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Good to see the CFO is leaving on amicable terms, and with sufficient time in hand to hand over to the new appointee. But more to the point, there's also hidden in the RNS these encouraging comments about trading and outlook: "I leave behind a business which is in good shape and with excellent prospects." The Board confirms that the Group continues to trade in line with its expectations and will report Preliminary Results for the year ending 31 May 2018 on 17 July 2018."

An encouraging statement - trading nicely in line with expectations, acquisitions performing well and a confident outlook going forward: Http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/INSE/13686151.html It's worth reiterating that consensus is for almost 1.6p EPS - that's a P/E of just 11.6.

Good to see a new major institutional holder, with GLG Partners buying and going above 5% with 12.77m shares: Https://www.investegate.co.uk/watkin-jones-plc--wjg-/rns/notification-of-major-holdings/201806200700059241R/

in the IC today - here's the conclusion: https://www.investorschronicle.co.uk/comment/2018/06/19/volvere-s-record-results/ "Volvere’s 80 per cent stake in Shire Foods looks undervalued, too. It’s valued in the accounts at £6.2m, representing less than eight times underlying pre-tax profit of £830,000, which was earned on slightly higher revenues of £15.8m. True, profits slipped as margins took a hit from higher raw material and staff costs, and restricted the ability to pass on these increases to customers. However, finance director Nick Lander notes that “in recent months there has been a greater realism about the need to either increase consumer prices (or reduce the quantity of product supplied at a given retail price), or to absorb cost increases from Shire.” A planned £950,000 investment in new equipment will enable Shire to manufacture its products at a higher margin, offering substance to the directors’ view that the business will return to growth this year. That possibility is not being priced in. That’s because if you strip out Volvere’s net funds of £16.3m, a sum worth 445p a share, from its £34.3m market value, then the stakes in Shire and Impetus are effectively in the price for £18m, or only 4.4 times their combined annual pre-tax profit, and this ignores any value in Volvere’s small digital CCTV business. Run profits."

Great news in itself, which also validates the integrity of the Board in its prior statements. Onwards and upwards from here. And there's lots of potential "upwards" :o)) "the Dryden Parties undertake to withdraw their various damages claims against the Company, and to transfer value to the Company by a cash payment and transfer of certain assets; and the Company undertakes to withdraw its debt recovery claims against the Dryden Parties."

They've increased their holding, but their percentage holding has dropped due to an increase in the number of total shares in issue. Confusing huh?! They now own 1,350,847 shares, which is up from 1,312,836 on 11th May: Https://www.investegate.co.uk/accesso-technology--acso-/rns/holding-s--in-company/201806191105028610R/

"The latter half of 2017 saw IMImobile (IMI) post another set of strong interim results, continuing the good progress of FY17 with cash generation and organic growth maintained - driven by growth in Europe, India and South-East Asia and particularly strong integration of the Infracast acquisition. Two further acquisitions were announced, Sumotext in the USA and Healthcare Communications in the UK, the former of which provides an entry point to the US market and the latter of which cements IMI as the UK leader in its field in the health sector. The interims provided a catalyst for some of the market awareness work we had been working on over the medium-term, and this had a positive impact. Shortly after the results, an interview with Tony Dalwood on IMI published in the Telegraph 'Questor' column, along with the placing out of a large stake held by Tosca (a perceived overhang on the share price) to a new set of investors that Gresham House and its advisory network had helped the company to engage, drove the share price to the new highs of around 250p. 2018 has seen the company continue its positive momentum and growth trajectory. The acquisition strategy is contributing meaningfully to this momentum. We have met the Healthcare Communications team and the market opportunity in the more defensive healthcare sector is clear, providing a complementary revenue stream to IMI's existing offering and giving the company leadership in another key consumer vertical. All three acquisitions made in FY18 have performed well and management's track record of M&A to date has been excellent. We see further opportunity through this channel. The year ended as it started for the business - strongly. In the run up to their FY18 results we engaged Gresham House's PR advisers with an initiative to support where we can with market awareness and coverage of the company as its major shareholder. These efforts gained traction with Gresham House facilitating coverage in a number of high-profile financial publications, which contributed to the share price performance which reached its highest level since IPO. Post period-end the company published a trading statement ahead of its preliminary results citing revenue ahead of expectations with significant new business success across the portfolio, notably for IMI Connect. We believe this has set up a solid foundation for FY19."

