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At least the core businesses are doing very well, with a "a strong year on year improvement in trading performance". The 3rd win for XSense with HP is also a good sign, but CAR are now going very conservative on touch growth this year. Which is perhaps what they should have done all along in terms of not promising too much and then over-delivering. They do leave the door open for new touch contracts however in saying "The business may develop more rapidly than we are now forecasting" etc. Good to see confirmation that CDS and other printed electronics are progressing on target. Interesting comments from Atmel on last night's conference call: Http://seekingalpha.com/article/2180453-atmel-management-discusses-q1-2014-results-earnings-call-transcript?part=single XSense business is "nicely up" this quarter, from a small base: "what we've stated in the XSense business, and I think particularly before, we weren't giving forecast. For this year, the ramp has been slower than we had earlier anticipated. It is as it says -- and we're forecasting for this quarter, for example, I think it will be up nicely this quarter but from a relatively small base." And design activity is "active" and moving into the "win phase", but it's just decisions which are being deferred: "regarding the sort of the design activity on XSense and so forth, we are working on several designs. So design activity is actually reasonably active. I think what we find is that the customers' decision point in reaching a conclusion, picking and going has taken longer than we anticipated. So we don't share the actual number designs. We do have several designs that are moving into that win phase, but it has been a slower process than we had anticipated and some designs haven't yet from their fruition. It isn't that the designs were lost. It's more on the lines of the customers deferred decisions on some of these projects longer than we had anticipated. So we're working with them on the designs, they just haven't yet gone into production. And that's when we declare it a design win would actually go into production."

.....yet still well and truly on a single-digit P/E with consensus 12.25p EPS forecast this year, plus a 4.1p dividend.

New highs now - and just tipped in the IC too. This should be in Friday's print edition to ensure more attention. I notice it doesn't mention Shore Capital's forecast of 11.2p EPS this year: Http://www.investorschronicle.co.uk/2014/04/29/shares/news-and-analysis/harvey-nash-breaks-the-mould-GVvV37IPyeIBojAJ2zrAnI/article.html "Harvey Nash breaks the mould Harvey Nash (HVN) is not like other recruiters. Yes, a large chunk of its business involves the typical activity of finding candidates for its clients' hiring needs. But it is also the largest British software developer in Vietnam. Harvey Nash employs over 2,500 software professionals in Vietnam to provide offshore software development and outsourced IT services for the likes of Honda and Prudential. Vietnam was chosen as it has a large number of science graduates that can do from Ho Chi Minh City just what an IT worker in London can do, but at a much lower cost. Harvey Nash is also taking a leaf out of its clients' books. The recruiter has found that it too can save money by moving some of its workload out to Vietnam. The recruiter now has a team of people in Vietnam doing desktop research such as scouring the company's databases and social-media sites to compile candidate lists for roles back in the US. Chief executive Albert Ellis describes this as a "game-changing" development for the recruiter. Reported profits went backwards last year due to the costs of restructuring the business in Europe. Adjusting for this, however, pre-tax profit rose 4 per cent to £9m. Broker Numis is expecting £9.8m this year, giving earnings per share of 9.4p (from 8.8p). NET ASSET VALUE: 89p* NET CASH: £3.8m Ex-div: 18 Jun Payment: 11 Jul IC view: The shares have doubled in the past year as recovering job markets have been priced in. But trading on just under 13 times forward earnings, the shares leave enough value on the table to keep us keen. Buy."

