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Featuring five AIM companies: Benchmark Holdings, GVC Holdings, Jelf Group, idox and Top Pick: Nichols plc.
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AIMprospector
another five AIM firms featured
Juicy profitsThe drinks firm putting big smiles on shareholder faces
Issue 12 April 2015
high-yielding bookmaker
confident financial services provider
ambitious animal health firm
free to private investors
maturing software business
AIMprospector
2 www.aimprospector.co.uk
Welcome again to AIMprospector, the monthly online magazine from Blackthorn Focus. An important date for AIM investor diaries: Blackthorn Focus will be running the investor event AIM Investor Focus again from 11am on April 21st at the London offices of broker finnCap. Private investors may
attend AIM Investor Focus free of charge.Blackthorn Focus endeavours to recruit some of AIM’s most successful companies to this event and again, four highly regarded AIM companies will be participating. They are: Christie Group, EMIS, NAHL and Fairpoint.
Shares in Christie Group have advanced more than 40% in the last year as the recovering UK economy has strengthened the firm’s markets. Christie upgraded earnings expectations twice in the last year.
EMIS Group reported results earlier in March. The company is a supplier of software solutions to the healthcare industry. Results showed a 15% increase in the company’s final dividend. This was the fourth successive year of dividend increases at EMIS. With a market capitalisation over £500m, EMIS is one of AIM’s blue-chip shares. It is rare to be able to meet a company of this scale at an event open to private investors and I am delighted to welcome EMIS to AIM Investor Focus.
Fairpoint also announced results in March. The company is enjoying considerable success diversifying its revenue streams away from consumer debt services. With results, Fairpoint reported a 7% dividend increase, 15% uplift in EPS and a move to a net cash position.
NAHL is the company behind National Accident Helpline. The company is essentially an umbrella organisation, marketing for a panel of solicitors under one brand. NAHL has been one of AIM’s most respectable recent IPOs. A large final dividend was announced with March’s finals.
NAHL shares, like Fairpoint, offer a considerable dividend yield. According to Stockopedia, both companies are set to yield over 5% for 2015.
To apply for a place at the event on April 21st, submit your details here: http://www.blackthornfocus.com/events/aim-investor-focus/april-2015. The event is open to private investors, fund managers, private client brokers and media. I hope that many AIM Prospector readers will join us.
AIM Investor Focus will then run again later in the year on October 15th. Contact Blackthorn Focus if you would like to be on the mailing list for details of that event.
“Enjoy this month’s AIM Prospector and good luck with your AIM endeavours.” David O’Hara, Editor, AIMprospector
ContentsWelcome ..............................p2
Benchmark Holdings............p3
Top Pick: Nichols .................p4
AIM Investor Focus ..............p6
GVC Holdings .....................p7
Idox ......................................p8
Executive Insight ..................p9
Jelf Group ..........................p10
Contacttwitter: @aimprospectoremail: [email protected]
Published by:Blackthorn Focus Limitedwww.blackthornfocus.com
AIMprospector
another five AIM firms featured
Juicy profitsThe drinks firm putting big smiles on shareholder faces
Issue 12 April 2015
high-yielding bookmaker
confident financial services provider
ambitious animal health firm
free to private investors
maturing software business
AIMprospector
www.aimprospector.co.uk 3
production of salmon/trout in Norway
has increased from 200,000 tonnes in
1994 to 800,000 tonnes in 2008. That’s
a rate of increase of +10% per annum.
2014 full-year results (Benchmark
has a September year-end) showed the
considerable increase in scale of the
business. Revenues increased by 28% to
£35.4m. Staff headcount increased by
63 to 222. A further 60 staff were added
post year-end, aided by the acquisitions.
A loss before tax of £1.4m was
recorded. IPO costs accounted for
a significant amount of this, with
Benchmark reporting £1.5m of
exceptional corporate costs for the year.
Like all such businesses, Benchmark
must continue to invest in research
and development (R&D) if it hopes to
achieve sustainable growth. In 2014,
Benchmark spent £6.5m on this activity.
Most importantly, the company
reported ‘strong growth across
vaccines business’.
Benchmark remains on the
acquisition trail and regards bolt-on
acquisitions as a key part of its long-
term strategy. This will be enabled by
the £16.5m net cash balance reported
at year-end.
