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IndithermSPECULATIVE BUY 29/03/2012 Miles Nolan Specialist heating solutions outfit Inditherm (IDM) has successfully trimmed its losses and is on track for a swing into the black in the current year. After several years of losses, penny share Inditherm has understandably kept a low profile, but things may finally be looking up. In seven of the past 12 months it notched up a profit, though this was not enough to save it from recording a 2011 loss of £121,000 (2010: £409,000 loss) on sales up 25% to £1.66m. Despite ongoing uncertainty in the NHS, last year NICE (the National Institute for Health and Clinical Excellence) issued guidance that cited the benefits of using Inditherm's product aimed at operating theatres. This has stimulated significant enquiries, though orders are taking a little longer to filter through. AIM-listed Inditherm sells into 50 countries via distributors, with three new partners recently signed in South America. It is doing well in the Middle East and hopes to make a further push into the huge US market. New products in its medical arm include a range of warming cabinets used in operating theatres and intensive care units. In addition, it has secured the worldwide rights to a new product for obstetric use. In an interview with Growth Company Investor, chief executive Nick Bettles said, 'We are pleased with our progress, particularly when set against a tough UK market.' Cash is strong at £1.6m, and Inditherm still sits on tax losses of almost £7m. We highlighted the shares at 3p In November, so the 46% gain since then is gratifying. On course for a small £100,000 pre-tax profit this year, this tiddler is one to watch.

http://www.growthcompany.co.uk/recommendations/2096103/inditherm.thtml

Singer Capital kept its "buy" stance on Vernalis (VER) ahead of its full year results release on 3rd April, forecasting revenues of 13.4 million pounds, and a net loss of 9.4 million pounds. The broker noted that since the end of the 2011 financial year, the pharmaceutical company has entering into a collaboration with US group Tris, giving it access to the cold and cough market

N+1 Brewin maintained its "buy" rating for JKX Oil & Gas (JKX) with a reduced target price of 192p, from 256p. The hydrocarbon explorer expects to begin production in Russia shortly and the broker expects it to reach full capacity by mid-year. However, Brewin warned the development in Ukraine may be delayed until the Russian site is fully operational. The broker forecasts production of 11,061 barrels of oil equivalent per day for the year ending 31st December 2012, rising to 12,400 boepd in 2013

Seymour Pierce retained its "buy" stance on Surgical Innovations (SUN) with a 14p target price. The medical device manufacturer performed in-line with the broker's forecasts for the year ended 31st December 2011, driven by continued order growth in the US compensating for a subdued European market. Seymour Pierce noted that the firm's new Pretzel-Flex laparoscopic retractor, launched in November, saw encouraging sales and the broker now expects the group to target the arthroscopy market.

Daniel Stewart reiterated its "buy" recommendation for Alkane Energy (ALK) with a 30p target price. The broker noted that TEG Group's (TEG) power plant in Perthshire has begun generating electricity, utilising equipment provided by Alkane. The products supplied to the plan accounted for 1.1 million pounds of the firm's 2011 revenues and the broker said that the successful commencement of operations demonstrates the technology's applicability. Alkane Energy shares advanced by 0.25p to 21.125p.

George Osborne is to tell the Indian government that its decision not to choose the BAE-backed Typhoon Euro¬fighter as its new strike plane is a mistake as the Typhoon is a more cost-effective option. In a trip to India this week, the Chancellor will say that the Eurofighter is superior militarily and is therefore a “better deal” for the country. Earlier this year, India announced that it had chosen France’s Dassault as the preferred bidder to fulfil the $11bn (£7bn) contract. Ian King, the chief executive of BAE has since said that it was consulting with its Eurofighter partners in Italy and Germany to see if cost reductions were possible, according to The Telegraph.

Diageo has instructed Goldman Sachs to close ongoing talks about taking a stake in Jose Cuervo, which will value the Mexican tequila brand in the region of $3bn (£1.88bn). However The Sunday Telegraph understands that despite Mr Walsh’s publicly stated desire to take a controlling share in Jose Cuervo, that now looks increasingly unlikely. Instead it is thought more likely that Diageo will be able to buy a minority share - in return for shares in Diageo - plus an agreement to renegotiate the deal in a few years time to permit an eventual route to control.

Compass is the world’s largest catering group, which also offers a range of support services such as facilities management. The business is defensive in turbulent times – and investors have continued to be rewarded since the financial crisis began. Last week’s first-half trading update was positive, but there was a cautious tone. However, Not only is there structural growth in Compass markets, but its model works in new markets, too. Although margins could be flat in the first half of the year, revenue growth is ahead of expectations and the company still expects to make full-year expectations. With the company usually giving conservative guidance, this is good news. The shares fell after the update because of the recent strong run and the fact that some investors were disappointed with the lack of upgrades. However, the business is healthy, growing and well managed. The shares are trading on a September 2012 earnings multiple of 15.3 times, falling to 13.9 next year. The prospective yield is 3.2%, rising to 3.5%. “The shares remain a buy at these levels,” Questor says.

