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FYI, Finncap issued this update post-results in increasing their target price to 18.5p: "Accumuli's year to March 2013 has delivered on a check list of corporate development for a young company: new CEO, disposal, acquisition, delivery perfectly in line with expectations, and a generous maiden dividend to underline the board's confidence in the future. Accumuli continues to offer investor exposure to the growing IT network security market, with opportunities for proactive as well as reactive solution sales from a pool of sought-after expertise and a combination of owned IP and third-party product sales. We lift our target price to 18.5p (17.5p). Financial performance: Accumuli has delivered group EBITDA of £2.5m from revenue of £14.8m, or £2.2m from £14.1m excluding discontinued operations (Webscreen). Net cash of £7.2m was boosted by the $10m disposal of Webscreen in the period, allowing the strategic flexibility to both announce a maiden dividend and a post period end acquisition, while retaining £3.5m currently (finnCap estimate). The 0.4p dividend provides the strongest evidence of management confidence, with 17% headline revenue growth from continuing operations including 10% organic revenue growth – further boosted by the June acquisition of Signify Solutions, which has doubled customer numbers to 500. Trading performance: customers buying security services prefer to remain unnamed, but new notable contracts included a focus on global financial services providers such as a global bank and a pan-European financial services organisation, and a global mobile network operator (meaning all four global operators are now customers). Product breadth has been increased through organic development and acquisition. With the benefit of Accumuli’s infrastructure, EdgeSeven’s SIEM sales increased from £0.75m in the 12 months pre-acquisition to March 2012, to £2m in the nine months to March 2013 since acquisition. Outlook and valuation: managed security services experiences the challenges all managed services face, however Accumuli is delivering growth and shareholder returns. We lift our target price to 18.5p (17.5p), equivalent to 12.2x March 2015 P/E or 7.1x EV/EBITDA (5.9x trading EBITDA, pre central costs)."

Dates for people's diaries - two presentations by Atmel in the next week or so, both being made available to all, so hopefully more insights, news etc to come: http://finance.yahoo.com/news/atmel-present-investor-conferences-august-170800465.html "Atmel to Present at Investor Conferences in August Press Release: Atmel Corporation – 12 hours ago SAN JOSE, Calif., Aug. 6, 2013 /PRNewswire/ -- Atmel® Corporation (ATML), a leader in microcontroller and touch solutions, today announced it will present at the following investor conferences: On August 13, Steve Laub, President and Chief Executive Officer, will present at the Pacific Crest Global Technology Leadership Forum in Vail, Colorado at the Sonnenalp Resort at 10:30 a.m. Mountain Time (12:30 p.m. Eastern). On August 15, Steve Skaggs, Senior Vice President and Chief Financial Officer will present at the Canaccord Genuity Growth Conference in Boston, Massachusetts at the InterContinental Hotel at 8:00 a.m. Eastern Time. The above presentations will be webcast live and archived on the Atmel Investor Relations website at hxxp://ir.atmel.com/."

The price of Brent crude is now above $110: http://uk.reuters.com/article/2013/08/02/markets-oil-idUKL4N0G313820130802 TRAP may at that price be clearing over £2m per month from its full Athena production (never mind Lybster production as well). TRAP remains very undervalued imho.

From the Daily Mail - Liberum reiterate their 600p valuation and Strong Buy recommendation: http://www.thisismoney.co.uk/money/markets/article-2382762/MARKET-REPORT-Dealers-fed-Parmalats-takeover-plan.html "Yorkshire-based plastics firm Carclo, which has developed a robust plastic touchscreen for use in expensive mobile phones, jumped 31.5p to 374.5p on a positive update. The year has started well and the group is trading in line with expectations. Liberum Capital reiterated its strong buy recommendation and £6 price target."

