TechMARK movers: Sage on the up

2nd Dec 2009 15:56

Accounting software supplier Sage received mixed responses from analysts after reporting its full year figures. Investors, though, were broadly positive and pushed up the share price. There was a small decline in revenues and profits. Revenue, adjusted for foreign exchange movements, fell 4% to £1,439m. Earnings before interest, tax and amortisation, including restructuring costs, dropped 6% to £320.7m and profit before tax fell 2% to £307.5m.The total dividend has been increased by 3% to 7.43p per share (2008: 7.21p per share).Panmure Gordon is positive citing strong cash flow and better US growth than expected. The broker believes Sage has strong management and industry position. It also thinks the software company is an attractive acquisition target. KBC Peel Hunt is more concerned by the change in mix away from declining software revenues to higher subscription revenues. However, KBC Peel Hunt raised its target price from 140p to 180p a share. That is still well below the current market price and the Panmure Gordon target price of 263p a share. Emblaze's licensing tussle with Apple has boosted its shares in the hope that it could have a positive effect on revenues. Emblaze claims that Apple's HTTP Live Streaming Application for the iPhone and iPod infringes its US patent. Emblaze has offered to licence its streaming technology to Apple. The Israeli firm says that it first unveiled its media streaming technology in 1998. Emblaze's technology allows users to send live or pre-recorded audio and video to other devices. Apple has been asked to respond by 15 December. FTSE TechMARK - RisersSepura (SEPU) 39.75p +5.30%QinetiQ Group (QQ.) 162.30p +5.25%Oxford Instruments (OXIG) 220.00p +4.51%E2V Technologies (E2V) 51.00p +4.08%Emblaze (BLZ) 48.75p +3.72%Spectris (SXS) 687.50p +3.62%Misys (MSY) 215.50p +3.61%Sage Group (SGE) 221.40p +3.12%Vodafone Group (VOD) 143.50p +2.50%Cobham (COB) 236.50p +2.16%FTSE TechMARK - FallersDialight (DIA) 191.00p -6.49%Trafficmaster (TFC) 26.00p -6.31%Vernalis (VER) 80.00p -4.48%Microgen (MCGN) 85.50p -4.47%Puricore (PURI) 15.00p -3.23%NXT (NTX) 15.50p -3.12%BATM Advanced (BVC) 47.50p -2.56%Spirent Communications (SPT) 97.75p -2.54%Filtronic (FTC) 32.50p -2.26%Anite Group (AIE) 34.25p -2.14%