Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Deferrals dampen Tikit
Mike McGoun, chairman of legal software firm Tikit
Pre-tax profits at legal and accountancy software specialist Tikit Group dropped 29 per cent last year to £2.5 million.
The AIM-quoted company, which supplies major UK, European and US law firms and accountancy practices, saw turnover slide 11.5 per cent to £25.2 million in 2009. Chairman Mike McGoun blames this on the deferral of capital projects by clients in the uncertain economic climate and on a switch to ‘subscription-based’ pricing for some of Tikit’s products.
He says the company, which ended the year with £1.6 million net cash, has restructured its business and cut its fixed costs and argues Tikit is now ‘in an excellent position for rapid profit improvement as conditions get better'. At 143p, up 6p this morning, the shares value the company at £21 million.
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