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EMIS Group: Merchant Securities raises target from 600p to 700p, buy rating kept.

Credit Suisse reduces target from 420p to 330p, neutral rating kept; Espirito Santo upgrades to buy, target cut from 350p to 335p.

Catlin: Jefferies downgrades from buy to hold, target left at 470p target.

Berkeley Group: UBS raises target from 1,530p to 1,640p, buy rating unchanged.

Credit Suisse has downgraded its recommendation for London property specialist Capital and Counties Properties (Capco) by two notches, from 'outperform' to 'underperform', after the stock's strong share price performance in the year-to-date. "Despite being potentially one or so months away from a possible 'green light' on the material Earls Court and West Kensington Opportunity Area (ECWKO) planning application, we believe based on our valuation that the share price is now fully up with events and downgrade to 'underperform' as the risk to return bias fully supports profit taking at the current valuation."

"This combined with the acknowledged quality of our product suite and our balance sheet strength, means we are well placed to help our customers deal with their increasing fiscal and regulatory pressures and as a result we continue to be confident in the future growth of the group."

As a result, sales cycles extended for all the group's products in the first half of the year. However, increased month on month activity and sales levels in the second half of this year support the board's expectation that sales cycles are returning to normal lengths, it added. The company said it continues to make positive progress with a number of large opportunities, however no further large deals have closed in the financial year. CEO Keith Neilson noted it had a mixed trading year for the group. "However we are in a stronger position than we have ever been. Our sales and opportunity pipeline continues to build, supported by a market that is refocusing on the problems our products can help solve."

US healthcare software developer Craneware said adjusted EBITDA will be below current market expectations for the year. The board expects to report revenue for the year in the region of $41m compared to $38.1m the year before. Adjusted EBITDA rose 15% from the previous year's figure of $10.1m. This is below current consensus of market expectations for the year, the group said. Craneware's performance has been impacted by an unexpectedly high percentage of healthcare providers focusing on Electronic Health Records, it explained.

UK recruitment firm Staffline reaffirmed that it is confident earnings for the full year will be in line with current market expectations. The temporary staff provider said earlier this year that it is well placed to weather the uncertain economic outlook over the next 12 months. Staffline also confirmed that the final dividend payment for 2011 of 4.2p would be made on 4 July 2012.

Lonrho, the sub-Sahara focused investment company has sold off its airline division in an all-share deal worth 85.7m dollars. The airline will be acquired by an outfit called Rubicon Diversified Investments and renamed Fastjet. Rubicon has paid for the investment by issuing shares to Lonrho amounting to 73.7% of its total issued capital. The founder of Easyjet, Sir Stelios Haji-Ioannou, will also become a shareholder in the new venture and will assemble a specialist aviation team to run it, led by Ed Winter, formerly the Chief Executive of GO. Lonrho says it will now become a passive shareholder, while the new management team turns Fastjet into a low cost scheduled passenger airlin

The company believes it is on track to achieve its strategic targets for the full year 2012 and remains optimistic about delivering shareholder value in the medium term.

BATM expects the combined gross margin to be around 34%, compared with 39% the same period the previous year, as a result of a greater contribution to sales from the medical division and slightly lower-than-expected revenues in the telecoms division. Consequently, the company is now set to show a breakeven position for the first half rather than a small operating profit as was originally anticipated. In the second half of 2012, operating profit is anticipated to be breakeven at the third quarter and return to profitability from the beginning of the fourth quarter 2012. "Looking ahead, the telecoms division is expected to return to growth following the completion of our relationship with NSN, while the medical division is expected to become profitable and will see growth in both revenues and margins going forward," the group added.

"Turning to the performance of the two divisions specifically, the telecoms business will show an approximate 20% decline in revenues compared with the equivalent period in 2011, which is marginally lower than management expectations," the firm said in its annual general meeting statement. "The expected 66% decline in OEM revenues from NSN will be partially offset by a 15% increase over the same period last year in the direct IP business in the US as well as initial contributions from two new OEM agreements signed in the last quarter of 2011. "The medical business is expected to show better than anticipated revenues, with an increase of approximately 15% over the equivalent period last year, due to growth throughout the division, including initial contributions from the diagnostics business as a result of achieving CE certification, announced in March and May 2012, for two products."

