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Finncap also retain their Buy and 212p target price - hopefully with today's increased forecasts this target will also increase, perhaps after the next trading statement.

Terrific stuff this morning....results beat expectations and a big $20m acquisition from cash of a business making $3.4m historic EBITDA, with consideration subject to achievement of revenue and profit targets (excellent). Finncap have today hugely increased their forecasts. The 2014 results thrashed expectations, with $14.2m EBITDA against $13.5m forecast, and $2.8m net debt against $7.6m forecast. New forecasts are: - this year : 17.1c EPS (11.4p), 6.9c dividend (4.6p) - next year : 18.9c EPS (12.6p), 7.6c dividend (5.1p) Which makes CHT extremely cheap. IMHO. Plus: - the acquisition is extremely earnings-enhancing. - a maiden 2.9c dividend (being waived by the majority shareholders!). - bullish outlook for this year: "I'm pleased to present a stellar set of results for 2014. These results provide clear evidence of the progress we have made in the first stage of our growth story. The platform that we have built will help move our business to the next level as we consolidate our position to be a top three US healthcare and technology based services Company."

WH Ireland this morning say Buy with an 18p target, noting as follows: "Prelims demonstrate continued progress Price 12p Target price 18p Petards supplies advanced security and surveillance systems to the Transport, Defence and Emergency Services markets. After a challenging few years, actions taken have both stabilised the business and positioned it for growth, with results in line with our expectations. 2014 proved to be a successful year for the group, securing a number of important contracts across both transport and defence markets with clients such as Siemens, Bombardier and the MOD. Of strategic significance was the five year framework agreement with Siemens announced in June, from which two contracts have already been secured. With the order book remaining at £20m, the visibility for the current financial year and beyond remains robust and the performance in the year to date is reported to be in line with expectations. As such, our PBT/diluted EPS forecasts remain unchanged and we maintain our Buy recommendation and 18p share price target...... .....Valuation undemanding Based on our forecasts, the shares currently trade on a FY 2015E fully diluted PER of 7.9x and EV/EBITDA of 3.7x. Given the order book visibility, we believe that these multiples significantly undervalue the business. As such, we maintain our Buy recommendation and 18p share price target."

Great results - and slightly ahead of expectations, with 5.31p EPS compared to consensus 5.24p. Plus the 2.85p dividend is also ahead of 2.8p expectations. The whopping £9.6m cash pile was also well ahead of forecasts: Http://www.investegate.co.uk/brady-plc--bry-/rns/final-results/201503160700164641H/ The outlook is also very bullish, with a notable focus on potential acquisitions. Congrats to the team.

Per Proactive Investor: "(LON:ETO) has been upgraded to ‘buy’ by Peel Hunt following the acquisition of The Voice maker Talpa by ITV. The contingent payments are supportive of Entertainment One's strategy and its recent Mark Gordon acquisition, said the broker. The recent share price weakness reflects the underselling of the Mark Gordon opportunity, said the broker and with 12% upside to its Entertainment One target price, ‘buy’ is the new recommendation." In addition, hopefully this article is proof that ETO are mining a new seam of gold in Ben & Holly for the toddlers moving on from the lure of Peppa. It concludes.... Http://www.portsmouth.co.uk/opinion/phew-my-peppa-pig-days-will-continue-1-6622434 "Now Alyssa has started watching a show called Ben and Holly’s Little Kingdom which is very similar to Peppa Pig, In fact it is made by the same people and they clearly know what pre-schoolers want to watch. Alyssa recently declared that Ben and Holly’s Little Kingdom is her new favourite TV show, but she also made clear she is still very much a Peppa Pig fan which means she’s still very happy to visit Peppa Pig World at Paultons Park. I enjoy the park just as much as she does, so I was happy to hear this."

TB presented at a Mello Tech event at Bloomberg last night. I don't know how many people were there - 250 maybe? - but it was a big turnout (Mark Slater also spoke, as did a very good guy from Polar Capital). Anyway, judging by the people coming up to TB afterwards there were a number of attendees who were not only new to ACSO, but were extremely impressed by the presentation. TB was persuasive as usual, but what was very interesting was that the CIO of Merlin was there too. Given TB's comments the relationship with Merlin remains strong and is getting stronger. ACSO have 40 patents and patents pending. Mark Slater said he loved investing in companies which had a chance of a "bonus moonshot" in for free. TB noted that ACSO's patents were their "bonus moonshot".....more to come here I'm sure. ACSO had increased Cedar Fair's online sales by 36% after taking on their web site/bookings. No wonder Cedar Fair renewed so readily. I'd never really focused on David Gammon's presence on the Board before, but it was noteworthy to be reminded that he was an adviser and NED at Deepmind. If you don't know what happened to Deepmind then Google it and be Deeply impressed. For 2015: - healthy sales pipeline, with more to come from Showare - opportunity to further integrate Showare - theme park attendances should improve this year since 2014 was very weak due to weather, timing of holidays etc. Currency movements (i.e the dollar's strength) should benefit ACSO this year - enhancements trialled in 2014 are now being rolled out - biggest competitor in skiing is going bust apparently! Worth researching further - ACSO's IP is being licensed

