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If you backed CRC when Growth Company Investor recommended the company at 159p in March 2004 you are very welcome to thank us for the advice, as the shares now trade at 242p. Alternatively, and more appropriately, you could thank chief executive Alan McLaughlin and finance director Chris Matthews, the people really responsible for the dramatic turnaround at this currently high-earning and high-yielding growth stock.

In 2002 the electronics repair group came under dramatic pressure when its major customer, Nokia, scaled back the amount of business it was prepared to put CRC's way. Considering that Nokia represented around 73 per cent of sales, this was just short of a total disaster – and the shares duly plummeted.

However, since those desperate days, McLaughlin and Matthews have been busy diversifying the client base, widening the array of products that the group repairs and expanding its geographic reach – and they have done so with aplomb.

The last set of financials from the group showed sales of £69.3 million, a figure that was lower than the year before, but which masked solid sales growth in the second half. Profit before tax hit £4.6 million, against £3.7 million last time, earnings moved up to 12.07p (11.04p) and the dividend was increased to 7.5p from 7.0p. On the balance sheet sits a near tripled cash pile of £3.4 million.

More importantly, perhaps, the group secured some very significant orders from NTL (for the repair of TV set-top boxes in the UK), from Vodafone (it will provide repair services to all Vodafone channels in the UK), while its German acquisitions showed good growth and its Polish division handled 'significantly higher volumes of mobile handsets'.

In terms of its product range, CRC now provides repair services for phones, laptops, cash machines and set-top boxes. Nokia now represents just 19 per cent of total turnover.

For the year ahead, McLaughlin said he was 'very confident in the group's ability to deliver further profits growth'. Earnings in the region of 19p per share are forecast, which gives CRC a forward rating of 12.7. If you're in, hold firm.

Sygen grows ever more robust

We've been consistent holders of Sygen International, the animal breeding and biotechnology firm recommended at 38.5p back in 2003. A few weeks ago the company announced encouraging profits growth for the half to December, underpinned by a US pig market at the peak of its cycle. Pre-tax profits rose from £2.3 million to £4.6 million on a flat turnover of £63.5 million, and investors can expect continued growth in the second half.

The results showed that the firm is making strides with biotechnology applications, such as genetic markers for the improved breeding of pigs and other animals. Gross profits from biotechnology sparked up by 63 per cent to £3.1 million in the first half, accounting for 12 per cent of total gross profit. The biotechnology model looks to be working well and should prove even more successful as it is rolled into other species like poultry.

Within the US, operating profits perked up by 18 per cent, thanks to higher pig prices and lower prices for animal feeds. However operations in Europe, where the pig industry is dominated by big co-operatives less keen on biotech products, suffered losses of £300,000. In Asia there was a small improvement in profits driven by growth from China.

Sygen's recently launched shrimp ventures in Thailand, Mexico and Brazil (part of the SyAqua division) lost £900,000, as expected. Half-time net cash was a bumper £16.1 million, even after investment in SyAqua. At the current 42.75p, we still feel Sygen is worth holding.

Brandon barges on

Fully-listed tool hire concern Brandon Hire, which we recommended as a strong buy at 102.5p, has enjoyed a terrific run of late as the fast-expanding firm continues to enjoy strong trading.

Charles Skinner, chief executive, has just reported another record year (to December 2004), with pre-tax profits lifted to £4.7 million (£3.5 million) and the total dividend raised eight per cent. Top-line growth was a stellar 23 per cent at £48.7 million, with 12 per cent of that derived organically.

All of this was recorded in a year when the number of branches grew more than 30 per cent to 130, giving coverage to 'almost all' of mainland Britain (20 of these were added through acquisition and 12 through new openings). Skinner says Brandon's geographic expansion is making it far more attractive to bigger customers, who are looking to slash supplier numbers. He estimates that Brandon has a six per cent share of the UK tool hire market, making it one of the four biggest players behind Speedy Hire.

There should be further significant growth this year, with the full effect of recent acquisitions yet to flow through to the bottom line, and branches yet to mature. For 2005, analysts are going for pre-tax profits of £6.25 million and earnings of 13.2p – that leaves the shares, currently priced at 183.5p, trading on a forward rating of only 13.9 times. We remain strong supporters, although the cautious should book some profits.

Epic's full year stumble

Epic, an AIM-quoted e-learning business that we highlighted in the magazine a year ago at 105p, has not quite delivered the goods as expected. Indeed, Epic has had a topsy-turvy ride since, the net result being that shares are trading below our recommendation price at 80.5p. Sentiment has not been helped by February's warning from chief executive Donald Clark that full year figures will miss forecasts. Although the company is opening up new clients in key sectors, reorganisation in the public sector, specifically in health and education, has caused delays and uncertainty.

