Environmental support services group Silverdell is to buy decommissioning and dismantling services provider EDS Group for £15m. The firm called the deal a 'transformational acquisition' that was expected to be immediately earnings enhancing and would create a company with scale and global reach, accelerating its planned expansion into Canada and Australasia. Investors were impressed and pushed the stock up 16% in early morning trading.
HiWave Technologies plunged 34% early on after the firm said a development agreement with a major US company had not been finalised and it could not rely on any revenue from this potential contract in the current financial year. This would have an immediate impact on the firm's revenue expectations for the year to September 2012 and would also impact the year to September 2013, it said. The company also announced it had lost £1.76m in the six months to the end of March.
Straight, the recycling products and services group, reported a loss before tax of £0.8m in 2011. Revenues also tumbled after the firm, which has sold 25m recycling bins to local authorities, decided to manufacture its own products. It said the benefits from buying its own manufacturing facility had accrued more slowly than anticipated.
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New shares in Motive Television created under a capital reorganisation programme are expected to start trading on 15 June 2012, the firm said. It was forced into the plan after it saw shares trading at a price that was less than their nominal value.
Software Quality Systems, the software testing firm, said it had a substantial pipeline of new business and continued to push further into existing sectors, in a update ahead of its AGM. The company said that these factors, combined with a strategy of focusing on larger contracts gave it confidence it would meet full year market expectations.
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