Market Report Taking Stock

Serif, the struggling security printer, responded to boardroom changes with a 0.5p gain to 2.5p, highest since March. Two directors have moved in, including John Gulliver who, with friends, has built a 20 per cent-plus share stake.

Serif has found the going tough for years; it has made losses for five years but did swing into profits, thanks to a disposal, in the first half of its current year. Besides striving to improve Serif's trading it is expected Mr Gulliver will attempt to inject assets into what is little more than a shell.

Watch Royal Doulton, the tableware group. New chief executive Patrick Wenger is reorganising, including cutting the board and workforce, and stockbroker Granville Davies rates the shares a buy at 206.5p.