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Central European hard coal and coke producer New World Resources has reported that five miners lost their lives during the company's last fiscal year, while financial results showed contractions in revenue and operating profit. Gareth Penny, Executive Chairman of New World Resources, described 2012 as a "tough year", saying that ongoing macroeconomic uncertainties in Europe, as well as a slowdown in Asia, had affected business sentiment. He said that this had a knock-on impact on steel markets and associated raw materials, including coking coal. However, the results were overshadowed by the deaths of five miners during the financial year. Penny said: "Despite the on-going positive safety trend, it is with deepest regret that we report a loss of five of our miners at work during the year - an unacceptable result and we remain committed to achieving our ultimate target of fatality-free operations."

"That brought us to a very satisfactory 3.1% total return for the year. I am therefore delighted to report a healthy RoE for the quarter of 3.1% and for the year of 16.7%." Formation of new division The group unveiled its new Lancashire Capital Management division, which will be led by Simon Fascione, the Chief Underwriting Officer of Lancashire Insurance Company, and will focus on the management and execution of existing managed premium strategies, in conjunction with the development of future products and structures. CEO Brindle said: "The creation of Lancashire Capital Management is an exciting and logical step for Lancashire given the ongoing evolution of the third party capital market. "We have an established track record in relation to the management of third party capital investments via Sirocco, Accordion and more recently Saltire. This announcement further illustrates our commitment to ensure we are continually exploring all avenues of innovation to meet the complex needs of both our clients and investors. Lancashire Capital Management will enhance the group's ability to match supply with demand within an industry in transition."

"At the beginning of 2012 I expressed a cautious optimism about the insurance pricing environment. That proved justified in our property retrocession and reinsurance lines and in the energy offshore accounts. Otherwise, the rating environment, outside of loss affected accounts in our core lines, remained competitive." At the end of December, the fully converted book value per share had risen to $7.83, from $7.62 a year earlier. Return on equity (RoE), which is defined as growth in fully converted book value per share, adjusted for dividends, for the fourth quarter was 3.1% (2011: 2.7%), while for the full year it came in at 16.7% (2011: 13.4%). Elaine Whelan, Group Chief Financial Officer, said: "With our best estimate of our net loss from Sandy at $44.5m, after reinsurance and reinstatement premium, we produced a strong underwriting result for the fourth quarter with a combined ratio of 71.9%. In the face of continuing uncertainty and volatility in the investment markets, our portfolio held up well, producing a positive total return for the quarter of 0.3%.

Insurance group Lancashire Holdings said Thursday that it will return 170m dollars to shareholders by way of a special dividend, as the company gained 'significant excess headroom', saying the market looks broadly flat following the loss from Hurricane Sandy. The payment is equal to $1.05 per share and the dividends will result in an aggregate payment of approximately $185.7m, and will be paid in sterling in April. The group said that it has delivered a "solid" final quarter and an "excellent year" overall. Richard Brindle, Group Chief Executive Officer, said: "The exceptional level of market losses witnessed in 2011 was not repeated in 2012. There were nonetheless material industry losses, including the loss of the Costa Concordia, which in addition to causing tragic loss of life was also the largest insured marine loss in history, and the devastation and injury of Sandy during the fourth quarter, which is likely to be one of the largest insured property losses of all time.

Despite the raised dividend, the company reported a 7.3% drop in profit before tax of £120.2m and a 10% decrease in earnings before interest, taxes, depreciation, and amortisation (EBITDA) of £114.1m. The EBITDA margin remained unchanged at 70%. Coombs said heightened volatility resulted in strong investment performance. "At December 31st 2012, 89% of AuM [assets under management] had outperformed relevant benchmarks over one year and 88% over three years," he said.

