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    <title>Edison Investment Research &#45; recent research</title>
    <link>http://www.edisoninvestmentresearch.co.uk</link>
    
    <dc:language>en</dc:language>
    <dc:rights>Copyright 2012</dc:rights>
    <dc:date>2012-02-08</dc:date>



    <item>
      <title>Brady &#45; Growing energy footprint</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Brady</link>
      <headline>Growing energy footprint</headline>
      <description>Edison Investment Research - <![CDATA[Technology - Brady: In its largest acquisition to date, Brady is purchasing Navita Systems for &#163;17.1m. It is also raising &#163;16.7m (net) through a share placement with institutions to fund the acquisition. The deal boosts Brady&#8217;s annual revenues by c 50% and highlights the support from institutional investors. We view Navita as another excellent fit, further strengthening the group&#8217;s ECTRM standing, broadening the solutions it can offer clients in the energy vertical, and boosting the customer base to c 250. <br />ISIN: GB00B0188P35]]></description>
      <dc:date>2012-02-07T13:21:32+00:00</dc:date>
    </item>


    <item>
      <title>Allocate Software &#45; A game of two halves</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/allocate-software</link>
      <headline>A game of two halves</headline>
      <description>Edison Investment Research - <![CDATA[Technology - Allocate Software: Allocate substantially solidified its position in H1. It now supplies 45% of all NHS trusts, all of the Australian army and is a market leader in the Australian healthcare market. Year-on-year comparisons suffer due to exceptional licensing performance last year, but the situation should reverse in H2 as the Australian Defence Force (ADF) deal drops in. Our earnings estimates are largely unchanged on a nudged-up top line, but there remains scope to exceed. <br />ISIN: GB0004368766]]></description>
      <dc:date>2012-02-06T15:09:20+00:00</dc:date>
    </item>


    <item>
      <title>Lo&#45;Q &#45; Virtual queuing innovator</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/lo-q</link>
      <headline>Virtual queuing innovator</headline>
      <description>Edison Investment Research - <![CDATA[Technology - Lo-Q: Lo-Q has established an attractive niche with its virtual queuing solutions. New product launches broaden the addressable market beyond theme parks and the recent deal with MasterCard should strengthen the proposition. Strong recent deal flow underpins estimates and should support growth beyond our forecast period. <br />ISIN: GB0001771426]]></description>
      <dc:date>2012-02-03T10:02:41+00:00</dc:date>
    </item>


    <item>
      <title>Dillistone Group &#45; FY11 trading was in line</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Dillistone-Group</link>
      <headline>FY11 trading was in line</headline>
      <description>Edison Investment Research - <![CDATA[Technology - Dillistone Group: Dillistone has released an in-line trading update, despite the weak economic backdrop, with bigger than average orders from several customers compensating for patchy demand from the group&#8217;s traditional small-sized customers. Voyager is being integrated and the group is starting to see the benefits. Hence, we believe the company remains on track to generate &#163;8m of revenues in FY12, c 90% higher than that achieved in FY10. <br />ISIN: GB00B13QQB40]]></description>
      <dc:date>2012-02-02T09:18:41+00:00</dc:date>
    </item>


    <item>
      <title>SciSys &#45; Looking to drive growth</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/scisys</link>
      <headline>Looking to drive growth</headline>
      <description>Edison Investment Research - <![CDATA[Technology - SciSys: On 20 January SciSys released an in-line trading update in spite of the challenging backdrop. The group has recently announced several contracts that help underpin our forecasts and its role in upgrading the British Army&#8217;s Warrior AFV is potentially significant. SciSys continues to seek ways to reuse its software and leverage its domain knowledge. It has a partnership with Google, offering geospatial technologies to corporates, and is developing a low-cost automotive power solution with partners including Tata and Raytheon. We are maintaining our EBIT forecasts and our long-term margin target continues to support a valuation north of 80p. <br />ISIN: GB0001520757]]></description>
      <dc:date>2012-02-01T11:05:21+00:00</dc:date>
    </item>


    <item>
      <title>KBC Advanced Technologies &#45; Trading update</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/kbc-advanced-technologies</link>
      <headline>Trading update</headline>
      <description>Edison Investment Research - <![CDATA[Technology - KBC Advanced Technologies: KBC&#8217;s full-year trading statement confirmed strong ongoing progress in consulting but slippage of a couple of software deals will result in 2011 EPS being somewhat below expectations. Estimates for 2012 are largely unchanged. On these the rating is undemanding, with visibility on the company&#8217;s ability to diversify and replace the Pemex revenues key to securing a material rerating upwards. <br />ISIN: GB0004804646]]></description>
      <dc:date>2012-01-30T11:13:39+00:00</dc:date>
    </item>


