Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012 · Strong financial performance in challenging markets with good contribution from the Group's Information Services, Post Trade Services and Technology businesses · FTSE performing well, with major US and European client wins announced; range of new services and initiatives launched; further successful roll out of MillenniumIT platforms; and continued success of UK and Italian retail bond markets · Total income up 10 per cent at £423.7 million (H1 FY 2012: £386.5 million) · Revenue up 7 per cent to £349.8 million (H1 FY 2012: £328.1 million) · Adjusted operating profit1up 1 per cent at £217.2 million (H1 FY 2012: £214.3 million); operating profit of £186.8 million (H1 FY 2012: £192.5 million) · Adjusted basic EPS1up 9 per cent at 51.8 pence (H1 FY 2012: 47.6 pence); basic EPS broadly stable at 43.0 pence (H1 FY 2012: 43.1 pence) · Interim dividend up 4 per cent to 9.7 pence per share (H1 FY 2012: 9.3 pence per share) · Successful inaugural retail bond on Group's ORB platform - increases facility headroom and extends maturity of financing through a £300 million, 4.75 per cent 9 year bond · Strong net cash inflow from operating activities of £172.5 million; operating net debt to adjusted EBITDA was 1.4 times, in line with the position at the start of the year · Regulatory and anti-trust processes are progressing in respect of the acquisition of up to 60 per cent of LCH.Clearnet, with approval received from French lead regulator; the Group remains in discussions to explore options regarding potential implications of increased capital requirements for LCH.Clearnet
Where will this share go?
Shares of the London Stock Exchange (LSE) tumbled after it warned that proposed European regulatory changes will cut net treasury income over next financial year. Recommendations published by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) look set to change the rules of the game, and differ considerably from the initial proposals published in March 2012. One of the key changes is a requirement that as much as 95% of a European clearing house's cash deposits placed with financial institutions be collateralised with debt instruments. This will have an impact on the LSE's Italian central counterparties (CCP) business, CC&G. If implemented, the recommendations will require central counterparties - i.e. middle-men - to meet certain conditions regarding, among other things, liquidity and credit and market risk, the LSE said in a company statement. "If adopted in their current form, the recommendations will have some implications for LSE's existing wholly owned subsidiary CCP, CC&G," it added. The move could significantly reduce net interest income from its Italian clearing house, which currently accounts for over 15% of total group revenue.
what say you mullwined
Valuation: Modest upside The modest changes to our numbers have little impact on our valuations, which indicate a fair value of c £11.20 (previously £11.22).
http://www.edisoninvestmentresearch.co.uk/researchreports/LSE270912update.pdf
Price gets walked down on next to no volume, reaches 87's then a whole bunch of large orders get filled, 20k, 25k, 30k (and 22,222k strangely enough) There was big demand at these 'low' levels Seen this so many times with FI oilies, and nearly always precedes a good result. Add a couple of +ve rumours to the mix, and I am a happy camper today. Bring the HC's. GLA
Rich Ricci, head of Barclays’ investment bank, has ruled himself out of the running to replace Bob Diamond as chief executive as the troubled bank prepares to announce profits in the region of £1.7bn for the second quarter. Mr Ricci, one of Mr Diamond’s key lieutenants, is believed to have told friends that he neither wants the job, nor thinks it would be sensible for him to be appointed. His absence from the running to replace Mr Diamond – who resigned in the wake of the Libor-fixing scandal – will create a further headache for Barclays’ board, which must also find a replacement for Marcus Agius, the outgoing chairman. Mr Ricci is instead said to want to focus on running the investment bank, formerly known as Barclays Capital, and restoring its reputation in the wake of the Libor scandal. Barclays had to pay £290m to a trio of financial regulators in the US and the UK after admitting some of its bankers manipulated the key global inter-bank borrowing rate. The Sunday Telegraph understands that Mr Agius and Sir Michael Rake, the deputy chairman, spoke to a number of investors last week to discuss the changes of key personnel. Some investors believe regulators intimated to the board that they would prefer an outside choice, which would effectively block Sir Michael, who is believed to have ruled himself out of becoming the bank’s next chairman. Related Articles 'BarCap was the Wild Wild West – that’s what we called it’ 21 Jul 2012 Can Barclays' investment bank keep producing the goods? 21 Jul 2012 Bob Diamond resigns as Barclays chief 03 Jul 2012 Barclays hoped to 'tough it out' and retain Bob Diamond 17 Jul 2012 Libor scandal: timeline 16 Jul 2012 The news comes ahead of Barclays’ second-quarter results on Friday, which will be presented by the bank’s chief financial officer, Chris Lucas. Consensus estimates forecast a pre-tax profit of £1.67bn on sales of £7.29bn in the three months to June which is likely to be flat year-on-year. Investment banking revenues are likely to have fallen in the region of 28pc. With Mr Ricci all-but out of the running for the CEO role, insiders believe that there is only one viable internal candidate – Naguib Kheraj, the former chief financial officer who is now a senior adviser to the bank. Mr Ricci’s divisional counterparts – Anthony Jenkins who runs the retail bank and Tom Kalaris who runs the wealth management arm – are both thought not to have enough experience. The search process is being led by the board in conjunction with headhunters Spencer Stuart. One institutional investor, who sits within the top 15 of Barclays’ share holders, said the priority for a new chief executive was someone who was not afraid of making disposals at Barclays. “It’s too big, it needs slimming down a bit. That would help the capital positio
