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http://www.investegate.co.uk/Article.aspx?id=201109060700116701N

Flat half year for Total Produce Date: Tuesday 06 Sep 2011 LONDON (ShareCast) - Fresh food provider Total Produce saw virtually no change in its half year results with revenue and pre-tax profit remaining stable. Revenues rose just 1% from €1.2m to €1.21m resulting in no movement for the pre-tax profit, which remained at £21.7m. Chairman Carl McCann, said: "Total Produce has delivered a solid performance for the first half of 2011 with an increase of 2% in adjusted earnings per share to 4.20 cent per share despite the temporarily difficult trading conditions in certain markets within Continental Europe. "We are also pleased to report that Total Produce has concluded a number of bolt-on acquisitions since the end of the half year for a total investment of €14m." Based on current trading conditions the group continues to target adjusted earnings per share in the range of 6.5 cent to 7.5 cents per share for the full year. The group continues to actively pursue further investment opportunities in both new and existing markets, the company added. The group's cash flow for the twelve months ending 30 June totalled to €29m. Reflecting the pattern of the results, the board has decided to retain the same level of dividend at 0.54 cent per share. The share price was down 1.47% to 33.5p at 14:58.

Numis upgrades Fenner from add to buy, target price unchanged at 455p.

Panmure Gordon downgrades SQS Group from buy to hold, target price cut from 270p to 240p.

Investec initiates buy on May Gurney Integrated Services, target price 300p.

Numis upgrades Howden Joinery from add to buy, target price unchanged at 125p.

Liberum Capital upgrades Marks and Spencer from sell to hold, target price cut from 350p to 320p.

Liberum Capital downgrades Next from hold to sell, target price raised from 2020p to 2250p.

Hydrogen issued a strong set of numbers yesterday, says the Investment Column in the Independent. The specialist recruiter booked GBP80m in revenues in the six months to the end of June, up 45 per cent on the year, with GBP15.1m in net fee income, the key industry metric. The latter, up 14 per cent on 2010, is almost back to the levels seen before the economic slump. Looking ahead, the outlook for the world economy is not encouraging. That bodes ill for labour market trends in mature economies like the UK. But Hydrogen has an ace up its sleeve. It has been investing in its international operations, and opened an office in Hong Kong in April. Adding to the attraction is the fact that, despite making sensible investments in its business and posting higher profits, the stock trades on multiples of less than 10 times forward earnings for this year, falling to under eight times on the estimates for next year, according FinnCap. The Independent says buy.

Britvic‘s share price has fallen sharply in recent weeks from a 2011 peak of around 440p, says the Scotsman. It has been a rotten summer in Europe and this has persuaded quite a marked reassessment of earnings prospects for the full year. The cold weather in June saw the soft drinks market fall over 8 per cent in the UK and 13 per cent in Ireland but the current rating seems to recognise the seasonal challenges but overlook the operational efficiencies and revenue generation capacity of this group. Buy, recommends the Scotsman.

Mr Pidgley, Berkeley‘s chairman, told its annual meeting yesterday of forward sales in excess of GBP850 million, up from GBP813 million in April and GBP648 million a year before that, notes the Tempus column in the Times. As I wrote on Saturday in a review of the sector, the builders’ problem is a lack of sites in areas where people want to live. This is not Berkeley’s problem. Analysts were upgrading profit expectations for the current year, Numis Securities moving from GBP161.6 million to GBP181 million pre-tax. Some wonder if Mr Pidgley might accelerate or even increase that special dividend programme. Berkeley shares, up 57p at GBP12.35.5, are the most highly rated in the sector and sell on about 12 times’ this year’s earnings. They may be set for a rest for now, but progress longer-term seems likely, says the Times.

