Earthport is one of those stocks that has promised a great deal but is yet to deliver. The problem has been getting huge banking organisations to adopt its payments system and start putting some serious volumes through it. Results for the year to June showed revenue growth of 18 per cent to £23 million.
Last week there was news of another internet security breach in the US. Corero Network Security has a new-generation product called SmartWall which targets this problem. It monitors incoming internet traffic in real time, identifying and diverting suspicious activity.
Specialist pensions administrator STM has completed the acquisition of London and Colonial which was announced at the time of last month’s interims. The deal is attractively priced, being earnings enhancing and offering scope to release regulatory capital.
Genedrive has undergone some significant changes over the last year. There’s a new management team in place and £6 million of fresh equity was raised over the summer to fund the commercialisation push.
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