STOCKS NEWS EUROPE-Firestone Diamonds up after FY results

Shares in Firestone Diamonds (FDI.L) gain 5.2 percent after the AIM-listed miner reports its full-year results, which Evolution Securities says demonstrates "the group's transformation", while repeating its "buy" rating.

Firestone posts a 22 percent rise in revenues to 4 million pounds ($6.65 million) for the year to June 30, while operating profit dips to 0.7 million pounds from 2.1 million pounds in 2008.

Evolution says the group is going through a significant transformation but importantly Firestone's test work on its BK11 Kimberlite pipe is in line with expectations, pointing to mining commencing in mid-2010, while negotiations on the Jwaneng tailings and Tsabong projects are progressing.

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