Results were ahead of expectations.....conference call at 2.00 this afternoon: Https://www.davy.ie/research/public/article.htm?id=Davy_Morning_Equity_Briefing_30042014_moneBLinkS0008C0001Cmp.htm "2013 results ahead of expectations; announces new simulated gaming deal with Empire City Casino in New York DAVY VIEW GameAccount Network has posted a strong set of numbers in its first set of financial results post-IPO. In addition, it has announced a further simulated gaming deal, this time with Empire City Casino in New York. The group’s pipeline of simulated deals is particularly encouraging as we believe it is testament to the relatively high player yields being experienced by Foxwoods since going live earlier this year. 2013 numbers ahead of forecast GameAccount Network has issued its first set of financial results as a listed company with revenues and earnings coming in ahead of expectations. Group net gaming revenue increased 121% to £12.3m (2012: £5.5m), £1.1m ahead of our forecast of £11.2m. Within the mix, B2B revenues accounted for £11.3m with B2C accounting for £1.0m. The significant growth in B2B revenues was driven predominantly by the sale of an internet gaming system as well as growth related to US real-money operations. Group EBITDA came in at £4.1m, 17% ahead of our forecast of £3.5m. Higher-than-anticipated development fees appear to have been the main contributor to the earnings beat. Non-recurring costs of £1.7m were incurred during the year, primarily related to the group’s IPO and expansion to new offices. Net income (pre-exceptionals) came in at £2.8m (Davy: £2.5m). The group finished the year with a net cash position on its balance sheet of £16.9m. Early simulated gaming player yields encouraging The group has provided its first update on how the launch of its Simulated Gaming product is going in the US via its partnership deal with Foxwoods Resort Casino. The product launched in January and while it is still early days, management has been encouraged by the fact that player yields are running at more than three times the levels of other published social gaming providers. Such yields should act as a powerful calling card to other land-based casinos. Further simulated gaming deal announced this morning Following on from last month’s announcement that seven Osage Casinos in Oklahoma had signed up for GameAccount’s simulated gaming offering, the group has confirmed this morning that is has now secured a further simulated deal with Empire City Casino in New York. The deal, which is subject to regulatory clearance, is likely to go live in the second half of 2014. Empire City (at Yonkers Raceway) is a Racino with annual revenues of close to $450m. The casino had almost 8m visitors in 2012 alone. GameAccount management believes that the Empire City database has limited overlap with that of Foxwoods, whic

Good interview with the very bullish CEO - note in particular new contracts with Deutsche Telecom, IBM and ING: Http://www.recruiter.co.uk/news/2014/04/mainland-europe-drives-17-rise-in-revenues-growth-at-harvey-nash/ Extract: "Revenue in Harvey Nash’s US business rose 3% to £47m, while Asia-Pacific revenue grew by 17% to £5.5m. Referring to the company’s performance in mainland Europe, Albert Ellis, chief executive officer, says the company was able to pick up marketshare because it was seen by clients as more financially stable than its competitors. “We were seen as a safe haven,” Ellis told Recruiter. He added this helped it to pick up some big contract wins, including contracts with Deutsche Telecom, IBM and ING. “That is what is driving the turnover,” said Ellis. An improvement in the financial services sector in Switzerland in the second half of the year also boosted performance. While revenue in mainland Europe roared ahead, gross profit failed to keep pace, rising by only 6%. This reflected the fact that 90% of the company’s business in Europe is lower margin contract recruitment, Ellis explained. He added: “The permanent [higher margin] recruitment market is quite weak.” However, Ellis predicted that margins will begin to improve in the next six to 12 months as the company takes advantage of a recovery in the permanent market in Europe. He said there were already tentative signs of recovery in Sweden and “early green shoots in Northern Europe”. Ellis said the company’s UK performance, where revenue increased by 6% to £224m, was buoyed by “a robust” digital and technology sector. “There has been a surge in digital demand,” he added. In conclusion, Ellis said he was optimistic about the future: “I really think we are the beginning of a three to five-year growth path as the world economy recovers, and that is good for recruitment.”

