Shares flat as rally falters2007-08-23 16:51:36

Standard Chartered eased 11 to 1564 - the Asia oriented bank confirming a strategic partnership with Securities Trading Corporation of India to acquire a 49% stake in UTI Securities Limited, a leading Indian brokerage house, for 36 million in cash.

Under the agreement, STCI and Standard Chartered have put in place options that would allow the bank to raise its stake - in stages - to 100% by 2010, subject to regulatory approval.

Rentokil Initial softened 2.80 to 170.20 - the pest control outfit reporting it expects profits to rise from 2008. This came as it posted a 12.9% fall in adjusted pre-tax profits to £88.6 million at half time. Revenues meanwhile rose 23% to £1.1 billion.

CEO, Doug Flynn, expects the group to report mid to high single digit profits growth in 2008 as the firm benefits from a better business mix with recent acquisitions contributing more to the bottom line.

NETELLER added 1 to 83.50 - the money transmission operator for the online gaming market reporting that the number of active customers ex North America on its books rose by 29% to 97,216 in Q2.

Meanwhile, revenues in H1 were 50.8 million, a decrease of 57% from H1 2006, due to the firm's forced withdrawal from the US market. However, European revenue grew 46% to 21.2 million; while in Asia Pacific it was also 46% higher, at 5.4 million.

Gross margin in H1 was 55% H1 2006: 72%, while losses before tax were 24.7 million, due to US restructuring and legal related expenses.

Cash at June 30th was 210.5 million; before 136 million due to US authorities.

Photo-Me International gained 2.25 to 60.25 - Cycladic Capital and Principle Capital Holdings - on behalf of its subsidiary company, Principle Capital Fund Managers - calling for an EGM to allow shareholders to vote on the removal of Photo-Me director, Vernon Sankey and CEO, Serge Crasnianski.

Between them Cycladic and Principle hold 18.2% of the total voting shares. But with holders of a further 28.2% of the company's shares either directly or through a CFD position having expressed support for these resolutions, the portents don't look good for Messrs. Sankey and Crasnianski.

The requisition has been made for what has been described as unsatisfactory operational performance and a badly managed strategic review process by the company.

International Greetings crashed 90.50 to 309 - the gift wrapping paper and greeting cards maker warning that projected turnover and profits will be below market estimates for the year to March 31st, due to the tough retail climate.

Pre-tax profits, before exceptionals, are now forecast to come in at around £17 million, the firm said in a statement.

Genetix Group

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2007-08-23 16:51:36 © Moneyextra.com