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Excellent trading update: - trading in line with expectations, with H2 "much stronger" - could be ahead of expectations for the year? - CIT now producing the new smartphones, with tablet production about to commence to trigger the $10m receipt - LEDs, Technical Plastics and Precision Engineering all looking strong - much improved Balance Sheet (and reduced interest costs in P&L) Great stuff.

I noticed that Seymour Pierce were reviewing their forecasts, and per Hemscott they now have these new forecasts out dated 3rd September: this year - 10.77p EPS next year - 14.54p EPS You'd have to think that SP would have talked to management before issuing these new forecasts. Pretty impressive stuff.

Wow - an almost $30m contract win from the USA just won by Fendercare.... http://www.strategicdefenceintelligence.com/article/FtRXYUEIGg6/2012/09/21/fendercare_to_supply_hydro-pneumatic_fenders_to_us_navy/ "Fendercare to supply hydro-pneumatic fenders to US Navy By Editorial Fri Sep 21 2012, 13:15 PM PROJECT INFO Project Name: NSWCCD - Hydro-Pneumatic Fenders and Associated Installation - USA Project Status: Awarded Project Type: Parent Project Start Quarter: Q3 2012 Project End Quarter: Q3 2017 Project Value (USD): 29.42 Million Project Sector: Equipment and Systems Project Description: The US Naval Surface Warfare Center, Carderock Division (NSWCCD) has awarded a contract to Fendercare Marine for the procurement of hydro-pneumatic fenders and associated installation, support, shipping and travel. The Hydro-pneumatic fenders are airtight rubber bladders that are partially filled with water and weighted on one end to make them float in a vertical position. The fenders are moored to the waterfront facility against a backer system or between submarines or surface ships. The US$29.42 million contract was awarded in September 2012 and is expected to be completed by September 2017. The work will be performed in Norfolk, United Kingdom. Project Location: Washington, DC, USA, North America."

Excellent news re the Jungle Book master toy licence below. Perhaps we'll get another RNS for this? Look at all those licensees for Jungle Book products, amazing. Even if the film itself merely breaks even I can imagine the merchandising will be massive. Interesting also that the Burger King deal is for 3 years - quite a show of confidence from Burger King. It didn't say this in the original RNS: http://kidscreen.com/2012/09/24/smc-makes-the-jungle-book-master-toy-deal/ "SMC makes The Jungle Book master toy deal 11 hours ago by Jeremy Dickson California-based SMC Entertainment has named Sun-Mate Corporation as the master toy licensee in North America, Australia, New Zealand and South Africa for 3D-animated series The Jungle Book. The deal will see Sun-Mate hold design, manufacturing and distribution rights to a line of The Jungle Book toys including action figures, figures and play sets, collectibles, watches, adventure toys, youth electronics, walkie talkies and novelty toys. The appointment comes on the heels of SMC and DQ Entertainment International securing a three-year global promotional partnership with Burger King that features TV and in-store advertising and a text mobile campaign beginning in summer 2013. The Jungle Book currently airs on Disney XD in the US and a feature film based on the IP was recently green lit by DQ Entertainment Ireland (DQE). Additional licensees already on board The Jungle Book consumer products program include Phase 4 Films (home entertainment), Isaac Morris (master apparel), Komar (sleepwear and robes), Seasons USA (costumes and Halloween accessories), Nanco–Nancy Sales Company (amusement/crane machine plush), Insight Editions (publishing), and The United States Playing Card Company (traditional playing cards).""

RNS out showing another buyback, of 19,400 shares at 254p each: http://www.investegate.co.uk/Article.aspx?id=201209241300019812M When this buyback campaign began there were 5.7m shares in issue. Now there are only 4.82m. If and when there is good news on the portfolio it's likely that the share price will fly with no shares being available.

