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CONT Designed to operate on a stand-alone PC, the Tracsis Software currently forms the basis of two distinct products: TrainTRACS and BusTRACS. Each product assists with the crew planning element of the transport scheduling process for passenger rail and bus operators respectively. A number of broad categories make up the transport scheduling process: timetable preparation; vehicle planning and allocation; crew planning; crew rostering; and management of real time operations and short term planning, taking account of accidents or other unforeseen events impacting on operations. The software generates an optimised crew schedule for all on-board staff which is based upon certain input data such as labour rules and regulations, timetable and vehicle requirements, and driver route and traction knowledge. The software can be tailored for individual strategic requirements, such as maximising performance and minimising costs. It may also derive cost savings via improved performance of scheduled services, which in turn may reduce the fiscal penalties imposed by regulators (such as the Department of Transport in the case of rail operators) for delayed services. Revenue is generated by lease licensing the software to customers. Tracsis also provides maintenance, training and consultancy services to its customers. Interim results for the six months to 31st January 2012 showed turnover up by 194% at £3.66 million, driven largely by last year's acquisition of MPEC, whose software allows remote monitoring of trackside equipment. Stripping out the MPEC acquisition, organic revenue growth was still an impressive 36%, driven largely by Consultancy which benefited from a busy refranchising schedule. Pre-tax profit was £1.13 million. While Software was ahead by +16%, the company noted a slowing in the decision making process by rail operators. However, the company pointed to new software sales in Sweden and a pilot project in Australia, which could be the shape of things to come given the firm's ambitious international growth plans, which envisage an eventual move into the Far East including China. A maiden dividend payment should provide investors with further confidence for the years ahead, especially as this was paid out of a (net) cash pile of just under £6 million bolstered by impressive cash generation of £1.26 million during the period.

Most of us are familiar with the dreaded announcement: "Ladies and gentlemen, we would like to apologise for the delay to your journey. We are awaiting our driver/we are stuck at a red signal/we are in a queue of trains – and should be on the move shortly." Resource optimisation software firm Tracsis (TRCS) believes it has the answer. Its products allow transport operators to computerise staff and rolling stock scheduling through "smart planning" - i.e. effectively using their resources much more efficiently - which could be worth £173 million in labour efficiencies alone for the rail sector over the next 7 years. Revenues have already grown from £216,000 in 2007 to more than £4 million in 2011 - and they are expected to more than double again for the year to July 2011. Tracsis has four acquisitions under its belt, and now it has more than 40 staff and another 130 part-time employees. The company's software is used by train companies including Virgin Trains, First Group, Go-Ahead, Serco, Arriva, Scot Rail and National Express; and one of its biggest customers is Network Rail, which is responsible for the UK’s train tracks and infrastructure. Tracsis products include rolling stock and crew planning and optimisation tools, information management and performance reporting software, datalogging and hardware monitoring systems and a consultancy service which covers all aspects of operational planning (from strategic to delivery) and which also includes a professional passenger counting and surveying team.

Valuation: Re-rating potential as delivery shown We maintain our positive view on Augean and believe that as management demonstrates its ability to deliver both the new strategic markets and efficiency improvements in the existing business, the shares have the potential to re-rate and move towards our mid-high level fair value between 54-82p per share. In addition, with the capital reduction now confirmed, the potential for a dividend payment has also moved a step closer.

http://www.edisoninvestmentresearch.co.uk/researchreports/Augean250712update.pdf

CONT Despite these pressures we are pleased to report revenue growth for the year of approximately 17.0%. This includes revenues of over £3.0m from Epitomics in the two and a half months since acquisition, and approximately £1.4m from Ascent, which was acquired in September 2011. Excluding revenues from these two acquisitions, constant currency growth for the year was approximately 11.5%, compared to an equivalent figure of 12.3% at the interim stage. Tight cost control has enabled us to broadly maintain gross margins in line with those reported at the interim stage (prior to the positive impact from Epitomics), and to increase operating margins over those reported at that time (before the acquisition related costs indicated above). Net cash at the year end was over £17.0m and there was no bank debt outstanding. The Company will report its results for the year ending 30 June 2012 in mid September.

