Filtronic – 12.75p

14 August 2017 – new contract

The group has announced that it has won a contract worth £4.8m to supply specialist high frequency transmit and receive modules for a defence related aerospace application with a major European defence equipment manufacturer.  The contract is for three years and there is a provision for additional volumes should the customer secure further follow-on project wins with its end customers. This is clearly further good news for the company as it looks to diversify its customer base and we retain our recommendation of BUY.

Redhall Group – 9.5p

11 August 2017 – director share purchase

Non-executive director Phillip Hilling has topped up his stake in the company, buying 106,564 shares at a price of 9.384p.  We continue to believe these shares have significant recovery potential and regular readers will recall that this is one of our Shares of the Year.  Readers should consider following his lead and BUY.

Hargreaves Services – 375.875p

8 August 2017 – final results

Results for the year ended 31 May 2017 have been release.  These are complicated by changes to the business but revenue from continuing operations was up 0.6% to £342.9m.  Reported basic earnings per share improved from a loss of 33.0p to a profit of 16.1p.  Underlying diluted earnings per share increased by 220% from 5.6p to 17.9p.  A final dividend of 4.5p per share (2016: 0.6p), brings the dividend for the full year to 7.2p per share (2016: 2.3p).  The proposed final dividend will be paid on 20 October 2017 to all shareholders on the register at the close of business on 22 September.  The net asset value per share was 432p excluding any unrealised property gains.  Bearing the latter in mind we retain our BUY rating.

Clarke (T) – 81.375p

8 August 2017 – interim results

Results for the six months ended 30 June 2017 have been released.  There was a 17% increase in revenue to £142.8m.  Underlying profit before tax from continuing operations was £2.5m (2016: £2.3m) and underlying earnings per share were 4.80p versus 4.49p a year earlier.  The interim dividend was increased from 0.5p per share to 0.6p.  The forward order book was £392m, significantly higher than the level of £320m a year earlier.  Overall we see no reason to change our BUY rating.

21st Century Technology – 3.6p

7 August 2017 – new contract win

The group has won a three year contract with bus and rail company Abellio, which operates three rail franchises and bus services in London and Surrey. The contract will involve the group installing CCTV and associated communication technology on Abellio’s fleet of 900 buses and will be worth approximately £2.5m.  The contract win is further evidence of the group’s expertise in this area and we continue to rate the shares as a BUY.

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