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15:05GMT 29Jan2009-FDM Group higher after trading update

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Shares in FDM Group gain over 11 percent as the IT services business says it expects full-year 2008 profits to be in line with market expectations, and says its year-end net cash position will be in excess of 10 million pounds.

"This is a very impressive result given the group's exposure to financial services," says Brewin Dolphin in a note.

The broker, which keeps its "buy" rating on the stock, points out net cash is ahead of its forecast by over 2.1 million pounds and now accounts for almost 70 percent of the market cap.

However, Brewin Dolphin says that given the broad economic uncertainty across all sectors, it believes it is prudent to build a little additional comfort into its numbers, and therefore reduces its 2009 EPS target by 7 percent to 15.8 pence.

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