CRE was tipped as a Buy yesterday as follows FYI: Http://t1ps.com/shop/page-article/action-article.show/id-130025754 "Creston - Trading update 1 Days ago (2014-04-28 12:45:32) Marketing services company Creston (CRE) has announced in a brief update that following an improved second half performance it expects revenues and headline profits to be in line with consensus for the year to March. Revenues will be £74.8 million, down slightly from last year's £75.2 million, with cash (excluding deferred consideration) ahead of expectations at £7.5 million. Creston has also announced that David Grigson, Non-Executive Chairman,will be stepping down following the firm's AGM on 8th September. He will be replaced by Richard Huntingford, a member of the Board since September 2011. This follows news earlier this month that Kathryn Herrick, former Vice President Finance for Europe, Middle East and Africa at technology firm Equinix, will begin as Chief Financial Officer in July. She replaces Barrie Brien, who took over the CEO role at the end of March from Don Elgie. A brief but reasonably encouraging update from Crestion. In particular we note that the update implies revenues growth of 1.1% in the second half, which is a good sign after the firm posted a 4% revenue fall in the first half of the year. While the current management changes are not fully implimented yet we would hope to see further comments on strategy from the firm when results are released on 11th June. Valuation... Creston shares have recovered since the disappointing performance at the interims, and at the current 111.75p the firm is capitalised at £67.4 million. Of course, a fallback in the economy remains one of the key risks to the investment case, as are the loss of major clients and the volatility in marketing budgets. However, we note that Creston appears to be benefitting from trends recently reported in the recent IPA Bellweather report, which reported that marketing budgets in the UK saw their biggest increase in 14 years in Q1 2014. The markets are now looking for pre-tax profits of around £9.4 million for the full year just finished, which implies an earnings multiple of around 9.9 times. The implied yield is 3.2% given the interim payment of 1.2p per share and that the firm is now looking to move towards a one-third/two-thirds dividend split. On balance, we believe that Creston remains one of the more solid firms operating within the industry and one of the cheapest in valuation terms. "Buy"."

Fantastic tip in Saturday's FT, following the coverage in the IC, should ensure that a lot of people are watching ACM: Http://www.ft.com/cms/s/0/2e6135cc-cca3-11e3-9b5f-00144feabdc0.html?siteedition=uk#axzz302J1zOkV "Profit from cyber warfare" Conclusion only: "Moreover, Accumuli ended the financial year with £3.5m of net funds on its balance sheet. That’s the equivalent of 2.2p a share of net cash. Strip this sum out from the current share price and the cash adjusted forward price-to-earnings ratio drops to a little over 12 for the current fiscal year. There is decent dividend support too – 0.46p per share for the year just ended. As more investors cotton on to the earnings growth potential and the solid income stream the board are distributing to shareholders, the combination of a sharply rising dividend and falling earnings multiples are likely to make for a compelling investment case."

It wouldn't surprise me to see CRE tipped in various places given the P/E of only 8.8 and a 3.8% dividend yield. There was very little stock available on Friday, so any buying may have a decent effect on the share price. And it's currently boom times in CRE's sector: Http://www.thedrum.com/news/2014/04/16/ipa-bellwether-marketing-budgets-see-biggest-surge-14-years "17 April 2014 - 6:03am | posted by Jessica Davies | 0 comments IPA Bellwether: Marketing budgets see biggest surge in 14 years with traditional media outstripping internet spend for first time in 3 years Marketing budgets have seen their biggest increase in 14 years, with almost 30 per cent of companies registering an increase in budgets during the first quarter of 2014, according to the latest IPA Bellwether Report. This is markedly higher than the fourth quarter of 2013, during which only 11 per cent of companies listed an increase in marketing budgets, with 12.3 per cent the highest for the whole of 2013. Nine per cent of companies registered a fall in marketing budgets, which, along with the 30 per cent that cited an increased, resulted in a net balance of a 20.4 per cent quarterly rise. etc"

Numis today reiterate their Buy and 160p valuation for HVN: Http://www.mideasttime.com/harvey-nash-group-plc-receives-buy-rating-from-numis-securities-ltd-hvn/124842/ "Harvey Nash Group plc (LON:HVN)‘s stock had its “buy” rating reiterated by investment analysts at Numis Securities Ltd in a note issued to investors on Friday, AR Network reports. They currently have a GBX 160 ($2.69) price objective on the stock. Numis Securities Ltd’s price target points to a potential upside of 33.33% from the company’s current price. Separately, analysts at Panmure Gordon raised their price target on shares of Harvey Nash Group plc from GBX 135 ($2.27) to GBX 139 ($2.33) in a research note on Thursday, February 20th. They now have a “buy” rating on the stock."