London Stock Exchange Group Sell 19-Jul-12 £522,267.50 Xavier Rolet 52,185 @ 1,000.80p London Stock Exchange Group Sell 19-Jul-12 £433,526.56 Raffaele Jerusalmi 43,318 @ 1,000.80p
Outlook While the business mix means that sensitivity to equity markets has reduced markedly (and will reduce further with the LCH Clearnet deal), management statement that “market conditions have remained weak and the summer period is expected to be quiet” confirms our near-term challenging outlook. Valuation: Minimal changes With a small reduction in estimates to allow for more current exchange rates, our range of valuation approaches indicates £11.22 compared with £11.35 previously
http://www.edisoninvestmentresearch.co.uk/researchreports/LSE190712update.pdf
The London Stock Exchange Group is in talks with the owner of the Singapore exchange about a potential 7.2bn pound merger. The British bourse, which pulled out of a 4.2bn pound merger with the owner of the Toronto stock exchange last year, is understood to have held a series of informal conversations with Singapore Exchange, its Asian rival, about a formal tie-up. Although still in their preliminary stages, the talks are believed to have focused on the benefits of merging the two exchanges amid continued consolidation attempts in the sector. If the London-Singapore deal were to come to fruition, it is expected the combined exchange group would rank third in the world in terms of trades, behind NYSE Euronext and Nasdaq OMX, The Telegraph reports.
It is arguable how reliable is the earnings stream the London Stock Exchange gets from having money left on deposit there. This is a one-off boost from the sovereign debt crisis and the high interest rates in Italy. Then again, there is little sign of the crisis being resolved, so perhaps the earnings are safe enough for now. It certainly gave a useful enough boost to first-quarter revenues, up 10% despite the weaker euro, and offset the quiet conditions in equities trading and post-trade functions such as clearing and settlement. Revenues from these are all tied to the level of activity in the market, and that level is pitifully low. Ten years ago the LSE was pretty much just about trading equities in London; research from Numis Securities suggests this was about half the group in 2010, but will be a quarter by 2015. Meanwhile, post-trade services will have grown over the same period from 19 per cent to 37%, allowing for the purchase of a majority stake in LCH. Clearnet still rumbling through the competition authorities. LSE shares, off 11p at £10.02, sell on 9.5 times earnings but are 200p up since the start of the year, which does not suggest much further to go in these markets, Tempus says.
as a learner would like to know ,is penny shares worth buying under 10pence
Looking like a nice safe haven, average selling VWAP is rising 10p a day and usually 60p above price. Buying average VWAP is 20p below price.
...... £7.50 soon (for attn of KWB1). Pathetic really.
Outlook The Group is continuing its transformation, in an industry that is undergoing widespread structural and regulatory change. The current macro economic environment, particularly in Europe, is evolving rapidly and remains uncertain, but the Group's breadth and diversity continues to provide resilience and a strong platform from which to seek opportunities. The business is alert and responsive to the markets in which it operates and remains focused on integrating its new acquisitions, delivering on stated cost and revenue synergies and driving performance. The Group expects to make further good strategic progress in the year ahead.
Chris Gibson-Smith, Chairman, London Stock Exchange Group, said: "This has been a very significant year for our business. The successful execution of our strategy has produced tangible operational and financial benefits and we have delivered growth, diversification and performance. "Looking ahead, we are excited by the opportunities for the business. In particular our full ownership of FTSE and our shareholder approved transaction with LCH.Clearnet will continue to transform our organisation. We are well placed and remain firmly focused in our pursuit of driving long-term shareholder value." Commenting on the year, Xavier Rolet, Chief Executive, London Stock Exchange Group said: "We have delivered a 27 per cent growth in operating profit and a 169 per cent uplift in profit before tax, seen strong performances across all four business divisions and made significant progress on our diversification strategy. We have made great progress this year. "Building long-term partnerships with our customers, successfully integrating new acquisitions and delivering on our stated cost and revenue synergies will continue to be the key areas of focus for us. Our dynamic, highly competitive landscape presents good opportunities for growth particularly in the areas of risk management and intellectual property. We will continue to innovate across our markets, products and services and we expect to make further good strategic progress."
