TechMARK movers: CML plans to drop listing

Integrated circuits manufacturer CML Microsystems reported a lower interim loss but the shares took a battering when CML said that it was considering dropping its listing. Revenues fell 13% to £7.18m in the six months to September 2009. The loss declined from £1.3m to £1.13m. That was mainly due to a fall in the amortisation charge from £2m to £1.79m. Capitalised development costs fell from £1.81m to £1.56m. Net debt was £3.66m at the end of September 2009, which was slightly lower than at the end of March 2009. CML believes that the full year should show improved trading. CML sees little benefit from retaining its listing and it is talking to its advisers. An update will be published in due course. The possibility of not having a way to trade the shares tends to worry investors. Shares in Phoenix IT continue to rise after yesterday's interim figures and house broker Numis' positive comment about the IT services company. Revenues for the six months to September 2009 fell 5% to £122m, mostly due to lower net new annuity business in the Services and Servo divisions, plus a fall in contract renewal values across the group as customers cut costs.However, profit before tax jumped 77% to £13.3m on lower finance costs and no repeat of last year's £4m exceptional charge. Underlying profit, which excludes the exceptional and amortisation, was up 12% to £14.8m.Phoenix says that the second half has started well. Numis described the shares as being "simply too cheap". It raised its target price from 250p to 280p a share. FTSE TechMARK - RisersPhoenix IT Group (PNX) 275.50p +11.09%Sinclair Pharma (SPH) 35.00p +5.26%GB Group (GBG) 24.00p +4.35%Wolfson Microelectronics (WLF) 120.00p +4.12%Optos (OPTS) 93.00p +2.76%Kewill (KWL) 107.00p +2.64%Ricardo Group (RCDO) 258.00p +2.58%SDL International (SDL) 379.75p +1.81%Microgen (MCGN) 91.00p +1.68%Skyepharma (SKP) 100.00p +1.52%FTSE TechMARK - FallersCML Microsystems (CML) 24.50p -27.94%E2V Technologies (E2V) 58.00p -6.45%Trafficmaster (TFC) 29.00p -4.92%Emblaze (BLZ) 56.50p -4.24%Morse (MOR) 35.75p -4.03%AEA Technology (AAT) 24.25p -3.96%NCC Group (NCC) 385.00p -3.87%Torotrak (TRK) 27.50p -3.51%Renovo Group (RNVO) 25.25p -2.88%Ark Therapeutics (AKT) 34.50p -2.82% CML Microcircuits