Interims out: http://www.investegate.co.uk/Article.aspx?id=201209210700087636M NAV up to 371p per share against a 245p share price Net cash is £15.2m against an £11.6m m/cap No upside value from cost on any of the businesses is included in the NAV Looks like the share buybacks will continue judging by the renewal of the resolutions. Each of the 3 businesses is slightly lossmaking, but Shire Foods looks like it's being turned around OK, and IPT's losses are purely down to the Quizfactor investment costs, which should bear fruit soon.

Excellent and bullish AGM report from Timis49 on ADVFN: "I went to the AGM. My first question was about today's IMS and where the cause of the delay lay. It was not with FLT/CIT. The phone company who manufacture in China changed the mechanical design and it delayed the rollout. The tablet order will be in the next few weeks. We talked about in-cell verses on-cell and the Apple patent- law suit win but their main concern they currently face is around having enough capacity to meet the demand until Atmel bring on the additional lines next spring. They were completely confident around Xsense and orders but its will they be able to keep up! Last year Ian talked more about the competion, today he acknowledge how far a lot had come on but there is room for all and the nine or ten programs which they have worked on for months are all close and the size of orders will push them to the limit until the spring. This was a confident AGM and very positive."

The H1 trading update is due in exactly a month's time. After the promising AGM statement, and with the UK car industry doing so well, I'm hopeful CMH are continuing to prosper. There was also director share buying in late July: http://www.investegate.co.uk/Article.aspx?id=201207270700086421I "Chamberlin plc (CMH.L), the specialist castings and engineering group, has been informed that Mr Keith Butler-Wheelhouse, the Company's chairman, acquired 14,000 ordinary shares in Chamberlin representing 0.18 per cent. of the total voting rights of the Company at a price of 1.66 pence per share on 25 July 2012. The shares have been acquired by BW Family Limited, a company wholly owned by a family trust in which Mr Butler-Wheelhouse is a potential beneficiary. This represents Mr Butler-Wheelhouse's entire interest in the share capital of the Company."

I added a while ago, but may buy more, particularly given the Government's recent comments about further infrastructure investment. In addition, an RNS out last week showed Hargreave Hale now above 10% with almost 6m shares: http://www.investegate.co.uk/article.aspx?id=201208300929210846L&utm_source=feedburnerfeed&utm_medium=feed&utm_campaign=Feed%3A+Investegate+(Investegate+Company+Announcements)&utm_term=feed Their last RNS in |Nov'11 showed them holding only 3m shares, so they/their clients have bought another 3m shares since then. Nice. And Richard Power, the head of the Smaller companies team at Octopus Investments and manager of the Octopus UK Micro Cap Growth fund, likes RNWH as follows: http://www.fundweb.co.uk/fund-strategy/issues/6th-august-2012/small-sparks-in-a-gloomy-climate/1055482.article "Fund Strategy - 6 Aug 2012 | By Richard Power However, qualities such as being a world leader in a particular field, or having a strong intellectual property position, have tended to be overlooked, which has left smaller companies trading at recessionary levels. Although smaller companies have been left unloved by investors over the past decade or so, many have thrived.... ....Another example is Renew Holdings, which provides engineering services to help maintain and develop UK infrastructure in the energy, environmental and infrastructure markets. The company is expected to grow profits by 25 per cent to £9.5m for the year to September 2012. Renew is well positioned to benefit from the Government’s spend on nuclear energy over the next decade and the company, which is valued at just £50m, has recently reported a 40 per cent increase in its order book to £229m."

We had a "Ping" moment on Friday, with buys coming in at above 57p and the share price suddenly moving upwards. Hopefully our overhang has now gone and the price is free to move substantially upwards. The gold price has roared upwards, as has the copper price recently. Both of these comprise almost all of CAPD's operations, and almost all of CAPD's recent contract wins have been gold mining related. There's an excellent new article here about CAPD worth reproducing in full: http://www.internationalresourcejournal.com/resource_in_action/september_12/capital_drilling_a_very_good_half_year.html "Capital Drilling A Very Good Half Year The figures are in, and it’s official: this has been a very good half year indeed for Capital Drilling. (FTSE:CAPD) Profit is up across the board, but then that’s nothing particularly new for the Singapore-headquartered drilling contractor. “It’s another good result on previous good results since the company’s been listed on the stock exchange,” says CEO Geoff Fardell “We’ve had continuing record halves.” etc"

Goild is up above $1,770 following the USA's QE last night.... The initial buy in OMI today at 48.98p suggests that perhaps there's not too much stock around since the buyer has had to pay such a high price. This is backed up in that online one can only buy 30k maximum, but one can sell 50k. It appears there is demand out there for the stock, though perhaps the buyers are being picky over prices paid at present.

