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.
Interim progress at Ultimate Finance
Small and medium sized company financier Ultimate Finance has increased first-half profits 36 per cent to £191,000 pre-tax.
The Bristol-based company, which provides factoring and ‘confidential’ invoice discounting supported by a £25 million back-to-back financing arrangement with Lloyds Banking Group, lifted turnover 27.3 per cent to £2.85 million in the six months to December. AIM-quoted Ultimate says it still has £5.1 million of the Lloyds facility available to grow its client base and chairman Clive Garston declares demand for the company’s services is growing despite the ‘tough’ economic climate.
Recommended by Growth Company Investor a year ago at 5.5p, the shares now trade at 15.75p, valuing Ultimate at £3.15 million. Partial profit taking might be prudent, but it could be worth holding on to a chunk for further potential growth.
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