Recruitment consultant Michael Page (MPI) slips 4.7% to 447.2p after reporting an 11.3% drop in pre-tax profit before one-off items. The stock has rallied since July, leaving the group trading on a very high – and unjustified – rating. It is therefore no surprise to see the shares retreat as the consultant warns of continued tough market conditions.
Fellow North Sea operator Ithaca Energy (IAE:AIM) falls 2.3% to 116.3p after guiding for full-year production to be at the bottom end of 14,000-16,000 barrels of oil equivalent per day expectations. On a brighter note, the production added through the completed acquisition of Valiant Petroleum supported a 300% increase in cashflows in the second quarter to $65 million. We reviewed Ithaca's future potential as a cash cow here.
The market likes interim results from life insurer Resolution (RSL), the shares rising 4.3% to 337.8p. The company reported taxable profits of £191 million, up from £163 million a year earlier. Analysts expressed concerns earlier this year that cash was getting tight to maintain dividends. Resolution today says it will repeat last year's 7.05p shareholder payout, adding that dividends will start to rise once sustainable cash generation meets its £400 million per year distributable cash target.
Pharmaceutical giant GlaxoSmithKline (GSK) advances 1.4% to £16.88 after securing US approval for its Tivicay HIV-1 treatment. The drug was developed by ViiV Healthcare, a joint venture backed by Pfizer (PFE: NYSE) and Shionogi (4507: T). This is one of Glaxo's product approvals that we highlighted at the start of the year.
Contract delays and market disruptions have knocked Waterlogic (WTL:AIM) off course, sending its shares down 14.3% to 143.5p. This year was meant to have been the tipping point for its consumer division products as several large companies begin selling the goods. Yet its partners have once again disappointed with the pace of product roll-out, leaving Waterlogic to forecast $2 million sales for the division, well below analyst expectations of $8 million.
Education technology export Tribal (TRB) advances 3.6% to 207.75p as interim results impress the market. It has won an important new contract in Canada and raised the dividend by 25% to reflect its confidence in future trading. The share price has increased by 137% since we featured Tribal as a Play of the Week in Shares (see 12 July 2012 issue). Our bullish stance remains unchanged.
Synthomer (SYNT) slips 0.9% to 204.1p after the specialty chemicals outfit reveals that pre-tax profit fell 10.3% to £48.6 million in its first-half period. Robust growth in Asia and the rest of the world failed to offset weak ongoing demand in Europe and this is a trend that is expected to continue into the second half. We said in last week's Shares that any price weakness following publication of the interims would present a buying opportunity.
Drug discovery and development specialist ImmuPharma (IMM: AIM) dips 2% to 47.5p as investors voice their frustration over a lack of new information on its cancer programme. An update concludes that the trial to discover an optimal dose is progressing according to protocol and that the interim results of the trial will be announced in the near future.
South East Asian oil & gas firm Coastal Energy (CEO:AIM) slips 0.95% to 936p as second-quarter results reveal a 31% year-on-year decline in revenues to $126.3 million. Alongside the numbers management highlight planned efforts to explore the remaining asset base. Read our thoughts on Coastal's forward programme here.
Minnow oil explorer Wessex Petroleum (WSX:AIM) falls 1.7% to 0.71p despite announcing the final well in a four-well programme on the Guyane Maritime Permit offshore French Guiana has commenced drilling. Wessex has a 1.25% stake in the prospect.
It looks like enterprise resource planning software supplier Sanderson (SND:AIM) has paid a rock-bottom price (maximum £645,000) to bulk up its retail multi-channel e-commerce arm. Catan Marketing looks a neat fit and is profitable, helping to push up Sanderson's share price 0.5p to 49.5p. Despite its scale challenges, Shares has been a long-run fan of the £21.5 million cap, flagging its attractions way back in February last year at 40p (see page 8 of PDF) and again just last week in our Britain's Got Talent series.
Customer service and payments specialist Eckoh (ECK:AIM) wins its first customer under its recently unveiled payments partnership with Capita Customer Management. But zero financial detail suggest it will need many more to move the needle, the shares nudging 2.7% higher to 23.88p.
A £2.1 million fund raising sees investors unplug from cloud customer relationship management minnow Synety (SNTY:AIM). The cash call pitched at 150p is designed to bulk up sales and marketing but it is being done on a massive 35% discount to the previous 230p share price. The shares tumble 23% to 175p. Half-year revenues of £194,000 don't exactly excite, either.