Pre-Close Trading Update Cambridge, UK: Abcam plc (AIM: ABC), a global leader in the supply of protein research tools, announces the following pre-close trading update ahead of its results for the financial year ended 30 June 2012. The Board is pleased to report another successful trading year and it anticipates that profit before tax will be slightly ahead of expectations, before one-off costs incurred during the year relating to the acquisitions of Ascent Scientific Limited ("Ascent") and Epitomics International Inc ("Epitomics") of approximately £3.4m, and amortisation of the associated intangible assets. During the year we have made significant steps in our strategy to drive growth by extending our product ranges, both through the two acquisitions closed in the period as well as by broadening the number and range of products in the catalogue. Through our recent acquisitions we have also opened up new opportunities in the In Vitro Diagnostic Immunohistochemistry ("IVD IHC"), immunoassays, custom service and bio-active small molecules markets. Our online catalogue has continued to grow strongly, comprising 92,456 products at the year end, representing growth of 25.5% over the previous year, as we took advantage of a number of one-off opportunities to add product ranges. This number includes 656 products from Ascent and 1,452 new products added in the year from Epitomics. As has been reported elsewhere, centrally funded academic research budgets remain under pressure as Governments address fiscal deficits, which in turn creates funding uncertainties for researchers in the US and Europe. The US position is unlikely to be clearer until after the Presidential election later this year, whilst in Europe the likely timing and outcome of the issues faced by the single currency add further uncertainty to the situation.

http://www.investegate.co.uk/Article.aspx?id=201207250700094206I

Valuation: RTLS adoption key to upside In our view, the market is valuing Ubisense’s two businesses in line with their relevant markets on an EV/Sales basis. Key to driving upside will be evidence that the RTLS business is winning contracts with new and existing customers and hence growing faster than the market. Considering the size of the available market, we believe this is possible and could drive the share price above 245p.

http://www.edisoninvestmentresearch.co.uk/researchreports/Ubisense250712update.pdf

Alexander Selegenev, Executive Director of TMT Investments PLC, commented: "With its high-quality product and impressive growth rates, we believe Backblaze is well positioned to become a leading player in the sizable and fast-growing online data backup market".

Backblaze offers a service that automatically and continuously backs up all data from Mac- or Windows-enabled computers, over the Internet, to Backblaze's data centre. The Backblaze service is competitively priced, and generally costs US$5 per month per computer for unlimited storage. When users lose data, they can restore a single file, a folder or all their data by downloading it from any web browser. For an additional fee, users can request a hard or flash drive with their data to be mailed to them. Backblaze's competitive advantages include a user-friendly interface, a highly efficient cloud storage system and a recognised brand. Backblaze has individual and corporate customers in over 100 countries, for whom it currently stores nearly 40 petabytes of data on its purpose-built cloud. Such well-known brands as IDEO, Crispin Porter + Bogusky, ESET, Evolution Media, and UC Berkeley School of Law are customers and partners of Backblaze. Backblaze was founded by CEO Gleb Budman and his partners Brian Wilson, Tim Nufire, Casey Jones, and Billy Ng, who previously worked together for over a decade. The founders are serial entrepreneurs who have built and sold internet-based businesses and have a passion for developing powerful yet easy-to-use technologies that customers love. In respect of the year ended 31 December 2011, Backblaze's unaudited profit before taxation amounted to US$202,471,and unaudited net assets as at that date amounted to US$2,174,982.