Electrocomponents issued a reassuring trading update on Friday. Growth in the final quarter of last year was not quite as bad as it could have been. For the full year the electrical product distributor expects sales will grow by 7% to a record £1.2bn. Its international sales should rise by 9% and the UK by 3%. However, the rate of sales growth fell to just 1% in the final quarter of the year – a slowdown from 5% in the previous three months. The group saw strong sales growth in 2010 so comparisons are tough. However, sales are now 15% higher than they were before the financial crisis, which implies the company is grabbing market share. The shares are trading on a March 2012 earnings multiple of 13.2 times, falling to 13 next year. They are supported by their chunky 4.6% yield rising to 4.8% next year. “The rating on the shares is remains hold,” says The Sunday Telegraph´s Questor team.

AIM-listed Zambeef Products is perfectly positioned to benefit from Africa's growing wealth and could double profits this year.Last month, however, it received a nasty surprise when the Zambian tax authorities said it owed the equivalent of £6.7m relating to Zamanita, an edible oils business acquired in 2008. A new government was elected last September and reopened a tax dispute that Zambeef thought had been fully resolved earlier last year. Grogan and Irwin are held in high regard and are vigorously appealing against the tax authorities’ ruling, which most followers believe stems from a misunderstanding of past tax paid. A settlement is highly likely but even under the worst case scenario, Zambeef should not suffer unduly. In fact, the company is flourishing. Profits in the year to September 2012 are expected to almost double to £8.7m, rising a further 36% next year to nearly £12m. A dividend of 0.5p is forecast for this year, rising to 0.58p in 2013. “The shares are 37p, at which level they are undervalued. Africa is going through a period of rapid change and Zambia is at the forefront of that transformation. The shares might wobble while the tax issue is thrashed out, but this stock should make strides over the long term. Buy and be patient,” says the Financial Mail on Sunday´s Midas column

Stephen Hill, a Non-Executive Director of IG Group Holdings, the FTSE 250 spread-betting firm, has purchased 111,736 shares. Hill, who worked as the CEO of the Financial Times for Pearson between 1996 and 2002, bought the shares at 444.15p each for a total of £496,275. The purchase comes just a fortnight after the group admitted it has experienced a significant slowdown in sales growth during the third quarter, after the previous market volatility that had helped sales in the first half was alleviated.

After hour trades made to make your mouth water

We get a bit more clarity in The Telegraph from Questor who likes International Power, which has risen 45% since the last tip in August. The utilities group is now facing a serious bid from French giant GDF Suez for the 30% of the group it does not already own. The current bid is 390p, the shares sit at 406.5p, Questor thinks they may have further to go.

Drugs giant AstraZeneca has had a bad run of late so news that a US District Court has ruled that the formulation patent protecting its SEROQUEL XR blockbuster drug is valid will be most welcome. The US District Court for the District of New Jersey also ruled that a number of generic drugs makers have all infringed the SEROQUEL XR formulation patent. The SEROQUEL XR formulation patent expires in 2017.

Gary Smith, CEO and Chairman of Intandem Films, says: "We are delighted to be entering the distribution market at a time when the costs of distribution have come down and the number of platforms for exploiting films is increasing as a result of digital technology. The film industry is starting to benefit from innovations in the form of digital downloads and video on demand". "IFD places us in a strong position to exploit this technological revolution and take advantage of the opportunities for distributing films in the U.K. In addition, the appointment of Sepideh increases the opportunities to add more films to our portfolio from major producers in Los Angeles."

Peter Long, Chief Executive of TUI Travel PLC, commented "We are pleased with our Winter performance, particularly in the UK, where our focus on differentiated product and online distribution is resulting in us out-performing the market. "Summer 2012 volumes have improved in all key markets since our last update. We are pleased with the development of bookings and pricing in the UK, where we continue to out-perform the market and have a strong performance in online sales. "In addition, our business improvement programme is progressing according to plan. We remain confident that these self-help measures, coupled with our strategy, will help us to deliver in the current challenging macro-economic environment."

Pre-Close Trading Update Prior to entering its close period ahead of reporting its Interim results for the six months ending 31 March 2012 on 8 May 2012, TUI Travel PLC announces the following update on current trading. Highlights · Overall trading remains in line with our expectations. · UK Winter trading exceeding expectations: · Strong demand in the lates booking period. · Improved yields and load factors. · Out-performing the market. · Summer 2012 volumes have improved in all key markets since our last update. · UK Summer 2012 controlled distribution at 90% with online sales accounting for just under half of this. · Differentiated products continue to outperform the market in summer 2012: · UK 63% of bookings - up seven percentage points on prior year. · Nordics 78% of bookings - up five percentage points on prior year. · - Demand for North Africa remains weak, particularly in France. · Business improvement programme progressing to plan. · In A&D, Summer 2012 bookings are up 19% and sales up 32% versus the prior year.

http://www.investegate.co.uk/Article.aspx?id=201203290700223100A

TRADING UPDATE Imperial Tobacco Group PLC (Imperial Tobacco) confirms that the overall financial position and operational performance of the Group for the financial year to 30 September 2012 is in line with the Board's expectations. Following a first quarter impacted by various external factors, we delivered strong revenue and profit growth in the second quarter, improving our revenue and profit momentum as we enter the second half. First half reported tobacco net revenues* are expected to increase by around 3 per cent and reported stick equivalent volumes are expected to decline by around 4 per cent. Our performance reflects continued success across our key strategic brands Davidoff, Gauloises Blondes, West and JPS and our luxury Cuban cigar portfolio, complemented by fine cut tobacco gains and further smokeless growth. Imperial Tobacco expects to release its results for the half year ending 31 March 2012 on Tuesday 1 May.