HB Markets Daily Smallcap Newsflash including ADVFN and Clarity Commerce SolutionsADVFN (AFN, 4.9p, £30.7m) - Interim results for 6 months to 31 December 2009. Turnover increased 19% to £4m (£3.4m). The company was cash flow positive for the 6 months with cash in hand of £1.8m (£1.2m). Loss for the Period was down 28% to £330k (£460k), while EBIT loss reduced 60% to £160k (£395k). User numbers increased 20% to 1.8M (1.5m). The results show reasonable progress particularly on a cash front (c.£1.8m cash in hand), with growth in the revenue and progress in user numbers both strong, However, what should be a scale-able model has for sometime failed to translate into consistent operating performance with costs here increasing alongside turnover growth, albeit at a marginally lower rate. The company has a strong installed base and statement speaks of solid long term prospects but seems in need of a major catalyst to accelerate progress. HOLD Clarity Commerce Solutions (CCS, 38.5p, £14.95m) has announced a contract with Merlin Entertainment, the world’s 2nd largest operator of amusement parks, for its point of sales systems. The multi-million £ contract is subject t the first successful deployment, at the Gardaland theme park in Italy, scheduled for completion in April 2010. We maintain our BUY recommendation with a 47p price target.

ADVFN (AFN, 4.9p, £30.7m) - Interim results for 6 months to 31 December 2009. Turnover increased 19% to £4m (£3.4m). The company was cash flow positive for the 6 months with cash in hand of £1.8m (£1.2m). Loss for the Period was down 28% to £330k (£460k), while EBIT loss reduced 60% to £160k (£395k). User numbers increased 20% to 1.8M (1.5m). The results show reasonable progress particularly on a cash front (c.£1.8m cash in hand), with growth in the revenue and progress in user numbers both strong, However, what should be a scale-able model has for sometime failed to translate into consistent operating performance with costs here increasing alongside turnover growth, albeit at a marginally lower rate. The company has a strong installed base and statement speaks of solid long term prospects but seems in need of a major catalyst to accelerate progress. HOLD

Clarity Commerce Solutions (CCS, 38.5p, £14.95m) has announced a contract with Merlin Entertainment, the world’s 2nd largest operator of amusement parks, for its point of sales systems. The multi-million £ contract is subject t the first successful deployment, at the Gardaland theme park in Italy, scheduled for completion in April 2010. We maintain our BUY recommendation with a 47p price target.

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