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Looks a very good acquisition once again - a maximum $10m being paid for an average of $1m EBITDA per annum from a company KWS already know very well. And sensible allocation of the purchase price between upfront cash, large deferred consideration based on earn-outs and some locked-in shares. Plus potential cross-selling and synergy opportunities for growth in the USA and "around the world (including Bethesda, NCSoft, Sony Interactive Entertainment, and Ubisoft)". Numis retain their 2180p target and increase forecasts by 1.6%: Https://uk.webfg.com/news/broker-recommendations/inmarsat-in-play-after-echostar-bid-analysts-divided--3339002.html "Numis, which rates the stock at 'buy', said the acquisition of Blindlight gives the wider Keywords business much better ability to access Hollywood talent to help its customers in their production of games and game-related materials. The brokerage added 1.6% to its 2019 earnings per share forecasts and said its unchanged 2,180p price target is based on a scenario analysis for organic growth and acquisitions out to 2022."

Wow - looks like around �4.1m of shares just bought at 2735p in two 100k and 51k purchases.

For the record, these are the latest forecasts: To March 2019/To March 2020 Date Rec Pre-tax (�) EPS (p) Pre-tax (�) EPS (p) Edison 31-05-18 None 11.03 11.20 11.03 12.10 12.5 Peel Hunt 29-05-18 BUY 11.03 10.92 Unknown N+1 Singer 05-06-18 HOLD 11.00 11.40 11.03 12.00 12.4 At 86.5p that's a current year P/E of 7.7 falling to 6.9 for next year.

Montanaro Asset Management have been buying and are now a new substantial holder with over 3% and 2.42m shares: Https://www.investegate.co.uk/discoverie-group-plc--dscv-/rns/holding-s--in-company/201806111056339733Q/

"marginally lower adjusted EBITDA compared to the prior year" is hardly a disaster given the factors outlined. Especially since much of the lost revenue is presumably the lower margin stuff. And acquisitions are clearly on the way from the cash pile: "The Group currently has a solid pipeline of acquisitions targets under various stages of evaluation and the Board remains optimistic of completing further transactions within 2018." The price has been marked down almost 30% despite the share price having already fallen substantially, so this is now an opportunity imho given the still reasonable P/E, the high dividend, high recurring income, cash pile etc. The CEO's spending another �305,000 on shares as just reported this morning is also a pretty strong signal. Interesting comments from Berenberg today - they've reined in their price target, but still see 250p as a target (down from 290p): Https://www.sharesmagazine.co.uk/news/shares/xlmedia-issues-shock-profit-warning-after-being-struck-by-regulatory-changes "House broker Berenberg, as you would expect, remains fully on board. It comments: �A number of changes in the past six months have created some short-term pressures for XLMedia. �1) New consumer protection rights have forced operators to adapt their guidelines on how terms and conditions (T&Cs) are advertised to customers. This has created one-off delays to some affiliate advertising practices. �2) Interim changes to XLM�s payment model (i.e. a switch by some operators to revenue share from cost per acquisition) create lower short-term revenues but greater opportunity in the long run. �3) XLM has selectively pruned some low-margin media revenue streams in an effort to refocus on higher-margin pushing work. The company is comfortable with a return to growth in 2019.� Berenberg concludes: �With the business model still solid, the company accelerating its efforts in the US and the company in evaluation stages for a number of deals, we would view a pullback in the shares as an entry point for longer-term investors.�"

