STOCKS NEWS UK SMALL-Zotefoams falls on poor order visibility
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]
12:17GMT 10Mar2009-Zotefoams falls on poor order visibility
-----------------------------------------------------------
Shares in Zotefoams (ZTF.L) fall 18.8 percent to 41 pence after the light weight foam manufacturer says 2009 trading is slower than the group expected and the lack of earnings visibility for 2009 makes the outlook uncertain.
Analysts at Evolution Securities expect Zotefoams' 2009 pretax profit to come in around a third lower than last year's levels due to the lack of forward orders in the pipeline. "The trading outlook has become more challenging and earnings are likely to contract in 2009. Indeed given the contraction in order visibility we anticipate a material reduction in pretax profit to 2.4 million pounds compared to 3.9 million pounds in 2008," says Evolution analyst Adrian Kearsey.
To see Zotefoams' statement please click on [ID:nRn1J5839O]
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
12:15GMT 10Mar2009-IG Group tumbles as mature markets slow
----------------------------------------------------------
Shares in spread betting company IG Group (IGG.L) saw shares tumble 34 percent after it reported in its third quarter results that revenue in its two most established businesses in the UK and Australia had slowed.
"We expect the market to focus on the slowdown in the mature markets and with consensus earnings likely to be reduced we would expect the stock to be weaker this morning," say Numis analysts in a note to clients.
To see the full article please click on [ID:nLA632913]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
10:11GMT 10Mar2009-Stem Cell Sciences gets Obama boost
------------------------------------------------------
Shares in Stem Cell Sciences STCE.L soar 47 percent, tracking StemCells Inc (STEM.O), after the U.S. company, which agreed to purchase it for a share and cash deal [ID:nRnsC1799O], rose on news of Barack Obama's lifting of a funding ban.
Shares in StemCells Inc rose as much as 73 percent on Monday, following news that U.S. president Barack Obama was lifting a ban on federal funding for embryonic stem cell research in the United States. [ID:nN09446661]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
10:11GMT 10March2009-Johnson Services up; FYs ahead, Investec "buy
------------------------------------------------------------------
Shares in Johnson Service Group (JSG.L) leap more than 31 percent after the drycleaning-to-clothes-hire company reports its full-year numbers, which Investec Securities says are slightly ahead of its expectations while retaining its "buy" rating.
"2008 results lays to rest a very difficult year in which the new management team resolved the financial problems facing the group and re-established a sound footing for the ongoing businesses," says the broker in a note.
Johnson Services posts adjusted pre-tax profits of 6.5 million pounds, while continuing group revenue, excluding costs recharged to customers, reduced by 8 percent to 253.6 million pounds. Net debt is slashed to 78.5 million pounds from 168.5 million pounds.
For more double click on [ID:nWLA9338]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:07GMT 10March2009-Interior Services up after "solid" results
---------------------------------------------------------------
Shares in construction management firm Interior Services Group (ISG.L) add over 4 percent after the company posts first-half results which Panmure Gordon describes as solid, with the broker upgrading its recommendation to "buy" from "sell".
The company says pretax profit for the period ending December 2008 increased by 8 percent to 6.3 million pounds, with net cash at 26.8 million pounds, up from 22.1 million pounds, and highlights that its diversification strategy, which reduces its reliance on the London office sector, is now proving to bear fruit.
"The valuation is attractive and the strong cash holdings position the group well," Panmure says in a note.
Numis Securities, meanwhile, which rates the stock as "buy", says in a note: "We argue... that the retail and overseas operations especially offer visibility in terms of workloads for major clients and a higher margin which will offset a weaker London market."
For more double click on [ID:nRn1J5828O]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:19GMT 10Mar2009-Scott Wilson falls after trading update
----------------------------------------------------------
Shares in design and engineering consultancy Scott Wilson (SWG.L) tumble 17.2 percent as the company points out in a trading update that market conditions have deteriorated since interim results in December.
Panmure cuts its rating to "hold" from "buy", cuts its target price to 77 pence from 130 pence, lowers its earnings per share forecast for 2009 by 11 percent, and for 2010, by 28 percent.
Altium Securities, meanwhile, says it expects to reduce its full-year 2009 and 2010 forecasts by about 10 percent.
The broker keeps its core "hold" recommendation, but cuts its trading recommendation to "sell" from "hold", and reduces its target price to 65 pence from 90 pence.
For more double click on [ID:nBNG464073]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:11GMT 10Mar2009-Greggs up; FYs please Brewin, ups to "add"
-------------------------------------------------------------
Shares in British baker Greggs (GRG.L) rise 2.1 percent, outperforming the FTSE 250 .FTMC, which gains 0.5 percent, after the company posts an expected fall in full-year profit, with Brewin Dolphin upgrading its rating to "add" from "hold".
The broker says Greggs' profit of 45.2 million pounds is slightly ahead of its estimate, while like-for-like growth for the first 10 weeks of 2009 is 1 percent ahead.
Greggs also proposes a total dividend of 149 pence, up 6.4 percent.
Brewin Dolphin says in a note: "2009 is a year of simplifying" with manufacturing focused on areas of excellence and store growth expected to resume in 2010.
For more double click on [ID:nL9230224]
Reuters Messaging rm://david.brett.reuters.com@reuters.net 09:00GMT 10March2009-Tullett Prebon jumps after results
-------------------------------------------------------
Shares in British inter-dealer broker Tullett Prebon (TLPR.L) jump 17.4 percent, after the group posts an operating profit of 175.1 million pounds, up 33 percent, and a revenue of 943.6 million pounds, up 25 percent.
"Whilst there is no doubt that the revenues for Tullett will be under pressure in 2009 given the market conditions and the tough comps, we believe that Tullett stock offers value with its high dividend yield (at 9 percent), low net debt position, strong cash generation capability and flexibility in further reducing its cost base and reiterate our 1-Buy recommendation," broker Nomura writes.
"Forecasting market activity for the year, however, remains difficult," the company's Chief Executive Terry Smith says.
"We have taken action to reduce fixed costs and to increase our flexibility to ensure that we are well positioned to cope with potentially less favourable market conditions if they occur."
Reuters Messaging rm://martina.fuchs.reuters.com@reuters.net
08:20GMT 10March2009-FTSE Small Caps down 0.1 percent at the open
-----------------------------------------------------------------
The FTSE Small Cap index .FTSC is 0.1 percent lower in opening trade, as the wider UK market experiences a mixed opening with the FTSE 100 .FTSE down 0.2 percent and the FTSE 250 .FTMC flat.
Zotefoams (ZTF.L) tumbles nearly 22 percent after it says it has experienced a slower than expected start to 2009. The company, which posts a 17 percent rise in full-year 2008 pretax profit, suffers a rating and earnings downgrade at Evoltuion Securities, on the back of the announcement.
Quintain Estates and Development (QED.L) jump 25 percent as the company says it has agreed an agreement with its banks over its bank loans that significantly increases its headroom, whilst retaining flexibility in its debt facilities.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
