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WPP (WPP) has agreed to take a majority stake in Russian internet and mobile marketing agency Promo Digital, for an undisclosed sum. The acquisition is in line with the media communications group's strategy of strengthening is digital marketing capabilities. For the year ended 31st December 2010, Promo digital reported revenues of 86 million rubles (1.7 million pounds) and gross assets of 63 million rubles (1.25 million pounds). The shares crashed 16.5p to 578p.

Wolseley (WOS) reported a pre-tax profit of 391 million pounds for the year ended 31st July, compared to a 328 million pound loss last year, with revenue growth of 3% to 13.6 billion pounds. The heating and plumbing group made five acquisitions in the USA and Denmark, while disposing of a number of non-core businesses. The company noted a 9% increase in like-for-like sales in its largest market, the USA, with improved margins as it put greater emphasis on showrooms, counter sales and private label products. Wolseley shares dropped 31p to 1,505p

Waterman (WTM) kept its "add" rating from Evolution Securities, with a 60p target price. The broker believes that the engineering consultancy has managed to turn itself around over the last six months, with revenue per head up and reduced costs. Full year revenues of 74.1 million pounds were ahead of Evolution's estimate of 72 million pounds, with adjusted pre-tax profits of 1.2 million pounds in-line with forecasts. Shares in Waterman rose 0.5p to 32.5p.

Fidessa Group Buy 04-Oct-11 £89,317.50 John Hamer 6,000 @ 1,488.63p

Arbuthnot Securities downgraded Patsystems (PTS) from "strong buy" to "neutral", with a reduced target price of 14p, from 30p. The decision comes after the trading software company issued its second profit warning in less than 12 months. The broker says that the group's current level of recurring revenue is not sufficient to protect it against earnings shocks. Arbuthnot notes that Patsystems plans to cut costs in order to focus on increasing the recurring revenue base. The shares sunk 0.5p to 11.75p.

Merchant Securities maintained its "buy" recommendation for oil and gas company Lochard Energy (LHD), with a target price of 22p. Seismic analysis uncovered around 74 million barrels of recoverable oil and 620 billion cubic feet of gas at the Thunderball prospect reports the broker, and notes that this is significantly more than the previously estimated 318bcf of gas. The group is now looking for a farm-in partner to develop the site and Merchant will look to reassess the value the company in anticipation of a successful farm-out. Lochard shares gained 0.125p to 12.25p.

Prime Focus London Sell 30-Sep-11 £629,999.99 Christopher Mills 1,800,000 @ 35.00p

Among brokers, Credit Suisse has upgraded its price target to 657p, retaining its 'outperform' stance for the next 12 months. Goldman Sachs looks higher, for 715p on the basis of consistent revenue growth, cash generation and low leverage. Company REFS shows the consensus at 'buy' especially after July's share price fall. At the current market price of about 515p, this implies about 30% upside in terms of fair value - if requiring a P/E multiple in the late teens, to match it. I would not be so hopeful in current markets but Compass's risk/reward profile does now look to weigh on the upside. So this is a useful sound share to bear in mind when the market is having bad days amid the debt crisis. Compass may not excite aggressive investors trying to seize the turn in more volatile shares such as cyclicals and miners - yet events are showing how easy it is, to end up bloody. For portfolio balance it is worth being aware of quality defensive shares and catering is a more ethical business than tobacco.

http://www.iii.co.uk/articles/19209/stock-watch-compass-group

Societe Generale upgrades Inchcape from sell to buy, target price raised from 270p to 315p.

Outlook The Group has returned to profitability over the financial year during a period when our markets have remained constrained by lack of significant investment by our clients. Historically, three quarters of the Group's revenue was generated from the property sector. This reliance on the property sector has created difficult trading conditions over the last three years as the sector suffered a severe and abrupt downturn. However, over the financial year we have seen a significant improvement in enquiries and secured projects in the commercial and residential markets and more recently we have witnessed renewed interest from clients involved in retail developments throughout the UK. We are continuing to diversify and have recruited a new Director of Technology Services in Australia following new commissions in the telecommunications sector. In addition, in June this year we appointed a new Managing Director of our Building Services business from within our existing team. He will be particularly focused on promoting our carbon and energy management credentials to clients. While there remains financial uncertainty both in the global economy and in the rate of recovery in many markets, I believe we are well positioned and have a highly regarded brand and employees which will enable us to succeed and take advantage of appropriate opportunities. On behalf of the Board, I would like to express our appreciation to all our clients and staff for their continued support. Roger Fidgen Chairman