BATM Advanced Communications, a designer and producer of telecom systems and medical laboratory diagnostic systems, saw its share price take a hit after saying revenue for the half year ended June 30th is set to be four million dollars lower than the same period the previous year. Revenue is now expected to come in at $52m on a like-for-like (lfl) basis and excluding revenues from the discontinued legacy telecom business. The company is currently undergoing a period of transformation and restructuring in its telcoms division and is now focused on growing this business following the decline of Nokia Siemens Networks business. The firm is also expanding its distribution business, supporting the growth of its sterilization business and continuing to invest significantly in achieving more CE certifications for its diagnostics business.

"Solvay is a leader in the production and sale of a wide range of performance materials sold into key market sectors of relevance to Accoya, including for use in buildings and the urban environment around the globe. "As one of the world's leading producers of cellulose acetate, a material which shares certain processing components with our Accoya technology, they also have a set of technical capabilities which should further contribute to the success of this licence."

A A A Accsys Technologies, which uses a special treatment technology to make woods more tough and durable, has signed a licence agreement with a subsidiary of the Belgian company, Solvay. The licence gives Solvay the exclusive rights to produce and sell Accsys's key product, Accoya Wood, for a 15-year period within all Council of Europe countries save for Belgium, Ireland, Luxemburg, the Netherlands and the United Kingdom. There are still some provisions to be worked through but "both parties currently expect that the agreement will become ...fully effective in the second half of 2013." Paul Clegg, Accsys Chief Executive Officer, said: "It is a pleasure to be able to disclose the identity of our prospective licensee, Solvay, with whom we have been working closely for some time.

Shares had gained 3.85% to 13.5p by the close on Monday.

Trakm8, the AIM-listed GPRS technology group, saw revenues rise by a quarter in the year ended March 31st 2012 and said that it is confident of further growth in the coming year. Revenue increased from £4.19m to £5.22m year-on-year, helped by strong growth in its Telematics hardware division, which saw sales increase from £1.39m to £2.23m. Earnings before interest, tax, depreciation and amortisation (EBITDA) slumped from £0.59m to £0.36m but the prior year's results included £0.4m of government grants. Stripping out these, adjusted EBITDA improved from £0.23m to £0.35m. The gross profit margin edged lower from 66.6% to 63.7%. "We have a strong balance sheet with substantial cash reserves and minimal debt. The market for vehicle telematics in the UK is still very fragmented and should opportunities emerge for us to grow by making acquisitions then we will seriously consider them," said Chief Executive Officer John Watkins. The group said that revenues will continue to improve over the next twelve months with results expected to be in line with market expectations. "Cost reduction initiatives and innovative product launches undertaken during the downturn, have left us well positioned for future growth," Watkins said. Analysts at finnCap said this morning: "The telematics market is showing growth and within that Trakm8 has become a leading supplier, with a swathe of impressive contracts and customers. "The quality of its client base and its work with government agencies reflects Trakm8's reputation in an industry which has seen some fly-by-night operators. It has shown it has the scale and quality to deliver at the highest levels."

"The outlook for the new financial year is very encouraging with good growth potential across all segments of the business. The addition of the new test technologies licensed in from the Burnet Institute should allow us to make a major impact in Global Health markets as these tests satisfy a current unmet clinical demand. "While there continues to be difficulties in the Eurozone countries, we believe our robust and diversified business model, BRIC-focused strategy and focus on new products not affected by these issues hold us in good stead for continued and profitable growth."

Medical diagnostics group Omega Diagnostics posted a strong set of full year results which saw turnover rise 41 per cent and gross profit leap 49 per cent. Pre-tax profits came in at £0.48m (2011: £0.12m) on revenues of £11.1m, compared with £7.9m the previous year. Earning per share rose from 0.1p to 0.6p year-on-year. Divisionally, Allergy and Autoimmune revenue was up 191% to £4.48m (2011: £1.54m), Food Intolerance revenue rose 10% to £3.90m (2011: £3.56m) and Infectious disease/other revenue declined 2.0% to £2.75m (2011: £2.80m). Net cash generated from operations during the year was £0.69m (2011: £0.35m), while cash at year end was £1.16m (2011: £2.05m), which the company said reflected iSYS development expenditure. Net debt at the period end was £0.1m (2011: net cash of £0.45m). David Evans, Chairman, said: "As the group looks to build on its progress to date, it is clear that to achieve significant year-on-year growth we either need to increase the level of automation for customers or to provide POC tests to provide solutions for unmet needs in developing markets.