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Halfords (HFD), the car parts to bicycles retailer, cut its profit guidance for the second time in three months and warned that it would not meet the earnings objectives from its 73 million pounds purchase of Nationwide Autocentres within the next three years. David Wild, chief executive, said pre-tax profit in the year to 1st April 2011 would be between 124 million pounds and 127 million pounds. The news came as Halfords also revealed that it would buy back 75 million pounds of shares. The shares declined 18.7p to 349.9p.

Autonomy Corporation (AU.), the provider of infrastructure software for the enterprise, announced that a "major" global bank based out of the US has placed a multi-million dollar order for its compliance solutions. The agreement has an expected value of approximately 22 million dollars (13 million pounds) over the next few years. Shares in Autonomy, whose customer base is comprised of more than 20,000 global companies, law firms and federal agencies, slipped 1p to 1,594p.

With a spread 45 - 55, there wont be much trading until that narrows!

Arbuthnot maintained its "strong buy" recommendation for Prologic (PGC), a provider of software, services and consultancy to the fashion and lifestyle sector, with a 82p target price. Despite the group's year-end trading update suggesting both pre-tax profits and revenues will be less than it had forecasted, the broker said it was encouraged that the firm has remained profitable through the recession. Furthermore, with its "strong software offering" being boosted by significant new releases, Arbuthnot thinks the business is "well-placed to benefit as and when its customers gain confidence to press ahead with investment. Prologic shares lost 2.5p to 50p.

Canaccord Genuity reiterated its "buy" rating for YouGov (YOU), the market research agency, with a 60p target price. The broker notes that the group posted in-line with consensus expectations interims with a 27% increase in revenues to 27 million pounds and a 57% jump in adjusted EBITDA to 2.2 million pounds. This, Canaccord said, suggests the group remains on track to make "significant progress" in the current financial year as part of an "ongoing turnaround trajectory." Shares in YouGov pushed up 0.5p to 53p.

Singer Capital Markets issued a "fair value" rating for Marks & Spencer (MKS) with an increased target price of 344p, up from 330p. In light of yesterday's trading statement, in which the retailer reported better-than-feared quarterly sales, the broker has upgraded its pre-tax profit forecast for financial years 2011 and 2012 by 2.8% and 1.1%, respectively. However, given the prospect of further tough trading conditions, Singer believes the shares could give up some of yesterday's bounce in the run up to preliminary results. The shares moved down 3.7p to 356.9p.

Full year at Carclo 'in line', debt higher Date: Thursday 07 Apr 2011 LONDON (ShareCast) - Carclo shares were off the mark after the technology-led plastics firm revealed that debt at the end of the year will be higher than originally expected, as a result of increased investment in its ‘Conductive Inkjet Technology’. Nevertheless, the group said that it traded in line with expectations for the year ended 31 March. Technical Plastics, which accounts for two-thirds of revenues, has enjoyed a good end to the year, with operating profits more than 10% ahead of the prior year. The other division, Precision Products, delivered a stronger performance in the second half, and its aerospace business will also show improved profitability.

http://www.investegate.co.uk/Article.aspx?id=201104070700064597E

Late Easter impedes March volumes at Aer Lingus Date: Thursday 07 Apr 2011 LONDON (ShareCast) - Passenger volumes continue to drop at Irish airline Aer Lingus, with figures showing an 8.4% year-on-year fall in March. The group said that a late Easter holiday period (late April) affected the number of booked passengers last month. In 2010, Easter fell in late March. However, the rate of decline has slowed from the preceding two months of February and January, which saw falls of 13.6% and 17%, respectively. The airline has flown 1.84m passengers over the first quarter of the year, 12.7% lower than the 2.11m flown in the same period of 2010. The load factor, a measure of how well an airline fills its planes, fell 3.7% in March to 72.2%, from 75.9% previously.

Investors in Misys might have been excused a slight crisis of faith after the company suffered a shaky second quarter, with the shares retreating as key contracts were delayed. But a quarter on, and the software firm’s world view has improved. The weak valuation – Jefferies puts the stock on 13 times forward earnings for 2012, leaving it at a 3% discount to peers – only adds to the attraction, as Misys deserves to trade on a premium. Buy, says the Independent

LSL Property Services embraces most aspects of the residential property market. These include surveying and valuation services, estate agency and letting via a chain of high street branches. The group’s confidence in the future was exemplified by a 56 per cent increase in the total dividend. LSL looks a good example of a fashionable company in a very unfashionable sector that could well repay patience. The Scotsman says buy.

Prezzo appears to be doing rather well. Yesterday’s results showed a 37% rise in full-year pre-tax profits, beating market hopes and boosting the restaurant chain’s shares. At 13.1 times forward earnings for this year, falling to 11.7 times on the estimates for next year, the Independent thinks Prezzo remains affordable, not least because of the fact that it offers some of the strongest prospects in a sector that is facing myriad challenges. Buy, the newspaper says.

