Member Info for jange

However, the company remains optimistic about the current year, saying: "We expect 2013 to be a year in which revenues and profits will show positive momentum, with industry analysts and our discussions with customers suggesting a stronger environment for growth during the second half of the year. "There are still uncertainties in the near-term macroeconomic outlook that continue to impact consumer markets and many of our customers. We nevertheless expect the first half to show modest year-on-year growth." Sales at its larger IC Materials division, which produces chemicals used in the manufacture of semiconductor devices, were down 1.0% at $537.2m, though the company hailed the outperformance by its IC Niche unit. In the Optronics division, which makes chemicals used in flat panel displays, LEDs and solar cells, revenues were up 6.0% at $236.9m.

After registering flat revenues last year, speciality chemicals producer AZ Electronic Materials said it believes its financial performance will show 'positive momentum' in 2013. Revenues were broadly unchanged at $793.9m in 2012 but were 2.0% higher on a constant currency basis. AZ said that it delivered a "solid trading performance" during the period: "The first half of the year was characterised by challenging trading conditions, with revenues improving in the second half". The firm said that markets were generally "subdued" due to ongoing microeconomic uncertainty as well as some supply imbalances at its customers.

A final dividend of 15p has been proposed, down from 30p the year before, giving a total dividend of 27p per share from 42p in 2011.

The group's forward order book fell to £3.1bn from £3.4bn a year earlier with projects at preferred bidder of £0.5bn compared to £0.3bn in 2011. Average net debt balance was £40m versus net funds of £23m in 2011, as expected. "This reflects an increase in working capital deployed across the group and reduction of construction-related revenue," the group explained. "Our exposure to infrastructure continues to grow, and we see further opportunity to leverage our strong track record and gain market share. The momentum in our regeneration pipeline reinforces our confidence that returns from our investment will start to increase over the medium term and deliver superior returns," Morgan added. The group said margins were stable due as it kept an eye on costs. Its disposal of mature investments released £26m of capital to be used in major housing and urban regeneration schemes, it said.

Construction and regeneration group Morgan Sindall reported a decline in pre-tax profit, in line with expectations, and slashed its dividend as it continues to battle against difficult markets and economy. Pre-tax profit fell 15% to £34.2m for the year ended December 31st 2012 while revenue for the year dropped 8% to £2.047bn. Adjusted earnings per share slipped to 79.3p compared to 86.7p in 2011 and year-end net cash fell to £50m from £109m before. Morgan Sindall said it was a solid performance in tough markets. CEO John Morgan commented: "2012 has seen a solid performance in what has been a very tough market. The newly structured board is focused on managing the business tightly to ensure we emerge from the downturn in a strong position to take advantage of the opportunities we believe lie ahead."

Board changes Alastair Murray, the group's Finance Director of nearly 10 years, has announced his intention to leave the firm to pursue other business interests. He will step down in May. Murray will be succeeded by Tom Atherton, previously Dairy Crest's Director of Financial Control for the past four years. "The reorganisation announced today continues the decisive changes made by the Dairy Crest management team over recent years to optimise the company's position in a competitive sector," said Chairman Anthony Fry. "Alastair has been a Finance Director of the highest quality with an excellent reputation both within the business and outside. I have been fortunate as Chairman to have had someone who has contributed so much to the company, for which he has my personal thanks as well as that of all my board colleagues. He leaves Dairy Crest with our very best wishes for his future." The company also announced that the Managing Director of its Diaries division, Toby Brinsmead, is to leave at the end of next month. In a separate statement, the firm announced that it has managed to keep hold of its contract to supply milk to supermarket giant Sainsbury's for another three years.

Dairy Crest announced a 'reorganisation' of the company on Tuesday morning, which includes targeted cost savings and a number of senior management changes. The dairy foods group said that after a series of of disposals over the past few years, it now has the opportunity to "simplify the business further". As such, it will consolidate its organisation into a single structure "focused on consumer-driven growth with an integrated supply chain". "The new organisation, focused on consumers and customers, will facilitate best practice, eliminate duplication and maintain Dairy Crest's strong focus on profit delivery.� Annual cost savings of at least �5.0m are anticipated." After the reorganisation, Diary Crest will continue to report its results for Cheese, Spreads and Dairies separately.

FTSE 250 dairy foods company Dairy Crest has managed to keep hold of its contract to supply milk to supermarket giant Sainsbury's for another three years, the company announced on Tuesday morning. After a competitive process, the company said that it retained the contract from February 2014 until 2017. Dairy Crest said that although the conditions of the contract will change, any financial impact will be offset by its ongoing cost reductions. The company said earlier this month that it was on track to exceed its annual cost savings target by delivering £23m for the year ending March 31st. "We are delighted to have retained our Sainsbury's business," said Chief Executive Mark Allen. "Our track record of making efficiencies allows us to supply our customers with competitively priced milk, pay our farmers a fair price and move towards our medium-term target of 3.0% return on sales in our Dairies business."

Continental Coal has a portfolio of projects located in South Africa's major coal fields including three operating mines comprising the the Vlakvarkfontein, Ferreira and Penumbra Coal mines. Continental Coal's share price was up 2.94% to 4.38p at 08:19 on Tuesday.Then dropped to 4.13p at close.....

The outstanding amount now due on the sale of VanMag of approximately $6m is scheduled to be received from the Chinese purchaser later this month upon execution and handover of the final settlement documentation and share transfer deeds. Continental Coal reported that the proceeds from the sale of the company's shareholding in VanMag are to be used to fund all remaining amounts due for the outstanding minority interests in Mashala Resources that were not already held by the company's principle susbsidiary in South Africa, Refinancing of convertible notes and standby funding The company added that it had completed a refinancing of the outstanding amount under the A$5m convertible note facility it entered into in May 2012 and had further established a A$15m standby line of funding.

