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The transaction will help Volex enter into the emerging multi-billion dollar optical interconnect market for high-speed data applications in data centres, telecommunications, healthcare, consumer and industrial markets. Volex Chief Executive Officer, Ray Walsh, said: "Our data-centre and telecommunications customers have been asking for a cost-effective high speed optical solution to replace legacy copper interconnects. "The technology and expertise we have acquired from Applied Micro will provide Volex with a unique platform to develop and deliver reliable, low-power, competitive active optical solutions, including active optical cables and transceivers, into all of our sectors. "The joint ownership of the patent portfolio will provide a foundation for a continuing close cooperation with Applied Micro in product development, sales and marketing activities."

Volex has acquired active optical technology from Applied Micro Circuits Corporation for 2 million dollars, the company announced Tuesday. Volex - a provider of electrical, digital and optical connections - said Applied Micro agreed to a five-year non-compete for the marketing and sale of active optical cables, transceivers, modules and related assemblies. They will share ownership of the associated active optical patent portfolio, allowing each company to develop the technologies. Applied Micro - which focuses in computing and connectivity solutions - has been developing the technology for three years. The company said it had to overcome the cost and complexity of the project. George Jones, Vice President of marketing and business development for connectivity solutions at AppliedMicro, said: "We chose Volex to take the platform forward due to its strong focus on the active optical cable space and extensive customer relationships in data-centre markets. "We look forward to working with Volex as it accelerates and furthers the development of the technology and manufacturing of an innovative product set to complement our own initiatives in semiconductor technology and networking."

"The board therefore expects the group's results for 2012 to be at the upper end of its expectations, and looks forward to making further progress in 2013."

Lavendon, which rents out aerial work platforms in western Europe and the Gulf States, rose strongly after it said full year results would be at the upper end of its expectations. The group's total revenues for the year ended December 31st 2012 were up 4% on the previous year on a constant currency basis and excluding ex-fleet equipment sales. In the fourth quarter, revenues rose by 4% compared with 2011. In the UK, the firm's biggest market, rent revenues were flat across the year, while its second biggest market, Germany, saw rents drop by 6%. France delivered a strong performance, with 17% revenue growth, while the Middle East registered growth of 35% supported by additional fleet investment in the fourth quarter. "The encouraging growth we are seeing in our French and Middle East businesses, together with the actions we have taken to improve our overall operational and capital efficiencies are delivering improvements in the group's profitability, margins and return on capital employed," said Chief Executive Don Kenny.

"We are confident that Steve will continue to serve Hydro well in this new role and will build on our recent success in developing the US market." Hides has served as CEO for the past 12 years and he said was looking forward to the new challenges ahead. "The business has grown significantly and I am proud of the progress the company has made since being appointed CEO in December 2000," he said. "It was not an easy decision, but after 12 years at the helm the time has now come for me to take on a new role as we prepare Hydro for the next stage of its development."

The Chief Executive Officer (CEO) and Director of Hydro International is stepping down, the water treatment company announced Tuesday. Steve Hides will retire from the positions following the appointment of a successor and a hand-over period. However, he will remain with the company as he takes on the new responsibility of overseeing US operations and for driving growth in Central and South America. The company, which also had operations in the UK and Ireland, is actively searching for a new CEO and a further announcement will be made in due course. "Steve has served the business with loyalty and distinction for many years,"Chairman Roger Lockwood said. "While Steve will be stepping down as CEO he will not be leaving the business; he will be applying his 30 years of Hydro experience by taking on a new challenge responsible for the oversight of the existing US businesses as well as planned expansion into Central and South America.

Alan Minty, Chief Executive Officer of Enegi said: "We welcome the news by SPE and Black Spruce. This is a very a positive step towards achieving a significant discovery licence over EL1070 and we will continue to monitor their work programme going forward."

Enegi, an independent oil and gas company, has welcomed an announcement by Shoal Point Energy on Monday, in which it detailed its farm-out agreement with Black Spruce and the programme under that agreement for EL1070 in which Enegi holds a 100 per cent interest. According to the agreement, Black Spruce will re-enter and sidetrack Shoal Point Energy's 3K39 well by mid-June this year. If petroleum is recovered from any exploration well covered by the agreement, the two firms will apply to the Canada-Newfoundland and Labrador Offshore Petroleum board for a significant discovery licence. The company said it believes that the activities under the agreement optimise the chances of Enegi being able to secure a significant discovery licence for the 'deep rights' of EL1070.

InterContinental Hotels Group: Panmure Gordon raises target price from 1670p to 1724p and reiterates a hold rating.

Hikma Pharmaceuticals: Jefferies raises target price from 890p to 900p and reiterates a buy recommendation.

Hammerson: Espirito Santo increases its target price from 473p to 525p, while the neutral rating is kept.

Halfords Group: Investec takes target price from 360p to 385p keeping a buy rating.

Evraz Group: Deutsche Bank lowers target price from 389p to 311p and reiterates a buy recommendation.

Essar Energy: Barclays Capital reduces target price from 180p to 170p maintaining an overweight rating.

Eland Oil & Gas: Northland Capital starts with a target price of 171p and a buy recommendation.

Croda International: Bank of America ups target price from 2350p to 2500p staying with its buy recommendation.

Carnival: Investec shifts target price from 2950p to 3000p staying with its buy recommendation.

Cable & Wireless Communications: Berenberg moves target price from 38p to 40p, while its hold recommendation remains unchanged.

Burberry: Bank of America raises target price from 1260p to 1470p and upgrades to buy.

Aurum Mining: WH Ireland starts with a target price of 4.70p and a speculative buy.