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Oil and gas exploration company Cadogan Petroleum has identified new and economically viable exploration and production potential at most of its existing licences, an operational update has shown. The company, which has onshore gas and condensate assets in the Ukraine, reported that it had applied seismic reprocessing technology to better understand its existing exploration opportunities. It reported that the efforts had proven successful in Pokrokovska, helping to identify three shallow depth prospects, two mid-depth prospects and three deep prospects. In the West of Ukraine, the company reported that three shallow leads had also been identified within the Debeslavetska licence. A sucker rod pump was installed at the company's Blazhiv well, also in the West of Ukraine, which showed "positive results". The company said: "In general, the identified objectives are gas and oil bearing and belong to shallow, medium and deep horizons. New, promising areas for investment are already under scrutiny and the company will report on these in due course.

All change at the top Along with its results, the company announced that David Brooks, the current Chief Operating Officer of the group, has been appointed as the new Chief Executive, effective from March 1st. Ratcliffe, who was appointed Non-Executive Chairman in June 2011, has announced his intention to leave this summer, and the company said it has started looking for his replacement.

"Following the restructuring in 2011, the increased focus on working capital resulting in a very strong cash position at the year end and the launch of some exciting new cloud-based products in 2012, RM now has an excellent platform for the future as a leading provider of products, solutions and services into the UK education market. "Progress against the board's objectives has been very positive. The disposal of loss-making and non-core business activities was completed in the first half of the year, realising cash receipts of �6.3m since the strategic review in September 2011. "The redundancy programme achieved the necessary streamlining of the group, reducing headcount from 2,699 in September 2011 before the strategic review, to 2,250 in November 2012. Cash and equivalents at the year end totalled 37.8m, up from 11.3m at the 2011 year-end.

Shares in RM jumped on Thursday following the company's announcement that it had returned to profit for the year ended November 30th 2012. Despite a decline in revenue and an increase in sales, the group delivered a profit of 8.75m (2011: loss of 23.38m) after reducing its operating and other expenses. The adjusted operating profit came in at 13.6m, compared to 14.1m the previous year. Revenue for the year fell to 288.69m from 350.79m a year earlier, while the cost of sales rose to 217.87m from 260.11m in 2011. The final dividend payment was increased to 2.25p (2011: 1.53p). Chairman Martyn Ratcliffe, who announced that he is planning to step down from the board in the summer, said: "The past year has been one of significant change within RM and the Board is pleased with the progress made, particularly in the context of public sector budget constraints.

Cleantech company Ilika has renewed and extended the scope of an existing contract with a 'major' existing customer for the development of its battery technology. The new agreement broadens the scope of technical engagement within the battery field. The renewal marks the third phase of this contract with an order value of around £160,000 for a two month programme of work with a follow-on phase expected, on the condition that satisfactory initial results are achieved. Graeme Purdy, the Chief Executive Officer of Ilika, said: "We are delighted that this world-leading automotive customer continues to invest in broadening and deepening its relationship with Ilika and we look forward to accelerating their materials development in next generation batteries for hybrid vehicles."

Shares in German real estate investment company Treveria got a lift on Thursday when it announced a cash distribution of 3.25 euro cents per share. The distribution will be financed from the distributable reserve, which was created by the cancellation of the share premium account in 2007, which had arisen on the placing of shares on AIM at the company's launch.

Spirent Communications: Jefferies ups target price from 169p to 196p keeping a buy recommendation.

REXAM: Citigroup revises target price from 512p to 570p and still recommends buying.

Pennon Group: Nomura lowers target price from 710p to 705p and retains a neutral rating.

Netcall: Merchant Securities shifts target price from 38p to 43p, while staying with its buy recommendation.

Jarvis Securities: WH Ireland revises target price from 250p to 280p leaving its buy recommendation unchanged.

Well done mate thats a very healthy return gl....

Inchcape: Citigroup moves target price from 395p to 500p, while staying with its neutral rating.

Evraz: Goldman Sachs shifts target price from 330p to 340p and keeps a neutral rating.

Admiral Group: JP Morgan starts with a target price of 1246p and a neutral rating.

Aberdeen Asset Management: Citigroup takes target price from 400p to 430p and stays with its neutral rating.

Canaccord Genuity has upped its target price for High Street bookie Ladbrokes from 225p to 255p and kept its 'buy' rating after the company's 2012 results came in ahead of forecasts. The broker said: "Our bullish stance on Ladbrokes has been based on upward pressure on medium-term forecasts from improved Retail growth (store expansion, machine yields), rapid de-levering (aided by cash flows from High Rollers) and a significant opportunity to ramp up Digital profits from a disappointingly low level. There is nothing in these results to change our view, and the year has started well."

Investec has highlighted a number of positives to take away from BAE Systems' 2012 results, but has retained its 'hold' rating and 325p target price for the defence group, voicing underlying concerns about the US 'sequester'. While the stock is "cheap" - trading at just 7.6 times 2013 earnings - Investec said that US problems "are looming ever larger": "If sequestration does happen, then it is very difficult to gauge the full impact on our forecasts for BAE and the other UK defence stocks."

Centaur Media seems the perfect example of how a rising market lifts all boats regardless. The shares have doubled since July, but the halfway figures, though in no way a disappointment, suggest no particular reason for optimism yet, and a couple of negative brokers' notes saw the shares subside 5�p to 53p again. The business publishing division is still suffering, but digital is now 39% of revenues and margins are improving to an extent that earlier targets of 20% look achievable. Part of the problem is that the financial results are heavily skewed towards the fourth quarter, April to June, when subscriptions are up for renewal. The company had hoped to return to underlying revenue growth this year, but a cautious statement with the interims implies this is not yet certain, and, given the low visibility, nor can it be. The shares sell on less than ten times' earnings, but there looks like no immediate reason why they should head back up again, Tempus writes.

An increase in public infrastructure would also help, but again this will take a while to feed through. The shares have performed well this year, anticipating that pick-up in demand, though they lost 37p to �12.71 yesterday on profit taking. On just short of 13 times' earnings, they look a good way of investing in any housing recovery, but that is taking a long-term view. Hold, says The Times's Tempus.