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(VEC) as the £285 million cap gears up to record a maiden profit on the back of a series of product launches. In October the Chippenham firm gained regulatory approval in Japan and the EU for Seebri Breezhaler. This unblocks the airways to the lungs of chronic obstructive pulmonary disease (COPD) sufferers. It has already been launched in the UK and Germany. Estimates by Canaccord's analysts indicate revenues outside the USA could peak at £300 million. Seebri Breezhaler was taken successfully through its Phase III clinical trials by Swiss pharmaceutical company Novartis. Following approval Vectura received a $10 million milestone payment and will accrue undisclosed sales-related royalties from the first quarter of 2013. The company could collect more such payments next year. Management has filed bronchial treatment QVA149, a combination of Seebri and one of Novartis' products, in Japan and the EU. Vectura, which develops and licences inhalation technologies, has seven approved products in its portfolio and hopes to grow this figure. The success of these drugs could turn the company into a profitable concern. In the year to April 2012, Vectura reduced its losses to £4.4 million, down from £8.8 million a year earlier, on revenues of £33 million.

Buy speciality pharmaceutical company BTG (BTG) ahead of new product launches in key markets during the next 18 months. The London-based company is on the verge of launching a new varicose vein treatment in the USA and a liver cancer drug in China. Varisolve is expected to be filed by the end of the year with regulator the Food and Drug Administration in a country where there are an estimated 40 million untreated varicose vein sufferers. Chief Executive Officer Louise Makin is eyeing a launch in the first half of 2014, estimating global sales could peak at $500 million. The FTSE 250 firm's liver cancer drug-eluting bead products are under review by the Chinese authorities. The drugs avoid the need for massive doses of chemotherapy by blocking blood flow to the liver to prepare the patient for smaller, targeted doses of the treatment. Makin believes the company could make $250 million from this market. Profits should now start to flow consistently, as a result of Makin's drive to transform BTG from an intellectual property development and technology commercialisation business into a speciality pharmaceuticals and intervention medicines play. A March 2014 price/earnings ratio of 26.2 times, and the absence of a dividend, mean BTG will not appeal to everyone but its strong earnings momentum should carry the shares higher.

Investors looking for a growth stock should add Clinigen (CLIN) to their portfolios. The Burton-on-Trent based group provides pharmaceuticals and related services and sells niche hospital drugs through its sales forces across three continents. After buying antiviral drug Foscavir from AstraZeneca (AZN) in 2010 management is looking at more than 20 potential acquisitions. The proceeds from its September flotation have helped to create a £20 million war chest, which includes cash and £10 million of debt from the Royal Bank of Scotland (RBS). Chief Executive Officer Peter George is hoping to add a second treatment to his sales forces in the UK, the USA and Japan by the end of the year. Only established in 2010, Clinigen is expected to record £97.1 million in sales for its fiscal year to June 2013 and £17 million in pre-tax profit. That points to earnings per share of 14.5p, according to consensus, which leaves the stock on a tempting earnings multiple of 14.1 times. The healthy balance sheet could even fund a dividend and further acquisitions should complement strong organic growth.

Thing's must be getting tight lol....but wonder wether its his money or the fund's??

"Moreover, since the joint venture was formed in 2009, the sightseeing bus industry has become even more competitive as new sightseeing bus operators have commenced business in New York and other companies have announced firm plans to do so shortly. Stagecoach North America, City Sights and Twin America disagree with the position of the Department of Justice and the New York Attorney General and believe their action is unnecessary." The company serves about two million tourists a year and makes about $100m in revenue a year, Attorney General Eric Schneiderman said in a statement. The attorney general said the lawsuit was an important step towards restoring competition and protecting tourists from being overcharged. "The iconic double-decker Gray Line and City Sights buses are seen all over New York City, but few people know they are run as a monopoly," he said. However, Stagecoach, which has a market capitalisation of £1.74bn, insists Twin American and the joint venture parties have continued to work with authorities and the hike in prices in 2009 were a reflection of increased labour, fuel and other costs. Twin America and the joint venture parties plan to defend their position and take action to protect their interests, Stagecoach added.

Stagecoach Group has lashed out at the federal and New York State government for initiating legal proceedings against its tour company Twin America over claims it has been 'anticompetitive'. Twin America - a joint venture between Stagecoach North American and City Sights - was formed in 2009 by the merger of companies, City Sights and Gray Line New York, which operate sightseeing bus tours in New York City. The government has accused the company of being a monopoly and eliminating competition. Stagecoach, which owns 50% of the voting rights and 60% of the economic rights of the venture, said it was disappointed at the view taken by authorities. "New York has a vibrant and highly competitive tourist attraction market," the company said in a statement.

