Adventis Group (LON:ATG) (ATG, 11.0p, £5.22m) A profits warnings expects adjusted PBT for 2010 to be up to 50% below market expectations of £1.97m. We now expect adjusted PBT of £1.0m and adjusted EPS of 1.5p for the current financial year. The poor performance is reflected by a slowdown in the Healthcare division, campaign delays in the Media, Planning and Buying Businesses. The stronger performance in the Technology and Telecoms division due to the expansion of services from the addition of bChannels in February 2010 has failed to offset the poor performances in the other divisions. We expect the current and coming financial years to remain extremely challenging for the group. The share price has almost fallen by 30% this morning. Adventis is currently rated on 7x for the current financial year. We believe there is still scope for the price to fall further. We reduce our recommendation to a SELL with a target price of 9p, equivalent to 6x 2011 earnings.  

Eg Solutions Plc (LON:EGS) (EGS, 38.0p, £5.43m), the provider of back-office optimisation software, reports trading for the 6 months to 31 July 2010 is in line with the Board’s expectations. New contract wins coupled with broader and deeper relationships with existing customers has driven revenues up 15% to £2.41m (H109: £2.09m) and normalised PBT are up on the previous year. Stronger cash generation has improved the net cash position to £0.7m. We are provided with confidence by 71% of the anticipated revenues for the FY ending 31 January 2011 under contract. The market forecasts 2011 PBT of £0.31m and EPS of 1.6p and 2012BT of £0.57m and EPS of 2.9p.  The stock is rated on 2011 earnings of 23.8x falling to a more reasonable 13.1x in 2012 – in line with the sector. We therefore reiterate our HOLD recommendation.  

Forbidden Technologies (LON:FBT) (FBT, 21.0p, £17.04m), the developer of Cloud video platform FORscene, reports North One Television, part of All3Media, is using FORscene for the production of a new series of 'The Hospital'. This highlights repeat customers which confirm FORscene's position as an efficient workflow tool. The group is still very exciting and with a valuation that leaves plenty of upside. SPECULATIVE BUY

Innovation Group (LON:TIG) (TIG, 10.75p, £100.56m), the global provider of business process outsourcing and technology solutions to the insurance, fleet and automotive industries reports an IMS…

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