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Positive Points: The company declared it expects overall production growth of 16% over the two years to the end of the 2015 financial year. BHP Billiton achieved annualised cost savings of $4.9 billion, slashed capital spending by virtue of portfolio simplification and trimmed its debt position. The company said it had more room to strip out costs to insulate it from any market weakness, and highlighted that the company had been able to grow returns at a time of flat to slightly weaker commodity prices. The miner said the global economy was expected to strengthen over the rest of the 2014 financial year, which would provide continued support for commodities demand, "albeit at more moderate rates of growth". BHP Billiton is also investing to develop one of the world's largest potash mines. It said it would spend $2.6 billion by 2017 to build shafts and surface infrastructure at its Jansen project in Canada. The company noted that annualised productivity-led volume and cost efficiencies are now expected to increase to $5.5 billion by the end of the 2014 financial year. Melbourne, Australia headquartered BHP Billiton is the world's largest mining company measured by revenues. A progressive dividend policy continues to be pursued. The company said it will consider the "trajectory of its progressive base dividend at the end of the 2014 financial year".

Negative Points: Fluctuations in commodity prices and impacts of ongoing global economic volatility may negatively impact the group's performance, including cashflows and asset values. A reduction in Chinese demand may unfavourably impact the group's results. Actions by governments or political events in the countries in which it operate could have an adverse bearing on the business. One-off items reduced profits by $72 million, mainly due to the impact of onshore US drill rig termination charges. Currency movements have previously dragged on the group's profit performance. Cost pressures for both BHP and the wider industry continue to be seen. BHP Billiton may not recover its investments in mining, oil and gas assets, which may require financial write-downs. Natural events such as the previous floods in Australia could impact production................

Financial Highlights: Underlying first-half profits advanced 31% to $7.8 billion. Revenues improved by 5.9% to $34 billion. The group achieved annualised costs savings of $4.9 billion. A 65% increase in net operational cash flow to $11.9 billion was reported. With strong cash flow projected by management, group debt of $27.1 billion is expected to reduce to $25 billion by the end of the 2014 financial year. The board have proposed a 3.5% rise in the interim dividend to 59 cents per share.

Interim results: The world's largest mining company exceeded analyst forecasts reporting a 31% surge in first half profits, driven by strong production across its iron ore and coal businesses. Profit from iron ore, its biggest business rose 60% on the back of mine expansions, with production from Western Australia achieving record production of 108 million tonnes in the half year, benefiting from the early delivery of first production from its Jimblebar mine. Queensland Coal also achieved record production as initiatives increased annualised output to 68 million tonnes and posting a profit of $510 million. Elsewhere, petroleum liquids production increased 9% to 50 million barrels of oil equivalent while Copper production jumped 6% to 843,000 tonnes. "Strong operating performance across BHP Billiton's diversified portfolio in the December 2013 half year delivered a 10% increase in production, with records achieved across three commodities and 10 operations" it said. Based on the combined estimates of analysts that cover the company,

Positive Points: The Chief Executive noted that "forward bookings data is encouraging and we are confident that we will deliver another year of growth." RevPAR growth in all four of the group's regions was reported. Its Americas region achieved RevPAR growth of 4% in the fourth quarter. RevPAR growth of 6.4% was reported for its Asia, Middle East & Africa business. In Europe, for the first nine months RevPAR grew at 0.7%, and then accelerated sharply in the fourth quarter to 4.9%. For Greater China, Comparable RevPAR increased 1.0% over the year, with 2.4% growth in the fourth quarter. Asset disposals remain ongoing. The InterContinental London Park Lane sale was previously completed for $368 million, with a management contract secured for up to 60 years. The InterContinental Mark Hopkins, San Francisco Hotel disposal was announced with the results. It will raise gross cash proceeds of $120 million. A previously announced $500m share buyback programme is now 78% complete. The company continues to enjoy broad geographical diversification. The total dividend payment for the year was increased by 9% to 70 US cents. Management highlighted 11% compound annual growth in the payment since 2003.

Negative Points: Management outlook comments noted that "economic conditions in some markets remain uncertain." For the group's Greater China business, RevPAR growth of 1.0% was reported, a significant decrease on the 5.4% growth achieved in 2012. Chinese Gross Domestic Product (GDP) expansion for the October-December quarter came in at 7.7%, slowing from 7.8% in the previous three months. The 2013 China GDP figure was the same as that for 2012, which was the worst rate of growth since 1999. A macro or geopolitical shock would hit the hotel industry. The group is exposed to travel related security threats, which are impossible to predict. Overall group debt increased. Group net debt rose to $1.15 billion at the end of 2013, up from $1.07 billion at the end of 2012

Financial Highlights: Group revenue rose by 4% on a currency adjusted basis. Operating profit grew by 10% to $668 million. Group net debt rose to $1.15 billion from $1.07 billion. Total dividend payment for the year increased by 9% to 70 US cents. 11% compound annual growth since 2003.

