Global Capitalism has lifted 1 billion people out of extreme poverty

Thanks largely to economic growth in the twenty years to 2010, Global Capitalism has lifted 1 billion people out of extreme poverty there is a real chance of lifting another 1 billion people out of destitution by 2030.   

The Economist

 

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Last week …

the FTSE 100 eased further back from its recent rally with a -1.1% decline to 6583 while the FTSE 250 slipped -0.3% although last week’s positive performer was the Aim All Share at 729 a 0.7% rise. After the positive run the main threats over-hanging continued company performance and investor demand are  fears of the Fed in the US easing its monitory stimulus and the lack of Euro growth effecting the rest of the world.

This week …

there is plenty of economic data to be reported. There is the BOE’s, still no change Interest Rate Decision on Thursday but before that are the key PMIs (Purchasing Managers Index): Manufacturing, Construction and Services, where numbers over 50 show growth. In the US Jobless figures will be reported on Thursday and Friday but good figures could be bad, for the prospects of monitory stimulus. The Eurozone reports its GDP on Wednesday. Markets bulls may win this week.

 

Company Reports

Pilat Media Global (PGB) – £29.5m@47.5p

Faster Forward

Business is fast forward, according to the 1st Qtr  report.  As  two major contracts were signed with US and Australian TV Networks for over $12.5m.  Turnover increased 15.3% to £5.82m for the three months to March and PBT improved to £30k compared to £19k. More remarkable is that cash generation improved to £1.1m from £0.34m as project milestones were achieved and completed and new opportunities are being actively pursued. There are more than 60 blue-chip media companies around the world use Pilat Media. It’s solutions are aimed at improving performance; accelerate time to market; and enable diversification and growth of content programming, advertising sales, traffic, and media operations for multiplatform linear and on-demand services.   Profits for the full year to December 2103 are forecast at £2.2m for an EPS of 2.5p which gives a prospective P/E of 18x.

Financials

There is net cash (& cash equivalents) of £11.9m. The company are considering ways of investing its cash pile and infill acquisitions are part of the strategy but there seems to be room for a more ambitious move forward.

 

Tangent Communications (TNG) – £17.7m@6.4p

Nearly Coherent

The transformation of this digital printing and marketing group, Tangent is continuing with the growth of its e-commerce activities. An underlying operating profit improvement of 6% to £1.62m was reported for the year end to February 2013. This was largely due to the contribution from the £6.8m acquisition of Goodprint in October. Goodprint is being integrated into printed.com and required £0.6m of integration expenses. Revenues from the digital marketing agency Tangent Snowball, fell due to the concentration on higher margin online business. Ravensworth serves estate agencies and although revenues fell 7% there are signs of a recovery. Total revenues rose 12% to £24.3m.  Profits for the February 2014 year are forecast at £2.3m, for an EPS of 0.63p giving a prospective P/E of 10x while yielding 2.2%.

Finance

Net cash was £2.64m at the end of February 2013 helped by the £10m fund raising at 10p and the company continues to be cash generative.

 

Scisys (SSY) – £20.3m@70p

Value Basement Systems

All systems are go for SCISYS, the provider of a range of professional services in support of the planning, development and use of computer systems, primarily in the space, environment, government and defence and media/broadcast sectors. The recent AGM Trading update stated that the solid order book had progressed and that the profits guidance for the December 2013 year-end  is on track. Its Media and Broadcast Division won a £1m contract in April to replace BBC Scotland’s radio production and playout systems. Following a satisfactory earnings enhancing Euro2.3m space sector bolt-on acquisition in October, further deals are likely. Turnover for the year of £45m should generate a profit of £3m, for an EPS of 8.3p for a prospective P/E of 8.3x while the yield is 2.0%.

Financials

There is strong asset backing, including the freehold on its Chippenham HQ and £1.2m net cash gives a NAV  of 62p a share. The trading operations continue to be cash generative and there is a share buy-back program in operation. 

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