WH Ireland this morning reiterated its “buy” recommendation for Independent Media Distribution (LON:IMD) on interim results which the broker said “further evidenced the quality of this business”. Year-on-year revenues are up 30% to £4.73m with pre-tax profits up 70% to £0.98m and EPS growth of 59% to 2.14p. The first half dividend increases by 60% to 0.80p, ahead of expectations. WHI said the performance underpinned its our full year £2.2m PTP expectation with y-o-y revenue growth in the first two months running at 27%. Elsewhere, WHI also retained a “buy” rating at Dechra Pharmaceuticals (LON:DPH) on final results which demonstrated “another solid year of progress with EPS advancing 15%”. The broker pointed to a “reassuring” outlook statement and strong product development pipeline as supportive of its forward growth expectations (unchanged) which look for PTP growth of 18% in FY11.

Astaire Securities welcomed a move by Dr Alan Heyworth from the PLC board at cleantech firm Teg Group(the)plc (LON:TEG) to the company’s operational board with immediate effect. Combining his research findings and experience with commercial systems, Heyworth established the optimum process conditions, the principles of which formed the basis of the design and development of TEG’s unique Silo Cage system. Astaire said there should be no impact on TEG’s business.

Fox-Davies Capital was upbeat on reports this morning of a discovery by Gulfsands Petroleum (LON:GPX) in the Lambouka-1 well on the Kerkouane Exploration Licence offshore Tunisia. The company had previously described initial findings from the well as “disappointing” and there still some uncertainty over the precise nature of fluids, potential flow rates and size of reserves. FDC maintained a “hold” rating on the stock but estimated the impact of the discovery to be in the order of 15p per share against its unchanged price target of 300p.

Staying with oil and gas, Westhouse Securities continued to urge investors to “sell” Dana Petroleum Plc (LON:DNX), which is due to publish its defence document in response to the KNOC bid tomorrow. Westhouse said it saw little chance of material upside to the £18.00 which KNOC has offered and recommended that shareholders take the modest premium currently available.

Finally, Evolution Securities maintained a “buy” recommendation for European Goldfields (LON:EGU) and increased its target price from 550p to 755p on news that…

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