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Good to see the share price bouncing somewhat this week.

We're due the H1 trading update (last year's was 25th April) to follow the solid AGM statement. No doubt integration of the large Aquaflow acquisition has delayed consolidation of the final numbers a little, so I'd expect the update pretty soon now - maybe the start of next week.

Nice start today - up 1.5p to 35p-36p on only around £30k of trades as I write.

Hopefully an indication that any seller has run out of stock. Lots of upside here imo if so.

Just watched the Investor Meet presentation. Impressed with the new CEO - he has a clear strategy/plan going forward and I can see the vision and potential as TST expand with cross-selling, overseas expansion etc.

Highlights as quickly noted (corrections welcome!):

- "comfortable" with forecasts for this year, which are 6.6p EPS (rising to 8.3p EPS next year) and £2.2m closing cash pile after an assumed £0.5m share buyback and 3.3p dividend

- the £3m cash pile will be utilised for (1)buybacks, (2)increased sales/marketing spend, (3) increase dividend progressively, (4) product investment

- recurring revenues are expected to rise to 50% over the next couple of years

- two potential North American buyers and one other for the company

- accelerating their investment in organic growth

- in early stage talks with potential bolt on acquisitions

- looking to cross-sell to existing customers in fuels/depots sector where TST are market leaders

- looking to expand overseas with "jewel in crown" FuelStar product via partnerships etc

- more use of RNS Reach etc to publicise contract wins et al

- looking to scale up and drive the business forward domestically and overseas

Online looks encouraging - you can only buy a maximum 5k at the full 85p offer, whilst you can sell 15k at a premium at 80.33p.

UserSteve, any share price rise has to be seen in context of being at multi-year lows and SWG's crazily low EV net of the £5.6m cash pile of just £2.7m.

The share price has been hammered by past underperformance, more recent macro market factors and stale holders moving on.

But looking at the value now on offer here, together with the recent series of large contract wins and the potential from the cybersecurity sector, then there's the possibility that the share price could double from here in relatively quick time - or at least make relatively sizeable gains from these lows.

WIA Gold's share price was up another 7% overnight to new highs of A$0.225.

This is CAPD's largest holding and is now worth £26.53m alone - approaching 20% of CAPD's entire m/cap.

Terrific news - another large and prestigious data security contract win, with "a leading UK-based mass media and telecommunications provider".

The m/cap is now £8.3m at 35p. With a £5.6m cash pile forecast for the year about to finish at 30th June, that leaves the EV of the group at a plainly ridiculous £2.7m.

Cavendish have a 78p target price - and they state even that is conservative.

Which I can believe for a respected cyber-security specialist in the current climate.

Zeus have today published this FYI:

"Team Internet’s shares fell sharply in March after Google announced that it planned to start opting all Google Ads accounts out of Adsense for Domains (AFD) advertising, the largest portion of Team Internet's Search division. The company is uncertain of the rate that advertisers will be opted out, how many will opt back in, the timeline for the process or the impact on average click prices. However, the company has taken action and accelerated its transition away from AFD and towards Related Search On Content (RSOC) and now sees profits returning to growth in 2026. In contrast, the market appears to be discounting this recovery.

Indeed, Team Internet’s depressed share price implies no value for the Search business, assuming the remaining Comparison and Domains, Identity & Software (DIS) businesses are valued at only 7x EBITDA 2025. We believe this implied multiple is too low for the rapidly growing Comparison division and the highly reliable DIS division. Comparison revenue grew 43% to $63m in 2024 and Adj EBITDA margin rose to 25.6% from 20.8%, driven by more proactive marketing and advertising, new market launches and operating leverage.

In 2025, we forecast strong revenue growth continues at 24.0% with margin rising further to 27.7%, as strong organic growth continues in Germany and the division expands into new markets (Italy, Spain and France). DIS revenue grew 7.4% in 2024 to $202.7m and Adj EBITDA margin rose to 9.6% from 6.8%, driven by the structural shift in demand towards Top Level Domains, where Team Internet has a competitive edge, and strong cost discipline. In 2025, we conservatively forecast revenue rises 3.5% and margins rise modestly to 9.9%, supported by steady market growth and continued cost discipline.

We value the Group at 117p (99p excluding Search) based in 12x EBITDA for Comparison, 8x for DIS and 3x for Search. Note that Zeus’ PE (5.3x) and FCF yield (17%) estimates for 2025 are not as attractive as those indicated by Capital IQ, but they would still sit in the top five lowest PEs and highest FCF yields in the sector."

TST have just announced a £100,000 buyback programme commencing now and ending at the latest by the AGM in late June.