Long before the pub group’s demerger at the start of August, the City had largely labelled the managed operation Spirit Pub Company as a far more attractive proposition than the leased pub group Punch Taverns, says the Investment Column in the Independent. The maiden results from the two de-merged companies last week did little to dispel this view, with Spirit continuing to buck the economic downturn and Punch posting a 5 per cent fall in gross profits. As Spirit focuses its expansion on its Chef & Brewer, Fayre & Square and Flaming Grill brands, it has already started the conversion of up to 100 leased pubs to its better-performing managed outlets. We see this programme as vital to continued growth, as the model of directly managing pubs proved to be a winner during and after the last recession. However, with Spirit trading on an undemanding forward earnings multiple of 6.4, we think that without its struggling sister the managed group is one to watch. Buy, suggests the Independent.

"Geocortex Essentials helps organisations increase their return on investment with Esri web mapping technology," explains Steven Myhill-Jones, President and CEO of Latitude Geographics, "and we believe 1Spatial is extremely well-suited to represent and help organisations in the UK and Ireland successfully implement our technology." Mark Plews, General Manager, 1Spatial UK and Europe Sales added: "1Spatial has always been focussed on increasing business efficiency through automation. Geocortex Essentials, with its innovative approach, particularly the use of workflow, is a natural extension to this capability and recognises that many of our customers wish to get more from their investment in ArcGIS Server. We are delighted to be working with Latitude Geographics."

1Spatial becomes the UK and Ireland distributor for Geocortex 1Spatial, a holding company focused on improving the quality and access to business critical location-data across the globe, has been appointed as UK and Ireland distributor for Latitude Geographics and is pleased to offer Geocortex Essentials to organisations who want to get more from their investment in ArcGIS Server. Geocortex Essentials provides a framework of highly functional web mapping components designed to fast-track the development of ArcGIS Server based applications. The powerful integration capabilities and use of workflow technology allow organisations to realise their vision for GIS by providing highly efficient, business function specific applications, whilst minimising development effort. Geocortex Essentials includes: · Ready-to-use map viewers offering extensive additional capabilities · Workflow technology that reduces development effort and streamlines user interactions · A unique Spatial Application Infrastructure approach that delivers multiple web applications designed to accommodate inevitable technology change over time

http://www.investegate.co.uk/Article.aspx?id=201109060700136618N

mannam - howdy - yes it can get lonely on these boards sometimes lol - hope all is well with you

EMIS pushing forward 02/09/2011 Ben Jaglom GP software supplier EMIS Group (EMIS) has continued its expansion across the UK, growing pre-tax profits by 31 per cent. The AIM 50 constituent reported profits of £10.2 million on sales of £35.5 million for the six months to June. Net cash increased by £2.3 million to £12.8 million while the interim dividend rose from 5.6p to 6.2p. EMIS noted that it had 53.4 per cent of the UK GP software market with 5,506 sites adding that it now hold 31 per cent of the high street pharmacy software market. The group remarked that it had managed to grow in Scotland with 117 GP practices deployed over the period in the region. Revenues from Rx Systems, the software services concern acquired last year for £10 million were also included. In an interview with Growth Company Investor chief executive Sean Ridddell enthused that the government strategy of removing primary care trusts 'plays strongly into EMIS Web' noting that 1,130 practices have ordered upgrades of the software. Looking forward Riddell pointed to further roll out in Scotland and the continued integration of Rx Systems as goals for the business. Analysts at Evolution Securities are forecasting pre-tax profits of £20.3 million (EPS: 22.4p) on sales of £74.1 million for the year to December 2011. In 2012 profits of £22.6 million (EPS: 24.2p) on turnover of £80.1 million. Recommended by Growth Company Investor last May at 377.5p and subsequently this July at 539.75p the shares currently trade at 547.5p. With some considerable growth across its key markets and with plans to benefit from proposed coalition reforms to the NHS the company represents a suitable long-term investment. Long-term buy

