Megabuyte - Technology sector intelligence

Mobile internet specialist Bango has released a profits update of two halves; a downgrade for this year due to a slower than expected migration to Bango services, but an upgrade for FY12 and beyond, driven by rapid growth in smartphone usage. We caught up with CEO Ray Anderson, who highlighted in particularly the very encouraging viral effects from Bango’s recent appointment by RIM on the Blackberry application store (Premium Plus readers see here). Newswire Plus has more.

SmartFocus parts company with long standing CEO

Marketing software provider SmartFocus has released a positive trading update, but has also announced the surprise and immediate departure of long standing CEO and 15% shareholder Chris Underhill.  Although the parting appears amicable, and Chris will serve as an NED until year end to help find a replacement, the immediate nature of the departure suggests otherwise. Read more in Newswire Plus.

Cautious Fidessa confident for the full year

Trading software vendor Fidessa has updated the market on current trading this morning and re-iterated recent observations on the state of its end markets. There continue to be good and bad points in the market for Fidessa with uncertainty creating opportunity in some areas but tough market conditions causing problems elsewhere; particularly amongst smaller customers. Looking forward, Fidessa remains cautious about the market but is on track to achieve good growth this year; in line with previous guidance. See Newswire Plus for more.

Microgen steady in Q3; shares continue to run

Financial software supplier Microgen has issued an in-line update this morning cover its Q3 ended September. The trading patterns experienced in the first half seem to have continued for Microgen in the second half with significant growth from the Aptitude product whilst the Financial Systems division was stable with continuing high margins. Overall, the company is on track to meet market expectations for the year to December. Microgen’s balance sheet remains very strong; even after a £6.2m tender offer during September, Microgen had net funds of £17.1m at the end of September. Shares in Microgen have enjoyed a very strong run over the last 18 months and have kicked on again just in the last few weeks. Overall, the shares have all but trebled since the beginning of 2009.

Probability raises £2.3m

Mobile gambling provider Probability has used the share price strength after its recent positive update (Premium Plus readers see here) to raise £2.3m at 50p per share, a 6.5% discount to the 53.5p closing price.  The new shares are equivalent to 17.5% of the enlarged share capital, and the new funds will, according to CEO Charles Cohen, help the company expand its marketing and regulatory footprint, as well as injecting some much needed liquidity into the shares.