Gresham House are of course big investors in IMO, and in today's results they have loads of good things to say.... Http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GHS/13684463.html "The Board has strong confidence in IMImobile and believes that "backing winners" is the right strategy. We therefore remain strong supporters of what is presently the best performing asset in the portfolio whilst cognisant of the portfolio construction aspects of this substantial weighting." "One of our more progressed investment theses, IMImobile, was the top performer on a monetary (+£6.6m) and share price basis (+50%) and was the clear primary driver of this year's performance, contributing +16.7% to NAV performance in the year. We have been actively engaged with IMImobile over the past two years, focusing on simplifying the investment story and helping broaden awareness and coverage within the investor community. It is pleasing to see that this is now paying off, backed by strong performance and clear strategic direction." "IMImobile It has been a pleasing year for our major holding both operationally and on the market as the company continued to execute its strategy of organic and acquisitive growth in the digital services sector, which was confirmed with a bullish trading statement post period-end in April 2018. Operationally, the year started strongly with a trading update at the end of April highlighting continued double digit organic growth and performance slightly ahead of expectations, driven by some major contract wins with Telenor and BT as well as a renewal of the MTN partnership in Africa. Importantly the company flagged the strengthening market position of the IMI Connect product following the Infracast acquisition in April 2017. EBITDA cash conversion was >100% for the sixth year in a row, illustrating the strong cash generation capability of the group. The subsequent strong momentum in the shares from those results as well as the conclusion of certain strategic initiatives within the company in the previous year (share capital restructure, governance improvements, repositioning of the product suite and simplification of the investment story) at the start of the financial year for GHS represented key milestones and provided an opportunity for the crystallisation of some profit on the investment as we facilitated some liquidity to help broaden the shareholder register in August 2017."

Excellent news - a new 450p target from Jefferies: Http://citywire.co.uk/money/the-expert-view-cybg-virgin-cineworld-and-indivior/a1130263?ref=citywire-money-latest-news-list#i=6 "Jefferies rates ‘unique’ SafeCharge a ‘buy’ Jefferies has started coverage of payment technology provider SafeCharge (SCH), which it believes will benefit from industry consolidation. Analyst Will Kirkness opened with a ‘buy’ recommendation and target price of 450p on the stock, which added 0.8%, or 2p, to 349p. ‘SafeCharge is a unique asset that is exposed to fast-growing omni-channel payment markets, has near and medium term upside to forecasts and as a mid-sized operator, with strengths in niche markets, stands to benefit from industry consolidation,’ he said. Kirkness said his base case forecasts were 2% higher than consensus based on his optimism of compound annual growth rates in mobile payments of ‘up to 50% depending on region’. He added ‘analysis paints prudent upside at 7% from underlying growth augmented by up to 20% from M&A’."

at an exhibition in Asia - some nice quotes, with the emphasis on ticketing in general rather than purely theme parks and attractions: Http://www.inparkmagazine.com/paul-noland-transitioning-from-iaapa-accesso-and-the-future-of-ticketing/ "We have a limitless set of markets to pursue" "What are you talking about here at the AAE show? We are a relative newcomer in Asia, we signed an agreement with Merlin a few years ago and are in the process of rolling out our ticketing solution to their 100+ attractions around the globe, including here in Asia. At the show we are reminding people that we are in Asia, we are serious about Asia, and we are effectively doing business in Asia in several countries. People want to work with someone that is already established and with a product that is tested in their country. So we are here, we have an office here, and we are making investments in the region." "Can you update me on where accesso is headed next? In the last 3-5 years, ticketing has really changed a great deal.....Now I don’t know what ticketing looks like 3-5 years from now, but I’m pretty sure it’s not the way it looks today. We have to stay focused on the technology, but also stay focused on where the customer is. We want to be there making that guest journey easier."