ServicePower HOLD 01/09/2011 Ben Jaglom Outsourced service and field management specialist ServicePower (SVR) has reported a 35% decline in sales amidst what it called a 'transformational' period. The Stockport-headquartered business reported pre-tax profits of £900,000 (2010: £700,000) on revenue of £6.5m (2010: £10m) for the six months to June. A cash position of £3.8m was also declared (2010: £3.4m.) The plummet in sales came about due to a shrinking in revenue in its service operations division, which saw sales fall from £7m to £1.7m due to what ServicePower said was the 'removal of low margin business in the UK in the second half of the prior year.' However its service scheduling division, which help businesses book and manage appointments and which includes a GPS system to help companies find its customers saw revenue climb from £3m to £4.8m. In an interview with Growth Company Investor chief executive officer Mark Duffin enthused that ServicePower was 'very lucky' as it provides 'products that save costs and allow our customers to reduce the number of people they employ' adding that 'key win' over the period included an agreement to provide home emergency specialist Homeserve with the software to dispatch jobs and take payment from claims for two years. Analysts at house broker finnCap are forecasting pre-tax profits of £800,000 for the year to December 2011 (EPS: 0.4p) on sales of £12.3m. In 2012 profits of £1.2m (EPS: 0.6p) are penciled in. Last recommended by Growth Company Investor this June at 9.75p the shares currently trade at 9.63p. A company that has experienced a considerable change in direction as it moves away from its service operations division, it has bolstered its forward order book with a number of contract wins. The shares look fairly valued at the current price with some moderate growth prospects. Hold.

Bioquell LONG-TERM BUY 02/09/2011 Miles Nolan Against low comparatives, bio-decontamination specialist Bioqeull (BQE) has quadrupled its pre-tax profits to £2m in the first half of 2011. Based around hydrogen peroxide vapour Bioquell has developed a patent-protected system which eradicates bacteria and viruses at room temperature. The system is used by biotechnology institutions as well as hospitals as they fight to eliminate potentially life threatening 'superbugs'. In the six months to June sales increased 11% to £20m, with the bio-decontamination arm hoisting its revenues 13% to £13.4m. Bioquell enjoyed higher demand for its kit in the UK and overseas, indeed it recently secured a $1m contract from China to use its products in research laboratories. As bio-pharmaceutical companies continue to seek sterile facilities Bioquell should be well placed to win new business, particularly in light of pressure to stop using the human carcinogen formaldehyde to sterilise facilities. Growth in the US healthcare market has proved sluggish, however interest from developing countries is on the up. Bioquell also owns TRaC, a testing and regulatory services firm that enjoyed a 8% hike in sales to £6.6m. It recently launched a new division branded as Early Stage Qualification (ESQ), this is to provide clients with advice on how best to design their products to comply with regulation. House broker Investec predicts full-year pre-tax profits of £5.2m and EPS of 8.1p. Chief executive Nick Adams quips that Bioquell plans 'global domination' - an ambitious aim but its technology is certainly gaining traction. With net cash of £4.6m, and peers to TRaC selling for up to twice annual revenues Bioquell has an attractive niche and looks undervalued. Long-term buy.

Biome Technologies ADD 02/09/2011 Robert Tyerman Bioplastics and optical fibre furnaces concern Biome Technologies (BIOM) is on track for operating profits next year after slashing interim losses. At the pre-tax level, the Southampton-based company, which changed its name from Stanelco last year when bioplastics became its new core business, turned a £1.7m loss into a £100,000 profit in the six months to June, thanks to foreign exchange gain and a Value Added Tax reclaim, on turnover 55% ahead to £10.4m. Chief executive Paul Mines says AIM-quoted Biome's potato starch and cellulose-based bioplastics, whose 'energy-saving' uses range from agriculture, horticulture, packaging, strimmer cords, electronic cases and coffee cup lids, is facing growing markets at home and in Europe, the Americas and Asia, helped in the USA and elsewhere by legislation. This side of the company's business lifted sales 49% to £8.6m in the first half year, with the UK showing growth of 131%, while Stanelco RF Technologies almost doubled sales to £1.9m in the same period, reflecting what the company describes as a 'resurgence of its position as a leading manufacturer of optical fibre furnaces.' Mines stresses that Biome has £3.5m in the bank and £2m debt facilities. Highlighted by Growth Company Investor at a depressed 0.14p last year, the shares, which traded above 4p 11 years ago, now change hands at 21p and could go further in the medium term.