Given the illiquidity - even a £1,500 buy this morning has resulted in a 0.5p tick up - this should mean good things for the share price (assuming there are no unusually large sellers out there) and EPS:

Https://uk.advfn.com/stock-market/london/touchstar-TST/share-news/Touchstar-PLC-Share-Buyback-Programme/95989035

here's what ****ney rebel had to say over the weekend about the trading statement and following buying back in:

"what an excellent statement it was too, building on the pension news last week:

“trading performance for the year ended 31 march 2025 exceeded management expectations, with strong margin expansion in the second half. net debt (including leases) closed at £19.3 million, representing a significant reduction of £10.2 million compared to £29.5 million at 31 march 2024, reinforcing the group's financial resilience and strategic flexibility.”

was just one highlight. they also said:

“key financial metrics demonstrate material progress towards our medium-term objectives, with notable improvements in return on sales (ros) and return on capital employed (roce) against our strategic targets of 10% and 25%, respectively. cash generation remained consistently strong across the period, underpinned by enhanced operational performance, disciplined working capital management and strategic capital allocation.”

there’s a lot being said here without revealing the full results. as i said last week, i think frank doorenbosch is an excellent ceo and he looks like he may be delivering in spades. should i have bought back last week? definitely, but sometimes good news falls at poor times to receive it and i had got up to the gills in trades last week, i never wanted another small position. i have bought back in now though and will watch for the results the chart now looking rather exciting. that little bowl i ignored this time to my cost but never compound a mistake by not buying later, because your pride is hurt in my opinion. looking at the forecasts, if they meet those then they’ll have done 3.2p eps in h2 approx.

they said last week they were paying higher interest on the refinancing but today, debt is down £10m so it will likely be on a much smaller debt. margins much higher in h2 also sounds mouthwatering and inline with what ceo frank doorenbosch promised. the shares rose 12% on 500% normal daily volume nearly. i did my bit to assist that. the really interesting part of the statement is the higher margins, which was expecting, as they got rid of one us factory and moved production to another us factory so that seems to be a promise delivered. the other interesting thing they have, which doorenbosch said they had started working on was their own proprietary products rather than making for others, this should boost margins even further when things start to flow.

a short term and a long term bowl on the chart."

Good to see MWE acquiring a further 9% of PSK for a mere £130k or so, taking their holding up to 60% - and MWE have an option to buy the rest from 2027.

This at a time when "the outlook for PSK is strong and it is poised to return to growth in 2025", with "the potential of the business which has been further enhanced by the global increase in defence spend".

Most importantly, there's today's further confirmation that:

"The outlook for PSK and the Group as a whole is positive, and we expect 2025 to be a successful year.

Hidden within today's bland Notice of Trading Update is this little gem - it's encouraging to see that March and April trading has been so strong, and of course we all know what the phrase "will be at least in line with current market guidance" is usually code for.....

"The Group's previously announced strong performance in the first three quarters of the current financial year has been maintained throughout March and April 2025, with continued demand from UK businesses for the Group's multi-product funding offering. This ongoing positive trading momentum provides the Board with significant confidence that the Group financial performance for FY 2024/25 will be at least in line with current market guidance."

Https://uk.advfn.com/stock-market/london/time-finance-TIME/share-news/Time-Finance-PLC-Notice-of-Q4-Trading-Update-and-of-Final-Results/95987385

From Zeus's update note FYI, where they forecast 6.6p EPS this year alongside the current £2.9m cash pile:

"FY24 results: Platform in place to implement strategic plan Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning, the group has reported in line FY24 results for the year to 31 December 2024, illustrating a challenging year ahead of the company embarking on a strategic refresh to drive further organic growth in the business. Revenues for FY24 reflected the delay to a major installation in the period, decreasing 4.6% YoY to £6.9m, in turn leading to a 34% reduction in adj. PBT to £0.45m. Despite this, cash generation in the period remained positive, supporting an FY24 dividend payment of 3.0p, alongside plans to return £1m of surplus cash via share buybacks over the next year.

With changes to the company’s strategic direction having a 4% impact on near term sales, we adjust our forecasts marginally this morning, while remaining positive on the group’s long term direction. Following a strategic review, Touchstar has refreshed its management team and outlined a strategy to improve organic growth, building on a strong core product base. Trading on a FY26 PE of just 8.7x and EV/EBITDA of 2.1x, we see scope for the shares to move higher as the strategy is delivered."