The shares have rewarded IPO
investors. From the forecasts issued,
substantial growth is expected from
Benchmark over the medium term.
Today, Benchmark is principally involved in the production of animal health solutions (e.g. vaccines), along with the provision of technical expertise and publications to industrial participants along the food chain. Benchmark’s strongest market is aquaculture, defined by Wikipedia as ‘the farming of aquatic organisms such as fish, crustaceans, molluscs and aquatic plants’.
The industry being served should
give some encouragement to investors,
given the success of similar quoted
companies such as Eco Animal Health
and Anpario.
After the IPO brought in proceeds of
£27.5m to the company, a further £70m
was raised in December 2014. This was
used to facilitate the acquisition of a
Norwegian salmon genetics company
and Stofnfiskur, an Icelandic salmon
breeding company. Stofnfiskur will
enable Benchmark to supply eggs to
commercial salmon farmers throughout
the year to enable production to meet
year round demand. The aggregation
of these activities has seen Benchmark
become the world’s second-largest
salmon egg producer.
The acquisitions target a fast-
growing market. According to
Norwegian Directorate of Fisheries,
Benchmark is one of AIM’s newer companies. The firm joined AIM via an IPO in December 2013. The company was founded in June 2000, when a food supply chain advisory organisation, RL Consulting, was incorporated. As the company grew, other firms joined the group and new divisions were created.
Benchmark Holdings (LON:BMK)
FOR
Industry supported by powerful trends
Trading well
AGAINST
Risk integrating acquisitions
High valuation
Market cap £225m
Bid:offer 97p:104p
P/E (forecast) 22.5
Yield (forecast) 0
52week low:high 78p:126p
Food science firm set to gain from demand growth
acquisitions target a fast-growing
market
Global population growth looks set to
guarantee strong demand for protein
well into the future. This will stress
the food chain for higher yields. This
augurs well for Benchmark’s industry.
Given the favourable demand
outlook and sound balance sheet, it
should not be a surprise to see the
shares trade on a premium rating.
considerable increase in scale of
the business
population growth looks set to
guarantee strong demand for
protein
AIMprospector TOPpick
4 www.aimprospector.co.uk
Middle East brings foreign flavour to Nichols’ fortunesFounded in 1908, Nichols plc is a soft drinks manufacturer headquartered in Newton-le-Willows, Merseyside. Non-executive Chairman, John Nichols, is grandson of the company’s founder. Nichols makes significant sales into foreign markets and is a true AIM blue-chip.The company produces still, carbonate and cordial products. The best known is Vimto. The drink is sold in over 65 countries. Vimto delivers 90% of UK turnover and 100% of foreign group
sales.
Vimto was created as a herbal
tonic ‘for vim and vigour’ from
‘seriously mixed up fruit’ consisting of
grapes, raspberries and blackcurrants. It
has been consistently advertised since
WW2. Nichols expenses all advertising
costs above the line.
The company sells a collection of
other flavours under license. Nichols
produces Sunkist under license in the
UK from Sunkist Growers Inc. In 2010,
Nichols added the license for Levi
Roots’ Carribean-inspired flavours.
The company’s ten year dividend
record illustrates Nichols’ success. From
paying 8.8p per share for 2004, the
payout has since increased year-on-
year to hit 22.4p for 2014. In the last
five years, the payout has increased by
an average of 13.0% per annum. In that
time, the shares have risen from 355p
to 1,164p and 88.3p of dividends have
been paid. This rise comprehensively
beats the FTSE
100, which is up around 20% over the
same period.
For 2014, overall sales increased
by 3.5% against a
challenging UK
market (79% of
sales). Pre-tax
profits before
exceptional
items increased
14%. That 22.4p dividend was 14.2%
ahead of the prior year, comfortably
covered by earnings per share of 55p.
The profit increase came from a
combination of sales increases and
margin improvement to 23% (2013:
21%). The latter is due to changes in
the sales mix between home:overseas
and carbonated:concentrate. The
decreased sugar content of soft drinks
(reflecting the trend toward health)
assisted further.
Earnings were enhanced by a lower
tax charge of 21% (2013: 25%).
On a constant exchange rate basis,
overseas sales in 2014 showed a 7.3%
increase. Concentrate sales to
the Middle East rose 12.3%.
