AFC Energy Plc (LON:AFC) (AFC, 19p, £28.67m) Its low cost alkaline fuel cell technology has been chosen as the generation system for a clean coal demonstration competition. The B9 Coal proposal is in association with Linc Energy’s underground coal gasification technology. Investors are yet to appreciate the range of advantages that the alkaline fuel cell technology has over the more prevalent acid base, and we maintain the SPECULATIVE BUY recommendation.  

Archial Group (LON:ARL) (ARL, 2.25p (£5.35m) In a trading update the group has warned of a continued slow-down with cancellations of projects or them being delayed. The group is thus cutting costs again, this time with annualised savings projected of £4.25m. The group has highlighted discussion with HMRC regarding previous year’s taxation and has been forced to open talks with bankers and principle shareholders for further financial support. Until the conclusion of the negotiations and the scale of dilution if support can be found we cut the group to a SELL.  

Catalyst Media (LON:CMX) (CMX, 82.5p, £23.22m) Finals to March 2001 is accompanied by an EGM notice in which it will seek to reorganise its balance sheet to remove the P&L account deficit, thus clearing the way for the payment of dividends. Encouragingly the group’s investment (20.54% in Satellite Information Service or SIS) continues to show healthy progress with sales of £198m (£193m) EBITDA of £41.5m (£35.6m) and PBT of £23.3m (£21.3m). The group received dividends of £2.9m during the year from SIS and with the dividend anticipated from SIS relating to the March 2010 year the group expects to eliminate borrowings entirely. The group has also stated it would consider the sale of its SIS stake, raining the possibility the group would be trading at significant (50% discount) to the net cash balance in the group. The group is continuing to develop its own online games and with the “asset backing” we continue to rate the group a BUY with a very modest 105p price target.  

Haynes Publishing Group (LON:HYNS) (HYNS, 260.0p, ££19.11m), the worldwide market leader in the production and sale of automotive and motorcycle repair manuals, reports prelims for the year ended 31 May 2010, are in line with market expectations. Following the disposal of the loss making UK print operation in February 2009, revenues declined by 6% to £33.3m (2009: £35.3m) but PBT increased to…

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