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product in-licensing and distribution agreements providing positive momentum. A distribution deal for QuoLab, which we expect to be signed in 2012, would likely result in a significant positive change to estimates," the broker said. Peel Hunt, meanwhile, noted that the figures were in line with twice upgraded forecasts. "Sales more than tripled to £21.7m, driven by a six-month contribution from Stanbio in the US, growth in haemoglobin cartridge sales and capital sales to developing markets (Peru, Mexico)," Peel Hunt's Dr Paul Cuddon said."Net cash of £5.3m is ahead of our expectations," Dr Cuddon added. "EKF Diagnostics has assembled a strong direct sales presence and distributor network, with a portfolio of products the key to driving significant operating leverage," Dr Cuddon opined. The shares trade on an undemanding two times enterprise value/sales, underscoring Peel Hunt's "buy" recommendation and 35p target price. Meanwhile, the company stressed that "it is important that our 2011 result is seen in context and that none of us get carried away with a heightened sense of expectation. 2012 remains a transitional year."

Shares in EKF Diagnostics, the AIM-listed in-vitro diagnostics company, fell on Wednesday despite the group appearing to beat analysts' forecasts in 2011. Revenues more than tripled from £6.5m to £21.7m, helped by 64% growth in EKF Germany and 144% in its Quotient division. While margins improved from 45% to 48%, the loss before tax widened from £2.1m to £2.4m due to the acquisition costs associated with the purchase of Stanbio in June. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to £1.6m from £.10m. Collins Stewart, EKF's house broker, upgraded its 2012 adjusted EBITDA forecasts by 6%. The broker has a target price of 43p for the shares. "We expect solid trading in 2012 to be supported by updates on new product launches

Portmeirion Group, an AIM-listed pottery group, recorded a rise in revenue, pre-tax profit and earnings per share for the year ended December 31st. Revenue increased by 4.6% from £51.2m to a record £53.6m, while pre-tax profit rose to £6.3m from £5.4m (£5.2m after exceptional items), up by 16.2%. Earnings per share leapt 25.9% from 34.91p to 43.94p. The dividend was increased from 17.40p to 19.60p. Dick Steele, Non-executive Chairman said: "Portmeirion is in fine condition. Our brands are stronger and more valuable and our product ranges are deeper and wider than at any time in our 52 year history. We remain confident for the future. "While we have experienced a slower start in 2012 than we enjoyed in 2011, this was expected and our confidence remains for the full year." The firm finished the year with cash balances of £6.8m (2010: £6.2m).

Surging online sales at collectibles dealer Stanley Gibbons drove top line growth in 2011 as the group continues its drive to become the eBay of the stamp-collecting world. Sales of £35.7m were up 35% on 2010's £26.4m and well ahead of expectations of £30.2m. Online sales accounted for £4.3m of that, up 72% from £2.5m in 2010. "There is evidence of a substantial shift in clients' behaviour away from traditional dealing and mail order to the Internet and auction channels. Consequently, we have invested more group resources in these services," said Chairman, Martin Bralsford. Adjusted profit before tax came in slightly ahead of expectations of £4.98m at £5.2m, up 17% from 2010's £4.5m. Earnings per share rose 22% to 18.5p from 15.2p the year before. The board has proposed a final dividend of 3.5p, up from 2010's final divi of 3.25p, making the full year pay-out 6p, up 9% on 2010's 5.5p. "The record performance of the group last year and a positive start to this, with our order book at record levels, is the result of a combination of the strong market for rare collectibles and the achievements of our management in execution of our strategy," Bralsford claimed.

Plastic packaging maker Robinson has seen revenues and profits beat expectations during 2011 after it managed to sell its underperforming paperboard tube business. Group revenue increased by 10% over 2010 to £21.5m, better than than the consensus forecast of £21.4m. Profits before tax rose 23% to hit £2.7m, against market expectations of £2m. The company says higher volumes and stable operating costs improved operating profit by 22% to £2.1m, while an exceptional gain of £1.4m came from selling the spiral wound paperboard tube operation. The dividend has been increased by 15% over the prior year to 3.75p per share. Headquartered in Chesterfield, Derbyshire, with manufacturing facilities in Kirkby-in-Ashfield, Stanton Hill (Nottinghamshire) and Lodz (Poland), Robinson currently employs around 225 people. Its origins dating back 173 years but today the firm's main activity is the manufacture and sale of injection moulded plastic packaging for clients including Proctor & Gamble, Nestle and Kraft. The Chairman, Richard Clothier, said the results were the best that Robinson had achieved "for many years and certainly since it was admitted to AIM in 2004." The outlook is described as stable, with Robinson hoping its exposure to the resilient food, drink and toiletries sectors will stand it in good stead