    <item>
      <title>GB Group &#45; Strong FY12 third quarter</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/GB-Group</link>
      <headline>Strong FY12 third quarter</headline>
      <description>Edison Investment Research - <![CDATA[Technology - GB Group: GB Group today (30 January) released a positive statement for the nine months to 31 December 2011. With the aid of acquisitions (made between June and November 2011), group revenues grew 20%, including 7% organic growth. Benefitting from significant economies of scale, operating profit for the nine months has doubled to &#163;2.4m and 84% on an organic basis. This data provides solid comfort for the group to meet our FY12 estimates, with a good opportunity to surpass. The group&#8217;s balance sheet remains robust with &#163;2.5m cash at 31 December 2011. <br />ISIN: GB0006870611]]></description>
      <dc:date>2012-01-30T08:14:15+00:00</dc:date>
    </item>


    <item>
      <title>Netcall &#45; On track</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Netcall</link>
      <headline>On track</headline>
      <description>Edison Investment Research - <![CDATA[Technology - Netcall: Netcall&#8217;s trading update indicates that the group is on track to achieve consensus growth estimates of 27% EPS growth to 1.9p, resulting in a prospective P/E multiple at a significant discount to the sector. With Netcall&#8217;s cash-rich balance sheet (30% of current market cap), high levels of recurring revenue and cash generation, in our opinion, this discount is undeserved. <br />]]></description>
      <dc:date>2012-01-26T11:51:57+00:00</dc:date>
    </item>


    <item>
      <title>StatPro &#45;  A broad cloud transition</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/statpro-group</link>
      <headline>A broad cloud transition</headline>
      <description>Edison Investment Research - <![CDATA[Technology - StatPro Group: StatPro plans to upgrade all its clients to cloud technology over the next few years. The sales team is accelerating its focus on Revolution while the hosted service, StatPro Seven, will not be actively marketed. Hence we have cut our forecasts for the traditional software licence business. A cloud-based replacement product for Seven is under development and will take two to four years to complete. In our view, the strategic move by StatPro is the right one, as we believe this market is ideally suited to cloud technology and management recognises it needs to lead the change.  However, Revolution is a young product and it will take time to develop revenues. <br />ISIN: GB0006300213]]></description>
      <dc:date>2012-01-26T08:43:37+00:00</dc:date>
    </item>


    <item>
      <title>Xaar &#45; Chinese workforce resigns</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/xaar</link>
      <headline>Chinese workforce resigns</headline>
      <description>Edison Investment Research - <![CDATA[Electronics & Electrical Equipment - Xaar: Xaar has announced that all nine staff at its office in China have resigned following a dispute over alleged unfair treatment of staff and Chinese customers. This is obviously unwelcome news, but direct exposure to China has now fallen to c 12% of sales (from 50% in 2007) and product supply channels are not expected to be affected. Therefore, a repeat of the significant disruptions to business, witnessed in 2006 and 2008, looks unlikely. Forecasts are unchanged. <br />ISIN: GB0001570810]]></description>
      <dc:date>2012-01-24T08:42:35+00:00</dc:date>
    </item>


    <item>
      <title>Xaar &#45; Another nudge upwards</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/xaar</link>
      <headline>Another nudge upwards</headline>
      <description>Edison Investment Research - <![CDATA[Electronics & Electrical Equipment - Xaar: Xaar&#8217;s full year trading update flags that strong demand from the ceramics market has once again driven a better than expected sales performance. Year-end net cash is also significantly ahead and the capacity build programme remains on track for completion in H1. We have nudged our earnings estimates for 2012 and 2013 upwards, leaving scope for the upgrade cycle to continue. <br />ISIN: GB0001570810]]></description>
      <dc:date>2012-01-19T15:30:02+00:00</dc:date>
    </item>


    <item>
      <title>IQE &#45; Turning a corner</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/IQE</link>
      <headline>Turning a corner</headline>
      <description>Edison Investment Research - <![CDATA[Electronics & Electrical Equipment - IQE: IQE&#8217;s full-year trading update signals that profit will be slightly ahead of downgraded forecasts. Signs of demand stabilisation and positive progress with new customer qualifications should drive a recovery in wireless market share into H2. Our estimates for 2012 and beyond have not been significantly changed and could be undemanding if the recovery comes through smoothly. <br />ISIN: GB0009619924]]></description>
      <dc:date>2012-01-19T08:40:06+00:00</dc:date>
    </item>


    <item>
      <title>Cyan Holdings &#45; Chinese market update</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Cyan-Holdings</link>
      <headline>Chinese market update</headline>
      <description>Edison Investment Research - <![CDATA[Electronics & Electrical Equipment - Cyan Holdings: Cyan has won another initial lighting order in China, which could lead to follow-on orders through 2012. Cyan has more than 40 prospective and active lighting customers in China that could lead to substantial volume orders as trials move from pilot to full scale installations. The recent fund-raising provides Cyan with working capital to support product development and a ramp in orders. <br />ISIN: GB00B0P66Q02]]></description>
      <dc:date>2012-01-17T09:08:59+00:00</dc:date>
    </item>