The Times says Buy - note firstly HVN's niche in that 80% of revenues come from the IT and tech sector, and also that the article doesn't even mention HVN's strong Balance Sheet, with a cash pile which is likely to be put to work on acquisitions at some stage: Http://www.thetimes.co.uk/tto/business/columnists/article4073178.ece "Full-year figures from Harvey Nash confirm what we have already heard in trading updates from Hays and Michael Page International. The recovery in confidence among employers and employees is continuing apace, which means that the recruitment specialists are placing a lot more permanent staff, as opposed to temporaries. Nash says that the number of permanent places filled in the fourth quarter of its financial year, to the end of January, was up by 16 per cent year on year. However, the company is a little different to its peers and the pattern of recovery, geographically, is a little more mixed. It gets four fifths of its work in the IT and tech sector. There is still reluctance among companies in parts of the eurozone to take on permanent staff and so its business is more based on contractors. The effects of this are mixed; such work offers lower margins but an extended revenue stream. In America and Britain, the recovery is well under way. In the former, Nash achieved its biggest headcount increase, of 29 per cent, in the second half as it geared up for the extra business. In the UK and Ireland, operating profits were up by 17 per cent at £3.2 million. Across the group, pre-tax profits before one-off costs such as reorganising parts of the European business in the year to the end of January were ahead by 4 per cent to £9 million. Nash has not suffered the sharp downturn elsewhere in the sector because of its reliance on tech jobs, but profits are now close to their 2008-09 peak again. A final dividend of 1.974p makes a total 10 per cent higher at 3.21p. The shares, off 5p at 115p after a strong performance over the past year, change hands on 12 times’ earnings, which is relatively low for the sector. Buy for the long term."

Interesting trades reported, with a 100k buy at the full 110p offer and a late buy of 20k at 110.23p, above the 110p offer price. Plus sells are achieving almost the mid-price. I'd say there's some stakebuilding going on.

Good news this morning from Novartis - RNS soon from VEC? Http://www.investegate.co.uk/novartis-international-ag/gnw/novartis--instead-study-for-onbrez--174--breezh---/20140425061535H9880/ "Novartis' INSTEAD study for Onbrez® Breezh... Novartis International AG / Novartis' INSTEAD study for Onbrez® Breezhaler® in patients with moderate COPD meets primary objective . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement. •Results confirm non-inferiority of Onbrez® Breezhaler® (indacaterol) in lung function compared to Seretide®* (salmeterol/fluticasone) in the studied population •In INSTEAD study, patients with moderate COPD and no exacerbations in the past year were switched from salmeterol/fluticasone to Onbrez Breezhaler •Study showed similar symptomatic benefits in terms of shortness of breath and health status in patients treated with Onbrez Breezhaler compared to those on salmeterol/fluticasone Basel, April 25, 2014 - Novartis announced today top-line results from the Phase IV INSTEAD switch study in patients with chronic obstructive pulmonary disease (COPD), which met its primary objective. Once-daily Onbrez® Breezhaler® (indacaterol) 150 mcg demonstrated non-inferiority in lung function at week 12 to twice-daily Seretide®* (salmeterol/fluticasone propionate (SFC)) 50/500 mcg in patients with moderate COPD and no exacerbations in the previous year. The INSTEAD switch study also showed similar symptomatic benefits in terms of shortness of breath and health status after 12 and 26 weeks in patients treated with Onbrez Breezhaler compared to those on SFC. The safety profile of Onbrez Breezhalerobserved in this study was consistent with previously reported results from Phase III studies. "These positive results help inform the switch from salmeterol/fluticasone to Onbrez Breezhaler in patients with moderate COPD and who are at low risk of exacerbations. This confirms that Onbrez Breezhalerprovides an effective maintenance treatment option for these patients," said Tim Wright, Global Head of Development, Novartis Pharmaceuticals. "In addition, these results support international guidelines, which advise against the use of inhaled corticosteroids due to long-term risks in COPD patients at low risk of exacerbations[1]". COPD affects an estimated 210 million people worldwide[2] and is projected to be the third leading cause of death by 2020[1]. Treatments that effectively control the symptoms of COPD and allow patients to continue with their daily activities are very important in helping address the unmet needs in the management of COPD[3],[4]. INSTEAD was a global, randomized, double-blind, parallel-group, 26-week study. This study randomized 581 patients with moderate COPD who had been taking SFC* for at least three months to either con

