6m, both divisions are growing at 10% or more, acquisitions are doing well - and the outlook is unusually confident:

Https://www.investegate.co.uk/sanderson-group-plc--snd-/rns/pre-close-trading-update/201904150700061249W/

"following the strong trading momentum built in the first half of the year, a healthy order book, high recurring revenues and a strong, cash backed balance sheet, the Board has confidence that the Group is well positioned to make further progress in the rest of the full financial year ending 30 September 2019. This will enable the Board to maintain its progressive dividend policy and continue to build shareholder value."

Nice move today - good to see a 9k buy at the full 64p offer price just now.

An EV of £93m (£123m m/cap less say £30m cash) now plays forecast $14.2m EBITDA and $11.7m PBT for this year.

At 6.9c EPS that's a current year P/E of only around 12.2 stripping out the cash, falling even further next year when 7.5p EPS is forecast.

And of course assuming the cash is utilised on earnings-enhancing acquisitions then the P/E will drop a lot more quickly.

Good news today:

Https://www.belfasttelegraph.co.uk/business/northern-ireland/plan-to-turn-former-belfast-church-into-hotel-and-restaurant-given-the-green-light-38002675.html

"The committee also signed off on a new 16-storey apartment development in Belfast's Cathedral Quarter following a site visit to the Academy Street location, next to Ulster University.

Holywood firm Lacuna and Welsh developer Watkin Jones are behind the £15m project, which will feature 60 two-bed and 30 one-bed buy-to-let apartments. The ground floor of the high-rise will include a cafe, management suite and services.

Up to 110 construction jobs are expected to be involved in the joint venture."

FYI, following the framework agreement award Stockdale Securities reiterated their Buy and 25p target.

They forecast 0.7p EPS this year and 1.2p EPS next year, and said:

"EU Supply (EUSP) has announced that it expects to release its FY2018 final results on 26 April 2019. It has also reiterated that it expects to report a maiden adj. PBT of £0.4m, as disclosed in the trading update on 8 February 2019. As such the share price fall due to the movement of a significant stake yesterday presents an excellent buying opportunity, in our view. We are encouraged that the development of the company’s supplier side services is proceeding to plan as these should increase recurring revenues in due course."

N+1 Singer's latest note is very bullish - see these extracts:

"Strong FY19 performance, positive outlook

IMImobile has issued a full year trading update indicating that revenue will be ahead of expectations (6%), with EBITDA marginally ahead (2%). Revenue is expected to be up 28% to c£142m, with adjusted EBITDA increasing over 30% to over £17.8m. This is a strong financial performance that reflects the considerable sales momentum within the business, as well as strategic progress with partners and new geographies. Looking ahead, the year has started well and management is confident of continued organic growth across all parts of the business. A FY 2020 consensus EV/EBITDA multiple of c10x looks highly attractive given powerful market dynamics, a strong consumer engagement offering, double-digit organic growth and increasing profitability....

.....Operational highlights include the number of clients with more than £500k p.a. revenue increasing to 40 from 33; clients with revenues of £100k-£500k increasing to 89 from 43 in the prior in year; enhancement of the Enterprise cPaaS offering with the recent launch of new communication channels such as WhatsApp Business and Apple Business Chat; considerable commercial and technical progress made with partners (including BT, KCOM, Salesforce and NICE inContact); and increasing focus on the North American market through the acquisition of Impact Mobile (which is performing as expected), additional senior management hires and investment.

Impact on earnings & valuation

This is a strong financial performance that reflects the considerable sales momentum within the business, as well as strategic progress with partners and new geographies. This momentum underpins a positive outlook, with management confident of continued organic growth across all parts of the business. The shares are currently trading on a FY 2020 consensus EV/EBITDA multiple of c10x, which looks highly attractive given powerful underlying market dynamics, a compelling consumer engagement offering, double-digit organic growth and increasing profitability."

Part 2 of the interview:

"Investors were rewarded with a hefty 18% dividend increase to 0.65p.

Acquisitions are the bedrock of the strategy.

For example, Inprova, the largest of last year’s acquisitions and acquired in December for £19.5mln, gave orders a healthy boost and will contribute fully to earnings in the current year.

And there is no shortage of potential similar deals.

