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AUM Update Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialist asset management group, today provides its regular quarterly update of its unaudited statement of its Assets Under Management ("AUM"). Comment The Group has come to the end of an encouraging year. On the back of good performance and solid inflows Polar Capital has ended the year stronger and better placed than at the end of the previous twelve month period. We are pleased to report an increase of 53% in our AUM to over $3.87bn in the twelve month period to March 2011. This increase in AUM was achieved despite the closure of the Polar Capital Discovery Fund which accounted for a significant proportion of outflows in our hedge fund franchise over the reported periods. The Group continues to be confident that its strategy of growing its established funds to capacity and expanding its product range through both hiring and acquiring new teams will drive future AUM growth.

http://www.investegate.co.uk/Article.aspx?id=201104190700131390F

Canaccord Genuity maintained its "buy" rating for Polar Capital Holdings (POLR) with a decreased target price of 177p, down from 185p. Although the share price performance has been relatively lacklustre this year, the broker said the latest Assets Under Management (AUM) update demonstrates the improved strength of the group's distribution and potential for organic growth to continue. Wider equity markets permitting, Canaccord added, fund flows and performance fees should provide useful catalysts for the share price during calendar 2011. The shares were unmoved at 143.5p.

Singer Capital Markets moved its recommendation for Spirent Communications (SPT), the test and service management solutions group, from "fair value" to "buy" with a target price of 165p. Ahead of first quarter results next month, the broker said the firm remains a good way to play the growth in internet and broadband given the company is highly cash-generative, commands a leading market share, produces best in class operating margins and has a hefty cash pile. That said, Singer concluded that the shares looked undemanding for a "market-leading technology company currently enjoying structural growth". Shares in Spirent pushed down 2.1p to 133.1p.

Northland Capital Partners initiated coverage on WSP Group (WSH), the engineering and design consultancy, with a "underperform" rating and a 330p target price. The broker notes that, despite the group avoiding many of the issues experienced by its UK-listed peers, significant earnings growth could prove elusive in 2011 and 2012 given the backdrop of budget cuts and pricing pressure. With that said, Northland added, low revenue and order book visibility over the next 24 months mean the shares could find it difficult to perform. WSP shares fell 8.25p to 355.25p.

http://www.investegate.co.uk/Article.aspx?id=201104210700093051F

Write-downs turn Blackstar red Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Africa-focused investment firm Blackstar saw its total net assets take a dive in 2010 as the company took a bath on its investment in KMG Steel Service Centres. As a result of the losses and write downs in KMG, the group's net asset value attributable to equity holders declined from £101.7m at the end of 2009 to £90.2m at the end of 2010, resulting in a decline in net asset value (NAV) per share from 129p to 121p. The NAV reflects Blackstar's 45% holding in Litha Healthcare Group, using the equity accounting method. Had the investment in Litha been accounted for at fair value, this would have resulted in an additional gain of £24.5m and an increase in NAV of 33 pence per share on the current year's reported NAV. Revenue for the year ended 31 December 2010 amounted to £208.1m, of which KMG contributed £172.0m and the company’s investment in Ferro Industrial Products £36.1m. In 2009, revenue amounted to £154.2m, which included KMG's revenue of £124.7m for the ten months since acquisition and Ferro's revenue of £29.5m for the twelve months since acquisition. The two trading subsidiaries achieved gross profit of £30.3m, a gross profit margin of 15%, up 1% on the prior year's gross margin. Earnings before interest, tax, depreciation and amortisation rose to £11.1m in 2010 from £6.5m in 2009, but the group still made a net loss, largely as a result of impairments of goodwill and intangible assets totalling £11.7m. Loss before tax totalled £10.55m, versus a loss of £5.46m in 2009. The loss after tax attributable to equity holders of Blackstar widened to £11.1m from a loss of £2.5m in the prior year. Having announced a maiden dividend of 0.65p at the interim stage the board has proposed a final dividend top-up of 0.90p, taking the full year payment up to 1.55p.

http://www.investegate.co.uk/Article.aspx?id=201104210700113151F

Imagelinx loses major client By Benjamin Chiou Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Imagelinx, the graphic brand management provider, saw shares sink on Thursday after reporting that while earnings in the first quarter were ahead of expectations, the loss of a “significant” client will mean that full-year earnings will take a hit. US consumer products giant Procter & Gamble (P&G) – in charge of such well-known brands as Pringles and Ariel - took a ‘supplier review’ and have decided to terminate its contract with Imagelinx by next year. The group said that it will cease to supply its services to P&G over a twelve- to eighteen-month transitional period, during which the current work load will be wound down. “Although service levels will be maintained during this transition period, the company will be seeking to put in place substantial cost savings to mitigate the effect and maintain the longer term prospects of the company,” the statement said. ---

schlepper - I think I have to agree - very much undervalued here.

BATM acquires ethernet firm for $2.5m Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Telecoms equipment firm BATM Advanced Communications has bought Ethernet equipment group ANDA Networks for $2.5m in cash to bolster its ‘carrier-class’ Ethernet services. “ANDA has built an excellent reputation in a short space of time. Their product suite complements our existing technology and the combination will offer a unique set of carrier class products to our global customer base,” said chief executive Zvi Marom. ANDA has an installed base of over 30,000 systems platforms, primarily in the North America, provided to service providers, mobile operators and cable multiple system operators.

