STOCKS NEWS UK SMALL-James Fisher up; Panmure says "buy"
STOCKS NEWS Reuters Results diary
Europe [STXNEWS/EU] Real-time Equity News [E] [GB/EQUITY]
UK [STXNEWS/UK] Stocks on the move [HOT-RTRS]
UK smallcaps [STX/UKSC]
10:10GMT 09June2009-James Fisher up; Panmure says "buy"
-------------------------------------------------------
Shares in James Fisher & Sons Plc. (FSJ.L) rise 6.2 percent, as Panmure Gordon initiates with a "buy" recommendation, saying growth prospects for the marine services group remain sound.
"The company's financial performance so far this year is significantly ahead of last year, primarily reflecting a strong and diversified marine services portfolio and a weaker pound," says analyst Gert Zonneveld.
"The shares should appreciate further as investors grow increasingly confident in the company's ability to grow profits in a challenging economic environment."
Reuters messaging rm://paul.sandle.reuters.com@reuters.net
09:50GMT 09Jun2009-Manganese Bronze up on placing
-------------------------------------------------
Shares in Manganese Bronze (MNGS.L) jump 16.9 percent after the makers of London's black cabs announces a placing of new shares to raise 9.4 million pounds, with Collins Stewart saying, "the fundraising dissipates any uncertainty about the financial future".
Manganese says it will place 5.35 million new shares at 187 pence a share -- a discount of 9.2 percent to its closing price on Monday of 206 pence, valuing the company at 52 million pounds.
Collins Stewart estimates "the placing to be around 15 percent dilutive to EPS in the short term, as clearly the proceeds are being used to facilitate the longer term growth of the business".
For more double click on [ID:nRnsI5796T]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:56GMT 09Jun2009-Bango up after results
-----------------------------------------
Shares in Bango (BGO.L) gain 7.6 percent after the mobile web payments and analytics firm posts full-year results, which prompt Panmure Gordon to upgrade its recommendation on the stock to "buy" from "hold".
The company posts loss before tax and share-based payments of 0.58 million pounds from 1.58 million pounds the previous year, with revenues up 28 percent to 17.6 million pounds. [ID:nRnsI5671T]
Panmure, in a note, says net loss came in slightly better than expectations, despite revenue coming in short.
The broker says Bango is seeing very healthy momentum in the United States, where transaction volumes increased by 9 times as content providers began to migrate to Bango's WAP billing platform.
"Continuation of this trend has the potential to drive material upside to estimates and make the company a strategic asset," says the broker, which lifts its target price to 60 pence from 50 pence.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
09:42GMT 09Jun2009-Gooch & Housego down; H1 profit falls
--------------------------------------------------------
Shares in AIM-listed optical components maker Gooch & Housego (GHH.L) fall 22.6 percent after the company reports a fall in first-half profits, says it sees a challenging second-half and scraps its interim dividend.
The group says pretax profit for the six months ended March 31 2009 were at break even, down from 2.2 million pounds in 2008, as revenue excluding acquisition and foreign exchange benefits fell 18.2 percent, while net debt increased to 17.39 million pounds.
Investec says: "Gooch is undoubtedly facing a difficult short term outlook with trading conditions likely to remain challenging through the remainder of 2009 and into 2010 with management yet to see signs of a sustainable recovery."
As a result the broker has placed its forecasts under review, but says it remains confident that the company is well placed for a recovery, "when it appears".
For more double click on [ID:nRn1I5644T]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:04GMT 09Jun2009-Brulines higher after results
------------------------------------------------
Shares in Brulines (BRU.L), gain over 6 percent as the company posts full-year results, which prompts Brewin Dolphin to repeat its "buy" rating on the stock.
The provider of real-time monitoring systems and data management services for the UK leisure sector unveils a 19.6 percent rise in adjusted pretax profit, and proposes a 7 percent increase in the final dividend. [ID:nBNG336643]
"This morning's results are in line with our expectations, and highlight the defensive qualities of the core dispense monitoring business, which is particularly impressive given the challenging pub sector market backdrop," says Brewin Dolphin in a note.
The broker points out that recurring income streams account for about 80 percent of revenues, "and despite the economic backdrop good opportunities remain for organic development".
Brewin Dolphin says its full-year 2010 forecasts are unchanged, and issues new full-year 2011 forecasts which show 6 percent year-on-year pretax profit growth.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
09:04GMT 09Jun2009-Renovo up after trial analysis
-------------------------------------------------
Shares in scar reduction specialist Renovo (RNVO.L) rise 8 percent after the company announces positive results from a 12 month follow-up analysis of Phase II clinical trials of its Juvista product in varicose vein surgery.
The company, which said in April it was in early talks for a possible offer [ID:nBNG438298], is waiting for the results of a large-scale Phase III trial on Juvista.
"The results are positive, but the Phase III results in 2011 are the key value driver," says analyst Paul Cuddon at KBC in a note to clients.
To see Renovo's statement please click on [ID:nRnsI5603T]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
08:47GMT 09Jun2009-IG Group up; sees FY profit up
-------------------------------------------------
Shares in IG Group (IGG.L) gain 9.2 percent after Britain's biggest spread-betting firm says it expects a 29 percent rise in full-year profits on the back of higher fourth-quarter revenues, leading Panmure Gordon to repeat its "buy" rating.
"Core markets have returned to growth, bad debts have remained under control and performance in new markets remains strong, though Japan remains a concern," says the broker, which estimates EPS of 23.79 pence for 2009.
Numis says the update beat its expectations and anticipates upgrading its EPS and pretax profit forecasts by around 8 percent.
The broker also expects to raise its current target price of 230 pence given earnings upgrades.
For more double click on [ID:nL8726614]
Reuters Messaging rm://david.brettreuters.com@reuters.net
08:05GMT 09Jun2009-GKN higher after Merrill Lynch upgrade
---------------------------------------------------------
Shares in GKN (GKN.L) add 9.2 percent, topping the FTSE 250 .FTMC leaders board as Banc of America-Merrill Lynch raises its rating for the automotive and aerospace parts manufacturer to "buy" from "neutral" with an increased target price of 155 pence, up from 110 pence.
The broker says it now values GKN on a mid-cycle enterprise value/sales basis, rather than on the 2009-10 peer multiples it had previously.
Merrill Lynch says investors should be more inclined to look at the through-cycle potential as GKN's major end-market, the automotive industry is showing the first signs of stabilisation.
The broker notes that last week, industry analyst JD Power revised up its Western European car sales expectations to -4.1 percent from -10 percent
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