Specialist asset manager Ashmore Group increased its dividend following a 'satisfactory' financial performance for the second half of 2012. The group raised its dividend 2.3% to 4.35p per share as assets under management increased by 11% to $71.0bn as a result of net inflows and positive investment performance. Continued net inflows climbed 60% to 1.6%. Basic earnings per share rose from 13.83p in 2011 to 13.92p. Chief Executive Officer, Mark Coombs, said the company took advantage of emerging markets amid political events, central bank intervention and continued anaemic growth of developed countries. "Ashmore's experienced investment team has a 20 year track record of investing successfully in these markets, and with a broad and diverse range of themes available to clients the Group is well positioned to benefit from rising demand for the attractive risk-adjusted returns available from emerging market asses," he commented

LondonMetric Property has completed the acquisition of a portfolio of six retail warehouse assets for a total consideration of 92.4m pounds. The FTSE 250-listed company said that the acquisition would deliver a "day one income of circa 7.5m" and generate an initial cash return worth more than 12% when combined with LondonMetric's debt facilities. The company said this would continue to grow as fixed rental uplifts on approximately 50% of the income fell due. Londonmetric was established in January 2013 as a result of the merger between London & Stamford Property and Metric Property Investments. Its strategy is to deliver returns for shareholders by increasing income and improving capital values.

Shares in Medusa Mining dipped Thursday after the gold miner said drilling west of the Tinago fault at its Co-O mine in the Philippines indicated weakening in the vein system. While drilling continued to intersect gold veins with some indications that grades in places may be increasing at depth, grades have been generally below 3.0 grams per tonnes of gold. "The Co-O Mine drilling continues to deliver high grade intersections over a strike length of approximately two kilometres and at depth," said Peter Hepburn-Brown, Managing Director of Medusa. "The drilling indicates the vein system appears to be weakening to the west of the Tinago Fault particularly near surface with the possibility of some higher high grades at depth. Elsewhere drilling continues to return good values from infill and extensional drilling. "Drilling is continuing with four surface and three underground rigs. The next resource update will be in the September quarter of 2013."

APN Chairman Peter Cosgrove said: "The structural changes to media together with the weak advertising markets have impacted the results. Work has been done to reposition the business and we are seeing encouraging improvements. We have also been disciplined in reducing costs while investing in growth where appropriate. "Australian Radio Network, Adshel and GrabOne all delivered good performances in 2012, with strong increases in revenue, earnings and market share. These results have been achieved in a difficult environment. "Our publishing divisions are pushing through extensive change agendas which have been well received by our audiences and are gaining traction with advertisers. Cost reduction programs delivered A$25m in savings in 2012 with another A$25m reduction expected this year."

APN News & Media, the company in which Independent News & Media has a 28.95 per cent shareholding, has revealed a fall in revenue in the full year ending December 31st. In a financial update issued on Thursday, APN News & Media reported that revenue was down to (AU)$929m from $1,072.4m a year earlier while earnings before interest, tax, depreciation and amortisation (EBITDA) were down 25% to AU$156m. Net profit after tax before exceptional items was AU$54m, in line with guidance. The group reported that the revenue decline came from the deconsolidation of APN Outdoor following the formation of a joint venture with Quadrant Private Equity. Continuing operations revenue up year-on-yearRevenue from continuing operations was up 2.0% to AU$857m and EBITDA from continuing operations was down 14%.

Traders and investors at first saw Kabel's decision to raise its dividend as a move to ward off Vodafone. "Kabel is in a pretty good position for premium offer," Siddiqi added.

Kabel is believed to have retained Morgan Stanley and advisory firm Perella Weinberg to defend its interests in the event of an approach. Analyst Ishaq Siddiq said such a deal could help revive Vodafone's struggling business. The company posted a worse than expected 1.8% decline in group revenues of �11.38bn for the last three months of 2012, blaming difficult market conditions in Europe. Siddiq was also not surprised hear reports Vodafone was lining up a white knight in a potentially "hostile bid". "It could get to a point where we see governments get involved," he told Sharecast. Vodafone would need clearance from competition regulators who have blocked cable mergers over concerns about higher prices for consumers. Siddiqi said an agreement will depend on how much money Vodafone was willing to put behind its offer for Kabel, which raised its dividend by 67% to �2.50.