Spread betting firm Worldspreads, which called in the administrators on March 19th after finding a big hole in its accounts, said a receiver has now been appointed to wind up the company. It is not anticipated that there will be any return to the company's shareholders following the appointment of the receiver. Trading in the company's shares was suspended on Friday, March 16th, as the company announced an investigation into its financial position. That investigation uncovered a shortfall of client money at WorldSpreads Limited of some £13m. Gross amounts owed to clients are in the region of £29.7m, whereas the total cash balances available to the company are around £16.6m.

Educational programmes provider and exams setter AEC Education went to the top of the class on Friday after raising its profits guidance for 2011. The group reported a "very strong finish to the year" in Singapore and said it believes profit before tax for the year ended December 31st will be ahead of current market expectations on revenues of £19m. The house broker, WH Ireland, has revised its adjusted pre-tax profit for 2011 accordingly, to £0.5m from £0.3m. AEC's net cash position at the end of 2011 was £3.7m. One-off costs for the year are expected to total around £0.53m. The firm also announced the acquisition of training provider, Skye Training for an initial consideration of £0.1m in cash. Skye is said to have "significant growth potential". WH Ireland said the acquisitoon should give a slight boost to earnings per share this year.

DEO's tax payable is expected to reduce by £25m over the life of its Perth Field as a result of the proposals. Perth Field Phase One recoverable resources will now be below the new and increased minimum threshold set by the government (45m barrels of oil equivalents), meaning that it will benefit from the full amount of its 52.03% share of the increased field allowance of £150m.

DEO Petroleum, the AIM-listed oil company focused in the North Sea, has welcomed this week's governmental Budget, which looks to encourage additional investment in the UK Continental Shelf. Chancellor of the Exchequer George Osborne announced on Wednesday a package of oil and gas measures to secure billions of pounds of investment in the oil and gas industry in the UK. According to the official Budget statement, these include: "a contractual approach to offer long term certainty on decommissioning relief; extending the amount and scope of the existing small field allowance; introducing a new field allowance targeted at the West of Shetland area; and introducing primary legislation to allow the potential introduction of measures to support investment in brown-fields." DEO said that these changes are expected to directly affect the company, in particular the new small field allowance against the current supplementary charge rate of 32%

Monday's announcement of the NewBuy scheme designed to help first time buyers also attracts the eye of Questor, because it will also haid elp the house builders

Fashion and homeware retailer Next was performing well on Friday morning, with Nomura providing a lift saying that the stock is a key holding in the retail sector. "We continue to view the shares as a core holding in the sector, with capital discipline, productivity gains and m/term brand development key in our view." A buy rating was reiterated. The target price has been raised slightly, from 3,000p to 3,050p. Nomura said that the stock is trading at 10.3 times prospective earnings.

John Campion, chief executive of APR Energy, insists that there are no horrors lurking in the delayed results for last year from this provider of temporary power units, and that an apparent slowing of progress at the start of this year was a one-off that will be reversed with some hefty contract wins. Mr Campion plainly knows that the consequences, if there are horrors in the accounts or growth really is slowing, would be dire, and I therefore believe that neither is true. On any reasonable estimate, the shares are on about 16 times earnings for 2012, which would be cheap historically for anyone brave enough to take a long-term punt. But the market will want more reassurance, according to Tempus.

