Futura Medical FUM has for years been limping along trying to combat erectile disfunction with its MED 2002 product but this morning the share price has opened with a 30% rise as the company announced that it had at last achieved its “primary endpoint” following tests on over 200 randomised males, The company claims that MED2002 is now a breakthrough product and is excited about the commercial potential. Further details are to be released on the 13th September together with the half year results.
Barratt Developments BDEV Heaps praise on itself for its full year performance to the 30th June as if it was in any way responsible for the continuing housing boom which has enabled it to raise private average selling prices during the year by a mind boggling 10.4%. Perhaps they have forgotten but should remember that well worn phrase – “it’s the economy, stupid”. Profit before tax rose by 20.7%, revenue by 12.7% but completions were up by a comparatively meagre 5.3% and forward sales are up by an even smaller 4.1%. Shareholders do well out of the bonanza with a 19.1% increase in the final dividend.
Ashtead Group AHT enjoyed a strong first quarter with a 12% rise in revenue leading to a 4% increase in profit before tax. It also benefited to the tune of £17m from the collapse in the pound.
Trakm8 Holdings TRAK New orders have risen by 37% since the 1st April, of which 27% is organic growth. First half profits however are expected to be down on last year, with the decline being recouped in the traditionally stronger, second half.