Terrific results. And tucked away in the background to add to the strong and confident outlook for both CAF and MBG is this: "The construction market The Group continues to experience extremely strong levels of activity in terms of enquiries and tenders and the Board is confident as to the strength and sustainability of the current strong demand for services provided by the Group." It looks rather "cheap" imo! Good coverage here - let's see if this below-the-radar company can start to appear on people's - and analysts' radars: Http://www.lse.co.uk/AllNews.asp?code=5espuejd&headline=Mountfield_2017_Profit_Doubles_As_Revenue_Grows_And_Cost_Fall "Mountfield 2017 Profit Doubles As Revenue Grows And Cost Fall Mon, 11th Jun 2018 11:05 LONDON (Alliance News) - Construction and flooring firm Mountfield Group PLC said Monday its 2017 profit doubled after revenue grew strongly and it reduced costs as it looks forward to a "bright" future for its two main business units. In 2017, pretax profit doubled to GBP864,372 from GBP442,544 the year prior. This was after revenue grew to GBP12.7 million from GBP9.6 million the year before. Profit performance was also helped by a modest fall in administrative expenses. Admin costs fell to GBP1.3 million from GBP1.4 million the year prior. Mountfield - which operates through two subsidiaries Connaught Access Flooring Ltd and Mountfield Building Group Ltd - does not pay a dividend. "The board believes that both CAF and MBG are now, with the benefit of low cost structures, excellent client bases and record high levels of secured work able to perform strongly on a regular and sustainable basis," Mountfield Chairman Peter Jay said. "The outlook for CAF continues to be strong into 2018/19 and based on the demand for high quality, large commercial flooring contracts, its leading position in its market place and the proposed expansion of its business into the supply and installation of new products associated with CAF's core activities," Jay added. "The board believes that the outlook for CAF will remain increasingly bright for a number of years with strong demand for its services both in the UK and overseas." "The board takes a similar view of MBG's prospects and notes the major change in its financial performance that followed from the reduction of its cost base and the change to a strategy of pursuing lower risk contracts predominantly direct to the client and is satisfied that MBG's performance will show significant improvement during 2018 and 2019," Jay continued."

For the record, PTSG have today been added to the Telegraph's AIM-quoted Inheritance Tax Portfolio, which should guarantee further coverage in the newspaper every so often: Https://www.telegraph.co.uk/investing/shares/questor-inheritance-tax-portfolio-seven-new-additions/

continued.... "The point is that these investments and the ongoing robust organic growth in the US operations still support a step change of profitability in the 2019 financial year, a key reason behind my buy recommendation in March. Also, Gama has strengthened its management team since I published that article, having appointed a new finance director, a director of corporate development and chief operating officer for the US air division. It has also settled four out 10 of the litigation cases outstanding, and is �confident that the overall awards will result in a cash inflow to the company�. True, the placing will be dilutive on EPS in the short term as the new funds are deployed which is why WH Ireland is pencilling in a figure of 26.4� this year, down from 31.6� in 2017, even though pre-tax profit is set to rise by 16 per cent to $19.9m. However, the broker still expects earnings growth of 50 per cent in the 2019 financial year, pencilling in EPS of 39.8� based on pre-tax profits of $32.1m. On the basis of the current sterling dollar exchange rate of �1:$1.34, this implies 2018 EPS of 19.7p, rising to almost 30p in 2019 and a forward PE ratio of 10 and seven, respectively. That�s an incredibly low rating for a company without any debt issues (net debt of less than �10m at the end of 2017 has effectively been wiped out as around �20m of the placing proceeds are earmarked for future acquisitions). Clearly, Gama�s board has to deliver on their expansion plans by targeting high growth regions, and the earnings downgrade resulting from the weaker European business is hardly ideal. However, I feel that the 20 per cent pullback in the company�s share price since March is overly harsh as it�s completely out of proportion to the scale of the earnings downgrade. Price on a price-to-book value of 1.3 times, offering a dividend yield of 1.4 per cent (the final payout of 2.75p a share for the 2017 financial year goes ex-dividend on Thursday 28 June), and with drivers in place to support the 2019 profit growth trajectory, I would recommend riding out this turbulent passage and await the next trading update from the company on 19 July 2018. Hold."