Nice write-up in today's Shares Magazine - I hadn't realised Peel Hunt had increased their target price to 170p: "Investing in innovation is fraught with risk and this is amply demonstrated by the travails of Carclo's (CAR) CIT (conductive inkjet technology) business. That notwithstanding, the technology-led plastics group is currently enjoying strong momentum in its technical Plastics and LED technologies divisions and this should more than offset CIT-related downside in the touchscreen segment which we believe has already been been well priced in. When last we featured Carclo on 16 October last year, the group had just announced a full strategic review of the CIT business.....The innovative process developed by CIT, which allows the digital printing of pure metals onto plastic films and moulded plastic parts has a number of target applications including touch screen technology, radio frequency ID tags, photovoltaic circuitry and de-misting elements. The division’s disappointing performance, as chronicled in the group’s results and trading statements throughout the last 12 months, seems to have left some investors with the sense that the jam’s in danger of being taken out of their donut. As we have previously emphasised, CIT at best only accounts for around 3% of Carclo’s total revenues (see Shares, Under The Bonnet, 10 Jul '14) so it might be time to draw a line under it, particularly as the group maintains that while CIT will continue to support atmel during its final production phase, the board doesn't expect this ongoing support to have any further material financial impact on the group. What investors might want to focus on going forward is the group's stronger than expected second half as highlighted by the 5 February interim management statement. This highlights higher operating margins in Technical Plastics as well as strong schedules in LED technologies and a healthy order book in Precision Engineering. The group also reported encouraging progress from Carclo Diagnostic solutions which is in the business of developing innovative point-of-care diagnostic technologies. In a 5 February note, house-broker n+1 singer maintained that 'even when excluding CIT and CDS, an FY16 P/e of less than 10x is much too low for a group with strong growth prospects in niche medical and automotive markets.' Peel Hunt has raised its price target from 130p to 170p. analyst Dominic Convey sees the investment case in straightforward terms: 'Following the writedown of the CIt assets, we can now focus on the strong momentum within technical Plastics and LeD technologies,' he says. Shares says:  Carclo may have failed investors with its CIT division but this only accounts for 3% of revenues. The real growth drivers are LED and technical plastics. We are bullish at 131.75p."

Disappointing trading update to the 31/3 year end just out. Revenues just behind expectations due to delays, plus some additional costs, means EBITDA will be materially below. I'm happy to hold as the outlook remains extremely good imo, and the miss seems to be mostly due to time lag rather than anything meaningful, particularly as LRM themselves comment that the next 12 months are both "extremely promising" and "very promising". Share price-wise LRM are simply back to square one after the steady rise. News flow re the delayed revenues should mean a good year this year and hopefully a rise back to 15p and beyond as regulation and legislation is finally implemented.

Good RNS today re AirFluSal® Forspiro® being launched in Portugal and Ireland. Finncap this morning have retained their Buy and 202p price target: "Vectura: AirFluSal Forspiro launched in Portugal and Ireland (BUY) Sandoz has announced the launch of AirFluSal Forspiro (generic Advair/Seretide) in Portugal and Ireland. The drug is now available in 14 countries as the roll out ex US continues: we believe Sandoz will continue to launch the drug country-by-country as reimbursement is agreed in each territory. Vectura earns an estimated 15% royalty on sales; the €7.5m of launch milestones have now all been received. We make no changes to our forecasts, and maintain our 202p target price and our Buy recommendation."

Excellent RNS today - an important contract extension for another 3 years of the Cedar Fair agreement. Which shows how happy they are with ACSO's services, and confirms the long-term and recurring nature of ACSO's income: Http://www.investegate.co.uk/accesso-technology--acso-/rns/cedar-fair-contract-extension/201503110700170966H/ "Cedar Fair Contract Extension - Contract with Cedar Fair Entertainment Co. to leverage accesso Passport® solution extended three years through 2017 - - SaaS platform continuing to generate repeatable revenue stream for the Group - accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to leisure, entertainment and cultural markets, today announces a three-year extension to its existing contract with Cedar Fair Entertainment Company ("Cedar Fair"): a leader in regional amusement parks, water parks and active entertainment. The extension will see the Group continue to provide Cedar Fair with the full suite of accesso Passportticketing and eCommerce solutions for its venues across North America. etc"

Nice evaluation here of Somero, concluding in essence that SOM is undervalued.... hTTp://www.stockopedia.com/content/somero-good-portents-from-ashteads-q3s-and-only-on-a-pe-of-10x-growing-topline-40-93646/ This is also encouraging re the doubling in sales from the recent World of Concrete exhibition in Las Vegas.... Http://www.somero.com/news/211-somero-enterprises-inc-%C2%AE-sends-a-special-thank-you-to-all-who-attended-the-world-of-concrete-2015 "Somero Enterprises introduced a brand new booth......With this increase in visitors, we more than doubled our product machine sales from the previous year and also introduced our latest innovation concrete Laser Screed® machine, The S-485."

