 Our view: hold  Share price: 116.6p (+16.1p)  Last year was a mixed one for Regus, the office rental company, but the City gave its annual results a resounding thumbs up yesterday.  The shares rocketed after Regus delivered a better-than-expected performance on underlying cash, which came in at ?109.7m, and a 22.3 per cent margin, despite getting little help from the macroeconomic conditions in many of the 85 countries where it operates. That said, 2010 was not a year without pain for Regus, particularly in the UK.  On home soil, it undertook a restructuring drive and incurred exceptional charges of ?15.8m, which related to measures including a combination of asset write-downs, dilapidation on premises and closure costs associated with three business centres. When these 2010 costs and a net exceptional gain in the prior year is taken into account, the group's operating profit tumbled by nearly 70 per cent to ?23.8m last year.  Its UK revenues also fell 7 per cent to ?178.9m while slipping to ?281.2m in Europe, the Middle East and africa. However, at a group level, Regus's revenues were flat at ?1.04bn, helped by growing sales in its biggest markets: the americas, primarily the United States, and the asia-Pacific region. These regions will be key to Regus, whose offering includes a network of video-conference rooms serving more than 200,000 clients every day, and should help drive operating profit to ?126.4m over the next two years, according to analysts.  The company laid the foundation for this growth by streamlining its operations and ramping up its marketing spending last year. Regus also boasted a 69 per cent uplift to 540,000 in its Businessworld card members, such as those who may need a meeting room at short notice, as more companies embrace more flexible or remote working practices.  However, while Regus appears to have turned a corner, we find it hard to recommend its shares, which trade on on a lofty forward earnings multiple of 22 times.  Given such a demanding rate, we would advise caution until they cool down a bit after yesterday's powerful surge.  Netcall  Our view: buy  Share price: 18.5p (+0.25p)  Ever telephoned a customer service helpline and end up in a queue for what s 