"Gama Aviation shares hit turbulence Simon Thompson Shareholders in Aim-traded Gama Aviation (GMAA:206p) suffered a bout of turbulence after the operator of privately owned jet aircraft reported a flat trading performance in the first five months of the 2018 financial year at its annual meeting. Analysts at broking house WH Ireland reined back their full-year pre-tax profit forecasts from $21.8m (�16.3m) to $19.9m, representing 16 per cent growth on last year but well behind the 27 per cent growth I had envisaged when I last suggested buying the shares at 257p (�Small-cap earnings beats�, 21 Mar 2018) when Gama reported a near 25 per cent uplift in its 2017 underlying pre-tax profit to $17.1m. The reason for the downgrade is mainly due to a more challenging trading environment for Gama�s European ground services division. On the plus side, its US air operation continues to report robust trading, reaping the benefits of the fleet joint venture with BBA Aviation (BBA), and the US ground division continues to pull in new clients and produce strong organic revenue growth. Importantly, the company has the firepower to accelerate its plans in its higher growth Asian and the US operations, having raised �48m in a placing at 245p a share in February, a fundraising heavily backed by an affiliate of the mighty Hutchinson Whampoa (China), a Hong Kong-based conglomerate operating across a diverse number of sectors including the provision of aircraft maintenance and logistic services. Hutchinson now owns 21 per cent of Gama�s enlarged share capital of 63.5m shares. Around $19.8m (�14.2m) of the capital funded the acquisition of Hutchinson�s Hong Kong aviation interests, including a 20 per cent stake in China Aircraft Services, a company founded in 1995 and one of only three operators that provide maintenance, repair and overhaul aviation services at Hong Kong International Airport. I understand that the collaboration is "making good progress�. In the Middle East, Gama is using $5m of the fundraising as seed capital to develop a new $45m aviation centre at Sharjah International Airport. It makes sense to do so in light of capacity constraints at Dubai International Airport. Sharjah is well located to be used as a platform for expansion in the Middle East, and is a lower cost base, too. The aviation centre is on track to open in the fourth quarter of 2019. A further $10m from the fundraise is being used to expand hangar capacity and tooling and equipment at Gama�s fast-growing operations on the east and west coast of the US, where Gama operates from 14 locations and manages a fleet of 200 aircraft. Growth has been held back there by capacity constraints, an issue the new capital addresses, as well as providing cross-selling opportunities on the maintenance side of the business. The directors confirm that they �expect to add base maintenance capacity on

from today's Questor column in the Telegraph: Https://www.telegraph.co.uk/investing/shares/questor-inheritance-tax-portfolio-seven-new-additions/ "Update: Gama Aviation Shares in Gama, the aviation services group, fell by 12.2pc on Tuesday after it said trading this year was �flat�. The shares are now 15.5pc below where we tipped them for this portfolio in January. Nick Hawthorn, of Downing, which owns about 6pc of Gama, said �we are not sellers, we think this is a great quality business with a lot of potential over the long term�. He said the update had been poorly worded and that a consequent reduction in one broker�s earnings expectations had hit the shares. �The US is trading very well, there are cost efficiencies ongoing [but] European maintenance contracts are expected to come through in the second half of the year,� Hawthorn said. �This [delay] led to the caution in the trading statement. �There is execution risk but we are comfortable with expectations for the full-year outcome. It is worth remembering that this puts the company on a multiple of less than 8 times 2019 earnings. It still has more than $25m (�18.6m) to deploy on earnings-accretive deals.� He added: �There is work to do on market perception and sentiment, which was acknowledged in the update. The company is fully funded to deliver on its strategy. The management team has been bolstered and contracts have been delayed but not lost during the period.� Hold."

