WH Ireland upgraded Speedy Hire (LON:SDY) to “market perform” from “underperform” this morning despite Speedy reporting a 13.6% revenue decline in the first quarter – which was in line with management expectation and better than WHI’s full year forecast. Improved trading conditions were welcomed, but concerns remain over whether rising levels of private sector work will be enough to offset the effects of public sector spending cuts. The broker also pointed to an ageing hire fleet as an area of concern but said it was upgrading the company on valuation grounds. Elsewhere, WHI retained a “buy” advisory for Pace Micro Technology (LON:PIC), ahead of its interims next Monday and lowered Renishaw (LON:RSW) to “market perform” from “buy” ahead of its final results next Wednesday.

Astaire Securities cheered news this morning that Clarkson Hill Group (LON:CLKH) appeared to have resolved its regulatory capital position after two of the directors, Ron Pritchard and Mike Robinson, agreed to provide subordinated loans to the company of £0.6m. It is believed that this will meet the group’s FSA regulatory capital requirement. Astaire said the move removed the biggest short term obstacle the group faced and that it could now focus on trading and the changes in the regulatory environment. Elsewhere, Astaire noted the signing of an exclusive supply agreement between cleantech firm Acta Spa (LON:ACTA) and Girelli Bruni, a leading Italian supplier of filling station forecourt equipment, for the supply of photovoltaic installations and integrated hydrogen generators. Astaire reckons the adoption of regional laws requiring photovoltaic generation capacity and a non petroleum fuel alternative should really start to help Acta, which has a product ready to enter commercialisation.

HB Markets urged investors to “sell” Abbeycrest (LON:ACR), the international jewellery designer, which this morning said that high gold prices coupled with weak UK macros had led to weak consumer demand for jewellery for the group’s Essentials and Brands divisions. The group has also breached its profit covenants with its senior lenders, Burdale Financial, and is working closely with them to reset those covenants. HBM upgraded Deltex Medical Group (LON:DEMG) to “speculative buy” from “hold” after the global leader in oesophageal Doppler Monitoring reported a 12% rise in turnover to £2.9m in the first half of the year on the back of growth…

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