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AA-rated Cross & Fosh buy into 10% slump in tech business

AA-rated Cross & Fosh buy into 10% slump in tech business

Citywire AA-rated star UK equity duo Anthony Cross (pictured) and Julian Fosh have upped their conviction in decontamination and pharmaceutical services business Bioquell following a near 10% fall in shares.

The two managers increased their holding in the business from 3.99 million to 4.21 million or 10.1% worth £5.35 million at a share price of 127p, down 8.54% over the last month.

The shares are held in their £277 million Liontrust UK Smaller Companies fund.

Bioquell slumped almost 10% in mid-March after the company reported profit for 2013 down 22.5% on the same period of the year before, from £4 million to £3.1 million following a ‘tough year’.

Investec cut its price target following the announcement, from 147p to 133p, rated hold.

The fall, which came despite a 9% increase in revenue, followed £900,000 of restructuring and redundancy charges as the company re-orientated its decontamination division toward life sciences. 

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