High gas oil prices a worry for ATH Date: Thursday 21 Apr 2011 LONDON (ShareCast) - ATH’s margins are under pressure due to higher gas oil prices, which have risen by 35% since October 2010. It also said it was suffering from “difficult geological conditions” at its Glenmuckloch mine in Scotland. ATH said it now expects to sell about 1.8m tonnes of coal for the year. “The impact of higher average selling prices is expected to maintain turnover in line with expectations,” the company said. Meanwhile, “Demand for ATH's products remains strong in a market buoyed by positive projected dynamics for coal prices and the board believes the steep rise in all energy commodities will only serve further to boost margins once the group is free of its legacy contract positions,” the firm said. --- RG

INTERIM MANAGEMENT STATEMENT Xaar plc ("Xaar" or "the Group"), the inkjet printing technology group headquartered in Cambridge, is providing an Interim Management Statement covering trading from 1 January 2011. Trading and margins for the first quarter of the year were in line with the Board's expectations. Demand for Platform 3 ("P3") products remains strong, driven by industrial and packaging markets. Sales were up on the same period last year but remain constrained by production capacity. The expansion at Huntingdon, announced in October 2010, is on schedule to deliver initial increases to output before the end of 2011, with completion before the end of 2012. Sales of Platform 1 ("P1") and other products have performed in line with expectations. The Group's balance sheet is strong with net cash at 31 March 2011 of £19.8 million (31 December 2010: £22.0 million). Since the announcement of 2010 results on 22 March 2011, we have continued to monitor the potential impact on the business of the disaster in Japan. Whilst uncertainties remain, all of our key suppliers have confirmed they will continue to meet our requirements.

http://www.investegate.co.uk/Article.aspx?id=201104210700113133F

Dragon Oil ups guidance after strong first quarter By Benjamin Chiou Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Dragon Oil’s average daily production rate jumped by 21% over the first quarter as the Turkmenistan-focused oil and gas producer expects to ramp up production over the full year. Gross field production in the three months to 31 March averaged 57,800 barrels of oil per day (bopd), up from 47,600bopd in the first quarter of 2010, following the “transition over to the 30-inch trunkline from the two 12-ince pipelines used before”, Dragon said. While maintaining its medium-term target of 10-15% production growth per annum between 2011 and 2013, the firm has now said it expects to produce 20% more in 2011. "Dragon Oil had a strong first quarter with a very solid production performance. A number of significant projects are being progressed this year to support our continued development of the Cheleken Contract Area, including two wellhead and production platforms and a gathering station,” said chief executive officer Abdul Jaleel Al Khalifa. During the period, the group sold 2.6m barrels of crude oil, a 30% increase on the volume achieved in 2010, while the realised crude oil price was 27% higher, averaging $95 a barrel, up from $75 a barrel. The group said three new wells were put into production during the quarter. The new production received positive feedback from Japanese broker Nomura, who raised its earnings forecasts by 7% per annum over 2011-15, and upped its target price from 755p to 765p. The broker kept its ‘buy’ rating, saying that “operational delivery [is] on track.”

bark - very true - the brokers etc are always worth reading when they post a forecast or target but they are by no means correct in their analysis all the time - about half are wrong and they are always re-evaluating which hides intial wrong declarations. They are worth reading to get the full picture of views though but one should never invest due to an analysists target alone..

Autonomy looks to cloud after record revenues Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Data search software firm Autonomy posted record earnings in the first quarter as it benefitted from the increasing popularity of cloud computing, a means of storing data remotely. Sales climbed by 13% from the same period a year ago to $220m (£134.5m), ahead of expectations of $216m. Pre-tax profits totalled $95m, against expectations of $90m. Cloud revenues rose by 17% to $52.7m. Autonomy says that committed revenues from cloud computing now amount to $390m. “We are excited by the fact that the transition to the cloud has continued apace, seen in the combination of growth in recognised cloud revenues of 17% and growth in new signings evident in the rising commit number,” said chief executive Mike Lynch. “The beneficial effects of customers choosing the cloud option include the longer term, contracted revenue streams which provide more predictable revenues and, ultimately, higher total revenues from each customer contract.”

I presume that at least part of reason that Next shares have rebounded so sharply is that traders were caught short so badly at the beginning of last month. But of course the reason for the rally is not as important as its existence and the way that on the current trajectory the stock should hit the top of a rising trend channel in place since the beginning of last month heading for 2,300p. The initial stop loss is an end of day close back below the blue 50 period moving average at 2,186p. So says Zak Mir, Chartist

William Hill (WMH) Things seems to be really moving as far as William Hill shares are concerned, as the gap to the upside this morning underlines. Indeed, one would suggest that while there is no end of day close back below the floor of today’s gap at 201p one would be looking for substantial upside after extended basing on the daily chart. At least initially the target is the 2 year price channel top towards 235p on a 4 - 6 week timeframe. So says Zak Mir, Chartist

GB Group raises outlook again Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Six months after its last profits guidance upgrade identity management specialist GB Group was at it again on Thursday, as it said full year figures will be better than expected. The main reason for its beat on profit has been the increased gross margins in its Data Solutions business. The firm also indicated that its Data Authentication business improved as the year progressed. In the year to end-March the group expects profits to come in ahead of market consensus, with a profit for the year, before interest, tax, exceptional costs and share-based payments of approximately £1.9m (2010: £1.3m). Market consensus is for profit before tax of £1.66m. Revenues are anticipated at circa £24.4m, an increase of 10% when compared to the same period last year (2010: £22.2m), and marginally ahead of market consensus of £24.3m. Net cash balances were £6.2 million at 31 March 2011 (2010: £5.7 million) after the payment of a dividend during the year of 1.2p per share (2010: 1.15p), amounting to £1.0 million, and investment in capital expenditure of £0.4 million (2010: £0.5 million). Richard Law, chief exeutive officer, has underlined the importance of differentiation to the firm’s strategy, as well as on-going investment in its product offering, as the critical elements of their strategy for continued organic growth. The company is confident of continued growth in the year ahead. As of 12:30 London time shares of GB Group were tradng at 38.25p, close to their 52-week high.