SOPHEON PLC

17,172

10,061

9,696

in line with management's expectations.

This is complete gobbledegook! You don't write-off goodwill and other assets "to support future trading", you do it because the auditors have insisted on it!

I'm increasingly of the view that searching for the lowest PER, highest yielding companies, is a dangerous strategy which, more often that not, will land you in a mess. Fairpoint (LON:FRP) was a good recent example, and DX is another.

the Company continued to invest in effective marketing, holding the acquisition cost per client flat, and keeping the average client payback period at around four months.

The second quarter was positively impacted by the market volatility surrounding the US Presidential election in November.  Revenue in the second quarter reached a record level of £133.4 million, 23% ahead of the prior year period.

Operating expenses rose by 23%, with more than half of the absolute rise due to an increased marketing investment, where the payback remains compelling. 

22.55

105.2

£94.9m £118.2m

in line with management expectations

underwriting contribution for the year is likely to be lower than our prior expectations.

due entirely to development timings and, given recent trading, the Board remains confident of meeting current market expectations for reported profits in the year to 31 March 2017

245,581

This process has now completed, with the IP transferred to a new, independently funded vehicle, called Pimloc, in exchange for a 25% stake in the new company.

Profit before taxation 42,403

Adjusted profit before tax (£m) 31.3

early planning assumption suggests Consumer Electronics volumes will be significantly lower in 2017

his makes me wonder whether Govt policy to force 1% p.a. rent reductions is a wise thing? The law of unintended consequences seems to have kicked in. To recoup the 1% rent foregone, social landlords are clearly cutting back, and deferring maintenance & repairs. That in turn is triggering profit warnings from contractors like Lakehouse & Mitie, who then lay off staff in order to balance their own books. The Govt then collects in less NI/income tax, and has to pay out dole money to the people laid off. Plus, properties become more dilapidated, and eventual repair bills might become higher, if preventative maintenance is delayed too long. It would be interesting to do a cost/benefit analysis here, which I suspect overall might show that the 1% rent cuts could be counter-productive?

Adjusted profit before tax[5]  £3.9m

that all of this growth is organic

increase its underlying profit before tax1 by c.19%.

There has been evidence of some weakness in the secondary housing market since our trading update on 29 June.  Whilst website enquiries have increased, and we have continued to take new reservations, these have been at a lower level than we saw in the first nine months of the financial year and cancellations have been at higher levels.

The new financial year has started well with performance in this short period since the year end being  ahead of our expectations and the corresponding period last year. Volumes are increasing through a combination of new business wins and existing customer growth. These developments, together with the combination of our recent strategic acquisition, organic growth and further planned improvements in operational and administrative efficiency, continues to give the Board encouragement for the future.

34,627

the danger is that such low interest rates may cause hire companies to over-invest, resulting in over-supply of hire equipment, and eventually a plunge in profits when the next recession coincides with over-supply.

profits increased by 22% to £10.1 million (2015: £8.3 million).

underlying operating profits declining to £1.7 million (2015: £2.2 million).

UK (45% of Group Rental Revenues)

The Group's net debt before issue costs at 30 June 2016 was £149.7 million (31 December 2015: £119.9 million).

an adverse foreign exchange movement of £11.0 million as a result of the sharp deterioration in Sterling's value against the Euro and US Dollar at the period end (following the UK's vote to leave the European Union (EU)).

The Board has declared an interim dividend of 2.00 pence per share, an increase of 18% over the previous year (2015: 1.70 pence per share). This will be paid on 7 October 2016 to shareholders on the register at 9 September 2016.

diversified business model

extremely strong cash flow in the period where net debt has reduced from £161.7 million at the start of the year to £74.9 million at the half year, a significant drop of £86.8 million.

The parts division has also performed well."

*Adjusted profit before tax increased 16% to £50.1 million (2015: £43.1 million)

Trading in London continued to show a downturn and consequently London suffered a significant loss.

AEC Education Plc

During the reporting period, five stores were opened and eighteen were closed, reducing total selling space by 4.2% to 729,000 square feet.

In a time of uncertainty for retail and the global economy at large, I am optimistic and confident that Laura Ashley will remain a business with solid foundations to withstand challenges as they arise."