Clinical Computing (CLC 3.25p / £3.6m)
International developer of clinical information systems and project and resource management software last week announced its preliminary results for the year ended 31 December 2009. Total revenue increased 12.5 per cent to £3,179,365 (2008: £2,825,032), whilst recurring maintenance revenues increased to £1,716,862 (2008: £1,515,615). CLC reported an EPS of 0.2p (2008: loss 0.7p.) Significantly, operations generated £219,502 of cash (2008: operations used £742,523 of cash.) Commenting on outlook, Howard Kitchner, Chairman of Clinical Computing, said: "The Group is in a position with both of its business units where it has completed the majority of the significant development efforts for its primary product lines. The Clinical business will be impacted by its ability to meet the evolving government initiatives in its key geographic markets which its customers will be required to comply with over the coming years. The Hydra business is expected to continue to deliver stable results as companies continue to require tools to manage projects effectively and show accountability to management. The Group will continue to manage its cost structure in line with opportunities across both business lines." We hope to get to know this AIM minnow better, but writing on this stock for the first time and purely looking at numbers and charts, it looks to be a turnaround situation.
Faroe Petroleum Plc (LON:FPM) (FPM 144p / £145.86m)
Independent oil and gas company focusing principally on exploration, appraisal and undeveloped field opportunities in the Atlantic margin, the North Sea and Norway, last week announced a gas and condensate discovery on the Fogelberg prospect (Faroe 15 per cent), located in PL433 in the Norwegian Sea. Following a period of coring and extensive data acquisition, the well reached a vertical depth of 4,736 metres below the sea surface. The objective of the well was to prove hydrocarbons in the Garn, Ile, Tofte and Tilje Formations in middle and lower Jurassic reservoirs. Gas and condensate was encountered in the Garn and Ile formations, while the fluid contacts and content within the deeper Tofte and Tilje formations remain inconclusive at this stage, although they may be water bearing.
The gross size of the discovery has been estimated to be in a range between 105 and 530 billion cubic feet (between 19 and 95 million barrels of oil equivalent) of recoverable gas and condensate of which Faroe Petroleum has a 15 per…
