| From UK-Analyst.com: Thursday 25th April 2013
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The Markets The UK escaped a triple dip recession by demonstrating growth in the first three months of the year, providing a welcome relief for an under pressure government. According to the Office for National Statistics, UK GDP rose by 0.3% in the first quarter in a result which beat the average analyst estimate for 0.1% growth. The figures mean that the UK has avoided two successive quarters of contraction, which would have pushed it back into recession for the third time in five years. However, economists are not getting carried away with the figures. Rob Wood, an Economist at Berenberg Bank, commented, "The economy seems to have done a little better than the main surveys suggested but it is hardly a picture of rude health right now. We suspect there will be another couple of disappointing quarters to get through before the UK can see a return to sustainable growth." Figures released in Spain were not as promising, with new government data revealing that the unemployment rate in the country has reached a record high of 27.2%. The figures - which represent a seventh successive month of unemployment increases - show that more than 6 million Spaniards are now without a job. The data comes just a week after the International Monetary Fund trimmed its forecast from a contraction of 1.5% in GDP to a contraction of 1.6% and also projected that the unemployment rate would peak at 27%. European Union Economic and Monetary Affairs Commissioner Olli Rehn explained, "In Spain, despite significant progress in 2012, there are still excessive macroeconomic imbalances. Very high unemployment and excessively tight financing conditions have exposed the vulnerabilities represented by those imbalances." Staying on the topic of growth, the economy of South Korea expanded by 0.9% in the first three months of this year. The figures revealed that exports were up by 3.2% on the previous quarter but also exposed the fact that private consumption fell for the first time in five quarters, with Koreans holding back on personal spending as they grapple with high levels of household debt. The figures come just a month after the new government launched a $15.5 billion (10 billion pounds) extra budget and stimulus package earlier this month. As with the UK, analysts are not reading too much into the numbers, with Jun Min-kyoo, an Economist at Korea Investment and Securities, commenting, "I think it's hard to say that the economy is turning around as export growth completely halted. Companies are still panicking about poor exports." At the London close the Dow Jones was up by 76.89 points at 14,753.19 and the Nasdaq grew by 24.01 by 3.88 points to 2,858.13. In London the FTSE 100 was up by 10.53 points to 6,442.59; the FTSE 250 finished 111.03 points up at 14,006.13; the FTSE All-Share grew by 8.86 points to 3,397.11; and the FTSE AIM Index inched up by 3.94 points to 707.21.  Broker Notes Panmure Gordon retained its "buy" recommendation on online gaming group Playtech (PLAY) with a 728p target price. The broker feels that Playtech is well placed moving into 2013 due to the launch of a number of new licences onto the Playtech platform, including Betfair and Ladbrokes, as well as the launch of online slots in Italy and the extension of existing relationships. Looking at today's Q1 IMS, Panmure Gordon is also impressed with the 16% annual growth in revenues in an increase boosted by strong uplifts in casino and sports based activity and is confident that this upwards trend can continue in the short-medium term. The shares slid by 9.5p to 613p. Canaccord Genuity re-iterated its "buy" stance on chemicals group Elementis (ELM) with a target price of 275p. The broker is encouraged on the way the group continues to exploit the strengths of its technology, customer franchises and business model. Furthermore, Canaccord feels that Elementis is among the chemicals companies least threatened by the demand fragility which it feels plagues other companies in the sector. The shares climbed by 14.5p to 261.9p. N+1 Singer maintained its "buy" recommendation on LED technology group Dialight (DIA) with a 1,441p target price. The broker is impressed with today's IMS which confirms expectations of continued growth in the Lighting division for the full year to exceed 50% growth period-on-period. Moreover, N+1 Singer is encouraged to see further distribution channels being established with the announcement of Dialight Brasil. The shares were up by 46p at 1,292p.