Defence group Ultra Electronics has announced that its USSI business, based in Indiana, US, has received US Navy contracts for sonobuoys through its joint venture with the Sparton Corporation that supplies all sonobuoys to the US Navy. Under the contract, which is worth over $53m, production is scheduled to take place over a two-year period and is expected to be completed in January 2015. Rakesh Sharma, Chief Executive Officer of Ultra, commented: "We have been able to secure this award because of our focus on constant product innovation coupled with high quality manufacturing and on-time delivery. "We are delighted that that the US Navy continues to recognise the support it receives from USSI and [the joint venture with Sparton] by awarding this contract in an area of preferential funding at a time when the procurement process in the US is under increasing pressure. Awards such as this help maintain the group's order book and show the resilience that Ultra derives by fostering enduring customer relationships." Sonobuoys are buoys which are equipped with an acoustic receiver and a radio transmitter. On detecting underwater sounds they deliver radio signals to the operator, providing information on objects such as submarines.

Continental's shares were at 300p, up 4.35% Wednesday, as the company has forecast sales of about of 200,000 tonnes of high-quality export thermal coal for Penumbra which is excepted to generate about $17m in revenue this financial year and to rise to about $45m in fiscal 2014.

Continental Coal has completed its first export thermal coal sales in South Africa, the company announced Wednesday. Continental said over the past two weeks the run-of-the-mill (ROM) coal mined from its third operating mine in South Africa, Penumbra Coal Mine, and has been processed through the company's Delta Processing Operations. Together with coal from the Company's Ferreira Coal Mine, the Penumbra coal has been sold into the export thermal coal market and was dispatched to the Richards Bay Coal Terminal on December 8th. Additional export coal will be loaded and dispatched this week, with plans to ramp up the underground mining with the second 14HM15 Joy Continuous Miner and associated equipment delivered to site early this month. "ROM production is forecast to increase with the commissioning of the second Continuous Miner in the New Year and up to 95,000 tonnes of ROM coal production is planned in the March 2013 quarter, before reaching the targeted quarterly ROM producton rate of 185,000 tonnes in the June 2013 quarter," the company said in a statement.

Salamander Energy, the FTSE 250 oil and gas group, has agreed to acquire the share capital of Mitra Energia Bangkanai from AIM-listed group Sound Oil. Mitra has a five per cent holding in the Bangkanai production sharing contract (PSC), located in Indonesia, boosting its stake in the licence to 85 per cent. Following the purchase, Salamander's proved reserves will increase by 1.2m barrels of oil equivalent (boe), while contingent resources net to the group will increase by 1.6m boe. The consideration for Mitra is comprised of an initial $4.5m cash payment, a further conditional payment of $1.1m cash, and a contingent payment of $1.5m from revenues associated with production from a future discovery in the PSC. The PSC contains the Kerendan gas field which is undergoing development and is expected to be on stream in 2014. To date, 122.6bn cubic feet have been committed for sale under a gas sales agreement and a further 160bn cubic feet of resource has been identified in the field for further commercialisation.

Burford Capital revealed Wednesday it has completed its reorganisation which was announced on November 22nd. Burford, publicised as the world's largest provider of investment capital and risk solutions for litigation, has issued 24.5m new ordinary shares of the company to the principals of the investment advisor. It has also cancelled the investment advisory agreement that entitles the principals to performance fees. The principal's ordinary shares are subject to a two-year lock-up and to other restrictions negotiated with the company's board. "An application has been made for the new ordinary shares, which will rank pari passu with the company's existing ordinary shares, to be admitted to trading on AIM and trading in such shares is expected to commence today," the firm said in a statement Wednesday. The total number of shares in issue and the overall ordinary shares in the company with voting rights will be 204m following the issue of the new ordinary shares. Burford, a closed-end $300m investment fund publicly traded on the London Stock Exchange's AIM, has a market capitalisation of £201m with shares currently standing at 98.50p.

Sportingbet has risen strongly over the past few months on the back of the potential offer from sector peers William Hill and GVC. On December 4th, the company recommended a revised proposal from the two partners that valued it at £485m. The groups will have until next week to make a firm offer though. Sportingbet investors will be waiting to see whether the pick-up in trading in November, guided to in the first-quarter trading statement, has continued. The first quarter was particularly tough with total revenue dropping from £59.9m to £38.8m year-on-year. Speaking on November 30th, Chief Executive Andrew McIver said: "After challenging trading conditions during the first quarter, I am pleased to report that November has seen a return to normal trading levels, with a particularly strong Australian sports margin."

Steady growth in North America In North America, the group's Amesbury business saw steady growth throughout 2012 in both revenues and operating profit, with market demand at the start of the year assisted by mild weather conditions across much of the US. Louis Eperjesi, Chief Executive Officer of Lupus Capital, said: "Lupus has had a satisfactory year's trading in line with expectations. Steady US growth has counter balanced tough market conditions in the UK and Europe. "2013 will see further difficult markets, however the business is well positioned following the corporate activity we have undertaken during 2012; the group is now a clearly focused building products company and a leader in the supply of components to the door and window industry worldwide."

