LONDON (ShareCast) - Software maker AVEVA revealed an 11 per cent increase in full-year profit underpinned by strong demand at its Engineering and Design Systems unit and improved margins. Following the results analysts at Numis Securities reiterated their 'buy' recommendation on the shares, saying they are significantly undervalued.

Analysts at Numis Securities lifted their target price on convenience food producer Greencore to 320p per share from 209p previously on the back of the company’s interim results out last week. The broker highlighted the business win from M&S at the Northampton sandwich factory, which will add an initial £30m per year to the firm’s sales starting next year.

Ophir Energy said it failed to encounter significant hydrocarbon shows after drilling the Affanga Deep-1 well in the Gnodo block offshore Gabon. The well was drilled to a depth of 4,240m total vertical depth subsea (TVDSS). The well encountered thinner-than-expected sandstone sections with poor reservoir characteristics.

Genus has pulled out of a joint venture (JV) with Chinese pork processor Yunnan Shennong Agricultural Group (Shennong) due to tough market conditions. The partnership, first announced in February 2013, would have seen the FTSE 250-listed animal genetics company and its Chinese partner build and operate a 1,000-sow nucleus farm to support Shennong's expansion of its pig production operations.

The outlook for sugar and sweetener maker Tate & Lyle remains 'muted' following a challenging 2013/14, according to Davy Research which retained an 'underperform' rating on the stock. Ahead of the company's announcement of its results for the year-end March on May 29th, Davy said it expects adjusted profit before tax to total £323m, down from £327m the year before, in line with consensus forecasts.

AB

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