Blue-Chips Consumer goods group Unilever (ULVR) announced an underlying 4.9% growth in sales to 12.2 billion euros (10.3 billion pounds) for the first three months of the year, driven by an uplift in activity from emerging markets, which helped to offset a slowdown within its food business. The group revealed that 57% of its revenues are now generated from emerging markets as it continues to introduce its brands to new markets across the globe. The update follows a re-iterated "buy" recommendation from broker Panmure Gordon, with a target price of 3,000p earlier in the week. The shares dived by 85p to 2,760p. Metal producer Polymetal (POLY) announced that it has delivered a "stable performance" across the first three months of the year with quarterly gold production up by 20% year-on-year. However, the group did confirm that it is currently in the process of reviewing all discretionary capital spending including exploration projects due to the recent sharp falls in gold and silver prices. The likely outcome of this is review is postponements of work at its Kutyn and Maminskoye projects in Russia, as well as delays at its heap leach facility in the country. The shares grew by 26.5p to 787p. Pharmaceutical giant AstraZeneca (AZN) revealed that revenues were down by 13% at $6.4 billion (4.15 billion pounds) for the first three months of 2013, with pre-tax profits declining by 36% to $1.3 billion (842 million pounds). The group attributed this deterioration to losses in exclusivity for its Seroquel IR and Atacand products across several markets. As a result, the group went on to re-iterate its warning that it expects to report a mid-to-high single digit decline in revenue and a core EPS decline which would be significantly larger than the decline in revenue for the full year. The shares lost 64.5p and ended at 3,325.50p. 
Mid Caps Defence technology group Cobham (COB) confirmed that it has been trading in line with expectations for the first three months of the year, in a period which saw it invest 24 million pounds into the UK Future Strategic Tanker Aircraft consortium (UKFSTA). The UKFSTA is a company which is part of a private sector consortium which will provide the Royal Air Force with air-to-air refuelling aircraft. The shares edged up by 5.4p to 247.9p.
Lender International Personal Finance (IPF) announced a 49% increase in pre-tax profits to 9.1 million pounds for the first quarter of 2013. The primary driver in this improvement was an 11% increase in the amount of credit issued in a combination of increasing customer numbers and a rise in loan values over the period. The company went on to stress that it still expects to launch credit operations in Bulgaria and Lithuania during 2013. The shares gained 49.2p and finished the day at 529.5p. Provider of translation software SDL (SDL) declared that its trading performance for the first three months of the year has been below management expectations. SDL attributed the downturn to less campaign management bookings from within its technology arm which resulted in the division generating revenues in line with last year - as opposed to the single digit growth which was expected. These flat revenues, combined with pricing pressures and increased investment, has inevitably led to a fall in profit compared with Q1 2012. The shares fell by 20p to 365.1p. Small Caps Bioplastics manufacturer Biome Technologies (BIOM) revealed that revenues in the first three months of 2013 fell to 0.4 million pounds, down from 4.6 million pounds, although last year's figure largely reflected the sale of its joint-venture Biotec in October. However, the group anticipates performance this year to be second half weighted and consequently expects sales growth to increase in both its Bioplastics division and its Stanelco RF Technologies Division as the year progresses. The shares inched up by 0.005p to 0.065p. Investment group Low Carbon Accelerator (LCA) announced that a payment of 1 million dollars (0.65 million pounds) due on April 16th from Sterling Planet in relation to a stock purchase agreement has been delayed. The group stressed that it is now in discussions with Sterling Planet in order to establish a revised schedule for payment and stressed that further announcement will be made once any new arrangements are finalised. The shares dived by 0.8p to 2.875p. Turbo Power Systems (TPS) revealed that it has secured a $7.7 million (5 million pounds) purchase order from Bombardier Transportation for power units for metro subway cars. The agreement represents an extension on an initial contract commencing in 2007 in which Turbo Power Systems supplied power units for Chicago Transit Authority's metro subway cars. The auxiliary power unit forms a key part of the electrical distribution of the subway car, providing a quality power source for sub-systems such as the air conditioning equipment. The shares soared by 0.18p to 0.56p. 
International PR and healthcare business Huntsworth (HNT) revealed a 17.4% increase in pre-tax profits to 173 million pounds for 2012 despite a like-for-like revenue decline of 0.3%. Profitability levels were boosted by a 23% uplift in the more lucrative digital revenues as the group attempts to position itself to capitalise on the quickening shift toward digital communications. The shares shot up by 8.5p to 61p. Intercede (IGP) has secured a contract for the support of a large scale government security program. It is expected that the contract value to Intercede is likely to exceed 1.5 million pounds in the current financial year and reach 10 million pounds over a five year period. This contract had been expected to make a material contribution to the financial year ended March but the revenue will now be recorded in next year's accounts because of group procurement delays. The shares rose by 7.5p to 62.5p. Big data firm WANdisco (WAND) revealed that revenues were 56% up on last year at $7.9 million (5.11 million pounds) and that it expects to outstrip forecasts for the current financial year because of the potential of its new "Big Data" product. The California-headquartered group also revealed that it has expanded its sales force around the world in anticipation of increasing uptake in markets around the world for its products. The shares were up by 30p at 810p. * WANdisco is a corporate client of Rivington Street Holdings, the ultimate owner of UK-Analyst. | 
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