Smaller companies report: Friday close
SHARES in UK smaller companies closed higher today, mirroring gains by the broader market thanks to a scattering of upbeat company announcements. The FTSE SmallCap index was 21.2 points higher at 5,030.4, while the FTSE 100 ended the week 21.2 ahead at 5,030.4.
Mincorp jumped 0.50p to 1.25p on news that director Jonathan Malins has increased his holding to just under 11%, through a purchase of 5,655,000 shares, or 4.71% of the company.
Pentagon Protection has won two deals worth £280,000 to provide security glass for offices of Schlumberger Global Oilfield Logistics and Shell Exploration in the Middle East. Pentagon's shares rose 0.50p to 4.62p.
Software group Vebnet was another climber, up 26p at 197½p, after the it signed an agreement with Prudential UK.
Arena Leisure hardened 1¾p to 38¾p after announcing that At the Races, the loss-making horse racing TV channel it runs jointly with BskyB has exceeded expectations. The channel was relaunched after its similarly-named predecessor collapsed, leading Arena to launch High Court proceedings against the Racecourse Association and 30 UK racecourses to recover the £51.3m it claims it is owed.
Felix Group rose 1½p to 31½p after confirming speculation that it is in talks with to develop a High Street presence for its pub games machine.
On the downside, GW Pharmaceuticals came under fresh pressure, tumbling another 25p to 70½p. The company, which is developing pharmaceuticals from cannabis, lost its appeal against a call by UK regulators for further data on its Sativex medicine for multiple sclerosis (MS) patients.
Nomura downgraded its rating on the stock to 'sell' from 'buy', arguing that although it believes Sativex has significant potential, it is concerned over the group's cash position.
Shares in Telecom Plus retreated 31½p to 190p after the company revealed a slip in full-year profits, and warned that continuing losses in its gas division and the cost of acquiring new customers will further depress profits 'slightly' in the current year.
The company, which provides gas, electricity, telephony and internet services, reported pretax profits of £10.1m for the year to March, down from £10.6m a year earlier on turnover that rose 25% to £102.5m.
Profit-takers emerged in brewer Fuller, Smith & Turner, 30p lower at 912½, after the family-owned group disclosed a 6% rise in underlying full-year profits and expressed confidence about prospects for the current year.
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