Beyond the Footsie: Tuesday close

13 April 2012

SHARES in UK smaller companies closed in positive territory, taking heart from gains across the broader market and with

TTP Communications

The FTSE Small Cap index ended 2.7 points higher at 2,588.5.

TTP Communications closed on an upbeat note, with an 8 1/2p advance to 56 1/2p after the company revealed a swing to first half pre-tax profits of £1.8m compared with a loss of £5.4m a year earlier.

TTP said its total sales jumped by almost 50% to £31m, although the group cautioned that sales had been slower than expected so far this year.

Cazenove repeated its 'outperform' rating on TTP, calling the shares rating 'undemanding'. And Dresdner Kleinwort reaffirmed its 'buy' stance on TTP.

Regent Inns was also a top gainer, up 4 1/2p to 42 1/2p after both Dresdner Kleinwort Wasserstein and Altium Securities upgraded the group to 'hold', following the group's solid results and on news it had appointed Bob Ivell as executive chairman and John Leslie as chief financial officer with immediate effect.

In Dresdner's view, the appointment of Ivell and Leslie is a positive development as they have a strong track record, hence the upgrade to 'hold' from 'sell'.

Meanwhile, Altium has raised its rating to 'hold' from 'reduce', noting that the full-year results are no worse than feared and the banks remain supportive, despite the covenant breach.

Regent Inns' results for the year to 3 July, 2004 showed pre-tax profits before exceptionals and goodwill from the ongoing activities of £12.3m, down from £14.4m. Earnings before interest, tax, depreciation and amortisation (before exceptionals) fell to £27m on ongoing operations, from £27.3m.

Still on the upside, London Asia Capital shares added 1p at 10 1/2p after the Aim-listed Greater China focused investment & merchant banking group revealed it has reached agreement with Global Emerging Markets, a New York-headquartered investment group, for the formation of a 200 mln usd private equity fund for China.

The fund will take significant stakes in each investment, have board representation and be actively involved in the strategic direction, financing and acquisition strategy, the company said.

EXC shares closed up 3/4p to 8 1/2p after the company revealed pre-tax profits of £354,000 for the six months ended 30 September, and said it is confident of a satisfactory outcome for the period ending Dec 31.

The Aim-listed company's figures included results from its two newly-acquired trading subsidiaries, Excalibur Ventures and David Conrad (International), bought in May and July respectively.

For the quarter ending Dec 31 the company expects sales of around £10m, and sees the gross margin achievable in line with that achieved in the previous three months.

Meanwhile, Marakand Minerals added 1 1/2p higher to 27 3/4p as results showing a wider pre-tax loss for the year to 30 June were offset by news that its Khandiza project in Uzbekistan is 'financially robust'.

Egyptian gold prospector Centamin also gained, to close 3/4p higher at 10 1/2p after positive news regarding its rigs at Sukari.

Adventis Group finished 1 1/2p higher at 26 1/2p as the specialist multimedia and marketing agency said trading for the whole group continues to be positive.

And Walker Greenbank shares closed 1p firmer to 11p after the wall coverings and fabrics group revealed a swing to profits of £989,000 from losses of £1.69m for the six months to end-July.

Finally, Armour Group, also closed higher, up 3 1/2p at 77 1/2p, after the company, which makes in-car entertainment systems, said it is confident about its prospects for the current financial year.

The confident statement coincided with full-year numbers which showed a doubling of pre-tax profits to £2.9m.

Finally, on the downside, Bioprogress lost 3 1/2p at 104 1/2p on profit-taking after the shares' run following several lucrative Chinese contract wins, while ID data closed 1/4p lower to 2 1/2p on news it had disposed of its OneEighty Software unit.

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