It's perhaps worth listing the various areas of innovation/development that CAR has in addition to CIT/Atmel-derived revenues from touchscreens in smartphones, tablets, laptops etc: - the LED optics division with a pipeline which "should deliver good growth over the next two years" - OLED projects with partners CDT/Sumitomo which are expected to become bigger than FLT over time and are expected to provide news in the short-term - CDS, from which we should hear news pretty soon if the smoke signals from the company are correct and could be as big as OLEDs or FLT - a host of opportunities in printed electronics as a whole, including photovoltaics via Eight19, RFID etc. Reference the video I posted recently from MIT Labs showing CIT's film "painted" onto a guitar... - InkJetFlex, which is expected to (per the results) "open up many new and high volume applications for the CIT technology" - with potential growth in all sorts of areas where touchscreens are present, i.e in cars, domestic appliances etc etc.... - as well as the growing medical diagnostics and aerospace businesses, with opportunities for faster growth via Afinion, Vectura and the civil/commercial aerospace boom I'm sure there's more that I've forgotten about :o))

Sumitomo's OLED site has an interesting paragraph here - remember that they acquired CAR's OLED/PLED partner CDT: http://www.sumitomo-chem.co.jp/english/pled/about.html "We are aiming to develop PLEDs for design lighting applications by 2013 and for general lighting by 2015. We are developing PLEDs with plastic substrates with the aim of commercialization by 2015." In its results CAR emphasised the short-term possibilities of product launches via their agreement with CDT - hopefully it won't be long until news: "We have continued to apply R&D resource to the OLED projects. We have signed a new Joint Development Agreement with Cambridge Display Technology Limited which covers the use of our Fine Line Technology in printed OLED lighting. This is a joint commercial project with short term goals in terms of performance and product launch."

As well as the recent Brewin target price upgrade to 540p, Liberum this week issued a further Buy note on CAR according to a poster elsewhere - as follows: * Carclo – Buy – our site visit to CIT yesterday revealed Carclo continues to see a strong short term ramp from its initial customers over the next few quarters which may end up constraining available capacity. The initial ramp is expected to be from Chinese vendors such as ZTE. We also believe the company may be contemplating adding some metallization capacity rather than leave it entirely to Atmel and its third party partners. Any such move would also further increase ASP, revenue and earnings. We expect orders to continue to build through 2013 driven by smartphones, tablets as well as Windows 8 touchscreen ultrabooks. Orders are also expected from top tier vendors like Samsung by next year. Buy maintained."

Excellent news for CAR re Afinion/Axis-Shield from Alere last night in their results conference call in the USA: http://seekingalpha.com/article/790891-alere-s-ceo-discusses-q2-2012-results-earnings-call-transcript?part=single "Greg Simpson – Wunderlich Securities Okay. Great. And then finally, could you maybe – Ron, maybe talk about Axis-Shield and the progress there to-date? The Diabetes revenue was a nice surprise or better than expected. Can you maybe just talk about the progress with Axis-Shield at this point? Ron Zwanziger Well, it’s – we’re feeling very good about it. Our units around the world are all getting a hand – getting a hold of the products – both the products. In most countries, but not all countries, we’re already well into selling it. Some countries had distribution agreements, which we have to wait for them to run out or work with the existing distributors. But – and that unfortunately includes the U.S. But – but the units are doing well with it and we’re really quite optimistic about what we can do with both the key products there."

