STOCKS NEWS UK-MBL Group rises on strong results
STOCKS NEWS Reuters Results diary
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11:53GMT 09Jul2009-MBL Group rises on strong results
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Shares in MBL Group Plc (MUBL.L), a distributor of home entertainment products, rise 22 percent after it posts strong full-year results, helped by the collapse of its key competitor in November.
Seymour Pierce analyst Freddie George says: "Even after we have raised our 2008/9 forecasts twice in the last six months, the company has impressively come in ahead of our revised projections."
"It benefited from EUK, part of Woolworths, being placed into administration in November 2008 leaving several key food retail multiples and retailers without supply," says George, who reiterates his "buy" rating on the stock.
To see MBL's statement, please click on [ID:nRnsI3695V]
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11:02GMT 09Jul2009-Galliford Try up; RBS upbeat long term
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Shares in Galliford Try (GFRD.L) gain 4.8 percent after the British housebuilder and construction firm says it sees encouraging signs for a second-half recovery, with RBS repeating its long term "buy" rating.
RBS says it sees Galliford well positioned, with its 35 million pound cash position ready to fund new land spend and cope with construction outflows.
The broker leaves June 2011 pretax profit estimates at 25 million pounds or 4.6 pence earnings per share "as the benefits of better land buying start to feed through".
For more double click on [ID:nL9373584n]
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11:00GMT 09Jul2009-UK small caps up 0.1 percent midday
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The FTSE Small Cap index .FTSC gains 0.1 percent in midday trade, underperforming both the blue chips .FTSE and the midcaps .FTMC, up 0.6 percent and 0.9 percent, respectively.
MBL (MUBL.L) jumps 19.9 percent after the distributor of home entertainment products unveils full-year results, with pretax profit of 8.1 million pounds, up 42.1 percent on the previous year, on revenue up by 77.5 percent to 143.6 million pounds.
Centaur Media (CAU.L) falls 7.9 percent after the business publisher says the outlook for its markets would likely remain challenging for the foreseeable future, but that its trading performance for the year was in line with its expectations. [ID:nL9470625]
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08:55GMT 09Jul2009-Centaur Media down on tough outlook
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Shares in Centaur Media (CAU.L) fall 5.9 percent after the British business publisher says the outlook for its markets would likely remain challenging for the foreseeable future but that its trading performance for the year was in line with its expectations.
"The management is not expecting any material change in trading conditions in in the first quarter of the new year and say the outlook for the served markets remain uncertain," says KBC analyst Malcolm Morgan.
"We are not minded to change 2009 or 2010 numbers, and do not expect consensus forecasts to move materially, though the weakness of current trading will place a strain on expectations in the second half of its new fiscal year.
For more, click on [ID:nBNG477325]
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08:50GMT 09Jul2009-Admiral up; broker ups to 'buy'
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Shares in Admiral (ADML.L) gain 3.8 percent as Banc of America Merrill Lynch upgrades the British motor insurer to "buy" from "neutral", on valuation grounds, and repeats its 1,050 pence target price.
"The 13.3 times 2010 estimated price earnings multiple that Admiral currently trades on does not fully reflect the growth that we expect," says the broker.
Banc of America Merrill Lynch forecasts earnings per share of 55.1 pence for 2009, and says Admiral has underperformed the sector by around 11 percent in the past three months amd most aspects of the near term trading outlook robust.
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08:05GMT 09Jul2009-PartyGaming higher on robust Q2 trading
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Shares in PartyGaming (PRTY.L) rise as much as 4 percent to 250 pence after the online gaming firm says trading in the second quarter has been robust with revenues in line with the first quarter despite it being a traditionally quieter period. [ID: nL9368610]
The company says casino revenue has significantly increased from the previous quarter, driven by a substantial increase in the number of games being offered on its PartyCasino site.
Numis analyst Wyn Ellis reiterates his 'buy' recommendation and 297 pence target price, saying the performance was "solid" and gives "ground for optimism".
"Casino is developing in to a major success story and recent poker initiatives are getting traction. We are maintaining our forecasts at this stage but there are increasing grounds for optimism," he says.
To see PartyGaming's statement please click on [ID:nRnsI3735V]
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07:43GMT 9Jul2009-Aveva down on trading update
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Shares in engineering software group Aveva (AVV.L) drop 2.2 percent after the company issues an in line trading update, with Altium Securities repeating its "sell" rating, citing Aveva's current valuation and uncertain outlook.
The broker says "the current rating of 16 times earnings for both 2010 and 2011 does not leave much room for slippage", and retains its 600 pence price target.
Altium says concerned the "capital budget constraints, combined with rising unemployment and no prospect of a rapid rebound in demand, will lead to further declines in initial licence fees, particularly in the marine sector."
For more double click on [ID:nRnsI3693V]
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