News that the flow of students from Asia and elsewhere to WJG's properties is likely to continue: Https://www.thetimes.co.uk/article/home-office-relaxes-visa-rules-for-chinese-students-pjw9200pq "Home Office relaxes visa rules for Chinese students Thousands more Chinese students could be about to apply to British universities after the Home Office decided to stop checking that they meet educational, financial and English language skill requirements to study here.... Under the reforms, published yesterday, China and ten other countries were added to a list that the department considers “low risk” for issuing Tier 4 student visas. More than 95,000 general students and 4,800 child students coming to independent schools were granted such visas in the year to March. The list of countries, which already included Australia, the US, Canada and New Zealand, now features China, Indonesia, Mexico, Thailand, Cambodia, Bahrain, the Dominican Republic, Kuwait, Macau, the Maldives and Serbia. The Chinese already top the list of study-related visas with 88,000 in the year to March, up 15 per cent in a year. The changes, which come into effect on July 6, aim to make it easier for students to come to the UK. etc"

This news should be great for PEG. Petards have a framework agreement in place with Siemens, which means Petards supply Siemens' world-wide rail vehicle business with its train related products and services. With Siemens winning the Tube contract and allocating UK companies work, there must be a very high chance that PEG will win work - substantial work - from this. Remember that PEG also work for both Bombardier and Hitachi, both mentioned here re the renaissance of the UK rail industry:: Https://www.thetimes.co.uk/article/siemens-will-build-factory-in-uk-after-winning-tube-train-contract-6rmxtpz2f "Siemens will build factory in UK after winning Tube train contract The good news for British manufacturing is that the contract win will trigger Siemens’ commitment to build a £200 million factory at Goole in the East Riding of Yorkshire to make the trains for the Tube, directly employing 700 workers and a further 1,700 in the local supply chain. Siemens, which already provides trains for South West Railway and Thameslink manufactured at Krefeld near Dusseldorf, has been told to design, engineer and build an initial 94 trains for the Piccadilly line in a contract worth £1.5 billion. They will replace rolling stock that has been running since the 1970s. There will probably be a further £1 billion manufacturing contract for an additional 150 trains for the other deep Tube networks of the Central, Bakerloo and the Waterloo & City line. Siemens’ success is another fillip for a renascent train manufacturing industry in Britain. In 2011, the country only had one manufacturer left, Bombardier, at the historic Litchurch Lane works in Derby where trains had been made since Victorian times. That factory was within days of closure before a volte-face by Bombardier’s Canadian owners. The plant has since won a string of contracts, not least for the new Crossrail service across London. In 2015 Hitachi opened a factory at Newton Aycliffe in Co Durham to build the new intercity express trains for the great western and east coast main lines. Siemens had pledged to build the factory at Goole if it won the deep Tube contract. The German group will also make a pitch to win another £2.5 billion contract for High Speed 2 trains. Confirming the green light for the Goole plant, Sabrina Soussan, chief executive of the train-making division at Siemens, said: “We can further develop rail skills and our investment, something that is so important to the continued success of the UK rail industry.”

Can't ask for more at this stage. Trading nicely in line with expectations, terrifically confident and a very positive outlook. I particularly like the regulatory compliance aspect, as well as the high revenue visibility: "Contract renewal rates remain high and a number of significant three to five year contracts and framework agreements have been signed across all disciplines with new and existing customers" And "unprecedented demand for Fire Solutions with UK Sprinklers trading 50% ahead of the acquired business." For the record, the only main analyst forecast out there is Numis' of 12.2p EPS this year (with a 2p dividend).

