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BTG plc: Close Period Update London, UK, 3 October 2012: BTG plc (LSE: BTG), the specialist healthcare company, provides the following update for the six months ended 30 September 2012 ahead of the planned publication of its Interim Results on 8 November 2012. Trading update Trading during the first six months has been ahead of expectations, driven principally by high demand for CroFab® (crotalidae polyvalent immune fab (ovine)) during the summer snake biting season, a strong start from Voraxaze® (glucarpidase) following its US nationwide launch at the end of April 2012 and the continued growth of royalties from Johnson & Johnson's Zytiga® (abiraterone acetate). First half revenue also includes £5.4m of additional deferred income relating to a previous licence agreement that has now been fully released following AstraZeneca's decision to terminate the development of AZD9773 (CytoFab™). As a result of the strong first half performance and a positive outlook for the second half, the Board is raising its revenue estimate for the year ending 31 March 2013 from previous guidance of £190m-£200m to £205m-£215m. Within Specialty Pharmaceuticals, strong demand for CroFab® was reflected in higher wholesaler stock levels, which are expected to reduce to normal levels during the second half. There was a strong performance from DigiFab® (digoxin polyvalent immune fab (ovine)), which continues to benefit from the withdrawal of the only competing product in H2 2011. Voraxaze® has also performed well since its US launch in April. Voraxaze® has been granted a temporary New Technology Add-on Payment from the Centers for Medicare & Medicaid Services, effective 1 October 2012, which means that the US government will pay up to 50% of the cost of Voraxaze® to hospitals in addition to the standard diagnosis-related group (DRG) reimbursement payment.

http://www.investegate.co.uk/Article.aspx?id=201210030700097673N

Update on Disposal In our preliminary announcement of results, made on 15 June 2012, we reported that we had agreed to sell CMS Tools, a subsidiary of the Company, to a management buyout team. The sale is no longer proceeding and the business will now remain part of the Ensor Group.

http://www.investegate.co.uk/Article.aspx?id=20121003070000P071A

Outlook Whilst 2012 has been a disappointing year for the Company, it remains profitable, with a strong balance sheet and positive operational cash flows, and the outlook for the new financial year contains strong grounds for optimism. The government elections are expected to be held in November, bringing an end to current uncertainty; the Company starts the year with over RM41m of contracted revenues; and, most importantly, the datacentre is expected to commence operations in 2013.

Teliti Datacentres In June 2012, Teliti announced that issues with its banking facility had delayed the construction of the datacentre as payments to the contractor had been delayed. Teliti's major shareholder, Teliti Computers, has agreed to provide additional security to the bank, which is now releasing the required funds to the contractor. The new, state-of-the-art datacentre is now expected to be completed and handed over to Teliti by mid-December 2012. Following completion of the building in December 2012, Teliti will commence installing the IT hardware and commissioning the datacentre. Installation, testing and commissioning are expected to take three months with the datacentre becoming fully operational by Q2 2013. Interest in the facility remains strong and the Company expects to achieve its target of having 45,000 sq ft leased within the first 12 months of operation. However, the Company expects that orders will only be signed a month ahead of the site becoming operational.

Update on Datacentre and Trading Teliti International Ltd (AIM: TEL), the datacentre and IT business, provides an update on trading for the second half of the year ending 30 September 2012 and on the construction of its new, state-of-the-art datacentre. Review of Trading for 2012 In its Interim Results announced on 29 June 2012, the Company referred to a strong outlook for Teliti Services with over RM40m of contracted revenues, which were expected to be invoiced in the second half of the year. However, only RM14.9m was billed during this period. The majority of the shortfall arose from a delay in billing for support and maintenance contracts, which the Company had expected to be able to bill in advance and which will now be billed on a monthly basis. The majority of this work will be conducted over the next 12 months. Part of the shortfall arose from a delay in billing on a contract with the Accountant General, which is waiting for the client to approve the report for August and September 2012, and is expected to be invoiced in the new financial year. In addition, one customer cancelled a project worth RM6.1m. Teliti Solutions experienced similar issues, with a two-month postponement in delivering services on a major contract as well as the aforementioned delay with the Accountant General resulting in a shortfall in sales of RM8m, being approximately 30 per cent. below expectations at the time of the Interim Results. As a result, consolidated full year revenues are now expected to be approximately RM58m and pre-tax profits to be around RM2.9m.

http://www.investegate.co.uk/Article.aspx?id=201210030700117906N

Datacentre business Teliti International (TEL) warned that it has only managed to bill 14.9 million Malaysian ringgits (3.0 million pounds) of an expected 40 million ringgits (8.1 million pounds) of contracted revenues for its Services division in its second half. The firm attributed the majority of the shortfall to support and maintenance contracts which it initially planned to bill in advance, but will now be paid for in monthly installments. Additionally, the group noted at one customer cancelled a 6.1 million ringgit (1.2 million pounds) contract. The shares sank by 4.5p to 39p.