Moyon, remember that CAR have said that only a "moderate" success with CIT/XSense will transform the company. So imagine what $100m of XSense revenues next year will do - and growing from there? The market looks forward - look at the ratings companies like ARM, IMG etc are on. This is the type of rating CAR will achieve imo once we start getting news of further wins for XSense, and ATmel have today stated that they expect such news in late Q3/early Q4. Not far away now we're in August, i.e nearly in Q3.

Wow - just read the Atmel CC transcript and XSense is all over it: http://seekingalpha.com/article/1592482-atmel-management-discusses-q2-2013-results-earnings-call-transcript?part=single We can expect news flow soon - this extract for example notes "a Tier 1 OEM that will be delivering that kind of product, either later this quarter or early in Q4, which we'll announce at that time": "William Stein - SunTrust Robinson Humphrey, Inc., Research Division I'm hoping you can clarify the positioning of XSense relative to ITO in the market among your customers. Are you positioning this? And when we see this come to market, should we expect it to be kind of the cost or value option relative to ITO? Or should we expect some of the features you've discussed that are enabled by XSense to be prominent in the initial design? Steven A. Laub - Chief Executive Officer, President and Executive Director Well, the very first design and very first -- actually our customers, they really looked at it to really test it out as a sort of an ITO replacement to see how it did. So ASUS was one of our first -- was really our first Tier 1 OEM that designed it into a tablet and they actually used designed it in such a manner that they could build their system with either XSense or ITO and there really was there a way of proving up technology for their end product. What we are seeing now is we're seeing customers begin to do both, both design it where they can go either way or design it where they're using the features and specifically, for example, we have customers now designing for the thinner border so they can actually maximize the visibility or screen size that a customer can enjoy, without having to expand the size of the overall system. So we do have a Tier 1 OEM that will be delivering that kind of product, either later this quarter or early in Q4, which we'll announce at that time. And then also, I think we mentioned in the prepared remarks, that we have some reference designs that we have completed with Intel and they're also in the reference design utilizing the advantage of the metal mesh technology by using the inner border. But again, it cannot be done with ITO. So we're in a great place where we have a product, which has advantages vis-à-vis a traditional ITO solutions, both in the design, as well as in the electrical characteristics of the product, and in addition the manufacturing cost of XSense is less than that for the comparable ITO solutions, at least those it would be replacing. So feel very good about the technology both from a value, what it provides, as well from a cost standpoint."

Excellent trading statement this morning incorporating comments from Atmel last night - trading nicely in line with expectations, and all divisions showing well, particularly the LED divisions. In particular we have a stand-out figure of "at least" $100m XSense reveunes next year: "Since our last earnings call I am very pleased to report we have fully qualified our Colorado facility for large scale production of our market leading metal mesh technology. Customer interest and design activity are strong and we are engaged in numerous new product designs with several tier-one OEMs as well as reference designs with Intel Corporation, a major ecosystem partner. We are now able to demonstrate XSense with excellent optical quality for very high pixel density displays such as Full-HD displays on smartphones and larger screens such as tablets and Ultrabooks. Additionally, we are on-track to bringing on new capacity in the latter part of this year that will support at least $100 million dollars of XSense revenue in 2014." and: " As a leader in metal mesh technology, with strong IP and manufacturing know-how, Atmel stands to significantly benefit from the dramatic increase in the overall growth in the touch sensor market as well as the rapid replacement of traditional ITO sensors by our disruptive XSense metal mesh technology in the coming years."

Excellent news today - the FD has bought another 180,000 shares at 11p, i.e £19,800. He's certainly keen - he's bought 730,000 shares in the last 6 weeks. There could still be a trading update in say 2 weeks' time to allow a suitable interval after the director buying, at which time hopefully the world would be surprised at just how large TRAP's cash pile is now - and how fast it's growing, perhaps already beyond £20m.

At present I can only buy a maximum 35,000 shares online, at the full 11p offer - but I can sell 250,000 shares at 10.27p. There's demand for the shares out there.