I got a news alert re this new page on Autoquest's web site: Https://www.autoquestcars.com/custom-11 "Surface Transforms Carbon Ceramic Rotors The New PCCB Alternative Carbon ceramic brakes have always been a love-hate relationship in the track day community. They offer many benefits over cast iron brakes with the only real drawback being the replacement costs, even though they typically last significantly longer than cast iron rotors. The end result is track enthusiasts pursuing cast iron brake rotor conversions or spec’ing their cars with cast iron rotors, in the process giving up both braking performance and handling. As the Exclusive North American Distributor for ST Carbon Ceramic Rotors, we offer an alternative solution through ST’s innovative technology, where you can get all the benefits listed below of the ST carbon ceramic rotors and at a much more cost-effective price point. •REFURBISHABLE multiple times with an average expected lifespan of *12-15k track miles* with refurbishments •Available for both PCCB (Yellow) and Cast Iron (Red) Caliper equipped vehicles without the need for replacing the calipers •Better braking performance over PCCB’s and cast iron rotors •Significant improvement in brake modulation over PCCB’s – better trailbraking •Option to run a much more aggressive pad for track applications versus PCCB’s •Approximately 50% less expensive than PCCB rotor replacements •Average expected life between refurbishments of 4 to 5 thousand track miles •Refurbishment of a complete ST rotor set costs less than the equivalent cast iron rotor replacements •Significant reduction in brake pad wear compared to the PCCB rotors, and most cast iron rotors •Operating temperatures approximately 200 degrees lower than PCCBs •50% less unsprung weight compared to the equivalent GT3/GT4 cast iron brake rotors •Minimal brake dust compared to cast iron rotors for street use etc"

Lots of new contracts announced on PTSG's web site, but this article is probably the most important regarding a "PTSG-installed sprinkler system" suppressing a fire this week: Http://www.ptsg.co.uk/news/fire-solutions/importance-fire-suppression-systems-highlighted-lewisham-fire/ "Importance of fire suppression systems highlighted by Lewisham fire One year on from the Grenfell Tower tragedy, the importance of reliable fire safety systems has never been clearer. In the time since the fire there have been 221 tenders published for fire safety work – a 56 per cent increase on the previous year. Much of this has been driven by housing associations and local governments looking to ensure that their residents will remain safe in the event of a fire, following recommendations from the Royal Institute of British Architects (RIBA) and the National Fire Chiefs Council among others. The benefits of effective fire protection systems were made clear on the first anniversary of the tragedy, when a fire broke out in a Lewisham tower block. Although around 150 people evacuated the building upon being alerted, the fire was effectively suppressed by a PTSG-installed sprinkler system, allowing the London fire brigade to bring the fire under control. Domestic sprinkler systems are highly effective, and there have been no multiple fire deaths in the UK as a result of a fire in a dwelling with a working sprinkler system. RIBA recently recommended that fire suppression systems are installed in all new and converted residential buildings, and PTSG’s Fire Solutions team has undertaken many contracts in this vein across the UK. The Group’s Fire Solutions division also offers dry and wet riser installation, testing and maintenance, as well as fire alarm, fire extinguisher and emergency lighting testing and maintenance. This wide-ranging fire protection package has seen the company partnering with several local governments and housing associations to devise the most effective fire safety solutions for hundreds of domestic and commercial properties throughout the country."

