Smaller companies report: Friday close
UK SMALL caps managed to close firmer today, lifted from the doldrums by a strong afternoon rally across the broader market, with gains in Touchstone and 1st Dental Labs helping the market end in positive territory.
The FTSE Small Cap index was 3.3 points higher at 3,554.3, while the FTSE 100 index ended 52 points higher at 5,907.9.
Shares in 1st Dental Labs jumped 3p to 20½p after the group's chairman Andrew Garner acquired 55,000 shares in the company at 18p per share, lifting his stake to 2.22% of the company.
Touchstone chalked up a 22p gain at 157p after the software company said it anticipates its full-year revenues will exceed expectations. It also sees the year end order book significantly ahead of last year. IP Live also attracted interest, adding 5p to 65p on the back of a bullish update. Occupancy levels at Billy Elliot the Musical have been ahead of expectations.
And Medical Solutions edged up 0.75p to 8.87p following news that the company has appointed Nomura as its sole financial adviser and joint stockbroker, and Hichens Harrison as joint stockbroker.
T Clarke climbed 20½p to 263p as the electrical engineering and contracting company disclosed higher full-year profits and expressed confidence about the future.
Among the fallers, Conder Environment dropped 4¾p to 8½p after announcing that management accounts for its Service Division have been 'materially mis-stated', and that sales and profit have been overstated throughout the entire year.
As a result, the group will not meet market expectations. For the year ending 30 April 2006, the group is now expected to make a loss of about 400,000 stg on turnover of approximately £30m.
The session's major casualty was Ringprop, which crashed 29p - or 57% - to 21½p in the wake of Thursday's late warning that any meaningful sales in 2006 will be restricted by the company's decision today to delay the extension of its product range.
The marine engineer said its decision follows the announcement on 10 February that its sole aluminium propeller supplier, JL French (UK), had gone into administration. Future shares also came under pressure, sliding 7¾p to 41¾p on the back of a profits warning.
The international special-interest media group cautioned that recent market conditions have been more challenging, and are holding back prospects for the current financial year to September 2006.
Recent high-flier Waterman ran back 5½p to 156p on profit-taking as the engineering and environmental consultancy revealed a rise in first-half pretax profits to £2.01m from £1.84m.
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