Good results today as expected. In particular 8.76p EPS is better than the consensus, which I calculate at 8.48p (though slightly less than the highest forecast which is Shore's at 8.9p). The dividend at 3.21p is also slightly better than the forecast of 3.2p. The £3.8m cash pile should increase nicely as working capital unwinds. Most importantly, the outlook statement is extremely positive.... ""This is a strong set of financial results, which reflect the significant market share gains we have made during the year. Momentum gathered pace in demand for permanent recruitment in the final quarter, particularly in the USA, UK and Nordics, whilst a number of contract management wins during the year boosted revenue. Our investment in Asia is also beginning to show tangible results. "The significant upturn in trading which the Group enjoyed in the final quarter has continued into the new financial year and I am confident that Harvey Nash is well positioned to capitalise further on the improving market conditions." "

Results are out, showing £27.6m of net current assets at 31/12/13 including £16.4m of cash, £5.5m of receivables and £4.4m of IGAS shares plus inventories, compared to a £21.6m m/cap: http://www.investegate.co.uk/trap-oil-group-plc--trap-/rns/final-results/201404240700093744F/ Perhaps PG has already had an effect.... "management have taken a 20 per cent. pay cut and staff levels have been trimmed, as has administrative expenditure." Net current assets (net of current and long-term liabilities) are around 10p per share, so everything else - a varied and considerable set of interests - is in for free. And around an additional £1m per month is being generated from Athena. The question is - how short or long-term are PG's intentions?

Edison have a new note out today: http://www.edisoninvestmentresearch.com/research/company/creston They forecast 12.4p EPS and a 4.1p dividend this year, which makes CRE look very undervalued - as they themselves note in their conclusion: "Valuation: Discount remains substantial The share price remains at a substantial discount to the sector of 35% on a calendarised 2014 P/E and 31% on EV/EBITDA, which is primarily a reflection of the current earnings plateau. Clarity on the strategy for moving profits and earnings ahead and delivery against market expectations, as well as a continuing strong net new business win position, will help close the valuation gap."

Excellent news from today's year end trading statement: - in line with 11.2p EPS expectations, leaving CRE on a P/E of just 9.5 - with a 3.9p forecast dividend - and a £7.5m cash pile, ahead of expectations "Barrie Brien, Group Chief Executive, commented: "I am pleased with the second half performance in which we have achieved revenue growth over both the first half and the same prior year period, putting us in line with consensus. Following the busy period of pitching in the first half of the year, new business wins had a positive impact as expected"."

Yep, almost 200,000 shares traded already today. Good to see just after the year end :o))

Interesting to see the share price sneaking upwards on quiet accumulation both on Friday and today despite the markets being so miserable on both days. The m/cap is just £1.5m. This compares to the cash pile of £1.9m (net of borrowings) at 30th September, which is the cash lowpoint of the year. With cash collections in H2, plus decent trading in H2 as per the outlook, plus the increasing SaaS sales, plus (finally) perhaps some collections of old debtors/accrued income, one would hope that net cash would increase substantially in H2, which would allow the repayment of Hanafin's last £1m, even if it necessitates loan facilities to tide GNG over the cash lowpoint in September.

From 888's trading statement today - bodes well for XLM as 888's partner: Extracts: http://www.investegate.co.uk/888-holdings-plc--888-/rns/q1-kpis-and-ims/201404100700404863E/ "888 quarterly revenue at record level." "Commenting on today's announcement Brian Mattingley, Chief Executive Officer, said: "I am pleased to report that Q1 was another strong quarter for 888, resulting in record quarterly revenue for the Group. Our market-leading brands and excellent product offering, underpinned by our innovative marketing and CRM capabilities, has driven further growth in our core markets. Furthermore, 888 continues to be well positioned to capitalise on positive regulatory developments."

Good news: Http://www.investegate.co.uk/accumuli-plc--acm-/rns/trading-statement/201404100700294794E/ EBITDA is bang in line with expectations at £2.9m, leaving ACM on a cheap EV/EBITDA of only around 11 by my calculations. Recurring income now accounts for over 60% of gross profit - the City will love that. Turnover is slightly less than forecast due to an improving product mix margin-wise - which is good news. The dividend at 0.46p is also slightly less than forecast, but with a £3.5m cash pile I'd rather ACM made further acquisitions so am not unhappy about this. The £3.5m cash is well ahead of £3.1m expectations. The outlook statement is rosy - ACM looks good for much more.