Disappointing though this news may be, Clark revealed that orders were ahead of last year and unveiled encouraging interim numbers to November with sales and profits in the ascent and gross margins maintained north of 50 per cent. Pre-tax profit improved by 8.7 per cent to £890,000 on a four per cent increase in turnover to £3.87 million.

Shareholders were also treated to a doubling of the dividend and the news Epic is considering ways of returning more cash to shareholders. The company boasted cash balances of more than £10.1 million at half time, even after spending £2.4 million on buy-backs during October. This year analysts are forecasting adjusted profits of £1.8 million, earnings of 5.7p and a 3p dividend. On a forward p/e of 14.1, boasting plenty of cash and a decent yield, we remain holders but shall be monitoring events closely.

Stay on board iTrain

We recently urged readers to hold their nerve regarding iTrain, a recommendation at 9.75p in October, following a surprise profits alert owing more to timing than anything fundamentally wrong with the business. Our faith has been re-affirmed, because the IT training software provider has raised spirits with a £185,000 contract clinched by recent acquisition Applied Interactive, and some upbeat comment on trading.

This deal is the latest in a series of 'repeat high-value orders' for CRM software secured by Applied Interactive from a luxury car maker. Chairman Derek Moore believes there are ways to sell this same technology to other makers of 'big ticket' luxury items, such as yacht builders. Moore also tantalised with the news that those deals delayed in the fourth quarter of last year 'are now materialising' and that the new trading year has started positively.

In that surprise pre-close update issued in December, Moore warned sales for the year to December would come in at around £1.1 million, falling short of the forecast £1.6 million and restricting pre-tax profits to £100,000, significantly lower than the £600,000 predicted.

Luke Ahern at Corporate Synergy is still forecasting a £100,000 profit for 2004, rising to £1.5 million from a top-line £3.2 million for 2005, giving earnings of 1.52p a share. 'IRN has much to do to achieve our 2005 forecasts,' says Ahern, 'but the year has got off to a most encouraging start.' Ahern's 2005 numbers place iTrain on a prospective multiple of only 5.4. On that basis, we urge investors to stay on board. Hold.

Quadnetics comes good

Quadnetics has delivered good results for the six months to November. The CCTV and network video systems supplier, recommended back in May 2003 at 142.5p, currently trades at 317.5p. This price is supported by a profit and loss account that revealed a 78.9 per cent revenue leap to £12.7 million, sending profits up 59 per cent to £982,000.

Quadnetics now operates four subsidiaries since acquiring Look CCTV, the UK market leader in on-bus CCTV systems with its 70 per cent market share, and Coex, which provides CCTV for oil, gas, marine and hazardous environments. The latter business will be used as a channel to introduce new products from its Synectics division and larger orders are being chased, particularly Far Eastern shipyards. Quadrant Video Systems, a town centre CCTV systems provider, experienced lower activity in the first half but the order book indicates a strong pick up in the second half. The real growth potential for Quadnetics is Synectics: its integrated digital CCTV system was introduced to the North American market and the installation of its system in a large casino in Canada has led to an order for four more casinos. The subsidiary is also installing a £1 million system for the UK police force as well as a system for a US department of transport.

For the current year, shop broker Brewin Dolphin suggests pre-tax profits of £3.8 million, giving earnings of 22.8p and a prospective p/e of 13.9 – that's cheap versus sector peers, but if you invested on our original recommendation, it's time to top-slice.

Vislink vaults on £16.7m deal

Vislink, the techMARK-listed radio and satellite transmission play we flagged up last month at 28p, firmed to a ten-month high of 32.5p on a £16.7 million contract win.

Its US broadcast business, Microwave Radio Communications (MRC), has won a contract to build new replacement digital equipment for a US wireless communications services provider in connection with the Federal Communications Commission's '2GHz rechannelisation programme'.

Upbeat chief executive Ian Scott-Gall says the deal should generate incremental revenues for MRC this year and also for 2006 and 2007.

Chaired by serial entrepreneur Bob Morton, Vislink has flattered to deceive over the years and figures for the half to June revealed a swing to losses of £323,000 on lower revenues of £30.1 million (£34 million). But the recent Link Research deal, changes to the struggling UK broadcast business and this recent deal make its future look very bright. We remain fans. Keep buying.