Mid-cap round-up: Cookson, Spirent, Rotork...

4th Aug 2009 11:27

Industrial materials firm Cookson is at a 9-month high despite slipping into a half-year loss as it raised recovery hopes after a decent start to the second half. The company posted a £3.3m pre-tax loss for the first half of 2009 versus a profit of £99.1m in 2008. Revenue fell 27% at constant exchange rates to £929m"Whilst the timing and extent of recovery remains very difficult to predict with accuracy, we continue to expect a progressive improvement in our performance in the second half of the year as further cost-reduction benefits materialise and sales volumes improve," said the firm. The cost-reduction programmes to cut the annual cost base by over £65m and staff by 3,200, or 19%, from last September's level.Communications technology firm Spirent said it maintained profitability in "difficult market conditions" and is expected to deliver on expected performance for the year. Pre-tax profit rose 1% to £23.6m on revenue that grew 15% to £139.1m as a result of currency benefit. Without currency gains, revenue is down 10%. "We remain optimistic that in the second half of 2009 our diversified solutions portfolio will allow us to continue to increase market share," said the group."Whilst the market remains challenging, Spirent is in good shape to deliver on expected performance in 2009," it added.Currency gains also helped engineer Rotork post record results for the half-year and hike dividends by 20.5%Pre-tax profit rose 33.6% to £44.4m but up only 5.3% on constant currency terms, while revenue increased 25.1% to £179.5m, though 5.9% higher in constant currency terms. Dividend was raised to 11.15p from 9.25p before. "The markets that we serve remain challenging and project delays are affecting the timing of order placements. We expect the current market conditions to continue in the second half of the year, although quotation activity and project visibility remain positive," said the group.High-tech weaponry group Qinetiq says the previously flagged slow down at its technical solutions arm will mean first half revenues coming in only similar to last year. The group expects this effect will ease in the second half and the outlook for the year remains in line with the board's expectations.Interdealer broker Tullett Prebon saw revenues climb 11% in the six months to June 30 as continued market volatility stoked demand for its services.Sales climbed to £517.9m from £468.3m over the same period the previous year, lifting adjusted pre-tax profits to£92.8m from £73.9m."Our strong financial results for the first half of 2009 reflect the robustness of the business, the value of the service that it provides to participants in the world's over-the-counter financial markets, and the benefits of the actions taken during the second half of last year to reduce fixed costs and to increase cost flexibility," chairman Keith Hamill said.