Waterman returns to the black Date: Tuesday 04 Oct 2011 LONDON (ShareCast) - Engineering and environmental consultancy Waterman enjoyed a return to profit for the year ended 30 June 2011 as it continues to reposition the business in core markets and countries. Profit before tax for the year was £0.6m compared to a pre-tax loss of £5m. Adjusted profit rose to £1.2m from £1.1m before. Revenue fell to £74.1m from £83.2m. Chief executive Nick Taylor said these were robust results in a market, which is still constrained by lack of significant investment. "The implementation of our three point strategy will allow the business to sustain the current market environment. We have made significant progress towards repositioning the business in core markets and countries, which going forward will provide revenue growth," the engineer said in a company statement. The group introduced a three throng strategy including reducing costs, returning each business unit to profitability and delivering revenue growth. Net debt increased to £8.6m from £6.4m in 2010. The dividend payment has been slashed to 0.2p from 1.8p the year before "to allow for the continued investment in the business, resources and future workload." Taylor noted an improved performance in the second half with increased profitability and reduction in net debt following re-structuring.

http://www.investegate.co.uk/Article.aspx?id=201110040700134653P

Arbuthnot downgrades Patsystems from strong buy to neutral, target price cut from 30p to 14p.

Terry Stannard, Walker Greenbank's Chairman, said: "With an expanding international customer base and strong product offering we have delivered excellent first half results and increased our interim dividend to 0.20p per share. Whilst there is uncertainty in the global economic environment, we continue to trade ahead of last year and are achieving strong growth in export markets. We enter the autumn selling period with confidence of achieving another strong full year performance."

Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings Group whose brands include Sanderson, Morris & Co., Harlequin and Zoffany, is pleased to announce its interim results for the six month period ended 31 July 2011. Highlights · Half year revenue up 11% to £37.4m (2010: £33.7m), with all brands performing well · Strong revenue growth in export markets including Russia, Japan and China · Profit from operations (before exceptional gain in 2010) up14% to £2.35m (2010: £2.06m) · Profit before tax of £2.04m (2010: £2.31m), up 13% before exceptional gain in 2010 · Earnings per share of 2.61p (2010: 2.72p), up 26% before exceptional gain in 2010 · Interim dividend increased to 0.20p (2010: 0.15p)

http://www.investegate.co.uk/Article.aspx?id=201110040700174738P

Rumours swirl around Home Retail? Date: Tuesday 04 Oct 2011 LONDON (ShareCast) - The retail chain Home Retail is apparently again the subject of take-over talk. Amongst the possible suitors which are being bandied about are Wal-Mart or a US private equity fund, according to a report in Reuters which in turn cites The Times newspaper.

Autonomy passes over to Hewlett-Packard Date: Tuesday 04 Oct 2011 LONDON (ShareCast) - The controversial offer by US computing firm Hewlett-Packard (H-P) for UK data search software giant Autonomy has been declared wholly unconditional. The offer, which was made by H-P when now departed chief executive officer Leo Apotheker was at the helm of the company, valued Autonomy at roughly £7.1bn. While some pundits in the UK lamented the passing of control of another UK heavyweight company into overseas hands, many US pundits were equally critical of the deal, saying the price H-P paid was too high. Autonomy's own shareholders appeared not to agree. By the middle of September, only 41.62% of Autonomy's shareholders had accepted the £25.50 per share offer from Hewlett-Packard, despite it being more than £10 higher than the share price of Autonomy prior to the announcement of the H-P bid. However, with stock markets round the world going into free-fall, sclerotic Autonomy shareholders appear to have got their collective finger out in time to accept the H-P offer, which by the close of the offer on October 3rd had received acceptances in respect of 87.34% of the issued ordinary share capital of Autonomy. The offer will remain open for acceptance until further notice and at least 14 days' notice will be given of the closing of the offer. Autonomy shareholders who have not yet accepted the Offer are urged to do so immediately.

A long way to go but its a start