In some of its markets,
Nichols’ Vimto cordial
In the last five years, the payout
has increased by an average of
13.0% per annum
Nichols variations
on Vimto
AIMprospector TOPpick
www.aimprospector.co.uk 5
obviously cheap, such successful and
well-financed firms rarely are.
The market rating would appear
to be in-line with Nichols’ most
comparable competitor, AG Barr
(producers of Irn Bru) and broadly
similar to its larger international peers.
Nichols’ historic ability to increase
its dividend should encourage long-
term, patient investors. The significant
family shareholding (around 35%)
provides some assurance as to the
company’s long-term independence
and listed status.
occupies a strong niche as the de facto
choice of fast-breaking drink during
Ramadan. Overseas markets provide a
similar contribution to the bottom line
as the UK.
A recent litigation setback,
involving a dispute over licensing in an
overseas territory, cost the company a
containable £8.0m. As at the last balance
sheet, Nichols was carrying a pension
liability of £6.2m. The ratio of current
assets (£62.7m) to current liabilities
(£21.3m) at end 2014 was well in excess
of 2.5, which is very comfortable. There
was a cash balance of £34.5m.
Nichols is run by a focused board
of five directors. This comprises a
family representative (the non-
executive Chairman), a Chief
Executive appointed in 2013 with long
experience in the soft drinks industry,
a finance director with previous
operational experience in the company
and two non-executives with strong
competition, retailing, compliance and
financial experience.
The total salary charge for directors
for 2013 was £500k with a total
including benefits and pensions of
£758k. In the context of pre-tax profits
for that year of £22.5m it is modest and
should be noted by the remuneration
committees of all public companies.
Nichols’ focus on value over
volume has encouraged analysts to
forecast an EPS increase of around 6%
for 2015. Given the diversified sales
channels (less than 25% of sales go
through UK major retailers), growing
overseas sales and the confident
statement, this estimate could prove
to be conservative.
According to Stockopedia, an
8.3% dividend increase is forecast
for the full year 2015. The healthy
cash position gives scope for a larger
increase, closer to the long term
dividend growth rate of 13%.
Nichols is a well managed
and stable AIM company. After
restructuring in 2005-2008 it has
stuck closely to its business of soft
drinks and dispensing, subsequently
adding contemporary brands that have
a strong appeal in niche markets.
According to Stockopedia,
Nichols is one of just six AIM-quoted
companies to have increased its
dividend every year for more than
eight years and shown a compound
annual dividend growth rate in excess
of 10% over the last five years.
Nichols’ financial strength and
cash flows mean that the business’
development and dividends can
be supported without recourse to
borrowing. While the shares are not
Earnings were enhanced by a lower
tax charge
occupies a strong niche
an 8.3% dividend increase is
forecast for the full year 2015
development and dividends can
be supported without recourse to
borrowing
Nichols has produced Levi Roots
flavours since April 2011
Nichols (LON:NICL)
FOR
Strong balance sheet
Significant brand heritage
AGAINST
Challenge to grow in UK
Confluence of fortune in 2014
Market cap £427m
Bid:offer 1,150p:1,163p
P/E (forecast) 19.9
Yield (forecast) 2.10%
52week low:high 835p:1215p
AIMprospector TOPpickAIMprospector
Event - April 21stBlackthorn Focus will be showcasing four AIM-quoted companies on April 21st at the offices London offices of stockbroker finnCap
Presentations begin at 11:00 on Tuesday, April 21st.
The event is free for private investors.
To apply for your place at the event, click on the button below.
Fund managers and private client wealth managers who would like to meet
the management of any of these companies should contact Blackthorn
Focus here:
Media for Fairpoint and EMIS should contact Reg Hoare at MHP Communications: reg.
[email protected], 020 3128 8793
Media for NAHL should contact James Styles at FTI Consulting on 020 3727 1000.
For Christie Group, media should contact Blackthorn Focus on 020 3239 5437.
Since first running in April 2012, twenty-six companies have participated at AIM Investor Focus. Twenty of these companies have since gone on to increase their dividend to shareholders at every subsequent opportunity. The median return on the share price of a presenting company is +19%.(data as of March 30th, 2015)
AIMprospector
www.aimprospector.co.uk 7
Shares in GVC have been quoted on AIM since January 2005. Since then, the company has developed through acquisitions. The biggest change came about in 2013, when GVC formed a consortium with William Hill to purchase Sportingbet plc. Following the acquisition, William Hill took Sportingbet’s Australian operations and GVC took the rest, with William Hill retaining a call on Sportingbet’s
Spanish business.
