Beyond the Footsie: Friday close
SHARES in UK smaller companies closed higher, but off highs in quiet trade. They took their lead from the blue-chip index and found support from a couple of upbeat earnings reports, most notably Ensor, which jumped over 15% after its interim numbers.
The FTSE small cap index was 0.5 points higher at 2,442.7 at the end of trade as the wider market fought to stay in the blue.
Ensor notched up some of the biggest gains - up 3p at 22 1/2p - after it lifted its interim dividend by some 17% and posted an impressive set of interim results.
It reported a pre-tax profit of £539,000, up from £414,000 on sales of £11.5m against £10.3m.
Stanley Gibbons also benefited from earnings news. It is confident results for the year-end will meet market expectations, and signalled it may introduce a dividend policy after Channel Island authorities granted it permission to pay dividends from 2004.
The shares rose 3 1/4p to 40 1/2p on the news.
Macfarlane rose 2 3/4p to 21 1/2p after it said proceeds from disposals now look set to climbed 8p to 78p after the exhibitions and publishing company issued an upbeat outlook for the year ahead, predicting 'good' like-for-like organic growth.
The group also said it has sold its business in France - where trading conditions have been tough for some time - for a token 1 euro to Action Commerciale.
In other M&A action, NSB Retail was up 2p at 17 1/4p after the former high-flying software group said BT will buy its principal UK operations for £17m and become its exclusive distributor in the UK and Ireland.
Deals also boosted Photo-Scan 6p higher to 117p and Compact Power up 2p to 21 1/2p.
Positive research comment helped Basepoint, sending shares 16p higher to 133 1/2p.
But there were a string of weak earnings reports.
SWP Group shares stayed at the bottom of the pile, after losing a quarter of their value within half an hour of opening, as the market slammed the group's warning and full-year results.
The company, which designs, manufactures, and installs speciality products for the construction industry, cautioned that trading in the first five months of the current year has been below expectations and reported widening pre-tax losses in the full year. SWP shares were still down 1/4p at 3/4p.
And Conder Environmental was close behind, dropping 4 3/4p or 24.05% to 15 on its own mixed interim report.
The company said it slipped into the red in the first-half, but forecast a return to profitability in the full year.
While second-half trading is expected to improve, it will not be enough to offset the poor first-half, making it difficult to match last year's level of profitability, said the company.
After its less-than-upbeat trading statement, IWP International slumped a 3 1/2p to 17p.
While the company posted a 26% rise in first-half operating profit before goodwill and exceptional items, concerns about the company's negotiations to secure funding took the spotlight.
The company said the costs associated with the revised funding discussions will impact future earnings, although it is confident that a satisfactory outcome can be achieved before its financial year-end on 31 March.
Elsewhere, Planit headed south after the company said it is seeking the transfer of its listing to AIM on January 22.
The stock traded 3 1/2p lower at 24 1/2p.
Beyond the Footsie: Friday close - Dec 19, 2003