Mark Holleran (Chief Operating Officer) further commented "The prospect of delivering a transaction which provides a platform for the growth of the enlarged group to become a true "one stop shop" for growth businesses and their key management, is hugely exciting. We look forward to working with our new chief executive to build towards profitability in a regime focussed on delivering the highest standards of client care and regulatory compliance. We believe the acquisition of Hume strengthens our core client base and provides us with a strong and stable platform for growth. Hume's established clients and staff provide the recurring revenue streams, critical for XCAP's strategic plans. We believe that through offering Hume's substantial client base the full range of services that will be provided by the enlarged group there is a superb opportunity to build on our current resources. The acquisition, along with the placing funds, puts the enlarged group in an excellent position to take advantage of the opportunities we are already starting to see in our sector. The Board are delighted that Nitin will assume the role of Group Chief Executive to move the business forward. We would also like to thank Daron Lee for his role in the creation of XCAP and wish him well as he looks to pursue his other business interests."

XCAP Securities (XCAP) has agreed to buy fund manager EPIC Investment Partners, which will be satisfied through the issue of 439.2 million new shares at 0.35p each. The target has assets under management of 250 million pounds and focuses on fixed income and equities. Separately, the financial services firm reported that it will raise 2.4 million pounds through a placing with new and existing investors, including with investors based in Hong Kong. The group believes that this will help complement its strategy of expanding its presence in the Asian market. The shares leapt by 0.15p to 0.625p.

coverage Sticking with the Africa theme, African Copper (ACU) warned that ZCI Limited, which has an 84.9% stake in the company, announced plans to dispose of its holding. The miner added that this process is likely to have a significant effect on the share price and advised investors to remain cautious when trading its stock. Shares in African Copper fell by 0.125p to 1.875p.

Still not sure I understand the reaction today or at least the extent of it .... as petertee states re focus - I will be looking for some juicy acquisitions in the future with the cash once they have it all tucked away.

coverage Agricultural company Agriterra (AGTA) has agreed to sell its 20% legacy interest in an oil exploration block in Ethiopia for an initial cash consideration of 40 million dollars (24.8 million pounds) and a further 10 million dollars (6.2 million pounds) if a commercial discovery is made. The firm will use the proceeds will be used to fund its growth plan in Mozambique to increase its beef herd from 4,000 to 10,000 by 2015. The group also plans to build a 4,000 head per month capacity abattoir and increase its cocoa operations in Sierra Leone. Meanwhile, the firm noted that it is still awaiting the 11 million pound payment relating to the disposal of its South Sudan legacy oil asset. The shares crashed by 1.23p to 3.77p.

1Spatial* (SPA) shares surged by 1.375p to 3.875p after the firm reported that it has secured a five year contract to provide software services to a US government bureau. While the size of the deal was not disclosed, the business technology developer noted that the deal will have a material impact on its results for the current financial year and provides it with strong revenue visibility.

Nick Wharton, Chief Executive, commented: "This solid quarter of trading reflects the unrivalled choice and excellent value which form the core of our Simply Value For Money proposition, leading to a further gain in market share on a like-for-like basis. "Despite the challenging consumer environment, this performance further reinforces our confidence in our strategy and in the opportunity for future growth both through new stores, where our pipeline remains strong, and multi-channel."

The Board believes that Dunelm has gained market share on a like-for-like basis over the quarter. As anticipated, gross margin has continued to increase year on year, with an estimated 40 basis points rise compared with the equivalent quarter last year. Going forward, the rate of increase is expected to slow due to strategic price investment in key product areas. Store Portfolio Four new superstores were opened during the first quarter, including one relocation, bringing the estate to 118 superstores across the UK. We have 10 further openings committed, including two relocations; the majority of these are anticipated to commence trading in the current financial year. Financial Position As at 29th September 2012 net cleared funds amounted to £95.4m. Daily average net cleared funds over the quarter were £82.8m. As previously announced the Board is proposing that surplus capital amounting to £65.8m (32.5p per share) be returned to shareholders; if approved, this return of capital will take place on 30th November 2012.

http://www.investegate.co.uk/Article.aspx?id=201210030700077282N

Dunelm Group (DNLM) reported revenues of 151.8 million pounds for the 13 weeks ended 29th September - up 13.8% on 2011's comparable period - and improved its gross margin by around 40 basis points. The homewares retailer opened four new stores during the quarter, bringing the total to 118 across the UK, and plans to open a further 10. The company added that it had net cleared funds of 95.4 million pounds as at 29th September and that it plans to return 65.8 million pounds to shareholders, equating to 32.5p per share. The shares climbed by 25p to 680p.

Canaccord Genuity reiterated its "buy" recommendation for EKF Diagnostics (EKF) with a 42p target price. The broker said that the blood analysis technology developer has increased its focus on high margin products and expects it to break even in the second half of 2012. Canaccord added that the risks associated with the group have reduced following the launch of its HemoPoint and QuoLab products in the US, with sales ahead of the broker's expectations. Canaccord believes that the current price only accounts for the firm's core range and does not include the value of its new launches. EKF shares advanced by 0.375p to 32.25p.