Smaller companies report: Weds close
A late revival among the blue-chips came too late to lift the index of smaller companies. At the close, the FTSE SmallCap index was 11.8 points lower at 3,619.7, while the FTSE 100 ended 15.7 points lower at 6,000.8.
Ringprop slumped 8p to 24p after the market absorbed details of its settlement with the administrators of collapsed supplier JL French which allows the group to take possession of all the finished stock, specialist tooling gear and work in progress for which it paid £137,000.
JL French, which is Ringprop's exclusive supplier, went into administration in February.
Shares in Jubilee Investment Trust shed 23% in value, with a 7p fall to 23p, on profit-taking after strong gains yesterday following Monday's news that the group's weekly net asset value (NAV) jumped to 56p from 28p, due to a rise in the share price of 02 Diesel one of Jubilee's assets.
UCM slipped 5p to 45p after the provider of speciality fused minerals disclosed a swing to full-year losses. The company experienced a marked contrast in the performance of its two divisions. The Zirconia business continued to grow successfully, but the Magnesia operation was hit by unprecedented cost increases.
Shares in Imagination Technologies shed 6½p at 60¼p after news of continuing full-year losses. However, the group said it expects its loss in the second half to be much less than the first half on revenues up 70% over the two periods.
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Also on the downside, Bioprogress shares dipped 2½p lower to 47½p after the specialty pharmaceutical company disclosed widening full-year losses but said it still expects to end the year profitably. Bridgewell Securities initiated coverage with an 'overweight' recommendation.
On the upside, AEC Education added 8p to close at 24½p after confirming it has received a tentative approach from a third party regarding a possible reverse takeover.
Readybuy leapt 2.75p to 4.25p following news of a proposed capital reorganisation and subscription. New investors are to inject £262,500 into the company, which is looking to make an IT acquisition in the defence or bio-chemistry sectors.
In-car infotainment systems company Centurion Electronics has secured contracts with a UK car producer for the development and supply of headrest screens for rear seat passengers. The shares accelerated 0.25p to 1.62p.
Oilex shares, 3¾p higher at 41p, says it expects drilling at Block 56 in Oman to begin in the first half of 2007. Oilex has a 25% stake in a consortium that holds the licence.
RAM Investment Group rose 12p to 44p after share buying by directors. Share buying by its managing director, pushed Cambridge Mineral Resources 0.75p higher at 5.62p.
Solid gains were scored in Laura Ashley, 2½p firmer at 19¼p after the fashion retailer produced better-than-expected full-year results and declared a dividend - a modest 0.5p - for the first time in eight years.
Seymour Pierce stepped up its current year pretax profit forecast for Laura Ashley to £7.7m, from £6.7m, and for the ensuing year to £8.8m.
However, the broker pointed out that the group continues to trade on a high rating, despite significant profit growth coming through, so it maintained a 'sell' recommendation on the stock.
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