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Particularly good to see small sells getting almost the mid-price now, hopefully indicating background demand out there. Hardman's monthly newsletter for Sept5ember is just out - there's a one page note on LRM with a brief update as follows - note that the upgraded forecasts for this year are 2.1p EPS with a 0.075p dividend, and £2.3m net cash: Http://www.hardmanandco.com/sites/default/files/research_papers/September%202014%20Monthly.pdf?utm_source=Email+Campaign&utm_medium=email&utm_campaign=29208-246160-Sept+Monthly+14 "We anticipate no news in September, with the Interims being due mid October. New CFO starts 1st September as previously announced. Nigel Gurney will be joining the Company as Chief Financial Officer and is expected to become a board member from 1st September 2014. Nigel was Chief Financial Officer of Merchant Securities Group plc, now the London stockbroking arm of Sanlam Limited and prior to that he was Chief Financial Officer of W.H. Ireland Group plc. Trading since the year end has been ahead of the same time in the previous year and the Company remains on target to achieve the market growth forecasts for the current year. On the back of the last results we upgraded."
The eps for the March year 2015 remains unchanged at 1.6p which is unchanged from Hardmans July 2014 report. Infact no of the 2015 forecasted numbers have changed what so ever. The key for the interim due in mid October will be free cashflow generation as no one believes the rubbish profitability numbers LRM reports due to capitalising a chuck of its software development.
Quite right, the forecast for this year is 1.6p EPS (I was looking at historics). Remembering the LRM/Broadridge collaboration re collateral management: Http://www.broadridge.com/news-events/press-releases/Broadridge-and-Lombard-Risk-form-Strategic-Alliance-in-the-Collateral-Management-Sector.html?show=2014+Press+Release This news last night from Broadridge in the USA sounds encouraging: Http://finance.yahoo.com/news/broadridge-helps-global-banks-accelerate-120000080.html "Fri, Sep 19, 2014, 2:20AM EDT Broadridge Helps Global Banks Accelerate Operational Transformation In Response to Changing Market Structure, Banks Take Steps to Mutualize Costs across their Capital Markets Businesses LAKE SUCCESS, N.Y., Sept. 18, 2014 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (BR), the leading global provider of technology-driven solutions to the financial services industry, reports that in the six years since the global financial crisis, its post-trade managed service client base in North America has more than doubled. This growth represents 15 new clients and is the fourth year of double-digit growth for Broadridge Business Process Outsourcing. After years of cost cutting throughout the financial services industry, recent and ongoing demands for increased capital and collateral are putting renewed pressure on firms to optimize, transform and reevaluate their business models. Broadridge is uniquely positioned to help firms adapt to market structure changes by mutualizing costs and capabilities while sustaining premium service in operations and technology. As a result, more than 30 firms in total, including Bloomberg Tradebook and Societe Generale, have contracted with Broadridge to manage all or part of their post-trade operations. "We recognized many years ago that this would become a serious pressure point for financial services firms, and today we're leveraging our state-of-the-art technology combined with our unique industry insights and expertise to optimize, transform and enhance the speed to market for our clients. This is an increasingly important offering as firms struggle to comply with enormous regulatory challenges while also freeing up investment dollars to accelerate revenue growth," said Mike Alexander, President, Broadridge Business Process Outsourcing. "Given Broadridge's scope, scale and growing global banking clientele, we have become the de facto industry standard in managed services for post-trade processing." etc