"Increasing demand" for another of LRM's solutions to new regulatory requirements: Http://www.lombardrisk.com/press/13317 "March 9, 2015 REPORTER actively in use by firms to meet EBA and PRA liquidity coverage reporting More firms use Lombard Risk REPORTER for end-to-end regulatory reporting in UK than any other solution European Banking Authority (EBA) Common Reporting: COREP – FINREP – ‘LIQREP’ LONDON, UK – 9th March 2015: Lombard Risk Management plc (LSE: LRM) (“Lombard Risk”), a leading provider of integrated regulatory reporting, collateral management and compliance solutions for the financial services industry, is pleased to announce that REPORTER is actively in use by firms for the creation and submission of regulatory liquidity reporting in line with both the European Banking Authority’s pan-European and local UK regulatory Prudential Regulatory Authority requirements. As part of the European Banking Authority’s (EBA) harmonisation of European regulatory reporting, local competent authorities are implementing a new expanded liquidity regime at European and ‘local’ levels (Bank of England, PRA in UK), designed to monitor current processes as well as provide insight into future operations. The CO(mmon) REP(orting) framework initially comprised reporting about Capital Adequacy, Large Exposures, IP Losses, Leverage, Liquidity Coverage and Stable Funding and Asset Encumbrance and firms had to dig deep to produce more, and more detailed, calculations and reports for the regulator (electronically in XBRL). COREP was closely followed for many firms by FIN(ancial) REP(orting)..... ....At the same time, the UK PRA’s liquidity regime is changing to take account of the changing European landscape. Firms need to realise that, for many, the existing regime continues for some time, at least in part, but other firms, especially certain foreign branches, may be impacted quite significantly..... ....Many new firms have turned to Lombard Risk REPORTER to implement a single, comprehensive EBA Common Reporting solution (which includes COREP, FINREP and ‘LIQREP’) in place of continuing with either in-house, spreadsheet-style reporting, or previous vendor solutions that are no longer able to keep pace with the regulations or the technology platform now required. Robert Markham, EMEA Sales Director – REPORTER, at Lombard Risk explains: “Lombard Risk is seeing an increasing demand in the market for a truly modular solution with comprehensive core coverage and functionality, combined with flexibility in terms of multi-source integration, configurable workflow and analytics. The accelerating growth of Lombard Risk’s regulatory market share once more validates our strong solution roadmap.” etc!

0.6p EPS this year, with a dividend and a sound Balance Sheet, makes BVM pretty good value at current prices. FYI I contacted the company, who confirmed that the system in the results which could be deployed on some 650 vehicles is indeed the contract which was deferred to this year. Which should provide a nice bonus. In addition, I understand that recurring income rose from 46% in 2013 to 50% in 2014. This is an extremely important - and encouraging - metric, and one which I'm surprised that BVM don't highlight right at the top of their results narrative. It's something which I'm sure a number of investors aren't aware of at all.

Broker forecasts for this year are now 7p EPS feom N+1 Singer and 6.2p EPS from Cenkos, plus 2.2p dividends. Which makes CMS pretty cheap on a P/E well into single figures. CMS' results presentation is also available here FYI: Http://communisis.com/docs/default-source/latest-financial-results/2014_results_presentation_final_2.pdf?sfvrsn=4