Full year results: The figures materialised broadly in line with analyst forecasts, with the shares appearing to suffer a degree of profit taking in early trading (down over 4%) following a recent strong run - up nearly 10% in the last quarter compared to a flat FTSE-100 index. Exposure to growth regions such as the US and Asia again played its part, with key brands such as Holiday Inn once more contributing towards new hotel openings. Ongoing asset sales continued to underpin cash returns to shareholders, whilst management confidence in the outlook was reflected through a 9% hike in the dividend payment compared to 2012. On the downside, and despite a fourth quarter improvement, concerns regarding the group's Greater China region persist - 2013 Revenue Per Available Room (RevPAR) growth of 1.0% was reported, a significant fall on the 5.4% growth achieved in 2012. Furthermore, group net debt, if only marginally, increased, whilst broader concerns for the rebalancing of the global economy and its impact on the group's perceived cyclical status remain. In all, InterContinental continues to please. An asset light strategy has underwritten significant returns of cash, whilst a bias towards the US and Asia has helped to insulate it from challenges in Europe. In addition, fourth quarter (RevPAR) growth in Europe accelerated, whilst the credit crisis itself has arguably fortified the group's position in recent years, making it more difficult for entrants and smaller rivals to borrow and compete

Hope the water wasent to deep.........

Software specialist WANdisco (LON:WAND) is expected to see a bigger contribution from its Hadoop Big Data business this year, broker UBS said as it initiated its coverage with a ‘buy’ rating. Shares in the group jumped 170% last year, making it one of Europe's top-performing stocks, mainly on the back of developments in Big Data, UBS said. “As data volumes explode, Hadoop's low-cost, scaleable architecture makes it well placed to capitalise on this, and take share from traditional database and storage technologies.” Hadoop currently has a 1% share of the US$44bn Big Data market. UBS calculated a Big Data valuation for WANdisco of 728-1639p, assuming Hadoop takes a quarter of future data growth, valuing the entire company at 1525p, UBS said.

Full year figures from Wood Group this morning which came in in line with expectations, indeed in a couple of areas they exceeded my forecasts. Although there will be a few bears around picking up on comments from the company regarding the ‘slower pace of significant offshore awards’ I think that by now even the analytical community will have factored this into longer term prospects. The figures revealed EBITA and EPS up 16% and at 22 cents the dividend was up 29%. Since its IPO, Wood has increased its divvi at a compound rate of 20% and todays increase still leaves it covered 4 1/2 times, on consensus numbers 2014 cover is 3.7x. Guidance for 2014 is for another 25% hike and beyond 2015 double digit + increases are on the cards, this is very impressive and should be noted. The analysts meeting was crisp, confident and even I dare say it, short, which is another bonus point for the management. The long-awaited strategic review is completed and after sorting out GTS (still in my view just being tidied up for sale/disposal) the company has twiddled with a few things but feel, correctly, that the model looks pretty good. The capital structure is efficient, if anything the company might pay out the odd special divvi but acquisitions are a key part of the company’s mantra and they almost always work well. The main positive driver is from PSN where the exposure to the US shale is very profitable and the Elkhorn acquisition has proved my point above by being very well made. Finally on PSN, it itself is proving to be a great deal as it expects to have ‘strong’ growth this year probably 15%+ and it will also continue to increase its margin albeit not as much as last year. Overall, the shares are justified in the rise today which has seen a continuation of a recent pick-up in the price. Although unlikely to return to the 900p level quite yet, I am confident that a range between 750-850p would not be wrong for a company that is very sensibly getting to grips with the industry situation and today has displayed a quality that sometimes recently has been missing, Wood Group is back.

AIM-listed, Indian power group OPG Power Ventures (LON:OPG) has reached the inflection point in its development. That’s the view of City firm Shore Capital, which repeated its ‘buy’ rating following the company’s third quarter update. In it, OPG revealed its two latest electricity plants are on time and on budget, adding that its full-year results look set to meet the City’s forecasts. Shore analyst Robin Speakman said the update confirmed OPG’s development is going to plan, while the underlying business performance is around 20% ahead of his initial expectations. He points out that revenues are set to rise from March 2013 to March 2016 by 5.6 times, with adjusted pre-tax profits multiplying by 6.6. “Management has delivered on all OPG’s stated strategic objectives. The mature valuation for the company is now coming into focus based on high visibility,” Speakman said. “We point investors towards OPG’s high returns on capital (return on equity rising to 50% in FY2016F) and reducing valuation risk in cash flow analysis.” Investors listened to the ‘buy’ advice, sending the share price up 4% to 81.8p.

Appendix 3B Fri, 14th Feb 2014 07:00 RNS Number : 0558A Bullabulling Gold Limited 14 February 2014 ? Bullabulling Gold Limited Appendix 3B The Directors of Bullabulling Gold Limited (the "Company") (AIM: BGL, ASX: BAB) today released the following announcement on the Australian Securities Exchange ("ASX") as required under the listing rules of the ASX. 1,786,808 New Ordinary Shares (Shares) in the Company have been issued at an implied price of A$0.04 per Share. Admission of the Shares to AIM has been applied for and is expected to take place on 20 February 2014. The shares have been issued in relation to an employee bonus scheme.

WANdisco: Panmure Gordon ups target price from 1496p to 1504p and retains its buy recommendation.

Tricorn Group: Westhouse Securities lowers target price from 50p to 35p and downgrades from buy to add.

Stock Spirits: Nomura shaves target price from 325p to 320p and stays with its buy recommendation.

RWS Holdings: Numis raises target price from 875p to 1170p and maintains an add rating.

McBride: Panmure Gordon lowers target price from 127p to 120p keeping its buy recommendation.

Halma: Investec lowers target price from 730p to 715p, while leaving its buy recommendation unaltered.

Fidessa: Citi increases target price from 1700p to 2485p and reiterates a neutral rating.