On page 65: hTtps://assets.ctfassets.net/nubxhjiwc091/2aeGqlM3q4m4WW48y6gkOm/d4dba6029fead7538f246ff81b0a5be6/DC_5gMapping_FinalforWeb_Single.pdf “IQE is ideally positioned to provide components to the emerging 5G ecosystem, from 5G handsets to ubiquitous IoT devices. Currently some 80% of its revenues are being obtained from existing 4G devices. It is worth noting that although the UK does not have big chip manufacturing factories based in the country, UK councils in the Cardiff Capital Region are set to develop a foundry for technology behind 5G in Newport, which could create about 2,000 high skilled jobs in five years. Funding of nearly £38m has been announced for the facility to make compound semiconductors. The factory will be owned by the councils and is projected to create £375m of private sector investment over the next five years”. Great post by sweenoid about this elsewhere: "The 5G Nation I advice anyone interested in 5G to read this report, it’s based on a U.K. perspective. I have scanned the report and then focused on what I find interesting It’s a great read, but don’t go in expecting to see IQE named, obviously the ‘catapult ‘ is central to U.K. plans. If it’s all too much, just be reassured that 5G is going to be a goldmine for IQE, both in terms of provision of the necessary infrastructure , but also in the smartphones/pads and whatever other devices emerge that will utilise 5G. It’s impossible to imagine the effect 5G will have on our daily lives and it’s coming closer and closer. Drew Nelson, our CEO once again said at the AGM , it’s coming sooner than Many imagine, obviously he has a global perspective.....because he will have been talking to many of the global ‘players’ :-), he knows you know. A few quick giveaways - in years to come we will all be talking about the ‘tactile’ internet , go read something about that- fascinating, absolutely fascinating. The ‘killer’ applications for 5G are going to be AR and VR - augmented and virtual reality, it’s astonishing to realise that ultra Fidelity VR consumes 50 Times the bandwidth of a high definition video stream! These killer Apps are of course totally dependent on Compound Semiconductors in particular VCSELS, and with their widespread adoption in ‘world- facing’ camera arrays ensures that all those reactors in Newport are going to be kept rather busy Have a butchers hTtps://assets.ctfassets.net/nubxhjiwc091/2aeGqlM3q4m4WW48y6gkOm/d4dba6029fead7538f246ff81b0a5be6/DC_5gMapping_FinalforWeb_Single.pdf As a quick ‘aside’ the applications for 3D sensing in automotive and industrial applications abound- remember AMS believe that industrial 3D sensing will be even bigger than wireless and automotive ( even with the huge demand of LIDAR) ! As such this paper is interesting - just read the abstract ;-) hTt

Another large volume day today with 3.3m shares traded already - great to see a decent rise on such healthy volumes. Hopefully this is just the start of the bounce.

Almost at new highs even despite going ex-div yesterday, and looking very strong. Plus here's a new Edison report FYI Their EPS forecasts have been increased by 1.8%, more acquisitions are likely, and DSCV are still at a discount to their sector: Https://www.edisoninvestmentresearch.com/research/report/discoverie-group338618/preview/

PHD were presenting yesterday atMelloSouth. Looks like it went rather well :o)) I saw PHD present earlier this week in London organised by PI World and was also encouraged. Good news just out re Gartner: Http://www.proactis.com/About-Us/News/2018/June/PROACTIS-Featured-Again-in-Gartner-Magic-Quadrant "PROACTIS Featured Again in Gartner Magic Quadrant for Procure-to-Pay Suites PROACTIS, a global Spend Control and eProcurement solution provider, today announced that Gartner Inc. has featured PROACTIS in the 2018 Gartner Magic Quadrant (MQ) for Procure-to-Pay suites. The report evaluated Procure-to-Pay solutions from the top 15 global software vendors. Evaluation criteria was based on completeness of vision and ability to execute: Completeness of vision: market understanding, marketing and sales strategy, product strategy, business proposition, vertical/industry strategy, innovation and geographic strategy. Ability to execute: current product/service capabilities, overall organisational viability, sales execution/pricing, and market responsiveness/track record, operations and customer experience. “We are delighted to be recognised by Gartner again,” said Simon Dadswell, EVP Group Marketing, PROACTIS. “This report underpins and supports our goal of delivering advanced technology solutions and expert services that our customers truly value.” Download the Report Visit the Gartner website for more details about the report."

Lovely quiet thread here. Yet potentially more upside than most quoted stocks given JWE looks like a big hit, announcements of another big franchise likely this year and announcements of other new games too. Long interview with DB in Variety. Here's just a small extract (interesting comments about how AR will be coming soon too): Https://variety.com/2018/gaming/features/david-braben-interview-1202846009/ "I think what’s happened is the move to self-publishing has really liberated us. And the fact that Universal came to us, and offered us the license for “Jurassic World” — 10 years ago we would have had to bid on that. So hats off to them for that. Hopefully looking at this game, they’ll be glad they did that, and I’m very proud of what the team has done with this game. I think it’s one of the richest uses of the license that there’s been, and we’re day and date with the film. We went to the premiere yesterday, and Steven Spielberg came over and saw it. It’s all gone really well."