Despite contributing only nine
months of business, this acquisition
saw GVC’s revenues increase almost
threefold, from €60.3m for 2012 to
€170m for 2013.
However, with all gambling
firms it is essential to gauge their
regulatory position. In GVC’s case, this
is particularly opaque in the Turkish
market, where it operates a B2B
(business-to-business) service for East
Pioneer Corporation, a firm registered
in the Dutch Antilles. This agreement
looks to be responsible for around
one third of GVC’s revenues. The
importance of the ‘B2B’ operations to
GVC’s bottom line is likely significantly
more as unregulated markets are
Operating a collection of online betting websites across the world, GVC endeavours to pay at least 75% of net operating cashflow out in dividends. Few AIM companies offer a comparable yield today.
German market, regardless of any local
regulatory issues.
While any company that operates
in an online market with a dominant
player (in this case, bet365) would
normally concern me, GVC is clearly
enjoying considerable success and
progressing well.
Unregulated revenues will always
be a concern to analysts and fund
managers. However, both GVC and
Sportingbet before them earned
significant long-term earnings from
the Turkish market, despite frequent
disruption of the payments processing
mechanism. Scepticism over GVC’s
quality of earnings has long been
present. This has depressed the
valuation, resulting in a high yield.
GVC’s directors would almost
certainly be arrested were they to
ever visit Turkey. I expect that the
high dividend payout and low amount
of retained cash in the company
is a deliberate strategy to protect
shareholders should the company ever
be sued.
Betting firm yields one of AIM’s biggest dividends
GVC Holdings (LON:GVC)
FOR
Big yield
Serving growth market
AGAINST
Material earnings risk
High director rewards
Market cap £293m
Bid:offer 472p:479p
P/E (forecast) 9.1
Yield (forecast) 7.70%
52week low:high 372p:505p
importance of the ‘B2B’
operations to GVC’s bottom line
is likely significantly more
frequently highly profitable.
It is not likely that Turkey will
regulate online gambling. However,
the situation appears to be more
encouraging in Latin America, where
GVC operates the betboo brand in
Brazil. Management claim that this
division continues to grow impressively
and enjoys a market-leading position.
Online gambling has been
transformed by mobile and in-play
offerings. These two trends lead to a
greater number and less savvy bets being
placed. Any firm with a strong mobile and
in-play offer is therefore enjoying fast
growth. This has a transformational effect
on company margins.
Encouragingly, GVC is making large
strides in both in-play and mobile. The
last results from the company revealed
that mobile was generating 35% of
sportsbook revenues. In-play delivered
73% of sports revenues.
In addition to the Sportingbet
sports business, GVC also owns
CasinoClub, an online casino facing the
German market. This service is licensed
in Malta. Malta’s EU status enables
GVC to legally run CasinoClub in the
Unregulated revenues will always
be a concern to analysts and fund
managers
AIMprospector
8 www.aimprospector.co.uk
is the majority of the EIM business.
Around one third of Idox’s EIM sales
are to the oil and gas sector, with the
company listing a number of majors
among its clients.
2014 full-year results (Idox has
an October year-end), laid plain
management concerns for earnings
over the medium term. Shareholders
were warned to expect little growth
in public sector IT spending as
governments step back from investing
in anything but ‘frontline services’.
Prospects in the oil and gas sector
are limited as majors withdraw from
major capital spending projects.
It seems especially inauspicious
that both sides of Idox’s business have
simultaneously slowed. This leaves
me with concerns over just how
predictable profits are at the company.
However, Idox does appear to
have a strong position in its markets
and management have previously
delivered strong growth in a more
favourable climate.
Idox’s past record is one of the most
impressive on all of AIM. In the last five
years, sales have nearly doubled, with
Quoted since 2001, Idox today trades around the top 10% of AIM companies by market capitalisation.
Idox reports figures with respect
to its two divisions: Public Sector
Software (PSS) and Engineering
Information Management (EIM).
In 2014, EIM made around half of the
sales and profits delivered by PSS.
According to the most recent
results statement, the PSS division “is
the leading applications provider to UK
local government for core functions
relating to land, people and property,
such as its market leading planning
systems and election management
software”. The fact that the PSS
operations recently delivered “the
majority of electoral services for the
Scottish referendum” gives credence
to Idox’s claim to its market standing.
