STOCKS NEWS EUROPE-Red24 up as results beat expectations

Shares in AIM-listed Red24 (REDT.L) gain 4.4 percent after the company's first-half results, with pretax profit rising 17 percent to 0.23 million pounds, prompting Seymour Pierce to keep its "buy" rating.

Red24, which provides security consulting, training, information advice and response saw revenues rise by 16 percent to 1.9 million pounds in the six months to Sept. 30. It declared a maiden dividend of 0.15 pence.

"Red24 remains substantially cash positive and well-placed for further growth," says Seymour Pierce in a note.

"The shares are trading on a prospective earnings multiple of 5.9 times against the security peer group average of 10.2 times -- this is far too low in our view," the broker says.

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