Member Info for jange

Full year results: Another strong year for Shire. In the last set of results before Chief Executive Angus Russell hands over to Flemming Ornskov at the end of April, Shire reported another strong performance achieving 12% growth in product sales and a 10% hike in revenues to $4.4 billion and $4.6 billion respectively in 2012. While delivering strong financial results, the group continued to invest in its emerging late stage research and development pipeline. "Our ADHD portfolio is performing very well in a growing global market and we see further growth going forward. The positive opinion received from the European regulators for ELVANSE is a significant milestone and we're now preparing for country launches in some of the largest markets in Europe. All our rare disease treatments continue to grow and we saw particularly strong performance from FIRAZYR in its first full year in the US market. We advanced our plans for developing our Regenerative Medicine business with the acquisition of VASCUGEL and the approval of DERMAGRAFT in Canada", added Mr Russell. Shire said it expected earnings growth to accelerate in 2013, in line with current market expectations.

Positive Points: South West Water is performing strongly operationally (when set against its 2010/15 regulatory contract), and is well placed to outperform on its assumptions. Takeover speculation has circulated across the sector. Last year a Hong Kong businessman bought regulated assets including Northumbrian Water and Wales & West Utilities. A progressive dividend policy continues to be pursued

Negative Points: Viridor's performance has been impacted by recyclate prices which have remained under pressure reflecting world economic conditions. The company said it was continuing to tade significantly below 2012 levels. Viridor's financial performance will continue to be impacted by trends in recycling and landfill. Changes in law, regulation or decisions by governmental bodies can have a materially adverse effect on the group's financial results or operations. Profitability at Pennon's core water business is dependent on the company's ability to meet tough regulatory efficiency targets.

Interim management statement: Pennon on track but caution persists at Viridor. A brief announcement saw management declare that overall, trading performance remained on track and in line with its expectations and market consensus. Notwithstanding recent flooding, operational performance at South West Water remained robust, is continuing to deliver, and is well placed to outperform against the 2010-2015 regulatory contract. Within the group's renewable energy, recycling and waste management company - Viridor, it said it was continuing to trade significantly below last year's levels. The company added that it is reviewing the carrying value of some of Viridor's assets and said it would update the market when unveiling its full year results. The company is due to announce its full year results 23rd May

Positive Points: A 20% hike in the total dividend payment for the year compared to the prior year has been announced. The board expects to maintain a progressive policy with dividend cover in the range of 2.0 to 2.5 times. The results were broadly in line with expectations. Acquisitions continued to be made. The group invested £159 million in three acquisitions in 2012, with management noting that "integration is progressing well." The largest was Serco's 600-person nuclear business, Energy Safety and Risk Consultants (ESRC), based in the UK. The second was Unidel, a 260-person energy, resources and infrastructure engineering and consultancy business in Australia. AMEC also acquired a 50% stake in Kromav Engenharia Ltd, a 200-person privately owned Brazilian offshore oil and gas and marine engineering company. Management previously announced a new geographic organisation structure. This simplified structure is designed to enable greater collaboration with faster, more efficient decision-making. The goal is to maximise growth opportunities in each of AMEC's four markets (oil & gas, mining, clean energy and environment & infrastructure) across its three geographies. Currency movements can work in the company's favour. Diversification in both business type customers and geographies operated in is currently enjoyed. Management outlook comments noted that "overall a further year of good progress is expected."

Negative Points: Accompanying management outlook comments generated investor caution. Low-to-mid single digit revenue growth on an underlying basis for 2013 was forecast, along with more modest clean energy and environment & infrastructure growth and lower oil sands activity. The order book remained virtually flat against the prior year - £3.6 billion at 31 December 2012 compared to £3.7 billion as of 31 December 2011. Some disappointment that a new share buy-back programme was not announced appeared to be generated. Engineering firms rely heavily on their execution track record to win new business. Association with an industrial accident or faulty execution could impair AMEC's ability to compete for new business. AMEC operates in areas which can be politically sensitive such as nuclear, oil sands, and unconventional oil and gas. While AMEC's broad client base provides diversification, a sharp shift in policy may impact on future profits. Currency movements continue to pose potential headwinds. The group is exposed to project execution risk in the form of poor cost projections or project delays that could impact earnings.

Financial Highlights: Headline revenue rose by 28% to £4.158 billion Adjusted or underlying revenue increased by 21% Diluted earnings per share from continuing operations rose by 14% Order book of £3.6 billion (31 December 2011: £3.7 billion) The total dividend for the year was increased by 20% compared to the prior year

Full year results: AMEC hikes the dividend payment by 20 per cent. Following good progress during the year, combined with further management confidence for the future, the group moved to hike the dividend payment by 20%. However, accompanying outlook comments appeared to leave investors less inspired, with the share price down by over 7% in morning trading. Oil & gas revenue rose strongly, especially in the UK North Sea and the Gulf of Mexico, with good contract wins also highlighted in the Middle East. Acquisitions had strengthened its service offering in nuclear power, along with broadening its footprint in Brazil and Australia - a total of £159 million had been spent on three acquisitions during the year. Oil & gas activities were concentrated mainly in the upstream segment (90% of 2012 revenues), with a wide variety of customers highlighted and including BP, Centrica, GDF Suez, Chevron and ConocoPhillips. However, accompanying management outlook comments pointed to low-to-mid single digit revenue growth on an underlying basis during 2013. More modest growth in the clean energy and environment & infrastructure markets in the Americas were also highlighted, along with lower oil sands activity. Some disappointment that a new share buy-back programme was not announced was also expressed.

AG Barr: Barclays downgrades to equal-weight.

JSC Bank of Georgia Holdings: Citigroup downgrades to neutral with a target price of 1500p.

Whitbread: Investec increases target price from 1650p to 2000p, but still recommends selling.

Telecity Group: Investec ups target price from 750p to 1000p and upgrades from hold to buy.

SOCO International: Exane BNP lowers target price from 405p to 390p, while leaving its neutral rating unaltered.

Salamander Energy: Investec revises target price from 200p to 250p and upgrades from hold to buy.

Reckitt Benckiser: Deutsche Bank ups target price from 4600p to 4800p and stays with its buy recommendation. Credit Suisse raises target price from 3700p to 4000p retaining a neutral rating. Nomura increases target price from 4800p to 4900p, while its buy recommendation is kept.

Next: HSBC increases target price from 4100p to 4965p upgrading to overweight.

Newmark Security: Cantor Fitzgerald (formerly Seymour Pierce) moves target price from 1.50p to 2.00p maintaining a buy recommendation.

Morgan Crucible: Investec ups target price from 295p to 370p and leaves its buy recommendation unchanged.

McBride: Investec shifts target price from 150p to 154p and maintains a buy rating.

Halma: Investec increases target price from 515p to 550p keeping a buy recommendation.