Smiths Group Share News (SMIN)

Thu, 30th Sep 2010 06:35

The Times

BANKERS LEFT IN THE COLD BY CAMERON'S BRAINS TRUST

The government has finalised the selection of the 16-member

panel of business leaders that will advise Prime Minister David

Cameron on business and economic matters. While other industries

are well represented, the provisional list did not feature

anyone from the banking or insurance industries. The apparent

snub has been played down by senior bankers, who deny that it is

a message to the sector.

NIGHTHAWK FOUNDERS QUIT

The founders of oil and gas explorer Nighthawk Energy are to step down from its board, just weeks after

threatening legal action against users of investor message

boards who they accused of talking down the value of the

company's shares. It is understood that managing director David

Bramhill and his co-founder, Joe O'Farrell, believe they have

taken the business as far as they can and that new management

would help the business attract City investment. The firm's

commercial director Tim Heeley will take over as chief

executive.

TEMPUS

Misys (no better than a hold)

Smiths Group (buy)

London Stock Exchange (shares are well up with

events)



The Daily Telegraph

BABCOCK'S STOCK RISES AFTER CONFIDENCE BOOST FROM MOD

Babcock, the defence engineering and services

company, expressed its belief that it will benefit from the

government's planned spending cuts as Whitehall seeks to cut the

budget deficit. Babcock said the current environment will

require 'more efficient delivery of technical and support

services' that will result in 'an increased demand for

outsourcing'. The company said it expected to meet its targets

for the first half of the year. However, the company did

acknowledge that government spending cuts will hit sales growth

in the short term.

RECESSION AND PROPERTY SLUMP SIGNALS LAST ORDERS

Administrators from PricewaterhouseCoopers have been drafted

in to Pubfolio and Goldtry, the owners of tenanted pub

properties, after both firms suffered a slump in trade from the

economic downturn and smoking ban. Pubfolio, which bought 545

pubs from pub operator Punch Taverns for 162 million pounds, had

tailored its business model to offload pubs to real estate

developers. David Chubb, a PwC partner, said the administrator

had 'no immediate plans for wholesale disposal of assets' at the

250-strong pubs business and was focused on ensuring the

'business remains stabilised with the benefit and support from

the bank'.

CINEMA CHAIN VUE EYES RIVAL

Tim Richards, chief executive of cinema group Vue

Entertainment, which has been put for sale with a

price-tag of over 400 million pounds, is inviting prospective

bidders to consider a 'buy and build' strategy. In the cinema

group's sales prospectus, Richards outlines possible synergies

of 15 to 25 million pounds from a merger with rival Cineworld , which was last valued at 286 million pounds, and

highlighted the resilient growth in the UK cinema market. Vue, a

group majority owned by Richards and its management, was one of

the HBOS private equity assets disposed of by Lloyds Banking

Group early in 2010 to buyout house Coller Capital.

MOSS BROS BOSS MAKES A LOSS

The chief executive of Moss Bros, the menswear

retailer, said the company has launched a comprehensive review

of costs in a move that could result in job losses. Brian Brick

said the company will 'tighten up' its internal procedures and

review management structures. Moss Bros reported pre-tax losses

of 3.3 million pounds over the six months to July 31.

QUESTOR

Domino's Pizza (hold)

Cluff Gold (buy)



The Independent

MCGEORGE TO STEP DOWN AS MATALAN CHIEF EXECUTIVE

Alistair McGeorge is vacating his role at Matalan

after four years as its chief executive. Although the reasons

why McGeorge is stepping down are unclear, sources suggest that

he does not see eye-to-eye over flotation plans and was

disgruntled at missing out on a payout when founder John

Hargreaves refinanced the company. Hargreaves, whose family

trust owns 100 percent of Matalan's shares, withdrew from a

potential sale in February after private equity firms rejected

his 1.5 billion pound price tag. Finance director Paul Gilbert

will take over the day-to-day handling with a replacement

expected to be hired by January.

INVESTMENT COLUMN

Rockhopper Exploration (hold)

Misys (hold)

Moss Bros (hold)



The Guardian

SMITHS GROUP SAYS COALITION CUTS COULD HIT SALES

Smiths Group, the engineering and technology

company, reported a 17 percent increase in pre-tax profits to

435 million pounds in the year to July 31. But chief executive

Philip Bowman said government spending cuts will affect sales

growth. A fifth of Smiths' 2.7 billion pounds of sales came from

government-related contracts, with the UK accounting for four

percent of revenues across the group. The company's best

performing division was the detection unit with a 43 percent

increase in operating profit to 90 million pounds. Sales

increased by 15 percent to 574 million pounds.

Keywords: PRESS DIGEST British business Sept 30



COPYRIGHT
Copyright Thomson Reuters 2010. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.