Charles Stanley’s research team has had another busy month comprehensively covering the glut of results issued on AIM in June. Among the commentary, analyst Ian Mitchell was less than impressed by the interims from Civica, the public sector-focused software play that has just bought Flare Software Systems for up to £9 million.

Mitchell sees ‘better valuations and growth opportunities in other sectors’, despite decent ten per cent earnings growth in the first half. To meet full year consensus forecasts of 15p a share however, Civica, which trades on a forward p/e of 15.6, has to show demanding 48 per cent earnings growth in the second half.

By contrast, Small Cap Analyst of the Year Peter Ashworth has both a 12-month and a long-term buy stance on Wichford, which joined AIM at 150p last August. Wichford, an Isle of Man-registered property investment play, announced a placing at 180p, pulling in £100 million, to expand its property portfolio. The news accompanied good maiden interims revealing pre-tax profits of £818,000 and a jump in net assets from £25.8 million at float to £66.6 million, or 163.8p, at 31 March. The current share price is 187.5p.

Though refraining from issuing a recommendation, the investment house issued bullish comments following finals from UBC Media, the supplier of entertainment and news services to the radio sector. UBC’s operating profits rocketed 165 per cent higher on a 20 per cent turnover improvement, and the numbers were accompanied by a ‘characteristically confident’ outlook statement. Current year advertising revenues are running ahead of last and its prospects look positive.