Wed, 19th Nov 2008 12:41 STOCKS NEWS Reuters Results diary
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12:24GMT 19Nov2008-T Clarke up as profits exceed view
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Shares in electrical engineering and contracting company T Clarke Plc rise 9.1 percent to 120 pence after it says profits for 2008 will exceed
market expectations, although it remains cautious about prospects for 2009.
Stockbrokers Panmure Gordon says improved trading from the group's regional
operations were a positive factor, while the group still has some 26 million
pounds of net cash. It looks for pretax profits of 10.5 million pounds for 2008,
while for the following year it is forecasting 11.2 million.
'With a strong balance sheet, on-going tendering opportunities and an
attractive dividend yield of 11.8 percent we continue to rate the shares as a
buy,' the broker adds.
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12:10GMT 19Nov2008-Bovis Homes down; Singer cuts forecasts
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Shares in Bovis Homes Group fall 3.5 percent as Singer repeats its
'sell' rating, cuts its target price to 280 pence from 351 pence and downgrades
its 2008 forecasts, reflecting the repressive economic conditions.
Good news has been in short supply for housbuilders. On Tuesday Heywood
Williamsissued a profit warning, while earlier in the month Galliford
Try announced it would make a 500 million pounds writedown on its
housebuildong operations.
Singer cuts Bovis Homes 2008 estimated pretax profit and EPS forecasts by 8
million pounds and 33 percent respectively. For 2009, it cuts by 7 million
pounds and 52 percent respectively.
Singer analyst Kevin Cammack also highlights the company's financing issues
saying: '(Bovis) is currently engaged in discussions with its banks to
renegotiate facilities (due February 2010); discussions that inherently bear
risk.'
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