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Investec hold Autonomy Corporation, target price raised to 1850p from 1650p.

Citigroup reiterates hold on Qinetiq Group, target price cut to 120p from 130p.

UBS reiterates neutral on Halfords Group, target price raised to 380p from 350p.

Morgan Stanley reiterates equal weight on Daily Mail and General Trust, target price cut to 535p from 580p.

Silverdell improves cash flow, may declare dividend Date: Monday 06 Jun 2011 LONDON (ShareCast) - Hazardous waste disposal firm Silverdell has today published its results for the first half of the year up until the past 31st of March. At £27.9m group revenues fell slightly, by 5.6% on the year before, but they did grow on those for the second half of last year, by £0.8m in absolute terms. The above result reduction in profitability was the result of bad weather and of some customers deferring spending plans. The company, however, had already warned previously that first quarter performance had come in below expectations. Nontheless, Silverdell did see a strong recovery in sales in the second quarter of the year; managing to achieve a sequential growth rate in revenues of 24%, with strong growth continuing after the end of the period. Also worth calling attention to, first half gross margins improved to 27.6% from the previous period’s 25.0%, while profit before tax lept 87%, to £1.1m. More convincingly perhaps, the company’s cash flow from operations improved noticeably, to £1.1m, from -461,000 one year back. The firm’s level of gearing also came down a bit, by £1.9m lower to £3.9m. Yet perhaps the most noteworthy feature of the trading statement, if accurate, may prove to be Management’s assertion that, “We are confident that we are well positioned to benefit from compelling regulatory and legislative drivers in our marketplace (…).” Silverdell’s order book has grown to £67m, from £60m one year ago. Lastly, the firm’s board has announced that it is giving consideration, “to the possibility of the group initiating a progressive dividend policy in due course.” As of 15:04 PM shares of Silverdell are moving up by 2.8% to 13.75p.

http://www.investegate.co.uk/Article.aspx?id=201106060700078800H

DDD expects 45% rise in Q1 revenue, shares rise strongly Date: Monday 06 Jun 2011 LONDON (ShareCast) - DDD Group, the 3D solutions company, will this afternoon announce that first quarter revenues are expected to rise by 111%, to $975,000, versus the same period last year (excluding discontinued operations). In sequential terms the company estimates a 45% growth rate. The above thanks to a seemingly strong uptake by clients for some of its products. Shipments by TV chip manufacturers grew 475% over the first quarter of 2010 according to the company, even if growth in PC shipments was far less, at 5%. As for the latter, however, DDD has called attention to the fact that it has signed license agreements with 6 OEM PC manufacturers, and that several of these are expected to commence product shipments during the first half of 2011. Of possible interest as well, DDD says that it has also implemented the TriDef software on Texas Instrument's TI OMAP processors for Android smart phones and tablet PCs. Lastly, and as planned, DDD informs that it has continued to recruit new staff in key areas including PC software development and Android mobile software development. As of 11:37 AM London time shares of DDD are shooting up by 14.8%, to 35p, in London trading.

WS Atkins acquires Poyrys oil and gas business for €17.3m Date: Monday 06 Jun 2011 LONDON (ShareCast) - WS Atkins, the UK's largest engineering and design consultancy, announced this morning that it has acquired Pöyry's 130 people-strong oil and gas business debt free, for a cash consideration of €17.25m. According to the group’s chief executive, Keith Clarke, "This acquisition represents a step up in Atkins' ability to deliver process-led multi-disciplinary projects, adding to our traditional oil and gas consultancy and assurance services, on a worldwide scale." The company thus progresses in its stated strategy of growing skills in its Energy business, just as when last March it purchased the technical services Scotland group from RWE npower which added strength to Atkins' capability in power generation. As of 11:12 AM shares of Atkins are rising 0.1% to 812p in London trading.

http://www.investegate.co.uk/Article.aspx?id=201106060700118852H

http://www.investegate.co.uk/Article.aspx?id=201106060700118851H

http://www.investegate.co.uk/Article.aspx?id=201106060700078791H

Image Scan jumps after new orders Date: Monday 06 Jun 2011 LONDON (ShareCast) - Shares in Image Scan jumped after the security scanner group said it won £405,000 of contracts since releasing its interim results last month. It has received orders for 21 FlatScan portable x-ray screening systems, including nine from a new customer in the Middle East. It has sold its first devices for scanning mail to a Middle Eastern buyer. “These recent order wins continue to give the board confidence that the strategy adopted over the last two years of building a sales team selling standard security equipment whilst pursuing high value industrial opportunities, is likely to provide a stable platform from which the Company can develop its product range further and deliver sales growth,” said chief executive Louise George.

