Magazine printer Cradley struggles on, reporting even higher losses for the year to June as the magazine market continues to be depressed. As such, the group could be ripe for a takeover or a spot of asset-stripping, as it had net assets of £13.2m at the end of June, a long way below its now-collapsed market capitalisation. Whether this will be possible is largely dependent on the controlling Jordan family, three of whom are joint managing directors. Chris, Nick and Jeremy admitted that they were 'very disappointed' with the loss of £1.4m for the period (which excluded £231,000 of reorganisation costs), up from £1.1m last year. Short-term survival is not an issue, while revenues of £28.7m (down from £30.6m) shows that the group has some clout. An intriguing speculation for those with strong nerves. Speculative buy.