"Zeus view: While FY24 results illustrate a year affected by one notable contract delay and uncertain conditions in the wider market, we continue to view Touchstar as well positioned for growth over the coming years. The company’s excellent product range should support its ability to grow into new sectors and geographies, with a strong net cash position facilitating both the required investment and return of cash to shareholders.

Trading on FY26 PE multiple of just 8.7x and EV/EBITDA 2.1x, we view the current valuation as unjustified given the growth prospects and strength of the balance sheet."

Update from Panmure Liberum, who retain their 63p target price and their forecast of 5.2p EPS this year:

"Carclo’s full year FY25 trading update confirms a material beat on net debt (inc. leases) with it coming in at £19.3m - substantially better than our estimate of £27m. This has been achieved largely through better working capital management and lower capex. There is no change to our Adj. PBT forecast of £2.4m for FY25 (FY24: £1.0m), nor to our FY26 Adj. PBT forecast of £5.2m.

With the recently announced new banking facilities and the substantial lowering of the pension deficit along with a revised funding plan, the investment case for Carclo has improved immensely. This has not been reflected in the share price. We re-iterate our BUY recommendation and TP of 63p.

EBIT Margin expansion accelerates

We expect an FY25 EBIT margin of 5.7% (FY24: 5.0%) and forecast it to expand to 6.9% in FY26 reflecting the momentum Carclo has created since 2022. The focus has been on factory specialisation, standardisation of processes and equipment, stricter controls on working capital and asset utilisation. The EBIT target margin remains at 10%."

I sold my BMS shares recently given the tariffs, market uncertainty etc. Given today's trading statement from CKN it's likely that BMS will be suffering to some extent too. Whether deserved or not there may well be a sector/mirror effect here on the share price.

"Full Circle renews service contract for 41 EWT turbines in the UK

Published: 30 April 2025

Full Circle services turbines for corporate wind farmer in the UKFull Circle Wind Services has renewed a full-scope operations and maintenance contract with a corporate wind farmer for 41 EWT wind turbines across the United Kingdom. The agreement includes a range of EWT models, including the DW54 and DW52.

As a result of the contract renewal, Full Circle has also been awarded an additional agreement to service three multi-brand turbines. The company will manage the sites through its nationwide team of over 80 technicians, supported by its Remote Control Room."

Https://www.windtech-international.com/projects-and-contracts/full-circle-renews-service-contract-for-41-ewt-turbines-in-the-uk

Highlights:

- "Trading performance for the year ended 31 March 2025 exceeded management expectations, with strong margin expansion in the second half"

- net debt reduced by a whopping £10m to just £19.3m, way better than Panmure Liberum's expectations of £27m

Https://uk.advfn.com/stock-market/london/carclo-CAR/share-news/Carclo-plc-Trading-Statement/95938707

- "notable improvements" in ROCE and ROS

- Aerospace and L&M division achieved "record revenue performance and near-peak profitability"

- "Further margin enhancement is anticipated"

It seems that at last CAR have management who are on the ball and have a plan, who are succeeding in both growing the company and quickly reducing the debt/pension millstones.

Another £135m of revenues secured in the water sector for the next 5 years by RNWH's Enisca Browne in partnership with South East Water - from April 2nd and not posted here before:

Https://www.watermagazine.co.uk/2025/04/02/major-contract-extension-between-south-east-water-and-enisca-browne-to-deliver-network-investment/

"Major contract extension between South East Water and Enisca Browne to deliver network investment

April 2, 2025

Fresh drinking water provider South East Water is celebrating signing an extension to their contract with engineering company Enisca Browne.

The new contract, of up to £135 million, extends the partnership between the two companies, which have already worked together for a decade. The five-year agreement comes alongside the water company’s most ambitious business plan ever.

etc"

The results for last year are as already outlined, but there's strategic thinking going on and a growth plan in place with a new more driven CEO succeeding Mark Hardy.

Given the investment required Zeus have cut forecasts, but (and they'll presumably have been guided conservatively on this) it's noteworthy that they still forecast 6.6p EPS this year - almost 30% up on 2024.

With the £2.9m cash pile representing 35p per share, TST are on a current year ex-cash P/E of just 6.1.

For next year Zeus forecast 8.3p EPS, an ex-cash P/E of 4.9.

A full buyback of £1m of shares as hinted at would be 16% of the total shares in issue at the current price. Given the illiquidity I doubt they'd achieve this, but the effect on the share price of any substantial buying would surely be pretty impressive.

Slater's buying quickly - he's added almost another 1.6% in just over a couple of weeks and now owns 27.65% with 35.4m shares.

Also good to see just now a 10k buy at 42p, a full 1p above the published 41p offer price at the time.