OUTLOOK UK smaller company results for two weeks to Aug 15

Fidessa Group Plc (LSE: FDSA.L - news) ., in common with many enterprise software and service players, will report excellent interim results in the wake of a strong Q1 interim management statement that triggered upgrades to guidance.

Evolution's Roger Phillips expects 82 million pounds in revenue in the six months to end-June, and a 35 percent growth rate, aided by the stub effect of including the May 2007 acquisition LatentZero for a full half.

Meanwhile, stated EBIT should, he says, be 11.1 million, reflecting a broadly static 13.6 percent reported margin for FY 207. Cash may be buoyed by the 13.7 million pounds Touchpaper receipt or this may slip into H2. However, 100 percent-plus operating cashflow to EBIT conversion should also be apparent, the analyst says.

TUESDAY AUGUST 5

Half-year numbers from Sportech Plc (LSE: SPO.L - news) ., the football pools operator, will be buoyed by the acquisition of Vernons in December 2007, which cranked up its share of the United Kingdom pools market to 99 percent from 69 percent.

The next stage of the story, according to Ivor Jones of Evolution Securities, is the imminent launch of 'The New Footballs Pools' which will be the main focus of Tuesday's analysts' meeting. A successful launch should attract a new wave of younger customers and arrest the gradual decline of 'old-guard' players, the analyst says.

During H1, both Vernons and Littlewoods pools were run concurrently. In H2, though, they will be combined under 'The New Football Pools' brand, enabling Sportech to accelerate extraction of cost savings.

Management has earmarked 2.5 million pounds over the course of the current financial year. However, given Vernons had administration costs of 7.3 million pounds during 2006, this figure should be exceeded, says Jones.

Meanwhile, the analyst predicts group pretax profits of 7.4 million for the six months to June, up from 5.2 million pounds in the comparative period.

WEDNESDAY AUGUST 6

Slightly greater losses are anticipated from Access Intelligence Plc. for the six months ended May 2008 -- a consequence of investing in the sales resource.

Losses before tax, goodwill and amortisation were 114,000 pounds in the corresponding period, while the pretax deficit emerged at 323,000 pounds.

Meanwhile, half year sales to May 2008 finished broadly in line with management's expectations, at 1.9 million pounds, up 10 percent on the corresponding period's 1.74 million. Period end cash balances exceeded 500,000 pounds.

The second quarter of the financial year saw sales increase by 20 percent over the first quarter, as the software and computer services group began to see the results of the increased sales resource introduced at the beginning of this financial year.

Due North benefited from the investment through a win of the South West Centre of Excellence representing 51 councils. Additionally they have renewed for a further 3 years their e-sourcing contract for the majority of the UK's police forces. Software as a service is finding increasing support and both MS2M and Due North are well placed to benefit from this trend.

Access Intelligence (LSE: ACC.L - news) 's sales teams are in discussions with significantly more potential customers than this time last year with total order value potential some 2.4 times greater than at 31st May 2007.

The company's success in converting these prospects will be the key driver of the year's outcome. Amisha Davda of Blue Oar Securities looks for year to November (Frankfurt: A0S9N7 - news) 2008 pretax profits of 250,000 pounds.

TUESDAY AUGUST 12

ROK Plc (LSE: ROK.L - news) .'s interim numbers are expected to demonstrate resilience to the slowing economy. Around half its revenue comes from the public sector, and most of the rest from long-term maintenance contracts with insurance and infrastructure companies.

Only 10 percent of revenues come from private sector new build projects, the area of the building market which is most at risk from an economic slowdown.

This, says Phillip Sparks of Evolution, tends to be low margin work (around 2 percent EBIT margin vs 6 percent for maintenance contracts) and most of the cost is subcontracted out, which limits operational gearing.

Sparks expects that small, independent building companies will be feeling the economic squeeze much more than ROK is, and that many will lose the desire to remain independent over the coming twelve months. This, he says, could allow ROK to accelerate its ambition of doubling in size (primarily by acquisition) within five years.

The analyst does not break out interim pretax numbers, but looks for year to December pretax profits of 34.0 million pounds, up from 31.9 million pounds.