UBC Media annual losses widen Date: Monday 06 Jun 2011 LONDON (ShareCast) - Media content and services company UBC Media said pre-tax losses for the year widened and revenue slipped as its core customers, notably commercial and BBC radio stations, were affected by the global economic slowdown and by reductions in public service expenditure. Pre-tax loss widened to £794,000 for the year ended 31 March 2011 compared to a loss of £445,000 the year before. Revenue fell to £4.5m from £4.9m. Commenting on the results chairman Paul Pascoe noted, "The BBC is looking to cut its overall budgets by some 20% to match its 5-year licence-fee agreement reached this year with the Government." A major drain on UBC's profitability in the first half of the year was the integration of Above The Title, which it bought in February 2010. "Whilst we are disappointed not to have made greater progress in the period... we continue to believe it is appropriate to progress cautiously, particularly regarding acquisitions," it said.

Morgan Stanley reiterates overweight on Michael Page International, target price raised to 680p from 645p.

JP Morgan reiterates neutral on Northumbrian Water, target price raised to 345p from 340p.

UBS reiterates buy on Aegis Group, target price reiterated at 170p.

Revenue growth of 6%, a presence in several fast growing emerging markets, falling net debt and an increased dividend policy, for all of these reasons the Questor team at The Sunday Telegraph this weekend recommends that readers buy shares of WPP. These analysts also point out that since shares were tipped by them, on the past 4th of March of this year, they have fallen by 10% versus 2% for the FTSE. In their opinion the fall quite simply looks overdone. As well, they call attention to the fact that, “The shares are trading on a December 2011 earnings multiple of 11.5 times, falling to just 10.4 times next year, which looks cheap. The prospective yield is 2.8%, rising to 3.3% next year.”

Southern Cross in the intensive care unit? “Sources close to the UK’s largest care home group have revealed the company is working on a plan that could see it lose up to 180 of its 750 homes. The plan emerged after renewed criticism of former managers and owners who made millions from a company that is now close to collapse. Reports over the weekend suggested four former managers pocketed £35m by selling shares in the company at the top of the market. Former private equity owner Blackstone has also come under fire. It is estimated the company made £1bn from buying, growing and selling Southern Cross,” says the Telegraph on Sunday.

Anglo American´s board is not happy with the markets´ valuation of some of its assets. For that reason, “the FTSE 100 giant is considering selling a stake in a major iron ore mine in Brazil to prove the value of the company’s key assets. (…) By selling a minority stake of 25 to 49 per cent in Minas-Rio, Anglo can show, in effect, what the asset is worth. It is thought that Japanese commodities players have asked about purchasing the stake. Anglo is understood to be trying to decide whether it has impressed the market enough with its existing divestment programme. If not, Ms Carroll will press ahead with a stake sale. It is believed that Anglo’s regular advisers, UBS and Goldman Sachs, are considering the merits of the sale (…),” according to The Independent on Sunday.

Estimated earnings growth of 18% should be of the order this year and another 13% next year. I see progress in dividend payments to shareholders and am expecting a dividend yield on the recently seen share price of 1,019.5p of 2.8% for this year, 3.1% for next year. In other words estimated earnings of 75p this year and 88.5p next, amply cover the dividend estimates 28.7p and 32.5p as does the operating cash mentioned above. In short, at a share price of 1,019.5p last seen, a price to earnings ratio of 13.6 estimated for this year and falling to 11.5 times next year strikes me as good value. At 1,019.5p the shares are a BUY. Buy IMI (IMI) at 1,019.5p Says Robert Sutherland-Smith of UK350.com