Kabel Deutschland is keeping an 'open mind' about a potential takeover bid from Vodafone, according to reports Thursday. Vodafone was expected to put forth an offer for Kabel as early as this week after the German cable operator revealed on Wednesday it doubled its net profits to 200m for the nine-months to December 31st. "Kabel Deutschland is in no defence mode," a source told Reuters Thursday, while another said: "Kabel Deutschland will assess any offer with an open mind." Vodafone is said to be lining up a white knight to back its rumoured bid and is understood to have hired Goldman Sachs to advise on options.

Positive Points: Assets under management (AuM) increased by 11% to $71 billion. The drivers of the increase were positive investment performance of $5.7 billion and net inflows of $1.6 billion. Management highlighted a "strong" investment performance. 89% of AuM had outperformed relevant benchmarks over one year, and 88% over three years. The London based fund manager is a recognised leader in the management of Emerging Market debt. Group focus remains on long-term growth, in line with the company's strategy. A progressive dividend policy continues to be pursued. The half year dividend was increased by 2.3%, whilst the total dividend over the course of its last financial year was increased by 3.4% compared to the prior year. All yield figures are variable and not guaranteed.

Negative Points: Profit before tax declined to £120.2 million, down from £129.8 million in H1 2011. Group net management fees declined to £148.2 million (H1 2011/12: £151.4 million), whilst performance fees fell to £15.3 million, down from £23.0 million in H1 2011. Emerging Market fixed income investments saw performance fees decline to £11.0 million, down from £30.8 million in the prior half year. In the financial year gone, assets under management fell by $2.1 billion to $63.7 billion. Total net revenue proved virtually flat at £333.3 million, whilst profit before tax declined by 1% to £243.2 million. The group remains susceptible to short-term volatility due to global macroeconomic weakness.

Financial Highlights: Group net revenue declined by 10% to £163.7 million Assets under management (AuM) rose by 11% to $71.0 billion as of 31Dec12 Profit before tax declined to £120.2 million (H1 2011/12: £129.8 million) The half year dividend was increased by 2.3% to 4.35p per share (H1 2011/12: 4.25p)

Half year results: Management summarised the group's financial performance during the period as "satisfactory." The group's net revenue declined by 10%, primarily the result of lower performance fees taken. Performance fees declined to £15.3 million, down from £23 million in the previous half year. The profit (EBITDA) margin stayed flat at 70%, with profits therefore declining. In a broadly down day for stockmarkets, the share price declined by just over 1% in late morning trade. Nonetheless, the board continued to highlight what it described as a "strong" investment performance. 89% of Assets under Management had outperformed relevant benchmarks over one year, and 88% over three years. An experienced investment team with a 20 year track record of investing successfully in the group's markets was highlighted, whilst the board's confidence for the outlook was expressed through an increase to the half year dividend

Top Director Sells Brammer (BRAM) Director name: Mr Paul Thwaite Amount sold: 5,500 @ 340.00p Value: £18,700

Top Director Buys Conygar Investment Company (CIC) Director name: Mr Preston Rabl Amount purchased: 40,000 @ 105.00p Value: £42,000

Leonard Sim, the founding director of Lo-Q, an AIM-listed technology solutions provider to the attractions and leisure industry, sold one million pounds-worth of shares in the group on Thursday. The transaction reduced Sim's stake by 200,000 shares, which he disposed of at 500p each. He now holds 11.32% of the issued share capital. Fellow board member Anthony Bone, a non-Executive Director of the firm, also made a sale, trading in 80,000 shares at an average price of 498.5p earning him a total of £398,800. The transactions came just over a week after the group revealed double digit growth in its preliminary results, as demand for its systems at entertainment theme parks and water parks soars. The group, which provides virtual queuing systems provider for theme parks, water parks and attractions, said pre-tax profit surged 16.7% to £3.2m for the period ended November 4th 2012, while revenue climbed 18.7% to £29.1m