STOCKS NEWS EUROPE-UK small caps up 0.2 percent at close

Fri Jan 11, 2013 11:40am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

The FTSE Small Caps index close 0.2 percent higher, with the mid caps up 0.5 percent, and the blue chips ahead 0.3 percent.

Centaur Media gains 2.6 percent as the business information, events and marketing services group says it expects to report results in line with the board's expectations, with reported revenues 14 percent ahead of the same period last year and EBITDA margins up to 10 percent from 6 percent.

"We are reassured by this morning's statement and expect further revenue and margin progress and robust cash generation to drive attractive medium term EPS and dividend growth," Westhouse Securities says in a note, repeating its "add" rating and 55 pence target price on Centaur Media.

Mecom Group adds 8.3 percent as the European media group says its full-year results are expected to be in line with guidance already given, and adds expressions of interest have been received for its entire Danish operations, while in Poland, the group has also received a number of offers for its operations.

"All in a solid trading update and no surprise on outlook. We are unlikely to materially amend next years numbers given the cautious outlook but may need to tweak the revenue/margin mix a little further at time of FY results. Update on the strategic review a positive. Shares remain very cheap, we reiterate our Buy and blended multiples based target of 142 pence," Numis Securities says in a note.

Orosur Mining sheds 11.7 percent after the South American focused gold producer and explorer posts second-quarter results showing production was at the lower end of the expected range at 14koz (thousand ounces), and overall 2Q costs came in at $1,215 per ounce, against a target of US$1,100.

"Clearly our current forecast for the FY12/13 which is based on a production of 65.8koz at an average operating cost of US$975/oz (and our target price) will need adjusting based on the new cost guidance," Seymour Pierce says in a note retaining its "buy" rating on Orosur.

"We take comfort from the overall performance of the company's operations in the first half and the board's guidance that the second half will see the situation continue to stabilise and improve as outlined in October 2012," the broker adds.

Theo Fennell falls 17.4 percent as the upmarket jeweller says it experienced a disappointing Christmas trading period, due to a challenging UK consumer market, and as a results its full year results for the year ending March 31 2013 will be materially below management expectations.

Reuters messaging rm://