Nice rise at Shanks group today, been holding for ages in the hope of a bid. Any other holders out there?

Peel Hunts says that 2010/11 results from Shanks were 7% ahead of expectations after the waste management firm made "substantial" progress over the past 12 months, in regards to "expansion, contract wins, cash generation, cost reduction and financial stabilisation."

Pre-tax profit for the year ended 31 March was 35.2m, ahead of the Peel Hunt's estimate of 33m, despite challengng winter conditions.

The broker re-iterates its 'buy' rating and ups the target price from 138p to 140p.