Smaller companies report: Weds close
SHARES in UK small caps closed with strong gains led by an upbeat performance from Forbidden Technologies and Chromogenex. At the close of trade, the FTSE SmallCap index was 22.5 points higher at 3,396.9. The FTSE 100 closed up 42.7 points at 5,731.5.
Forbidden Technologies rose 7½p to 33½p as the video streaming and editing specialist revealed a strategic partnership with Tiscali, the internet and broadband company, through its distribution partner Simply Stream TV.
Aim-listed laser treatment company Chromogenex gained 2.13p to 9.5p after announcing its Chromolite hair removal system has been granted US marketing approval by the Food and Drug Administration. The FDA decision had been delayed and Chromogenex warned last month this would have an impact of its 2005 forecast.
Elsewhere, Systems Union rose 13½p to 151½p after the financial and performance management software provider revealed its performance to the end of December 2005 is in line with market expectations and ahead of the previous year. Sales in the pipeline are significantly ahead of last year, the company added.
Trafficmaster was also higher, rising 3¾p to 36¾p, following news that during a Ford special promotion - The Test Drive Week - all Ford Fiestas and Ford Focus STs will come with Smartnav, an advanced satellite navigation system by Trafficmaster.
Still among the risers, TXO was boosted by news that chief executive Mike Chandler has acquired a further 100,000 shares in the company. TXO also said finance director Andrew Glendinning has acquired 50,000 shares. TXO was up 1¾p at 12½p.
Delling ticked up 2¾p to 14¼p as the Aim-listed marketing support services group revealed it is to acquire n3prenor, a private Swedish document production company for £1.6m.
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On the downside, IT company Vividas fell 6p to 48½p on the back of a cautious trading update. It believes a result for the year to 30 June 2006 in line with market expectations remains achievable, but it will be challenging.
Geoffrey Hamilton-Jones, chief executive and a director since Vividas floated on Aim last March, is to resign.
Innovata softened 1p to 24½p as it ended talks with SkyePharma over a 'share exchange merger'. Innovata's larger rival is discussing cash offers with other parties interested in the business as a whole.
Innovata made an unsolicited approach for troubled SkyePharma last November and, while it did not reveal any details, it was thought to be interested in buying parts of the drug maker, which had effectively put itself up for sale.
Meanwhile, annual results from Innovata show pretax losses narrowing to £8.9m from £10.9m following the acquisition of Quadrant last year, which almost doubled the size of the business, and the receipt of several large milestone payments.
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