STOCKS NEWS UK SMALL-Irvine Energy plunges on funding fears
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09:44GMT 11Nov2008-Irvine Energy plunges on funding fears
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Irvine Energy Plc IVE.L shares plunge 57 percent -- the biggest fall on AIM -- as the il and gas exploration group says it has incurred cost over-runs on its seismic programme in Kansas and may need to raise additional finance. The group said it is also in talks regarding potential asset sales.
Evolution Securities says this news is a "major blow" to the group's expansion plans, and withdraws both its investment recommendation and earnings forecasts for the company pending clarification of the situation.
For more click on [ID:nWLB3301]; company statement [ID:nRnsK8617H]
malcolm.locke@thomsonreuters.com; +44 207 542 0964
09:41GMT 11Nov2008-Tanfield down on gloomy 2009 outlook
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Shares in Tanfield (TAN.L) plunge as much as 18 percent after the electric vehicle and lift platforms maker reinforces its September trading statement by saying it sees no sign that poor current trading levels will improve next year. Although the group is cutting costs to save cash, it forecasts nothing better than a break-even performance in 2009.
"Management reiterates its previous statement, in which it indicates that trading conditions remain difficult, not least due to the lack of credit to its end customers and a global reduction in demand. The business is now running at break-even and management has indicated that it expects a similar trading environment for 2009," says Arbuthnot analyst Xavier Gunner.
To see Tanfield's statement please click on [ID:nRnsK8614H]
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
09:35GMT 11Nov2008-Work Group slumps on profit warning
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Shares in Work Group (WORK.L) are marked down 41 percent to 11.5 pence after the human resources services provider says its full-year pretax profit will be materially below market expectations as it secures fewer contracts and sees more projects deferrals.
"Management was extremely cautious regarding prospects in September but this has not prevented a profits warning being issued...The group has reported that its markets have continued to weaken since the interims with net fee income 11 percent lower in Q3 and trading expected to slow further in Q4," says FinnCap analyst Charles Pick.
For more, click on [ID:nBNG402113]
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
09:06GMT 11Oct2008-Northern Foods up as H1 beats consensus
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Shares in Northern Foods (NFDS.L) rise 6 percent after the food manufacturer reports first-half pretax profit ahead of market expectations. Pretax profit of 16.9 million pounds is ahead of the consensus forecast of 16.5 million. [ID:LB42271]
Citigroup says the results were "somewhat better" than it anticipated, highlights margin delivery. It expects the shares to be relatively strong on Tuesday.
matthew.scuffham@reuters.com
09:02GMT 11Nov2008-Electrocomponents hit by trading update
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Electrocomponents (ECM.L) shares fall as much as 5 percent after the electrical parts distributor reports trading conditions deteriorating in its half-year results statement.
"Reported results are in-line with our expectations but current trading conditions have deteriorated. With a weak trading outlook and forecast risk on the downside, we reiterate our cautious stance," says Panmure analyst Andy Brown, who has a 'sell' recommendation on the stock.
To see the full article please click on [ID:nWLB3283] or [ECM.L]
Reuters messaging rm://ben.deighton.reuters.com@reuters.net
08:58GMT 11Nov-Harvey Nash higher on outsourcing deal
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Harvey Nash (HARV.L) shares jump 13.5 percent after the global recruitment consultancy and IT outsourcing company announces a two-year deal with Alcatel-Lucent for an initial 54 million euros.
Stockbrokers Seymour Pierce says this is a "significant positive development... The shares are trading on a very undemanding 2.6 times earnings and should go better on this news". The brokerage reiterates its 'buy' recommendation for the stock with a target price of 45 pence. For company statement click [ID:nRnsK8667H]
malcolm.locke@thomsonreuters.com; +44 20 7542-0964
08:40GMT 11Nov2008-Cookson shares hammered by trading update
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Cookson Group Plc's (CKSN.L) shares fall as much as 30 percent to a fresh record low after the British industrial materials company says 2008 performance will fall short of management expectations and weaker end-market conditions since the end of the third quarter are expected to continue into 2009.
Cazenove analysts cut their 2009 earnings per share forecast for Cookson by 18 percent to 50.9 pence and its 2010 EPS forecast by 14 percent to 59.5 pence but say they are keeping their 'in-line'rating on the stock.
To see Cookson's statement please click on [ID:nRnsK8712H]
dan.lalor@thomsonreuters.com
08:25GMT 11Nov2008-FTSE Small Cap Index down 0.3 pct early
---------------------------------------------------------- The FTSE Small Cap Index .FTSC falls 0.3 percent in early trade in a quiet opening for UK markets, as good figures from Vodafone (VOD.L) offset Monday's bad corporate data from the U.S., with the FTSE 100 Index .FTSE down 1.2 percent.
Irvine Energy IVE.L loses 44.8 percent of its value after the company says that it intends to sell none-core assets in order to pay for cost overruns incurred on its 3-D seismic programme, as well as additional operational expenditure.
UTV Media (UTV.L) rises 13.4 percent as TVC Holdings continues its stakebuilding in the company by acquiring a further 3 percent of its share capital, taking its total holding to 18 percent, following its purchase of 15 percent in July, 2008.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:23GMT 11Nov2008-Taylor Wimpey down as debt worries persist
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Shares in British housebuilder Taylor Wimpey (TW.L), which have lost over 90 percent of their value over the last 12 months, fall as much as 9.4 percent after the company issues a management statement that gives little update on the debt it is trying to renegotiate.
"The recommendation call on Taylor Wimpey remains highly leveraged to the group's ability to sort out its financial position. This statement does little to clarify the outlook on this front," says Citi analyst Clyde Lewis.
For more please click on [ID:nLB25906] or [TW.L]
Reuters messaging rm://ben.deighton.reuters.com@reuters.net
06:50GMT 11Nov2008-FTSE seen opening 1.4 pct lower
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The FTSE 100 .FTSE is seen opening as much as 1.4 percent lower by financial bookmakers early on Tuesday, tracking losses in the U.S. and Asia as economic worries return to the surface.
For more, click on [ID:nLB3941]
simon.falush@reuters.com. +44 20 7542 7681
06:45GMT 11Nov2008-Corporate agenda for Tuesday:
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AVEVA (AVV.L) H1
BABCOCK (BAB.L) H1
COOKSON (CKSN.L) TRADING
ELECTROCOMPONENTS (ECM.L) H1
INTERCONTINENTAL (IHG.L) Q3
JOHN WOOD GROUP (WG.L) INVESTOR DAY
NORTHERN FOODS (NFDS.L) H1
TAYLOR WIMPEY (TW.L) TRADING
VODAFONE (VOD.L) H1
VT (VTG.L) H1
YELL (YELL.L) H1
A&J MUCKLOW (MKLW.L) AGM
KOFAX (KFX.L) AGM
NETELLER NLR.L EGM
PLAYTECH (PTEC.L) Q3 KPIs
PROTHERICS PRCS.L EGM
SAFESTORE (SAFE.L) TRADING
rhys.jones@reuters.com