PERIOD END TRADING UPDATE: YEAR TO 31ST MARCH 2011 Endace Limited ("Endace") (LSE/AIM: EDA), a world leader in high-speed network security, packet capture and analysis, provides an update on trading for the year ended 31 March 2011 ("FY11"). Endace is pleased to report a strong performance and good levels of growth for the year across all geographies and key verticals it serves. As a result, both revenues and profit for the year are materially above earlier expectations with revenue at approximately US$38.4 million (FY10: US$31m) and profit before tax, adjusted for share option costs, at approximately US$2.9 million (FY10: US$0.4m). The company's cash position strengthened significantly during the year, closing at US$6.4 million at 31 March 2011 (FY10: US$1.8m), principally due to a strong focus on collection. Revenues from Card and System sales increased by approximately 28% from FY10 to FY11, and recurring revenues increased by approximately 53%. The profit before tax, adjusted for share options, of US$2.9 million is stated after providing for US$370,000 of payments made to Endace's prior US-based Accounting & Tax consultants and intended for forwarding to the US tax authorities. These payments were not forwarded and Endace is seeking full recovery. An agreement for repayment of these funds is in the process of being finalised, but at this stage Endace considers a full provision appropriate.

http://www.investegate.co.uk/Article.aspx?id=201104070700074620E

Endace eyes FY ahead of forecasts Date: Thursday 07 Apr 2011 LONDON (ShareCast) - Auckland based network security firm Endace expects full year results to come in 'materially above expectations' after growth across all geographies. The group said both revenues and profit for the year are materially above earlier expectations with revenue at around US$38.4m compared to US$31m in 2010 and profit before tax, adjusted for share option costs, of US$2.9m, up from US$0.4m. Endace also said its cash position strengthened significantly during the year, closing at US$6.4m at 31 March 2011 from US$1.8m in 2010. Revenues from Card and System sales increased by 28% from 2010 to 2011 and recurring revenues increased by 53%. CEO Mike Riley commented, "Endace's momentum accelerated as the year progressed, benefiting from our investment last year in the resources to drive growth, including in particular strengthened sales teams in the USA and EMEA and important new product introductions." CJ

http://www.investegate.co.uk/Article.aspx?id=20110407070000P33DB

Mondi to demerge S. African packaging arm Date: Thursday 07 Apr 2011 LONDON (ShareCast) - Paper and packaging firm Mondi is to hive off its South African packaging business. Mondi will demerge Mondi Packaging South Africa (MPSA) as it believes MPSA’s future growth plans, especially with regard to its rigid plastics business, are constrained by the Mondi Group's differing strategic focus. “MPSA is unique within the group as no other part of Mondi produces rigid plastics or carton board and therefore the board felt that MPSA would be best placed to take advantage of the considerable opportunities available to it as an independent entity," explained David Hathorn, chief executive officer of Mondi. MPSA’s shares will be listed n the Johannesburg Stock Exchange (JSE) under a new name. The parent company’s shares are listed on both JSE (as Mondi Limited) and the London Stock Exchange (as Mondi plc). As part of the proposed demerger, Mondi Group intends to undertake a "matching action" by way of a share consolidation of Mondi Limited ordinary shares. So far as possible, the matching action will seek to ensure that the effect of demerging MPSA will have “an equivalent but not necessarily identical economic effect” on Mondi Limited and Mondi plc shareholders. The outcome of the proposed demerger may have a material effect on the price of Mondi Group's securities, the group warned. “Accordingly, shareholders are advised to exercise caution when dealing in their Mondi Group shares until a further announcement is made.” --- jh

Ian Mason, Group Chief Executive, commented: "I am pleased to report that the Group's sales growth has remained strong during the final quarter of the year with sales growing by around 17% and both our International and UK businesses delivering double digit sales growth. Today around 70% of the Group's revenues are from our International business which positions us ideally to benefit from the long term structural growth opportunities in our markets with improving margins through operating cost leverage."

ELECTROCOMPONENTS PLC Trading update: Year ended 31 March 2011 Electrocomponents plc, the leading international high service distributor, has today issued a trading update for the year ended 31 March 2011, ahead of the announcement of preliminary results on 27 May 2011. Since the Group's Interim Management Statement on 4 February 2011 sales growth has remained strong despite more demanding comparatives. In the quarter ended 31 March 2011 Group sales grew by around 17% with the International business growing by around 20% and the UK by around 10%. Within the International business Europe sales grew by around 21%, North America by around 22% and Asia Pacific by around 15%. Our Electronics offer continues to be our strongest performing category. eCommerce revenue grew by around 34% and now represents around 53% of Group sales, up from 46% a year ago. Our business in Japan was not directly impacted by the earthquake in mid March and our team has worked hard and continued to operate the business and meet our customers' and suppliers' needs. Since then sales in Japan, which represent around 3% of the Group, have been at similar levels to the previous year. The Group's gross margin for the quarter ended 31 March 2011 has been in line with the first nine months of the financial year. For the full year ended 31 March 2011 sales will be in excess of £1bn for the first time in the Group's history and significant operating cost leverage will be delivered. We are continuing to invest in driving the growth in our business and we anticipate that profit before tax for the full year will be marginally above our previous expectations.

http://www.investegate.co.uk/Article.aspx?id=201104070700054547E