TechMARK movers: RM gains another contract

2nd Feb 2010 14:55

Educational products and services supplier RM Group continues to win new contracts. The latest has reversed the company's recent share price slide. Essex County Council has awarded RM the contract to provide ICT services for its Building Schools for the Future programme. The first four schools should be open by January 2012. This follows last week's agreement of contractual terms with the Qualifications and Curriculum Development Agency (QCDA) for a four-year framework agreement to provide outsourced on-screen marking services. News that Phoenix IT will incur up to £500,000 of bidding and start-up costs on new contracts has hit the share price. Panmure Gordon has cut its 2009-10 profit forecast for the IT services firm by £500,000 to £29.8m. Earnings per share have been reduced from 27.24p to 26.85p so this is not a huge reduction. The order book is 21% higher at £324m. Net debt was £72.1m at the end of 2009 and should fall further by the end of March 2010. Panmure Gordon trimmed its share price target from 300p to 295p. FTSE TechMARK - RisersDimension Data Holdings (DDT) 82.00p +4.99%RM Group (RM.) 180.50p +4.18%Kofax (KFX) 189.75p +3.12%Emblaze (BLZ) 41.50p +3.11%Consort Medical (CSRT) 378.25p +2.23%Xaar (XAR) 85.00p +1.76%Sepura (SEPU) 46.00p +1.66%NCC Group (NCC) 420.25p +1.51%Wolfson Microelectronics (WLF) 126.00p +1.41%Ricardo Group (RCDO) 297.00p +1.37%FTSE TechMARK - FallersGresham Computing (GHT) 23.25p -7.00%AEA Technology (AAT) 22.00p -6.38%Phytopharm (PYM) 12.25p -5.77%Skyepharma (SKP) 69.50p -4.14%Total Systems (TTS) 25.50p -3.77%Phoenix IT Group (PNX) 273.25p -3.10%Anite Group (AIE) 32.00p -3.03%Psion (PON) 88.25p -3.02%Axis-Shield (ASD) 396.50p -2.22%Innovation Group (TIG) 13.50p -1.82%