Dickinson estimates that the £350mln price market is 75% penetrated by companies like itself and is highly fragmented.

Inspired is the largest in the space and that fragmentation amounts to a great acquisition pipeline for a business focused on consolidation.

The company is geared to do 4-5 deals a year but can do more, he adds.

“It’s straightforward buy and build model.

“We are looking for medium to long-term organic growth of 6-8% in a highly fragmented market.

“That should not be difficult through good pragmatic management of a proper business.”

A higher share price would help and Dickinson expresses frustration about how lowly the business is rated currently.

“The integration of Inprova is going very well and where we are priced is nonsensical.”

A solid performance this year enhanced by a couple of acquisitions would go some way to change that, but in the meantime “We will grow EPS and let the market take care of itself.”

At 17p, Inspired is valued at £121mln with a yield of 3.8%."

Forecasts post-results have remained at 1.8p EPS this year and 1.91p EPS next year - a P/E of only 8.6. .

Excellent, detailed interview with the CEO here in which he notes:

"how lowly the business is rated currently.

“The integration of Inprova is going very well and where we are priced is nonsensical”

https ://www.proactiveinvestors.co.uk/companies/news/218161/inspired-energy-plugs-the-power-gap-for-uk-corporates-218161.html

"Inspired Energy plugs the power gap for UK corporates
13:54 08 Apr 2019
The company is geared to do 4-5 deals a year but can do more

Inspired Energy PLC (LON:INSE) made five acquisitions last year and there’s every chance it will make five more in 2019, says Mark Dickinson, chief executive.

“We are the one of the only buyers in a highly fragmented market with an ageing entrepreneurial owner base.”

Inspired Energy deals with the energy needs of Britain’s business community.

At present, Inspired Energy estimates there are 1.2bn business meters in the UK.

Of these, it directly supplies 129,000 and 350,000 indirectly, which leaves a lot more to go for.

“The UK energy system is complicated,” says Dickinson.

Most businesses don’t have the expertise in-house to deal with this complexity, so we sit between the supplier and consumer and simplify things.

As businesses need to renew their energy contracts every 2-3 years, it is easier to hand responsibility over to Inspired to handle the details.

“Customers don’t touch a piece of paper relating to bills.”

Just how tricky it can be to navigate Britain’s energy maze has been made crystal clear recently by a host of retail suppliers and small business specialists going bust.

Retail is not Inspired’s market, says Dickinson (it has no retail customers), while small and medium enterprise (SME) clients account only for 15% of revenues.

The core of its business are corporations that at the top end can be spending £120mln on energy a year.

Transparency, reliability and protection from volatility are what these customers want.

Inspired agrees a tariff from a menu of services beforehand so everything is clear. Cash is collected from the power supplier.

Once a customer agrees a basic energy package, Inspired offers other services including compliance, legality and how to use less energy more efficiently.

All told, Dickinson estimates that the market is worth £1.2bn comprising £350mln for the pricing element and £850mln for the additional services.

Inspired’s sales in 2018 rose 24% to £32.7mln.

Corporate division sales were 34% ahead at £27.3mln, with organic revenues rising by 8%.

Underlying profits in this division were 44% higher at £13.8mln.

As important, according to Dickinson, was a sharp rise in the forward corporate order book, which improved by 36% to £53mln.

“This remains a consistent guide to the future performance of the group, providing strong visibility of revenues for FY2019 and the next three years,” h

"Successful implementation of B30 could add an extra 3-4 million tonnes to the country’s domestic consumption levels, offsetting a large proportion of the total palm oil consumed in the EU for biofuel. Even if the EU does phase out palm
oil as a feedstock for biodiesel by 2030, alternative sources of edible oil will need to be found to replace this, leaving a gap elsewhere, which the lowest cost edible oil, palm oil, would logically replace.

In addition, we believe that due to the massively underreported african swine fever outbreak in China, demand for soymeal will reduce and thus reduce the amount of soybean oil ‘by-product’ that is produced from the crushing of soybeans for animal feed. This should also be bullish for the edible oil pricing complex in the near-to-medium term and perhaps encourage additional Chinese purchases of palm oil as a result.

We maintain our BUY recommendation and target price of 12p."