Small Cap Value Report (10 Dec 2015) - SNX, LAKE, POS

Good afternoon!I'm running late today, so will be updating this report until mid to late afternoon.Synectics (LON:SNX)Share price: 123.75p (up 17.9% today)No. shares: 17.8mMarket cap: £22.0mYear end trading update - this CCTV company has an unusual 30 Nov year end, so it updates today on the full year that has just finished.key points;Consolidated revenues for the year just ended are estimated to have been approximately £68 million, compared with £64.6 million in the previous year.  Underlying results are expected to be in line with market expectations.In recognition of Synectics' return to profitability (subject to audit), the Board intends to recommend a modest resumed final dividend in respect of the 2015 financial year.Net cash at the year end was approximately £0.3 million, a substantial improvement from net debt of £(6.1) million at the prior year end.  This cash inflow reflects primarily the unwinding of abnormally high working capital balances caused by project delays and disruptions in the oil and gas sector during 2014.This is all very encouraging in my opinion, as the company was looking close to a basket case, and had a distinctly stretched balance...