Door and window components supplier Lupus Capital has published a trading statement ahead of its financial year end on December 31st revealing market contractions in several business areas. The AIM-listed company stated that group revenues to the end of November 2012 were up 5.9% on the previous year and broadly flat on a constant currency like-for-like basis excluding the effects of acquisitions. In the UK, grouphomesafe saw an overall market contraction during 2012. Small increases in demand were observed for small ticket component products, however the group stated that there had been a continued significant decline in demand for larger ticket fabricator products and in the social housing sector. Like-for-like revenues in the UK and operating profit before Peterlee property provision releases were expected be slightly lower than in 2011. The group said that it expected the market characteristics to continue into 2013, but said it was well-positioned to gain share in the UK with its newly expanded product range. The group's Schlegel International business also saw difficult trading in the year-to-date and both revenues and operating profit for the year were expected to be lower than in 2011. The planned closure of the group's Schlegel International Building Products business in Belgium will lead to an exceptional charge of approximately 1.5m euro being taken in the group's 2012 accounts with the majority of the associated cash outflows taking place in 2013.

AIM-listed pharmaceutical company Vernalis has published positive results for a study of potential applications for Parkinson's disease and other central nervous system indications. The study examined the effects of V81444, its "A2A antagonist", on brain function. The study demonstrated that full A2A blockade could be achieved with single doses that were within the range of doses previously shown to be well tolerated with no safety concerns. As such, the study has provided confirmation of the appropriate dose to be used in the forthcoming clinical proof-of-concept trial. Vernalis now plans to initiate, in the first half of next year, a phase IIa proof-of-concept study to further evaluate the safety and tolerability of V81444 in patients, together with an evaluation of efficacy in a target patient population. Ian Garland, Chief Executive Officer of Vernalis, said: "We are very pleased with these results and are already actively preparing for the continued development of this exciting programme over the next 12 months".

AIM-listed airline, holiday and logistics company Dart Group announced that Chief Financial Officer (CFO) Andrew Merrick is to leave the company to join Irwin Mitchell next April 2013. Merrick has been CFO at Dart Group for just under six years and the group said recruitment for a replacement would commence shortly. Dart Group has a market capitalisation of £174.80m. The share price was down 0.41% to 121.50p at 11:03 on Wednesday morning.

Abbey Protection Group (APG), the trading subsidiary of UK firm Abbey Protection, has been granted a licence to operate as an alternative business. The licence, approved by the Solicitors Regulation Authority, will enable APG to expand its legal services to clients under the Legal Services Act 2007, the company announced Wednesday. Abbey Production, a specialist supplier of legal and professional fees and insurance products to UK enterprises, said APG will undergo a partial restructuring as part of the process to secure the licence. The licence is effective from January 1st, 2013 when trading divisions of Abbey Tax Protection and Accountax will be transferred from APG to form a wholly owned subsidiary under the name of Abbey Tax and Consultancy Services. Business will trade as divisions of Abbey Tax and Consultancy Services once the licence is in force.

UK recruitment organisation Staffline Group has announced the acquisition of the trade and assets of GB Resourcing. GB Resourcing, a temporary recruitment provider based in Birmingham, has been operating throughout the Midlands since it was formed in 1999. Staffline, which specialises in recruitment in food processing, manufacturing, e-retail, driving and logistics, said the procurement of GB Resourcing is in line with the company's existing business strategy in targeting selective bolt-on acquisitions operating in relevant fields to expand their customer base and increase revenue. Staffline's Onsite business will have two new food Onsites and a branch in Birmingham following the purchase. "The acquisition of GB Resourcing strengthens the foothold in the Midlands area as well as broadening our expertise to provide high quality staffing services across a variety of sectors," Chief Executive of Staffline, Andy Hogarth, said in a statement Wednesday. "We look forward to working with GB Resourcing and continue to pursue further bolt-on acquisition opportunities." The group's existing bank facility is funding the acquisition and it will be earnings neutral in the first full year of ownership. Staffline supplies to 30,000 blue collar workers each day and operates from more than 200 locations in the UK. Its shares were up up 0.71% at 282.50p Wednesday.

Kym Denny, Chief Executive Officer at Retroscreen Virology Group, commented: "I am thrilled by our revenue growth and delivery against a robust VCM pipeline, which continues to build steadily with clients holding firm against their VCM quarantine reservations booked months ahead." Denny added: "Retroscreen remains focussed on revenue growth, developing capacity and pioneering the VCM as a new way to conducting clinical trials in the development of drugs against virus. We are building solid foundations to scale our growth and it is tremendously fulfilling to see that the outcome of this investment will be reported in our 2012 financial results." Retroscreen Virology Group's share price rose 8.16% to 132.50p at 09:17 on Wednesday morning.

AIM-listed Viral challenge and virometrics specialist Retroscreen Virology Group has published a trading update ahead of its year-end predicting a significant rise in its year-on-year revenues. The company expects to report sales for the year ending December 31st in excess of £13m compared to £4.27m in 2011. Gross margin and net loss are also expected to be ahead of market expectations. The trading update published by the company stated that significant revenue growth was being achieved from Retroscreen's solid pipeline of Viral Challenge Model (VCM) client engagements. More specifically, it added that: "The revenue growth is principally due to the increased number of quarantines conducted during 2012, together with the study set-up and volunteer recruitment for a number of new VCM engagements with quarantines due to commence in 2013."