Shares in Oxford BioMedica rise 11 percent after the company issues a positive interim management statement.
'Oxford BioMedica provided some encouraging reference points regarding its development pipeline, which position the business on the path to recovery,' say analysts at Panmure Gordon in a note to clients.
However the broker adds that before it changes its 'hold' recommendation, it is waiting for the FDA to clarify the safety of the company's TroVax drug, which failed a Phase III clinical trial in renal cancer last year.
Shares in Luminar, Britain's biggest nightclub operator, gain 5.3 percent after the company posts full-year results which Numis Securities says are in line with its expectations.
Luminar says current trading includes an encouraging increase in admissions, as it posts pretax profit of 20.3 million pounds, against 31.5 million pounds the previous year, with an overall same outlet sales decline of 3.8 percent.
'With recent admissions up 3.2 percent, and both admission fees and drinks prices now stabilising, it is possible that like-for-like sales could start to improve,' says Numis in a note, maintaining its forecasts.
The broker lifts its recommendation to 'buy' from 'add' to reflect recent weakness in the shares, and notes that with a 40 percent freehold estate, the 4.4 times EV/EBITDA valuation offers deep value.
1033GMT 14May2009-Prostrakan up on bullish update
Shares in Prostakan climb 3.3 percent after the Scottish speciality pharmaceutical company delivers 'an exciting mix of better than anticipated revenues' for the first four months of 2009, according to Numis.
Prostrakan reports a 40 percent sales growth for the first four months of 2009 against the same period in 2008.
'Sales of the group's core products surprised positively, with major pan-European products up 50 percent and even the supposedly maturing AdCal D3 up 20 percent,' says Numis in a note.
'With promises kept, everything is on track for ProStrakan to achieve breakeven towards the end of 2009,' the broker adds.
Shares of SQS Software Quality Systems hit a lifetime low, down 30 percent after the software-testing company forecasts first-half adjusted pretax profit halving.
'We had hoped that offshoring and contractor usage would be able to absorb pricing pressure to a greater extent - although clearly the impact of short-notice cancellations is difficult to manage,' KBC Peel Hunt analyst Alex Jarvis says in a note.
KBC Peel Hunt and Altium Securities downgrade SQS to 'hold' from 'buy'.
The FTSE Small Cap index extends Wednesday's losses, down 0.5 percent in early trade, while the midcaps shed 0.4 percent, and the blue chips are 0.4 percent higher.
Wilmington Group, the British media and services company, falls 14.8 percent, after saying trading between Jan. 1 and March 31 this year has been tougher than expected and warns on its full-year results, with Altium Securities saying it expects to downgrade its earnings forecasts.
Cadogan soars 27.1 percent as investors' confidence is buoyed after the Supreme Court of Ukraine says it will hear the oil and gas explorer's appeal against an earlier ruling on the Pirkovske licence, and it appoints Ian Baron as its chief executive, who will undertake a full strategic and operational review of the business.
Shares in Armour Group fall 10.2 percent after the supplier of in-car and home entertainment products reports a 70 percent fall in pretax profit and says it does not expect conditions in its markets to improve significantly over the coming months.
'We reduce our 2009 pretax profit forecast to 1 million pounds from 1.5 million pounds, with earnings per share reducing to 1.1 pence from 1.9 pence,' says FinnCap analyst David Buxton, adding that he expected the company to see the benefits as its new product and customer development programmes bear fruit.
Shares in Wilmington Group, the British media and services company, fall 14.8 percent, after saying trading between Jan. 1 and March 31 this year has been tougher than expected and warns on its full-year results.
Altium Securities says in a note: 'We expect to reduce our bottom of the range PBT estimate by around 10 percent (to around 13 million pounds from 14.4 million pounds) and to reduce our target price by a similar quantum.'
Wilmington's pretax profit on continuing businesses fell 39 percent to 2 million pounds ($2.9 million) in the six months ended Dec. 31, and it says a slowdown in its legal training business would likely hit its full-year results.
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