An article from last week about major expansion in the USA - note: "Carclo have stated that the main reason behind the expansion is significant new customer acquisition in the diagnostics and drug delivery markets so far in 2013. Growth in the company's optics business is also an important factor." "Based our on activity level I expect we will fill this capacity in short order" http://www.medicalplasticsnews.com/industry-news/north-america/carclo-US-expansion/ "Carclo Technical Plastics Major US Expansion Driven by New Medical Projects July 15, 2013 Carclo Technical Plastics has announced plans for significant expansion at its manufacturing facility in Latrobe, Pennsylvania, in the USA. The move follows major investments at the company's plants in the UK and the Czech Republic revealed in December 2012.... .....At Latrobe, the company will invest a total of US$5.8 mn in expanding the facility, adding 28,000 sq ft of ground floor manufacturing space. In addition, there will be a second floor, covering approximately 1,500 sq ft, to house additional engineering and support functions. The company expects to acquire an additional a total of 30 moulding machines and auxiliary equipment to fill the new space, the cost of which are not included in the US$5.8 mn investment figure. The expansion will include a class 8 cleanroom covering a total area of 9,000 sq ft which will house ten of the 30 new moulding machines. Carclo say the expansion will also allow the increase in class 8 cleanrom areas as business needs require. Speaking to Medical Plastics News about the investment, Rob Stutzman, Carclo’s director of global sales and marketing, said: "We are designing the build in a manner that will allow us to expand the cleanroom area within the 28,000 sq ft expansion. We haven’t bought all 30 machines yet but will add them as needed, specifying them around the customer requirement on a project by project basis." The additional 30 machines will represent a 50% increase on the number of existing machines in Carclo's US manufacturing portfolio. Rob explained: "Putting this into context with our US manufacturing operations, currently we have 61 moulding machines so the additional 30 will represent a 50% increase in capacity. Specific to Latrobe we will more than double our manufacturing area as currently Latrobe has 24 machines." Carclo have stated that the main reason behind the expansion is significant new customer acquisition in the diagnostics and drug delivery markets so far in 2013. Growth in the company's optics business is also an important factor. Rob added: "Both our medical and optics businesses are experiencing double digit growth, with medical being the largest. It is an exciting time for us as this is the largest expansion within Carclo Technical Plastics since our move to our Czech facility. We made some difficult decisions back in 2005-2

Nick2412 has just posted on another bb an excellent summary of TRAP's value, which I hope he doesn't mind me posting here. This reflects rather nicely against TRAP's current share price of around 10p, and follows today's news that Parkmead's takeover of LHD is now likely to happen: "From Trap shareholders perspective it's probably the best outcome although it reduces the prospect of any early PMG bid. It's a good endorsement of Athena and allays production concerns, represents a better partner for future development and firms up the value of Trap that stands around 18p to 20p for cash plus Athena. End of calender year after deducting G&A and adding in £4.5m from Caithness and 1.75m per month from Athena and it's up to about 23p to 25p. The other assets are harder to value but Trap paid 12p a share for them and has relinquished a couple of prospects but added with Orchid, Surprise stake acquisitions and has the $20m loan facility, two strategic partners for future free carries and the fracking project which, whilst speculative, I think has been overlooked given DECC is pushing it. I think 12p wouldn't be an unreasonable value for non Athena and cash assets. If valued as above (cash, Athena and other assets) end of year valuation would be around 35p to 37p - not a long way off the 43p IPO. So Trap management haven't done a lot wrong aside from fail to take responsibility for a seemingly absurd under-value. Realistically it's not going to get to that IPO level without drilling success but it's either going to be taken out or the market will catch up imo."

Moving up today - I wonder if it's because of these comments from the CEO yesterday? Let's hope so..... http://www.reuters.com/article/2013/07/04/deals-day-idUSL3N0FA1ZK20130704 " British energy services company Kentz aims to buy one or two engineering firms this year, the company's chief executive said on Thursday."

