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TechMARK has been marking time recently, despite the glut of results coming on to the market. At 1213.1, the index of the 100 biggest firms is only slightly up on what it was at the end of February.

When the recovery will come is difficult to call. Beeson Gregory head of research Alan Matthews says 'no big mark-up is due', although he adds that, with economic recovery expected in the second half of this year, IT spending should increase. This should, in turn, help share prices to move upwards.

With biotechs, he says that, despite recent knocks, 'there is a lot more investor interest now, especially in medical equipment and healthcare. We are quite positive'.

He is not confident about telecoms, although he expects semiconductor-related firms like IQE to perk up if the industry cycle moves forward as expected.

Software and IT

With the spring results season has come a welter of poor-looking figures from tech firms. They once more show the difficulties most companies have been experiencing.

Former technology bellwether Baltimore Technologies is a perfect example. It reported an overall loss of £125 million, before interest, amortisation and exceptionals, about half of it on continuing operations.

Turnover on current operations was down 32 per cent to £32.4 million. The shares were up a touch at 10.75p.

Technology integration firm Morse also reported sales down in its interim statement, with pre-tax profits halved to £9.4 million.

Semiconductor manufacturer Telemetrix, which reported a £1.8 million loss against £12 million pre-tax profit in 2000, took a bigger hit, while technology consultancy Axon saw pre-tax profits down 15 per cent at £6.1 million, on stable turnover of £42.8 million.

There has also been a wide spread of profit warnings. Another semiconductor firm, CML Microsystems, said market conditions had worsened since a downbeat interim statement flagged up falling revenues and profits.

ServicePower Technologies also pre-empted its results with a warning.

But the most startling statement came from digital TV set-top box maker Pace Micro Technology, prompting its third downgrade in a year. CML's shares rose to 228.5p in March, Service Power's stayed at 16p, while Pace lost two-thirds of its value.

Better things

Partner-based telecoms and internet services firm Affinity Internet reported a £21.2 million loss before exceptionals and amortisation. But there was a strong rise in customers in the latter part of 2001, and into 2002. Analysts expect a first pre-tax profit in 2002. The shares are up 3 per cent, at 259p.

Mortgage, pensions, life pension and investment software and services firm Marlborough Stirling, one of a select band of techMARK new issues in 2001, is already well into the black. It reported pre-tax profits up 11 per cent to £9.3 million for the year to 31 December 2001. Its shares remained stable at 207.5p.

Biotech Acambis's shares have more than tripled since summer 2001. In its final results statement, it confidently anticipated profitability in 2002 on the back of vastly increased smallpox vaccine sales.

Losses increased slightly to £12.5 million in 2001, although, after financing, cash reserves remained stable at around £22 million. The shares declined slightly to 354p.

Oxford Glycosciences and Oxford BioMedica both posted results, and their shares have since lost a bit of ground. Pharmagene and Profile Therapeutics went the other way.

Radamec for the long haul?

Defence-focused electronics fledgling Radamec reports its final results soon, having increased pre-tax profits from £10,000 to £60,000 at the interim stage.

A source close to the firm says: 'don't expect mega-bucks' in the upcoming figures. However, with the sale of its head office building at Chertsey at a substantial premium to its £600,000 book value apparently imminent, there should be a dividend.

For the longer term, if an £8 million contract to supply BAE Systems with gun-tracking and surveillance systems comes through, it could lead to more work in this area.

With the company valued at £6.5 million, such developments might eventually lead to a re-rating, but do not expect fireworks in the short term.