Hardman's monthly newsletter is just out for March and has a nice page on LRM. They continue to go for 1.8p EPS to March'15, with 2p EPS for the year starting next month, and 0.085p and 0.095p dividends. LRM should also have £3m net cash, which is building nicely. Their summary is as follows: Http://www.hardmanandco.com/sites/default/files/research_papers/March%202015.pdf?utm_source=Email+Campaign&utm_medium=email&utm_campaign=29208-275692-Monthly+March+2015 "A trading update is due in a month’s time, followed by full year results likely mid May. LRM by its nature is second half weighted in its profit recognition. The positive level of sales activity H1 resulted in a continued substantial order book/backlog of contracted revenue of £5.1m, supporting our confidence in H2 sales. LRM entered H2 with a strong and visible short term pipeline. It referred previously to European Banking Authority's Asset Encumbrance and Liquidity Coverage Ratio regulations as creating further opportunities in H2 and into FY16. As at the last interims: “The Company achieved a record first half revenue of £9.3 million, up 27.7% on the previous year, and this bodes well for our full year performance.” We see our top line estimate to be conservative, whilst full year margins should be rising at both EBITDA and PBT levels. This is all about 1) delivery of current backlogs, 2) expanding the suite and 3) expanding routes to market via partnerships and ‘organically’ for the more medium term. We note how LRM’s expenditure on product development is high by comparable industry standards. The product expansion, growth in partnering (expanding the geographical footprint) and the strategic alliances such as Genpact (November 2014) are supportive to medium term growth. H1 growth was driven by COREP, a well established product. This had 121 clients at that stage: far more than originally might have been anticipated. COLLINE will be boosted in all likelihood with the Genpact roll-out. At the last Interim statement, LRM made the following comment regarding its market positioning. We consider this to be one of the most important features of that Statement: “The Company is now well into its major investment cycle, prompted by opportunities arising from recent regulatory and market changes. Such changes will in all probability continue and the Company will continue to look carefully at the opportunities that these changes bring.” Non Executive Chairman."

You can only buy 25k maximum at 5.25p, but you can sell 200k at 5.1p, i.e almost the mid-price.

Excellent coverage here, particularly the broker comments: Http://www.yorkshirepost.co.uk/business/business-news/profits-more-than-treble-at-computer-firm-belgravium-1-7138352 Extract: "Profits more than treble at computer firm Belgravium published 15:20 Wednesday 04 March 2015 HANDHELD computer firm Belgravium Technologies said annual pre-tax profit more than trebled to £​475,000 ​last year. The Bradford-based firm said a sustained sales effort brought good results in the fourth quarter of 2014 and annual revenues rose 12 per cent to £9.4m, boosted by the first full year contribution from Feedback Data. Chairman John Kembery said: “2014 was a much improved year with increased revenue and profits. The group has made continued progress in extending its activities and offerings to cater for a wider and more discerning market. The board believes that further progress will be achieved in the current year.” ​The group said it won’t pay a final dividend for the year in order to conserve cash for a potential acquisition that has been identified. Mr Kembury said negotiations are still at an early stage but the board anticipates that if the deal goes through, it will be financed from the company’s existing cash resources and bank debt. If the acquisition does not proceed, the board will look at paying a dividend following the announcement of interim results in September. ​Analyst Eric Burns at WH Ireland said: “Belgravium’s full year results are bang in line this morning and show some very decent progress year on year. “The statement also flags that as discussions are ongoing regarding a possible acquisition, the company has decided to pass its final dividend. “With £700,000 in cash, the shares have clear value attractions trading on a current year P/E of just 7.3 times.” ​Belgravium designs, installs and maintains software applications and solutions for the airline, rail, retail and logistics industries. A major part of its strategy is to provide solutions that create a long-term relationship with customers and repeat revenues. Its mobile retailing software can now run on all three major operating platforms, Windows, Apple iOS and Android whereas previously it could only work with Windows."

As well as the optimism in the outlook, I'm also particularly cheered by the successful expansion into other sectors, notably the new rail contracts. Not only have BVM sold their EPS solution abroad (Czech Republic), but this in particular sounds like big news: "A number of pilot systems have been delivered in to the transport sector and are progressing well. One such scheme, which could be deployed on some 650 vehicles, is expected to commence during 2015."

Very good results, bang on target with 0.5p EPS and £0.7m net cash: Http://www.investegate.co.uk/belgravium-tech--bvm-/rns/final-results/201503040700134526G/ Most encouragingly, there's another acquisition on the cards, so BVM are postponing the final divi until it's finalised. Forecasts are already 0.7p EPS for this year. Another acquisition, following the recent AFS purchase, could send forecasts up to say 0.9p EPS, which would leave the current share price looking ridiculously low. Above all, the outlook statement is VERY positive: ""2014 was a much improved year with increased revenue and profits. The Group has made continued progress in extending its activities and offerings to cater for a wider and more discerning market. The Board believes that further progress will be achieved in the current year."

Yesterday saw this on the Ferrari forums: "Carbon Ceramic Brakes for F430/F360 -------------------------------------------------------------------------------- RacingBrake is pleased to introduce its complete Carbon Ceramic Brake offer for 360/430 FERRARI-CCM Our CCM rotors are using Surface Transforms of UK and Corvette ZR1 discs. Iron rotor replacement, brake pads, and complete brake kit (including RB calipers) are also available. Two Piece Rotors Iron replacement for Scuderia Two-piece Rotor - Ferrari 430 Scuderia / Spider 16M (Iron Repl.) "