…on 2010 trading. Management say that “the financial year ended 31 December 2010 concluded with a good performance.” and “As a result the Board is confident that adjusted earnings per share for 2010 will be materially above market expectations.”

This is terrific news, Running Capital bought in around the 360p back in December despite the shares being up over 200% in the past 12 months. Even after a big move you haven’t always missed the story. Earning Per Share has more than doubled in 2010 and with that sort of earnings momentum I’d be very surprised if they didn’t post further substantial growth in 2011.

Management are typically cautious with their outlook at the start of the financial year, their trading statement back in December 2009 was very downbeat and now we all know what a stonking year 2010 was now so I place little emphasis on management outlook and in fact am pleased that they keep things understated.

So Judges (JDG) should have done at least 44p EPS in 2010 and current forecasts for 2011 are just 44p. Clearly upgrades will be forthcoming for 2011 and I’d expect them to earn at a minimum over 50p in the coming year. Given the strong balance sheet, attractive sector fundamentals and earnings momentum I have now got a long term price target of 750p, a healthy 60% upside from the current price.