    <item>
      <title>Volex &#45; Rising to the challenge</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Volex</link>
      <headline>Rising to the challenge</headline>
      <description>Edison Investment Research - <![CDATA[Electronics & Electrical Equipment - Volex: New technical requirements on new product lines in a ramp-up phase have created manufacturing challenges though these should be bedded down by the year end. Flagged year end margin targets are on track and we see long-term benefits from this strategic development. Volex is a genuine growth story trading on a value rating. <br />ISIN: GB0009390070]]></description>
      <dc:date>2012-01-16T09:51:04+00:00</dc:date>
    </item>


    <item>
      <title>Brady &#45; Strong growth in FY11</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Brady</link>
      <headline>Strong growth in FY11</headline>
      <description>Edison Investment Research - <![CDATA[Technology - Brady: Brady has released a healthy trading update this morning, which indicates that FY11 numbers will be slightly ahead of our forecasts, with headline revenue growth of 
c 70% and like-for-like growth of c 10%. The group won 14 significant new contracts in FY11, compared with 10 in FY10 and over half of revenues are now recurring in nature. Following a consultation process last year, the group will, over a period of time, evolve all new business to a rental model. In our view this will widen the group&#8217;s addressable market while improving both visibility and quality of earnings. <br />ISIN: GB00B0188P35]]></description>
      <dc:date>2012-01-16T09:20:30+00:00</dc:date>
    </item>


    <item>
      <title>Psion &#45; Earnings stability</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/psion</link>
      <headline>Earnings stability</headline>
      <description>Edison Investment Research - <![CDATA[Electronics & Electrical Equipment - Psion: Psion&#8217;s full-year update indicates sales were slightly weaker than we had forecast, but earnings are in line. Nevertheless, we see the improvement in H2 performance, with 5% y-o-y growth and a swing back into profit as a sign that the company is starting to put its structural issues behind it. Market conditions will be tough, but with more competitive products, strengthened channels and further cost reductions, the company is looking in better shape to weather the storm. <br />ISIN: GB00B0D5VH57]]></description>
      <dc:date>2012-01-12T13:24:00+00:00</dc:date>
    </item>


    <item>
      <title>DDD Group &#45; TriDef galore at CES</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/DDD-Group</link>
      <headline>TriDef galore at CES</headline>
      <description>Edison Investment Research - <![CDATA[Technology - DDD Group: The industry&#8217;s big names are exhibiting a wide range of products incorporating DDD&#8217;s TriDef 2D to 3D technologies at the 2012 International Consumer Electronics Show (CES) in Las Vegas this week. This reflects the significant new licensees that DDD has brought on board in 2011 and the group&#8217;s increased penetration into the 3D PC and 3D glasses-free mobile device market. Over 10m units of DDD&#8217;s 3D consumer products have now been shipped by the group&#8217;s licensees worldwide. <br />ISIN: GB0031129355]]></description>
      <dc:date>2012-01-10T08:08:57+00:00</dc:date>
    </item>


    <item>
      <title>Allocate Software &#45; Healthy start</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/allocate-software</link>
      <headline>Healthy start</headline>
      <description>Edison Investment Research - <![CDATA[Technology - Allocate Software: Allocate&#8217;s H1 trading update confirms a solid start to the year and expresses confidence in meeting full-year profit and revenue targets. Deal flow into the NHS continues, despite protracted sales cycles. Progress is also evident overseas, with a major deal with the Australian Defence Force and a national HealthRoster deal in Brunei. In the Maritime business, the signing of a third offshore oil and gas contract may prompt a more concerted drive to address this opportunity. <br />ISIN: GB0004368766]]></description>
      <dc:date>2012-01-09T12:39:53+00:00</dc:date>
    </item>


    <item>
      <title>EnWave Corporation &#45; A disruptive technology</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/enwave-corporation</link>
      <headline>A disruptive technology</headline>
      <description>Edison Investment Research - <![CDATA[Technology - EnWave Corporation: Freeze drying is commonly used in the food and biopharmaceutical industries. EnWave&#8217;s technology enables faster, cheaper and better quality drying. The global market opportunity for its patent-protected intellectual property appears vast. Its strategy is to partner with market-leading FMCGs (Fast Moving Consumer Goods), leveraging its modest resources most effectively by using a licensing rather than manufacturing approach. <br />ISIN: CA29410K1084]]></description>
      <dc:date>2012-01-09T09:54:13+00:00</dc:date>
    </item>


    <item>
      <title>XP Power &#45; FY12 outlook weakens</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/XP-Power</link>
      <headline>FY12 outlook weakens</headline>
      <description>Edison Investment Research - <![CDATA[Electronics & Electrical Equipment - XP Power: XP reported weaker than expected Q411 trading as customers pushed out orders and, based on Q4 orders, the company expects a weak Q112. Consequently we have cut our revenue and EPS forecasts for FY11 and FY12. Despite lower shipments, XP should be able to maintain strong margins, and market share gains should help to mitigate the impact of weaker end demand. In our view, the share price already reflects concerns about weaker end demand, and the stock is modestly valued with dividend yield support even after our estimate cuts. <br />ISIN: SG9999003735]]></description>
      <dc:date>2012-01-09T08:27:52+00:00</dc:date>
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