The EIM division offers a document
control service, frequently deployed in
heavy industry. EIM’s software product
is used to control the thousands
of engineering and management
documents that relate to major
upgrade, construction or installation
projects. The North American market
Idox is a well-established technology firm. The company develops ‘information management’ solutions that are sold into the UK public sector and regulated engineering industries.
One of the few: AIM software company paying dividends
net profit following a similar trajectory.
Dividends at the firm have increased
in every year since 2006. Only fifteen
AIM-quoted companies have managed
more than eight years of successive
dividend increases.
Idox is a quality AIM operation,
currently trading through sticky
markets. Debts at the company
appear entirely manageable, with cash
generated from operations more than
ten times 2014 interest payments.
The current share price appears to
suggest that despite the gloomy outlook,
Idox will deliver significant earnings
growth this year and next. Alternatively,
the market may simply have concluded
that the company is of such calibre that
a premium rating is deserved.
IDOX (LON:IDOX)
FOR
Successful operation
Strong market position
AGAINST
Soft markets
High earnings growth assumed
Market cap £144m
Bid:offer 39.5p:40.5p
P/E (forecast) 12.6
Yield (forecast) 2.00%
52week low:high 35p:47p
EIM made around half of the sales
and profits delivered by PSS
warned to expect little growth in
public sector IT spending
Dividends at the firm have
increased in every year since 2006
AIMprospector
www.aimprospector.co.uk 9
For inheritance tax (IHT) purposes, shares in
almost all AIM-quoted companies qualify
for business property relief. Provided that
they have been held for more than two
years, such assets do not count towards the
taxable assets of an estate.
This makes AIM shares very attractive
for anyone looking to reduce the tax
charge paid on death.
Principally due to the compelling IHT
planning attractions, our firm are active
investors in AIM-quoted companies.
However, at Fundamental Asset
Management we are frequently surprised
how the senior management of many AIM
companies, not to mention their advisers,
fail to recognise the benefits of having IHT
planning investors as shareholders.
Contrary to the short term trading
mentality of many investors in AIM, those
investing for IHT planning purposes are
not inclined to jump ship at the first
hint of trouble. While investing for IHT
planning purposes does permit trading and
reinvestment in different AIM securities
within the two year qualifying period, it
becomes very hard to keep track of things
if trading activity is too great. Of greater
significance is that the two year qualifying
period actually encourages patient long
term investing.
In order to secure the compelling tax
reliefs, IHT planning investors are also
obliged to remain fully invested in the
respective AIM shares, notwithstanding
market conditions. It is for this reason that
so many specialist IHT managers delivered
such incredible returns in 2009, post the
financial crisis. In being obliged to avoid
trying to time the market’s rebound they
were in it from the beginning.
The ISA rule changes in August 2013,
which permitted the inclusion of AIM
shares in ISAs, also encouraged a large
number of new IHT entrants into AIM
as legacy portfolios were rebalanced.
While companies recognised the greater
attraction of AIM for many investors
from this time, many failed to appreciate
the principal source of this new money,
specifically the more elderly investor who
was simply rebalancing his/her portfolio.
Those AIM companies that are
aware of their attraction to more elderly
investors are typically ones with large
family ownership, such as Robinson plc, the
packaging group. Robinson can trace its
roots back to the 1600s when the Robinson
family set up and ran pottery businesses.
The group’s packaging business itself dates
back to 1839. With such a long history, it
is no surprise that Robinson has collected a
number of property assets over the years,
some of which are not currently used in the
packaging business. However, the Group
has always intended to sell its property
portfolio and has never actively invested
in or developed it. Unlike numerous AIM
quoted companies, who seem to have
little knowledge of the IHT attractions for
UK investors, Robinson has a helpful page
on its web site ‘Tax & AIM’, clarifying the
reliefs and why it believes that it qualifies as
‘properties held are residue from previous
trading activities and there is an active plan
to dispose of them.’
Camellia, the global agriculture and
horticulture group (whose activities also
extend to engineering, food storage and
distribution, banking and financial services)
moved to AIM from the Main Market in
2014. Camellia has its origins in the 19th
century, its foundation having been a very
small quoted company on the London
Stock Exchange in the early 1960s, called
the Sephinjuri Bheel Tea Company Limited.
