So far, so successful: this week's trading statement showed revenues this year are up 24 per cent It expects profits before tax to top expectations. The shares aren't cheap, trading on more than 30 times' forecast 2006 earnings, falling to 27.3 times 2007 estimates, according to house broker Altium Securities. Even so, buy.ALEXONAnyone trying to understand why shares in Alexon have been off investors' shopping-lists should see some of its recent collections. Its brands, which include Eastex, Bay Trading, Dash and Dolcis, all seem to have been left behind by competitors. Now Seymour Pierce has cut its pre-tax profit forecast by £2.5m to £9.5m ahead of Alexon's trading update next week.

In the past, this column has advised holding the shares in the hope of a private equity bid. The chances of that look slimmer than this season's pencil skirts. Sell.HALFORDSHalfords has realised just selling replacement wiper blades did not make for the most interesting retail proposition, and a big push into more exciting markets such as cycling and electronic car gadgets, has paid off, delivering a 6.5 per cent uplift in like-for-like interim sales. The shares trade at a premium to its peer group at 18 times' projected 2006 earnings. Coda deserves to trade at a premium due to its steady growth profile and low-risk business model; investors should hold for now.INTERCONTINENTALIntercontinental Hotels Group (IHG) is a hotel giant with seven chains, including Holiday Inn and Crowne Plaza. The company has shrugged off the impact from the Middle East conflict and the UK aircraft bomb plot.

This week brought more good news when IHG released August room yield data (revenue per room, or revpar, a key performance measure) for its US operations; all its brands showed strong growth in the month. BuyCARLUCCIO'SThe high-street graveyard is littered with chains that grew too fast and quickly became naff. Carluccio's, the Italian restaurant and retail chain, is trying to avoid that trap by opening just five new outlets a year. Chief executive Henry Engelhardt says Admiral has the lowest cost base in the industry and can afford to continue writing business at current levels The recent price hikes at Norwich Union can only help. Buy.CODAThe recent demerger of the Coda business from SciSys may be just the start. The company is now a pure-play accounting software vendor and its management team can focus solely on that market. Although conditions look tougher in the coming months, Admiral's diverse portfolio of brands - which include Elephant, Diamond and Confused - leave it better positioned than most.