Investment in Backblaze, Inc. The Board of TMT is pleased to announce the completion of an investment in Backblaze, Inc. ("Backblaze"). Incorporated in Delaware in 2007, Backblaze provides individuals and corporate customers with online data backup solutions. TMT has acquired 295,598 newly issued preferred shares, 7,478 existing preferred shares and 288,120 existing common shares, collectively representing 9.86% of Backblaze's fully diluted equity capital, for an aggregate consideration of US$2,500,759. In addition, TMT has agreed to acquire, on the first anniversary of the transaction, such number of newly issued and existing shares in Backblaze as will bring TMT's fully diluted equity stake in Backblaze to a minimum of 13.33% and a maximum of 19.05%, dependent on Backblaze's performance, for an additional aggregate consideration of US$2,500,759. The agreements between the parties include pre-emption rights, liquidation preferences, board observer seat and other rights and protections in favour of TMT customary for preferred stock holders. Definitive agreements for the transaction were entered into, and the transaction was completed, yesterday. Nowadays, photos, music, videos, documents and other data have gone digital and are stored on laptops and desktops everywhere. Based on Backblaze's research, approximately 46% of computer users suffer a data loss incident every year. Unfortunately, according to a study by research firm Harris Interactive conducted on behalf of Backblaze, 90% of these people in the U.S. do not regularly back up their data. Thus, this (often irreplaceable) information is permanently lost due to hard-drive crashes, software glitches, human error, and computers been lost or stolen. Backblaze's mission is to help computer users solve this serious problem.

http://www.investegate.co.uk/Article.aspx?id=201207250700084188I

Valuation: A deal a trigger? The shares have recovered somewhat since the preliminary results in May but are still marking time somewhat awaiting further news on the possible acquisition of Alliance Films (which would likely be funded with a mix of debt and equity; in May management said that any placing would be fully underwritten). Meanwhile, good returns from investment in content continue to underpin above average organic growth, with eOne now very well diversified both geographically and by product. The FY13e P/E of 8.9x and EV/EBITDA of 6.8x represent very good value and we believe a successful deal, at the right price, should be a positive trigger for the share price.

http://www.edisoninvestmentresearch.co.uk/researchreports/eOne250712update.pdf

Peel Hunt has maintained its 'buy' rating and 650p target price for chip designer ARM Holdings on the back of a 'very strong' second quarter, though the broker did note caution going into the second half. Analyst Paul Morland noted: "Underlying forecasts remain unchanged despite the beat because ARM cautiously expects a generally weaker outlook for global chip shipments to mean that the beat in Q2 could be lost in Q4."

Dr David Venables, Ark's Executive Director of Manufacturing commented: "We are delighted to announce this substantive partnership which provides further validation of the strong scientific and technological capabilities available at Ark, and the progress we are making in building our strategy for viral focused contract development and manufacturing services. As well as providing state-of-the-art manufacturing capabilities, Ark is also able to bring our partner the benefit of our own experience in developing adenoviral based medicines."

Ark Therapeutics enters manufacturing partnership with leading European gene therapy company London, UK - 25 July 2012: Ark Therapeutics Group plc ("Ark") is pleased to announce that it has signed a master manufacturing services agreement with one of Europe's leading gene therapy companies. The partnership will initially cover Ark's supply of manufacturing and development services in respect of the partner's therapeutic vaccine product. Financial details of the agreement were not disclosed.

http://www.investegate.co.uk/Article.aspx?id=201207250700064035I

2012 Planned Works: The results of the current drilling campaign on the B4-7 deposit are highly encouraging having significantly increased the potential tonnage amenable to open pit development. Landore has initiated an in-house resource upgrade, including a full review of all quality assurance-quality control (QAQC) data, geological and grade wireframe modelling, internal resource estimate and the updating of all text required for the final NI43-101 report. On completion, Landore will submit all data for an independent audit and external resource upgrade of the B4-7 deposit. The resource upgrade is anticipated for completion in early Q4 2012. Pre-feasibility studies on the combined B4-7 and the VW deposits will be initiated in Q1 2013. A drilling program to extend the B4-7 to the west is currently being planned to commence in Q4 2012.