FinnCap this morning claimed that shares in Thb Group (LON:THB) continued to look undervalued and recommended a “buy” at the specialist insurance group. The report came as THB revealed underlying broking profits up 18% to £3.9m on insurance broking revenues up 5% to £24.6m. Underlying group profit before tax was up 28% to £3.1m. FinnCap concluded that the results were positive and insisted that the group was far from complacent in view of global overcapacity and recessionary influence on insured values.

Elsewhere, Astaire Securities was upbeat on current trading at support services group Eaga Plc (LON:EAGA), but warned that the group’s exposure to public spending remained an immediate concern. However, it pointed to efforts by Eaga to diversify its revenue streams, where progress is being made on projects under the Community Energy Savings Programme and the social housing solar PV scheme. Turning its attention to commercial and domestic horticultural products group William Sinclair Holdings Plc (LON:SNCL), Astaire said the business was doing well with a strong balance sheet and that work on developing a cost competitive peat substitute would provide a significant boost to the company.

Carr's Milling Industries (LON:CRM) retained its “buy” recommendation from WH Ireland following yesterday’s announced acquisition of Scotmin Nutrition and A C Burn (borthwickburn) for £5.62m in cash. The broker said it was likely to be raising estimates slightly to reflect the immediate additive impact of the acquisitions with upside from synergistic benefits as newly acquired businesses are integrated into the group.

Turning to European payments group Murgitroyd Group (LON:MUR), research firm Hardman & Co said it was forecasting net profit before tax of £3.5m for the full year to May 31, 2010 and earnings per share of 27.9p. Murgitroyd confirmed that activity and business levels to date remained satisfactory and that as a result its earnings for the current financial year should be in line with market expectations.

Westhouse Securities reiterated its “buy” recommendation for oil & gas services group Petrofac (LON:PFC), which said this morning that operations were performing in line with expectations. Westhouse said that Petrofac’s bidding pipeline remained strong, with expectations of significant growth in the order book by the year end, which will improve future earnings visibility.

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