Late in 2010 Nick Buckles, chief executive of G4S, told Martin Waller, who writes The Times' Tempus column, that he had no idea how anyone made money working for the UK Border Agency dealing with asylum seekers. He had just lost a small contract to an underbidder which had offered an apparently suicidal price. Yesterday terms were revealed for the five-year contracts won by G4S and others with the Border Agency, dealing with asylum seekers. Clearly a lot has happened in almost 18 months. The new contracts are larger and so more attractive. The shares sell on a respectable 11 times earnings, which is not much to set the pulses racing though prospects for growth long-term are still there. It will be a dull slog from here, adding bolt-ons across the globe. But sometimes boring is good - though I doubt Mr Buckles would agree, Tempus says

Gem Diamonds, the huge diamond miner, shot up like a rocket yesterday after announcing a 112 per cent rise in operating profit during 2011. Questor, in the Telegraph, has tipped Gem's rival Petra repeatedly but has been burnt by Gem in the past as the diamond price has been highly volatile. With plans to possibly sell its Ellendale mine and supply deals with the likes of Tiffany, Gem looks strong. The recommendation is buy on weakness. The Times's Tempus column ponders whether to move in on office space provider Regus. Pre-tax profits were up 93% in 2011 as the company looks to build more space overseas. Occupancy in the UK is a problem, down at just 81% versus the 86.1% for the group as a whole

Great Portland's exposure to development risk is another worry that has affected its share price. Building offices is risky because they take two or three years to complete, by which time the ever-volatile rental market may have turned. That's one reason the company's shares are hit when talk of a "double dip" recession revives. Yet in reality the risk isn't that great, because Great Portland's development programme is buttressed by so-called "pre-lets" - agreements to lease space in advance. These covered over three fifths of the space under construction in December, and management has repeatedly stressed it will not start building without a pre-let. That applies notably to 100 Bishopsgate, a conspicuous tower that has been worrying the City. Instead, the developments - with an estimated profit on cost of 48 per cent - should be a source of growth

Great Portland's latest trading update also supports a more optimistic view of the London office market than the bears would have. The company signed 35 new leases in the final quarter of 2011, nine tenths of them at rates 3.4 per cent above surveyors' estimates of rental values last March (the balance were below market rates because they included break clauses giving Great Portland the option to redevelop). That reduced the portfolio's vacancy rate to just 2.5 per cent. The vacancy rate in the West End as a whole is similarly minimal, while demand for office space is very broad. That suggests market rents will continue to rise this year, probably at about 5 per cent. Even if they don't, Great Portland's rent roll will naturally rise as leases expire because, on average, its tenants pay about 10 per cent less than current market rates. In the industry jargon, its income is strongly "reversionary".

The main reason to buy shares in offices landlord Great Portland Estates is its focus on London's West End. Property depends on finance, and currently the West End has better access to bank debt and the equity of investment funds than anywhere else in Europe. Which means that, in a climate of tight finance, Great Portland is one of the few real-estate investment trusts likely to generate meaningful growth over the next half decade. Value investors may wince at Great Portland's meagre yield. But the company doesn't just collect rent, it also has a strong track record as a developer, with four office blocks under construction and a further 18 projects in the pipeline. That means capital gains should form a substantial part of investment returns. Moreover, there's value in the current share price, after a disappointing year for shareholders. The company's stock-market value has risen just 3 per cent over the past 12 months, compared with 18 per cent for its net asset value (NAV). So the shares now trade on a 5 per cent discount to NAV, according to brokerage Jefferies, whereas shares in the other two listed West End landlords, Derwent London and Shaftesbury, trade on premiums of 6 and 12 per cent respectively. Great Portland's relative underperformance may reflect its exposure to markets outside the West End - it has a few properties in the City and Southwark. But these only make up a fifth of its portfolio. And investors' worries about City rents look overcooked: the banks may be making staff redundant, but it doesn't appear to be affecting City employment in aggregate. The number of jobs in financial and business services rose by 88,000 during the final quarter of 2011, according to official figures - the fifth consecutive quarter of growth. Capital Economics, a consultancy specialising in bearish views, admits its "recent concerns that Central London office rental values could start to fall towards the end of this year may not be warranted".

Yet the shares remain lowly rated - as broker Liberum Capital notes, a rating of 11 times 2012's forecast earnings is a discount to peers whose shares trade on a PE ratio of nearer 15. We'd argue that New Britain's sustainable credentials and industry-leading efficiency in fact warrant a premium

to overcome higher shipping and production costs and the strengthening local currency

Meanwhile, the integration of Kula, a mature 25,000-hectare plantation bought for $175m in 2010, is progressing well - new mills have been built, helping to lift production and extraction rates, which hit 28.2 per cent last year, on course to achieve the company's 30 per cent target. The resulting increase in palm oil volumes will mean New Britain benefits from increasing economies of scale, helping it