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Morning news wrap: AstraZeneca, Petrofac, Punch Taverns, Drax Group, Allocate Software

16th Dec 2009, 8:02 am Morning news wrap: AstraZeneca, Petrofac, Punch Taverns, Drax Group, Allocate Software

In the FTSE 100, oil & gas facilities and services provider Petrofac (LSE: PFC) said it would most likely deliver profit after tax for the full year of US$330 million, representing a 25% year on year increase.

Pharmaceutical company AstraZeneca (LSE: AZN) said that the FDA (food and Drug Administration) voted that the company had established sufficient benefit to offset the observed risk to support the use of CRESTOR (rosuvastatin calcium) in individuals meeting certain criteria. The review is a part of the FDA’s evaluation of the supplemental New Drug Application filed by AstraZeneca in April this year.

In the FTSE 250, pub operator Punch Taverns (LSE: PUB) released a management statement, saying that last years challenges continued into this year and that trading would remain tough.

Drax Group (LSE: DRX) said it now anticipated the full year EBITDA (earnings before interest, taxed, depreciation and amortisation) to be “modestly ahead” of market expectations.

In AIM, direct marketing software developer smartFOCUS (AIM: STF) said the results for the current financial year would be ahead of expectations following its recent announcements of contract wins including LV= and Rank.

Allocate Software (AIM: ALL) has completed the acquisition of Swedish Provider of time management software Time Care AB for £8.7 million. The company successfully raised approximately £8.3 million through a cash placing of 15,100,000 new ordinary shares at 55.0 pence per New Share to help fund the acquisition with the balance being satisfied from the company's existing cash resources.

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