South African thermal coal production and development company Continental Coal has confirmed that a settlement for its sale of a shareholding in Vanadium and Magnetite Exploration and Development Company (VanMag) is expected to be completed later this month. The company said it had agreed a $10m sale of its shareholding in the company as well as a refinancing of a convertible note facility and the establishment of a standby line of funding to provide additional standby working capital for the company. With regard to the sale of its stake in VanMag, the company reported that it had received confirmation from its lawyers that a further $3m of the $10m total sale proceeds due from the purchaser had been received. It said that settlement of the sale of the its stake in the company remained "on track for settlement later this month".

Ian Fraser, Chief Executive said: "Driven by the provision of exceptional value and service to our customers, coupled with continued investment in our long term growth strategy, 2012 was a successful and significant year for Brammer. The group has produced substantially increased sales and profits and the acquisition of Buck & Hickman has exceeded our original expectations. "We believe this performance again demonstrates the consistent and successful application of our proven long term strategy and the strength of our management team. "2013 will be another economically challenging year, but our growth drivers will ensure we continue to perform well ahead of the market. Our confidence in the outlook for the business is reflected by the dividend increase." Closing net debt increased from £35.3m to £53.8m year-on-year.

Brammer, a distributor of industrial maintenance, repair and overhaul products, posted an 11.9 per cent rise in group revenue for the year ended December 31st. As such, group revenue hit a record £639.6m, compared to £571.5m the previous year. At constant currency total revenue grew 16.2%. The gross margin climbed 20 basis points to 30.5%, while operating margin rose 17% to £37.2m, compared to £31.8m in 2011. Pre-tax profit climbed 19% to £34.5m from £29.0m a year earlier. The dividend was increased by 11.9% to 9.4p, from 8.4p the previous year, which the board said reflected its confidence in the outlook for the business.

Upon completion of its review, Rank said the Commission had given it the green light to buy 19 of the 23 casinos it originally planned to buy subject to a few conditions. Rank and Gala Coral are now continuing their discussions in relation to setting up a revised proposed acquisition agreement.

FTSE 250-listed European gaming business Rank Group has received the green light from the Competition Commission to acquire a raft of casinos from Gala Coral Group. In May 2012, Rank announced that it had conditionally agreed to acquire Gala Casinos from Gala Coral with 23 casinos earmarked for purchase and three non-operating casino licences. At that point, the company stated that it anticipated the possibility of the Office of Fair Trading requiring a limited number of casinos to be excluded from the proposed acquisition. However, the Office of Fair Trading instead referred the whole proposed acquisition to the Competition Commission which ordered an in-depth merger review lasting seven months.

Analysts at Ahorro Corporacion Financiera say that the new offer would ease tension among shareholders because it would be considered an equitable price that approaches the airline's book value of €8.08. Regardless, they pointed out that IAG is governed exclusively by the rules applicable to voluntary offers, in which case the offerer is not required to offer an equitable price.

Iberia, the Spanish subsidiary of International Airlines Group (IAG), is facing day two of a five-day strike organised by labour unions as both sides try to reach common ground on the most conflictive issues in negotiations: salaries, job cuts, and productivity. According to Spanish daily El Economista, the main dispute is over the labour unions' request that no additional lay-offs be realised for a significant period of time. IAG is against the request due to the uncertainty that the airline sector faces over the short- and medium- term. Unions consider the request to be a fundamental step in the talks because more lay-offs would violate the terms of a regulated layoff plan. In a separate matter, IAG may be considering a higher offer for low-cost airline Vueling. According to El Confidencial, the price would be between €7.50 and €8.00 per share, up from an initial offer of €7.00.

Discussions were also continuing with the group's lending banks who agreed to waive certain financial covenants in the existing banking facilities that were due to be tested on December 31st. The company said that it inteneded to announce the terms of the equity fundraising and the group's amended banking facilities by February 28th. Severfield currently has an order book worth 209m and expects to make savings of 2.0m from the reorganisation of the group's largest businesses.

"This is a good business which remains well supported by its customers. It is important to note that, following our rigorous review process, the vast majority of the group's contracts are progressing satisfactorily, with both Atlas Ward and Fisher Engineering performing particularly well." "We believe that the group can return operating margins of betweebn 5% ad 6% over time and I am confident that the longer-term fundamentals of the group remain strong," he added. Equity financing - update scheduled for February 28thThe company reported that it had engaged in positive discussions with a number of its major shareholders representing in aggregate 56.1% of the group's issued share capital. As a result of the discussions, the company said that all of the shareholders had indicated that they were supportive of a potential equity fundraising by the group of up to 50m.

Shares in structural steel company Severfield Rowen slid on Tuesday morning after the company disclosed a change to the profit and loss account of 20.1m pounds in the 12 months to December 31st. Unveiling the details of a scheduled board review of the company's finances, Severfield Rowen said it was considering seeking equity financing worth up to 50m and had lowered its expectations for the current year and 2014. "As a result of the review and the wider trading backdrop, the board has taken a more prudent view of the overall prospects for the group in 2013 and into 2014 and, accordingly, its expectations are now somewhat lower," a statement issued by the company said. John Dodds, Executive Chairman of Severfield Rowen, commented: "Despite the disappointment of the financial impact on the group from the findings of this review, I am encouraged by many of the conclusions drawn from it and by the actions we will be taking to improve our business."