Brief interview with the CEO here: Https://www.insidermedia.com/insider/yorkshire/renew-targeting-growth-following-80m-acquisition "Renew targeting growth following �80m acquisition Renew Holdings, the listed engineering services group, is targeting further growth both organically and through acquisitions following a recent �80m deal. Earlier this month (May 2018), the Leeds-based group agreed a deal to acquired QTS Group, a Scotland-headquartered rail contractor with bases across the UK. The company reported an operating profit of �12.9m on �262.2m turnover in its interim results for the six months ended 31 March 2018. Chief executive Paul Scott told Insider: "QTS adds in the region of �70m in revenue to the group. The priority for the rest of the financial year is to integrate it successfully. Thereafter, we'll look to grow organically and will focus on the synergies between the businesses. "One of the key attractions of QTS is that it has pushed out across the regions and now operates nationally across the rail network. It fits strategically with our existing business." Scott added that further growth is being targeted following the integration of QTS, both organically and through acquisitions. He said: "We're targeting organic growth across our three main sectors. In infrastructure, we renewed our place on the Civils and Buildings Asset Management Frameworks. We also secured a place on the Environment Agency�s Flood and Coastal Risk Management Framework. "We will also continue to be acquisitive. We're looking at the markets that we understand and are looking for businesses we're familiar with but we'll consider all options."

Tipped here - good to see someone else gets the reason for the continuing re-rating: Https://www.aol.co.uk/news/2018/06/05/why-id-buy-this-growth-stock-as-it-crushes-the-ftse-100s-perfo/ "Why I'd buy this growth stock as it crushes the FTSE 100's performance Jun 5th 2018 9:35AM Full-year results from DiscoverIE Group (LSE: DSCV) today were encouraging. The electronic components designer and manufacture delivered some robust figures and said that in the trading year to 31 March it experienced "strong growth in sales, earnings and the order book"- music to the ears of those following the firm's growth story. The share price hasn't moved much today (so far), suggesting that the market expected decent trading figures. However, the stock rose around 100% over the last year or so, driven by perky forward earnings projections and a valuation re-rating. That's a performance that crushed returns from holding a FTSE 100 tracking fund over the period and is a good example of why it can be lucrative to invest in smaller firms outside the footsie as long as we do thorough research first. I think the operational and share price momentum looks set to continue, so I'm hanging onto my shares. Good figures Compared to the previous trading year, revenue elevated 11%, underlying operating profit lifted 18% and underlying earnings per share moved 16% higher. The directors expressed their confidence in the outlook by pushing up the full-year dividend by 6%. Chief executive Nick Jefferies said in the report that the firm's design and manufacturing division achieved "strong" organic growth in both revenue and profits during the year, and an efficiency programme boosted profits in the company's custom supply division. The order book moved 12% higher and, in order to cope with the increased demand, the company invested in additional production capacity at sites in India, Slovakia and South Korea. During the current trading year, the directors plan to invest further funds in China and Rotterdam. Looking forward, Mr Jefferies said the new trading year started with "continuing growth in orders and sales" and DiscoverIE is "well positioned" to benefit from the ongoing technology changes unfolding in the firm's target markets. Trading up the value chain The growth agenda seems clear with the firm stating that it aims to increase sales "well ahead" of Gross Domestic Product (GDP) over the economic cycle by "focusing on structural growth markets." The plan involves shooting for both organic and acquisitive growth and "moving up the value chain" to further increase revenues in the "higher margin" design and manufacture (D&M) division. Progress so far has been brisk, with the company earning around 71% of its operating profit from the D&M division during the year and 29% from Custom Supply. The directors have their sights set on expanding sales in North America

Agreed hughesy65 - most encouraging that Miton UK Microcap Trust have picked up 1m shares sold by the Chairman (around 28% of his holding). Miton now own 2.64m shares, or 4.67%, and are one of the best investment funds around. Mind you, they paid 23p for them, so they're already doing pretty well..... The �10k director sale is completely immaterial and irrelevant. And the Chairman has sold a reasonable portion of his stake into institutional demand and increasing liquidity - which are good things. And he still retains a sizeable holding.