Hmmmm - a 160k buy at 15p, plus online I can only buy 7,500 maximum at 15p whilst I can sell 75,000 at a premium - above the mid-price in fact - at 14.65p. Methinks today's little tick down is a little bit of MM naughtiness :o))

Excellent post elsewhere about this week's AGM from sladdjo. I've a feeling that JMP will recover its £400k investment much quicker than the usual 3-4 years. This £10m turnover business made £60k PBT even before acquisition. Another consultancy, HYC, makes 8% net margins, though as a non-PLC JMP should be able to improve this, let's say to a round 10%. If JMP can make £1m PBT, VLE should be able to sell it for, say, £15m. 75% of this (after issue of equity to management) would be £11.25m - instantly almost doubling the current m/cap which is already extremely undervalued imho given everything we know. Here's sladdjo's post: "A couple of updates from the AGM today, most of the points that were raised have already been mentioned but the following stuck in mind: IPT: VLE received its investment back within 6 months and has received another £1m since. Comp has invested in Quizfactor, where trfiic has been positive thus far. VLE awaiting further results from Quizfactor before taking any action. Shire: Didn't say much except that frozen foods should do well in the current economic environment JMP: this is a prime example of the company that VLE likes to purchase. Able to acquire at a price below net assets and as its a people business they feel that it would be easier to turn around than e.g. a hotel that requires a new building and hence more capital. Also, VLE like cash generative businesses that they should recover their investment in 3 - 4yrs. VLE likes the mgmt. and isn't looking to change, but feel that they (VLE) can be of service in creating efficiencies and assisting with contacts. Other points mentioned include that there are no more A & B shares, and that VLE has over 2,000 shareholders but many of those are small"

The Chairman's impressive 24 minute presentation from Equity Development this week is available here: http://vimeo.com/69250484 Some brief notes: - the surveillance market is growing fast and is a massive market, with VLK's sales up 26% last year - acquisitions will provide £15m sales and £3m profit - VLK had £8.1m net cash at 31/12/12, and its last acquisition paid back in less than 2 years - VLK are driving for recurring revenue via (1) acquisitions and (2) providing services for their cameras etc - less than half of VLK's markets have transitioned to HD as yet - in the constant moves from 3G to 4G to 5G, all camera equipment etc has to change and be upgraded - lots of product launches and approvals coming this year - costs/overheads will be stable this year, but rising sales will be leveraged and therefore margins could rise sharply - the directors get NO bonus this eyar if profits are less than £4.2m (£2.8m last year) - all of JH's bonus gets converted to shares (i.e none of it is cash) I liked this understated presentation. Most encouraging.

Excellent results and a confident outlook, with of course a large cash pile too. The recent Signify acquisition for cash should enhance earnings nicely this year and ensure good progress: Preliminary results for the year ended 31 March 2013 Accumuli plc, the independent specialist in IT security,reports results for the year ended 31 March 2013. Highlights • Revenue² of £14.8m (2012: £12.6m) • Gross profit increased to £7.5m¹ (2012: £6.5m) • Trading group EBITDA²³ of £3.1m (2012: £2.6m) • Group EBITDA²4 of £2.5m (2012: £2.1m) • Profit² after tax of £3.5m (2012: Nil) • Cash in hand at period end of £7.2m (2012: £2.0m) • Disposal of Webscreen IP for US$10m (£6.3m) • Acquisition of EdgeSeven Limited for £3.2m • Announcement of maiden dividend of 0.4p per share Post Period End • Acquisition of Signify Solutions Limited for £4.2m, enhancing the product suite and providing cross-selling opportunities 1 From continuing operations only 2 From continuing and discontinued operations 3 Trading Group EBITDA = earnings before interest, tax, depreciation and amortisation, share-based payments, separately identifiable costs and income (acquisition costs and one off costs/income) and plc costs of £0.6m (2011:£0.5m). 4 Group EBITDA = earnings before interest, tax, depreciation and amortisation, share-based payments and separately identifiable costs and income (acquisition costs and one off costs/income). Nick Kingsbury, Chairman of Accumuli, commented: "We are pleased to report results for what has been another strong year for Accumuli, again delivering EBITDA growth. We continue to successfully execute on our strategy of building a leading IT security business of scale, both organically and through acquisitions. Given the strong performance in the year and a robust financial position we are pleased to have announced a maiden dividend demonstrating the positive outlook for the business. The IT security market in which we operate continues to grow in terms of scale and sophistication. Increasingly businesses of all sizes are turning to an expert such as Accumuli to help them secure their business, deliver projects on time and reduce the cost of on-going management. We believe the market offers considerable growth prospects and as we continue to evolve in terms of our experience and skills, we are well placed to support further growth. We look forward to delivering continued financial success in the year ahead." http://www.investegate.co.uk/accumuli-plc--acm-/rns/final-results/201306250700087556H/

