The rise of Empire

Although AIM’s rich vein of metals miners took a hit this week from the falls in the prices of many metals, the index gained 12.2 points to 1,155.6 over the week. The FTSE 100 also put on weight, advancing 60 points to 5,804.5.

Online gaming marketer Empire Online (EOL) rolled 13 per cent higher to 126p as it confirmed that it is in ‘advanced discussions regarding settlement of the outstanding litigation claim with PartyGaming’. Empire is suing for breach of contract and followers of the company seem to expect substantial damages will be paid.

University spin-out specialist IP2IPO (IPO) twirled out an eight per cent rise to 655p after unveiling its seventh university partnership, this time with the University of Surrey. The 25-year agreement will see IP2IPO receive 13.3 per cent of the equity in spin-out companies from the university.

Torex bags new business

Retail software business Torex Retail (TRX) confirmed business wins in the UK, Europe and North America totalling £36 million. Executive chairman Chris Moore believes ‘the outlook is excellent’ and so do investors. The shares clicked 12 per cent higher to 106p.

Adamind (ADA), which makes software for mobile phones, has made a ‘strategic acquisition’ of Hong Kong-based software company SenseStream. The acquisition, says CEO Shailendra Jain, ‘will accelerate penetration into the world's biggest mobile market and provide access to blue-chip Chinese customers’ and the news sent the shares racing up 16 per cent to 128.5p.

Virotec International (VTI) lost 26 per cent to 14.75p as it revealed tests of its Bauxsol water-treatment systems in Pennsylvania, although ‘clearly’ successful and suitable, were unlikely to result in the company being awarded ‘any significant contracts in the short term’ from the state Department of Transportation.

Slow start for Tenon

Accountancy-focused services provider Tenon (TNO), where there has been ‘considerable preliminary interest in the business, including from the management team’, slid 18 per cent to 22.5p on news that it experienced a slower start to the year than expected.

Mostly boosted by organic growth, recruitment and training services group Quantica (QTA) increased pre-tax profits 36 per cent to £2.6 million last year on turnover up 14.5 per cent to £32.7 million. However, acquisitions, notably the £12.3 million purchase of financial recruitment specialist RK Group, also made an important impact.

Drug discovery and services specialist Sareum (SAR) notified that it is to collaborate with US biopharmaceutical company Idenix to discover novel hepatitis C compounds. Sareum will receive, ‘dependent on success’, research fees and milestone payments up to a value of approximately $5 million, news that helped push the shares up 29 per cent to 2.27p over the week.

Hot property

Entrepreneurial property developer Terrace Hill (THG) reported a leap of 20.2 per cent in its key measure of performance, triple net asset value per share, to 48.1p over the year to last October. Its level of work in progress rose by 60 per cent to £90 million.

Perpetually lossmaking property investor Northacre (NTA) surged 66 per cent to 17p as it informed of ‘an increase in activity for development management and architectural services’ following joint ventures with FTSE 250 outfit Minerva and an improvement in market conditions.