Silicon Fen Top 20 Index gains 5% in the quarter as MMI Group, BioProgress, Prelude Trust join
In the first quarterly revision of the Silicon Fen Top 20 index MMI Group, BioProgress and Prelude Trust replace NXT, TTP Com and CMR Fuel Cells.
There was no shift in the positions of the top 10. The giants of the Cambridge Cluster of high tech firms remain on their summit - chip designer ARM Holdings (ARM.L) and Bluetooth expert CSR (CSR.L) - both with market caps over a billion pounds. Next are the smart search gurus Autonomy (AU.L), then the highest ranked biotech Cambridge Antibody (CAT.L).
The total market capitalisation of the Top 20 rose by almost 5% in the three months since launch on 1st February to reach £6.5 billion.
The Index measures the share price movements of the Top 20 companies in the region around Cambridge known as Silicon Fen as measured by market capitalization. [Editor's note: it appears on the left side of the web site and updates every ten minutes].
Because the companies have headquarters are in Silicon Fen, the index is an approximation of the collective shape of the Cambridge Cluster's profitability and performance - its bottom line - as a company's share price usually reflects its performance and potential. The index is administered by Silicon Fen Business Report.
New entries
Specialty pharma BioProgress (BPRG.L) forced its way into the Top20 by moving its headquarters into the Cambridge Science Park during the quarter as part of an extensive rejigging of corporate strategy. It has a market capitalisation of £60m and as of today, is ranked 15th. It share price has slid over 14% in the past quarter to 44.5p as the stock market watches the new strategy unfold. The company has said that the outlook for the remainder of this year is extremely positive. The price remains comfortably about past 12 month low of 27.5p, when the board started taking stock.
The second new entry is the Medical Marketing International Group (MMG.L) pharmaceutical development firm focussed on cancer and infection, with a market capitalisation of £103m. It has also benefited from some restructuring - selling a division to focus on its core business of developing its portfolio of therapeutics - that has seen the share gain 18% in three months, despite recent profit taking shaving some gains.
Prelude Trust (PDT.L) enters the Top 20 in 20th spot, with a market capitalisation of £47.5m and its share price essentially unchanged over the period. It also had some corporate activity, planning both a merger of trust managers Prelude Ventures with Cazenove Private Equity, and a £5m share buying back, but essentially it squeezed in because others dropped out.
Drop outs
Lower capitalised companies tend to have more volatile share prices than the big boys because each trade may move the price. Three companies have slipped out, for now at last.
CMR Fuel Cells (CMF.L) slipped to first reserve (21st position) as its share price shed over 9% to deliver a market cap of £47m. But the price has been recovering over the past fortnight and CMR delivered some good news on an agreement in late April. The company only listed in late December, so it is likely that it is still finding its feet.
Loudspeaker technologist NXT (NTX.L) said in February that its Hong Kong operation was taking longer to bed down than expected and that sales might not meet forecast. This hit the price, which declined by 35% to leave market capitalisation at £39m.
Wireless communications specialist TTP Communications (TTC.L) also had a tough quarter. A postponement of a deal and slow progress in 3G getting into shops hit it hard. Its shares were down 45% taking market capitalisation to £30.5m.
The stayers
For the next quarter at least, other companies in the Silicon Fen Top 20 index (with share price movement over three months and market capitalisation) are:
• CSR - up 0.2% to £1453m
• Autonomy Corporation - up 6% to £807m
• Cambridge Antibody Technology - up 9% to £392m
• Domino Printing - up 4% to £292m
• Alizyme - up 16% to £290m
• Aveva - up 15% to £257m
• Acambis - down 9% to £192m
• Xaar - down 1.7% to £188m.
• Cambridge Display Technology - down 18% to $189m (Nasdaq listed)
• Abcam - up 1.2% to £85m
• Dialight - down 13% to £73m
• Amino Technologies - down 31% to £63m
• nCipher - down 9% to £58m
• Bango - up 2.5% to £54m
• Plasmon - down 45% to £54m
• Intercytex - no change at £52m
The next revision will be on 1st September.
1st May 2006