Good to see the share buybacks starting here. These should support the price nicely, though at 106p against a forecast 12.1p EPS with a 3.9p dividend, imo the share price should be nearer 135p-140p. Meanwhile, another new client win just announced: http://www.prweek.com/uk/news/1187206/dreams-begins-rebuilding-brand-fever-pr-things-wings/ "Dreams begins rebuilding brand with Fever PR and Things with Wings Lynsey Barber, prweek.com, Friday, 21 June 2013, 10:30am, The Nelson Bostock Group agencies will begin working on creative campaigns and a social strategy to help what was once the UK’s biggest bed retailer regain its market-leading position after a four-way pitch. Fever will handle creative campaigns and press office duties, while sister digital agency Things with Wings will lead social and community management. The majority of Dreams stores and the brand name were acquired by private equity group Sun European Partners earlier this year. Dreams marketing director Robert Beck said the new PR drive would ‘help reinvigorate consumer perception of the Dreams brand’. Fever MD Frankie Oliver, who will lead the account, said: ‘Our brief is to help Dreams re-establish category leadership. Our activity will centre on showcasing to consumers how Dreams "shares their love of beds" across national, interiors and social media while using local media to drive footfall in-store.'"

News of expansion in the USA - "We’ve had a really successful year" and "gaining customers in the medical industry": hxxp://www.plasticsnews.com/article/20130619/NEWS/130619899/carclo-expanding-for-medical-molding# "Carclo expanding for medical molding By Frank Antosiewicz Published: June 19, 2013 3:43 pm ET Carclo Technical Plastics will more than double the size of its manufacturing operation in Latrobe, Pa., adding 28,000 square feet of space that will include a white room and a Class 8 clean room. “We’ve had a really successful year the past year and we’ve outgrown our present space,” said Robert Stutzman, Carclo’s director of global sales and marketing, in a telephone interview. The company currently has about 25,000 square feet of space divided between two buildings separated by a parking lot. Stutzman said CTP currently is clearing land to expand one of the buildings and the plan is to have the addition in place by October. The expansion will create room for about 30 new injection molding machines. Stutzman said decisions are still being made about the machinery and further details will be disclosed later. The addition also will include about 9,000 square feet of Class 8 clean room space. The company, which currently operates 24-7, has 24 injection molding machines and supporting automation in Latrobe. Stutzman said CTP is expanding because it is gaining customers in the medical industry, primarily for diagnostics and drug delivery. The medical industry provides the bulk of its business, but the company also supplies optical components, offers its own proprietary LED line and does some automotive and electronics work. CTP, which also has facilities in Export, Pa., and Tucson, Ariz., employs about 200 overall in the U.S. and operates 61 injection presses with clamping forces of 55-400 tons. It had $93 million in sales in its previous fiscal year, ended March 31, 2012; roughly $38 million came from the U.S. market. The company is part of Ossett, England-based Carclo plc, which has annual sales of about $150 million. Stutzman said CTP’s customers are seeking more white or clean room space and the company has responded with recent expansions in the United Kingdom and Czech Republic. In January, Carclo Technical Plastics Ltd. upgraded its London facility, adding all-electric injection molding equipment to provide a dedicated molding cell for point-of-care diagnostic applications. The facility includes two-shot molding and optical cuvette molding. In January 2012, Carclo boosted its operations in Brno, Czech Republic, adding an automated molding and assembly cell for specialized sensors, and adding clean room injection molding for medical applications."

