Capcon

Capcon, a Growth Company Investor recommendation at 63.5p in July, stormed in with terrific numbers for the year to September. The group, whose range of activities include detection of corporate fraud, money laundering, due diligence exercises and even employee screening, boosted pre-tax profits 88.9% to £510,000 (before amortisation charges of £249,000) Group sales were 43.2% ahead at £7.1m, including a £1.24m contribution from February acquisition Argen, a blue-chip corporate investigations business. The company witnessed rising sales and operational margins at VSA, a previously loss making business bought in April 2002 that Capcon successfully turned around. Capcon remains on the lookout for potential acquisitions and will undoubtedly benefit from compliance issues in financial services and the enhanced focus on corporate fraud. Forecasts in the market before these results suggested pre-tax profits of £730,000 and EPS of 6.4p for 2004, for a forward rating of 9.3 times. If you bought on our advice, it's worth topping up your holding at current levels.

Sector: General Financial

Companies: Brady Exploration

Market cap: £5.43m

PE Forecast: 9.3

Share price: 59.5p

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