Guided by chief executive Mark Hunter, Axon is a business transformation consultancy managing change programmes for SAP-using corporates. We flagged up the company as a buy at 127.5p in Growth Company Investor last September, and the company is rewarding our faith. Axon continues to win new clients and more market share, and has just cheered investors with a bullish 2004 trading update, boasting that results for the calendar year will beat forecasts. Hunter expects to report 40% year-on-year underlying profits growth, on a 20% jump at the top line - this means profits of not less than £7.1m on £60m sales. Furthermore, Axon is off to a flyer in 2005 and confidently predicts 2005 sales and profits will exceed broker estimates. 'We are now the number one company of our type in the UK,' roars Hunter. Axon's interims ending 30 June were a revelation, with pre-tax profits romping 43.6% north to £2.9m on turnover lifted 8.4% to £26.7m. Stripping out goodwill and reorganisation costs, pre-tax profits were even stronger at £3.3m (£2.7m) and adjusted earnings ticked up 21% to 4.1p. Axon also closed the first half with a strong balance sheet, boasting cash balances of £17.3m (£14.5m). Given its healthy cash pile, market position and current emphatic trading, we remain buyers. Well worth a look ahead of the preliminary announcement in March.

Axon Group	LSE	£416.33m	642.00p	0.00p
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