This looks like big news. Sun-Mate says "we expect this to become the best kid's brand ever".... http://www.prnewswire.com/news-releases/sun-mate-corp-has-jungle-book-toys-swinging-into-retail-around-the-world-211960731.html "Sun-Mate Corp has Jungle Book Toys Swinging Into Retail Around the World LAS VEGAS, June 18, 2013 /PRNewswire/ -- The Jungle Book toys launch globally SMC Entertainment Group, Inc. (SMC), leading North American licensing agent and rights owner for "The Jungle Book" for North America, and Sun-Mate Corporation, the global toy manufacturer along with DQ Entertainment International, the global entertainment production and distribution company - producer and global rights owner of "The Jungle Book" new 3D CGI animated TV series are pleased to announce the global launch a full line of The Jungle Book toys in key global territories. The Jungle Book toy line includes: action figures, play sets, walkie talkies, outdoor adventure, electronic toys, and summer toys. (Logo: hxxp://photos.prnewswire.com/prnh/20130328/606736 ) For toys based on the world-renowned The Jungle Book property, Sun-Mate has secured international toy distribution agreements with best-in-class partners that include: Hunter Leisure, Australia; Flash Toys in Latin America; Haka, New Zealand; Prima Toys in South Africa; MC Entertainment for Benelux; Scanditoys in Scandinavia; and Hububa Clip in Israel. In the Middle East, a direct-to-retail (DTR) toy program is happening at Toys"R"Us with end cap display, TV monitor support, promotions and giveaways across all stores. In Australia, The Jungle Book toys will be carried at Toys"R"Us, Target, and Toy World. In South Africa, The Jungle Book toys will be carried at Toys"R"Us, Shop Rite, and all other key retailers. In Israel, The Jungle Book toys will be carried at Toys"R"Us and retail partners in the specialty and drug store trade channels. Finally, key retailers in Scandinavia will be carrying The Jungle Book toys, too. "We are thrilled to launch the great toy line for The Jungle Book with these exceptional international partners who are as committed to 'The Jungle Book' brand as we are. Each of our distributors will launch a local TV advertising campaign, making this program a TV driven property. With the show running in 165 countries, we expect this to become the best kid's brand ever, particularly in the territories where we launch the toy line," said Rami Ben-Moshe, President, Sun-Mate Corporation. "The Jungle Book is a 10 year project for Sun-Mate Corporation and this is our first step in a major long journey." In the United States, the first-ever The Jungle Book toys are launching at e-commerce retailers this summer. Leaping out of the pages of the Rudyard Kipling classic, the assortment will be available at Amazon.com, Walmart.com, ToysRUs.com, BabiesRUs.com, Target.com, Sears.com, Kmar

Looks a great acquisition announced today - and obviously extremely earnings-enahncing against the cash consideration. I particularly like the huge amount of recurring revenue, and £560k EBITDA against a net £2.6m consideration is pretty good going as an acquisition price: http://www.investegate.co.uk/accumuli-plc--acm-/rns/acquisition-of-signify-solutions-limited/201306130700049100G/ Should provide a nice trigger for the share price. Here's Signify's web site: hxxp://www.signify.net/about-us/press-releases Encouraging to see they're a recent prize-winner - "'Best Remote Access Security' at SC Awards 2013" hxxp://www.signify.net/about-us/press-releases/signify-win-best-remote-access-security-at-sc-awards-2013