News just out from CIT - MIT are continuing their work done with Microsoft on CIT's printed circuits. The nicely quirky two-minute video is really worth looking at, as it brings home just what an incredible range of applications CIT's products could have: http://www.conductiveinkjet.com/about-us/latest-news/2012.aspx "02 Aug 2012 MIT Media Lab Demonstrate Custom Sensor Surfaces with CIT Researchers from the Responsive Environments Group at the MIT Media Lab have demonstrated rapidly prototyped custom sensor surfaces using CIT flexible printed circuits. In their work on building novel sensor networks and user interfaces for multimedia applications they have demonstrated many uses for CIT technology, including the novel musical instrument interface shown in this video. This work has also been featured on CNet. For more information on the Responsive Environments Group please visit their web page http://resenv.media.mit.edu/index.html"

Atmel's Q2 results were out this week and beat forecasts: http://www.reuters.com/article/2012/07/31/atmelcorp-results-idUSL4E8IV8FO20120731 More importantly, Atmel were very bullish about CAR and their XSense during the company conference call: http://seekingalpha.com/article/767621-atmel-management-discusses-q2-2012-results-earnings-call-transcript?part=single "XSense. In April, Atmel unveiled its revolutionary new and unique film-based touch sense product called XSense. As a reminder, XSense is based on proprietary, fine line metal mesh technology and is a high-performance alternative to traditional touch sensors most commonly used today. Last quarter, we mentioned we were sampling XSense with customers and the response to date has been very positive. We are on schedule for qualification of the product this quarter and for production to start during the fourth quarter of this year. I'm pleased to report, we have already received our first commercial order for the XSense product. We are presently working with several large OEMs on new designs and expect first products to be released into the marketplace during the first half of 2013. Major volumes are expected to ramp in the second half of 2013." And later on: "Jeffrey A. Schreiner - Capstone Investments, Research Division Just a quick follow-up. You talked about XSense and gave us an update there. But Steve, what are some of the initial end markets that are probably looking at this technology or maybe some of the first to market with this technology? Steven A. Laub The markets for this are very similar to the markets for the maXTouch product, both phone and tablets that I actually expect the mix to be much higher on tablet-type of products for larger screen because advantages of XSense are much more compelling, both from a performance standpoint, as well as a cost standpoint. So we expect to be in both marketplaces predominantly, initially but more larger screen versus small screen. We're also seeing a lot of interest in the sort of industrial automotive markets, because this allows them to do things with cursors and so forth that they aren't able to do today""

http://www.lse.co.uk/FinanceNews.asp?ArticleCode=x3b0spm870otuok&ArticleHeadline=RESEARCH_ALERTN1_Brewin_raises_Carclo_price_target "RESEARCH ALERT-N+1 Brewin raises Carclo price target Wed, 1st Aug 2012 08:27 Aug 1 (Reuters) - Carclo PLC: * N+1 Brewin raises Carclo price target to 540p from 427p; rating buy"

Yet more contract wins this morning. Remember that forecasts are for 10.27p EPS this year and 11.74p EPS next year - we may even see more upgrades at this rate: And this against a 63p share price. Much too cheap imho. http://www.investegate.co.uk/Article.aspx?id=201206190700126537F "New Contract Wins 19 June 2012 Capital Drilling (CAPD: LN), the emerging and developing markets drilling company, is pleased to today announce new contract wins and expansions. The new contracts are as follows: etc"

RNS just out: http://www.investegate.co.uk/Article.aspx?id=201204051038229087A Bugoil registartion successfully received from the US EPA. Also since PIM are loking at "commercial alternatives" for Bugoil, perhaps PIM will get a nice cheque for either its sale outright or the licensing of rights to it? Plus confirmation that trading is in line and that PIM has cash of £1.3m, i.e a cash burn of only around £360k in the last 6 months. At that rate, and with improving sales and lower costs given the recent efficiency programmes and changed business model, it's possible PIM could reach cash break-even even this year.