CPP - CPP Group - Support Services - 130.5p/£223.7m
Up 10.4% today on latest IMS for p/e 30-Jun-2011:
We have continued the revenue growth shown in our half year results announcement, with Group revenue growing by 6% for the period. ... Costs and lost revenues associated with the ongoing FSA investigation have had a negative impact on margins, as has ongoing investment in the future growth of our business, the impact of which is partially offset by higher UK Identity Protection and Turkish Card renewals. Northern Europe revenue increased by 5% ... despite the ongoing suspension of new sales of our insured Identity Protection product through our UK voice channels. Operating profit for the region continues to be adversely impacted by associated costs and lost sales. ... Southern Europe continues to be impacted by well publicised challenging economic and regulatory conditions, and revenues have decreased by 6% ... North America has continued to exceed our expectations, and sustain the strong growth achieved in the first half of 2011. Revenues have increased by 26% ... India and China continue to drive revenue growth in Asia Pacific of 21%. With bankable populations of 748 million and 1,062 million respectively, we believe there is significant growth potential in these markets. ... Our financial position has improved ... On 28 March 2011 CPP announced that it was in discussions with the FSA in relation to certain issues surrounding the sale of the Group's Card Protection and Identity Protection products ... discussions are ongoing ... We anticipate continued positive Group revenue growth for the final quarter, albeit that revenues and margins for Northern Europe continue to be negatively impacted by the ongoing suspension of UK Identity Protection sales through CPP channels.Strongly undervalued at a PER of 6.6. I really need to increase my exposure on this one. It's only a minute holding for me, but if I was going to choose 6 shares for a concentrated portfolio, I'd have this in it. Strong fundamentals, and totally hated.
PTEC: Playtech - Online gaming - 247p/£599m
Up 3.1% following successful resolution of staff disruptions in a number of William Hill Online operational locations, including Tel Aviv and Bulgaria. Cheap on fundamentals, in a growth market, but plenty of uncertainties regarding the possible conseuqnces of future regulatory environment.
RM.: RM - Software and Computer Services - 51p/£48m
Up an eye-popping 17.9% on the announcement of the resignation of CEO Terry Sweeney. I guess it's a case of "don't forget to close the door on your way out". Martyn Ratcliffe appointed Executive Chairman (1 June). Robs Sirs was going to leave after 21 years of service, but now isn't.