ANNOUNCEMENT OF PRELIMINARY RESULTS OF LONDON STOCK EXCHANGE GROUP PLC FOR THE YEAR ENDED 31 MARCH 2012 · Excellent progress in delivering growth and diversification strategy · Scale, scope and reach of Group transformed through organic growth and acquisitions · Strong financial performance, growth achieved across all business segments in a highly competitive environment · Total income up 21 per cent at £814.8 million (2011: 674.9 million); revenue up 10 per cent at £679.8 million (2011: £615.9 million) · Operating profit up 27 per cent at £358.5 million (2011: £283.0 million); adjusted operating profit1 up 30 per cent at £441.9 million (2011: £341.1 million) · Profit before tax up 169 per cent at £639.7 million which includes recognition of the value of our existing interest in FTSE (2011: £238.2 million); adjusted profit before tax1 up 35 per cent at £400.6 million (2011: £296.3 million) · Basic EPS up 243 per cent at 193.6 pence (2011: 56.4 pence); adjusted EPS1 up 36 per cent at 100.6 pence (2011: 73.7 pence) · Proposed final dividend up 6 per cent to 19.0 pence per share; total dividend for the year increased 6 per cent to 28.3 pence per share
http://www.investegate.co.uk/Article.aspx?id=201205180700166256D
In the Times, Tempus likes the London Stock Exchange’s deal to buy 60% of the clearing house LCH.Clearnet. The overlap for clients of both buying shares and then receiving the post purchase services of a clearing house makes sense. Tempus says buy LSE on weakness.
UBS has lifted its target price for bourses operator London Stock Exchange (LSE) following last week's acquisition of a majority stake in LCH.Clearnet. "LCH should provide LSE with the scale necessary to access most attractive growth segments in market structure: clearing and derivatives which stand to benefit from the obligation to clear from 2013 and strengthens LSE’s position in post trade services" said analyst Arnaud Giblat.
Commenting on today's announcement, Chris Gibson-Smith, Chairman of LSEG said: "Strategically, structurally and financially this is a highly compelling transaction. At a time when experience, stability and trust count for so much, we are delighted to be partnering with LCH.Clearnet as global leaders in market infrastructure. Together, we have secured the Enlarged Group's long term role in the operation of international capital markets and we look forward to continuing to successfully deliver on our diversification strategy and to drive shareholder value." Jacques Aigrain, Chairman of LCH.Clearnet added: "We are pleased to partner with LSEG which has a shared philosophy of horizontal architecture and close partnership with customers. We look forward to working together to build on our respective strengths as we seek to deliver one of the premier global multi-asset, multi-venue clearing and risk management businesses." Xavier Rolet, Chief Executive Officer of LSEG said: "The Transaction will be transformative, delivering a strong, customer-focused clearing partnership between LSEG, LCH.Clearnet and our customers, the broker-dealer community. We will seek to promote greater innovation, choice and competition in the listed derivatives market through this new-style open-access clearing model, building on the successes we have already had with our existing equity and fixed income trading partnerships, Turquoise and MTS." Ian Axe, Chief Executive Officer of LCH.Clearnet added: "Transforming LCH.Clearnet into a best in class international CCP will be accelerated by the partnership's enhanced capabilities. We see significant revenue opportunities opening up as a result of both customer and regulatory demand for more efficient and more sophisticated tools to manage market risk."
LEADING GLOBAL PARTNERSHIP IN MULTI-ASSET, MULTI-VENUE CLEARING AND RISK MANAGEMENT SERVICES · Strongly positions Enlarged Group for long-term, leading role in global market infrastructure, in partnership with customers · Combines LCH.Clearnet's open, horizontal model with LSEG's proven track record of customer partnerships and reinforces LCH.Clearnet's stakeholder governance model · Reinforces LSEG's diversification strategy and enhances portfolio of leading global brands, products and services to drive growth · Builds on the combined expertise of LCH.Clearnet and LSEG in owning and successfully developing regulated, systemically important businesses across multiple geographies · Accepting LCH.Clearnet Shareholders will receive €20 per LCH.Clearnet Share acquired, comprising the Offer of €19 per LCH.Clearnet Share in cash plus €1 per LCH.Clearnet Share from the Special Dividend (payable by LCH.Clearnet in 5 years, subject to deductions) · LCH.Clearnet total implied value of €813 million (£677 million), comprising total implied Offer value from LSEG of €772 million (£643 million) plus Special Dividend of €41 million (£34 million) (payable by LCH.Clearnet in 5 years, subject to deductions) · LSEG to become majority owner of LCH.Clearnet, holding up to 60 per cent.; LCH.Clearnet Shareholders to retain at least 40 per cent. · Maximum consideration to be paid by LSEG will be €463 million (£386 million), funded from existing resources and bank facilities · Immediately earnings accretive for LSEG and return on invested capital is expected to exceed LSEG's current cost of capital in the first year · Undertakings received from LCH.Clearnet Shareholders to vote in favour of the LCH.Clearnet Resolution and to accept the Offer, representing 62.7 and up to 46.9 per cent. of LCH.Clearnet's Issued Share Capital respectively