YP75: Market and investors shrug off Government's spending cuts

The FTSE 100 continued its recent gains rising 38 points over the week to finish at 5741. Despite the Government announcing the largest spending cuts since the Second World War on Wednesday, equity prices continued to strengthen finishing the week at levels not seen since April.
By The Newsroom
Published 26th Oct 2010, 11:56 BST
Updated 26th Oct 2010, 11:56 BST

Pessure Technologies announced on Monday that it had completed the acquisition of the Hydration group of companies based in the UK, US and Australia for a cash consideration of 3.3m. An initial cash payment of 2.5m was made on October 15 when the deal was completed. Two deferred payments of 400,000 will be paid in October 2011 and August 2012.

The consideration represents a multiple of seven times Hydratron's UK operating earnings before interest, tax, depreciation and amortisation.

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Leeds-based lender International Personal Finance announced an increase in third-quarter pre-tax profit of 36 per cent on an improved performance in all its markets.

The company, which provides small sum doorstep loans in eastern Europe and Mexico, said credit quality and collections performance is good across all regions, with the number of customers eligible for a further loan 15 per cent higher than last year. Pre-tax profit for the three months to September 30 was 24.4m on revenue up 10 per cent, at 145.6m.

On Wednesday, air filtration systems provider Clyde Process Solutions said its CPS Asia subsidiary has been awarded a 1.2m contract by a large Chinese steel company.

CPS Asia will provide a coal injection system to be used in the rebuild of one of the company's blast furnaces.

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York-based Tissue Regenix Group, the regenerative medical devices company which uses animal or human tissue to replace damaged or worn-out parts of the human body. announced interim results for the six months ending July 31.

The company has successfully listed on the Alternative Investment Market raising gross proceeds of 4.5m by way of a placing.

Proactis Holdings, a spend control solutions provider, said that a Fortune 100 organisation has selected Proactis software to streamline its purchase to pay processes.

The initial agreement is for a minimum $500,000 commitment for Proactis Software-as-a-service over a non-cancellable, three-year term with a pre-agreed roll-out plan for up to 150,000 users.

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Its solution will help to achieve process efficiencies, deliver cashable economies of scale and reduce error and waste across their purchase-to-pay cycle.

On Friday, Leeds based Abbeycrest announced that Burdale Financial Limited has agreed to re-set and extend the banking covenants on the companies' 8m facility until February 28 2012.

Adrian Wasson, Assistant Investment Manager at Brewin Dolphin, Leeds.

Related topics:GovernmentProactis Holdings