The results presentation is very comprehensive and worth a look. Particularly for those with a view which looks forward rather than backwards: Http://www.carclo.co.uk/~/media/Files/C/Carclo-v2/investor-docs/results-and-presentations/2018-analysts-presenatation-31-mar-2018.pdf "Outlook  We expect the actions that we have taken through our COMP initiative to positively impact the current year and subsequent years  The remodelling of the CTP footprint is now largely complete and this will allow the Division to focus on high quality business development and operational improvements  Wipac is moving closer to a realisation of its strategy of providing lighting solutions for the mid volume premium automotive segment; this will have a major impact on the Group�s financial performance through 2019 and beyond as all three programs enter production  Despite a poor financial performance in the year versus our expectations, we are well placed to deliver consistent improvements in our profitability and cash generation over the coming years"

Newly tipped here: Https://www.fool.co.uk/investing/2018/06/06/2-dividend-paying-small-caps-with-market-beating-growth-potential/ "Profits surge Since mid-2014, shares in construction equipment group Somero Enterprises (LSE: SOM) have produced a return of 525% for investors, excluding dividends. This means the stock has beaten the FTSE 250 by a staggering 470% over the same period. Surging profit is the reason why the company has been able to produce such impressive gains for investors. Since 2012, net profit has jumped a staggering 1,740% from $1m to $18m, a rate of around 80% per annum according to my figures. Unfortunately, growth is expected to cool this year. Analysts have pencilled in earnings growth of 14% for the year ending 31 December. Still, in my opinion, the shares continue to offer value for investors. The stock trades at a forward P/E of 14.4 that�s excluding cash on the balance sheet of $19m (�14m). Cash generation is one of Somero�s best qualities. Despite $14m of dividend payments in 2017, its cash balance only declined $1m for the year, as inflows easily covered shareholder distributions. Somero�s cash balance is worth around 24p per share according to my figures, indicating that the stock is trading at a cash-adjusted P/E of 13.7. The shares currently yield 3.6%. As the company continues to churn out cash, I believe its growth is only just getting started."

I topped up with a few more immediately. I suspect we won't sit at these levels for long: "Update on Legalization of US Internet Sports Betting Re-confirms H2 launch of Internet sports betting in the US London & Dublin HTMLPIPESYMBOL June 6, 2018: GAN plc ("GAN" or the "Company"), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, today provides an update following the decision of the Supreme Court of the United States ("SCOTUS") to overturn the previous Federal US prohibition on sports betting enshrined with the Professional and Amateur Sports Protection Act 1992 ("PASPA"). Recent press reports have speculated that certain New Jersey casinos may be prohibited from launching Internet sports betting due to their ownership of or other association with US sports teams ("Issue"). The Company re-confirms it is preparing to launch Internet sports betting in both New Jersey and Pennsylvania for its clients in H2 and further confirms the Company has investigated the reported Issue with its clients and does not currently expect any impact on GAN's plans to launch sports betting in H2. Sports betting will be delivered as an integrated extension into GAN's enterprise software platform and GAN will participate in the material incremental sports betting revenues. These incremental revenues are expected to be material for GAN in H2. Management Commentary Dermot Smurfit, CEO of GAN commented: "Online sports betting 'go-live' preparations are well advanced and we remain confident in launching as soon as reasonably possible in H2."

Good to see Aberforth Partners continuing to buy - they now hold over 12%, with 8.93m shares. They've bought another 450,000 shares since their last disclosure: Https://www.investegate.co.uk/carclo-plc--car-/rns/holding-s--in-company/201806061027164908Q/

As per Covert's earlier post, it was interesting to see hidden away in yesterday's RNS that the CFO has acquired a further 10k shares - not a huge amount, but then the CFO/FD is always the lowest-paid exec by far on the Board, so such purchases are generally more meaningful than others: Https://www.investegate.co.uk/proactis-holdings--phd-/rns/director-pdmr-shareholding/201806050700082655Q/

Good to see steady buying still coming in, with a 50k yesterday at 18.7p and a smaller 10k buy today already causing a tick up, suggesting not a lot of stock around.

Good to see BlackRock buying - their holding fluctuates up and down but overall is increasing and is now up to 10.13%: Https://www.investegate.co.uk/accesso-technology--acso-/rns/holding-s--in-company/201806051555453922Q/