The Group’s move to AIM was driven by
the belief that AIM is a market appropriate
for a company of Camellia’s size and
nature, and is a market that will attract
new investors.
The official announcement explaining
the reasons for moving to AIM very helpfully
guided investors by stating that while
management believed that Camellia would
qualify for the purposes of UK inheritance
tax business property relief, based on the
nature of its assets, it did not consider that
full relief at 100% would be available.
It was again encouraging that a
substantial Group (Camellia employs
over 73,000 people worldwide) had
acknowledged the attractions of its AIM
quote for IHT planning investors and was
able to offer guidance.
Before the market has another wobble
it would be wise for the management of
AIM companies to more fully embrace this
patient, supportive category of investor.
Christopher Boxall is co-founder of Fundamental Asset Management Ltd. Fundamental invests in AIM companies to meet clients’ Inheritance Tax planning purposes. Chris is also co-founder of website Investors Champion which has developed a search tool for identifying qualifying AIM companies.
www.fundamentalasset.com www.investorschampion.com
Executive Insight The value of IHT planning shareholders
Chris Boxall
Fundamental A
sset Managem
ent
AIMprospector
10 www.aimprospector.co.uk
Jelf Group is a provider of financial services and advice to businesses and individuals. Jelf provides insurance broking services, alongside employee benefits and financial planning.This is achieved through a network of more than 30 offices across Great Britain.
Jelf was brought into being more
than twenty-five years ago and its
shares have been quoted on AIM for
over a decade.
Some of Jelf’s growth along the
way has been due to acquisitions of
similar businesses. Jelf integrates these
firms, typically realising significant
synergies. In the past, this has been
achieved using cash and/or shares.
Its activities make Jelf easily
compared with other stocks such as
Mattioli Woods and Brooks Macdonald:
two of AIM’s most successful
companies of recent years.
Jelf thrives when businesses are
forced to outsource all or part of their
pension/benefits provision. In a growing
economy, the requirements of SMEs in
particular grow quickly. Jelf profits as its
services are typically required for the
long term. Jelf’s offering is also ‘sticky’
as the upheaval involved in moving to
another supplier would be a significant
distraction for a business.
Jelf’s most recent results, announced
in December of last year (Jelf has a
September year end), showed a big
advance on the previous year. Although
revenues were ahead just 8%, a
significant margin increase led to profit
after tax surging 40% to £6.5m, with
fully diluted EPS 35% ahead at 5.4p.
The total dividend for the year was
increased from 1.5p to 2.0p — the
third successive year of increases.
Debt came down fast, assisted by
strong cash flows. In the twelve months,
net debt fell from £13.5m to £5.7m.
Jelf’s 2014 performance was
boosted by the first full year’s
contribution from 2013 acquisition
The Insurance Partnership. However,
the are signs that further strong
growth is still to come.
Jelf is particularly bullish about
the possibilities offered by pension
changes, with final results declaring “major changes in the pensions regime, create considerable freedom for individuals to make their own choices regarding their pension savings. It is the most radical change to pensions in almost a century and will provide a significant opportunity for advice-led businesses such as Jelf”
Consensus market forecasts reflect
Jelf: a thriving services firm
Jelf Group (LON:JLF)
FOR
Well-positioned for change
Longstanding success
AGAINST
Competitive marketplace
High valuation
Market cap £153m
Bid:offer 177p:183p
NAVps 18
Yield (forecast) 1.20%
52week low:high 110p:188p
margin increase led to profit after
tax surging 40% to £6.5m
thrives when businesses are
forced to outsource all or part of
their pension/benefits
this expectation, with underlying EPS
projected to increase by 85% in 2015
before moderating in 2016.
The company remains on the
acquisition trail. At the end of December,
Jelf announced the acquisition of
Beaumonts Insurance, a deal that
is expected to see gross written
premiums increase by around 25% and
immediately enhance earnings.
Shares in Jelf have risen
significantly since results were
announced. On a P/E basis, the current
valuation is ahead of the market.
However, Jelf is a successful company
with several economic and industry
changes already working in its favour.
underlying EPS projected to
increase by 85% in 2015
AIMprospector
www.aimprospector.co.uk 1
AIMprospectorA Blackthorn Focus publication
www.aimprospector.co.uk
