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Analysts at broker Peel Hunt estimate that to hit full-year targets APR needs 600MW of new orders. Contract wins in this business are typically very lumpy: business goes quiet, then suddenly a big new order rolls in, such as the 200MW contract in Uruguay announced on 17 December. This contract runs to mid-2014 and, combined with 100MW of renewals, gives revenue visibility over 23 per cent of the fleet. But Peel Hunt suspects the contract was been keenly priced, given its size and competitive market conditions There are other signs that cooling global growth is being felt in the temporary power market. In 2012 APR Energy spent over $300m (�190m) investing in the expansion of its generating fleet, but this year is planning only $150m of investment to extend its gas turbine fleet. This looks like a sensible move - APR currently has all its dual-fuel gas turbines deployed, and they tend to command higher margins.

Temporary power specialist APR Energy (APR) came to the market in 2011 with a punchy valuation and ambitious plans for rapid growth. The shares rose rapidly after the September 2011 flotation and at its peak the company was valued at over �800m. But then APR stumbled; first came a late set of accounts, followed by the exit of the chief financial officer, and finally a profit warning. The shares plummeted, wiping out over a third of the value of the company, and they have marked time since then. We think investors would do well to reduce their holdings in APR Energy further ahead of what looks like another tough year. APR Energy itself has breezily reported a "strong start to 2013" with contract wins in Guatemala for 16 megawatts (MW) and Indonesia for 15MW, as well as 70MW of contract extensions in Senegal and Gabon. This is in stark contrast to sector peer Aggreko, which recently highlighted limited opportunities in international business and predicted that the loss of one-off events such as the Olympics would cut revenues by around �100m this year.

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Profits last year were all but wiped out by exceptional and amortisation charges of £3.5m, much of which related to acquisition and restructuring costs. In fact, gross profits rose 27 per cent to £20.4m. You can see the growth potential when considering that since we first tipped the shares at 7.25p two years ago, the price has more than doubled, and yet the shares still trade on just 8 times forecast EPS. True, there is a modest dividend payout, but the shares only began to produce income last year and the payout is forecast to double in 2013. And given Silverdell’s established position in a market where much of the spending is non-discretionary, and the entry barriers are significant, profits and dividends look set to grow but as always dyor gl

Of course, no business is entirely immune from the effects of an economic downturn, and clearing potential building areas of hazardous waste has in some cases been put on hold until the climate improves. However, construction accounts for just 8 per cent of total remediation revenue. Silverdell already has an impressive list of customers, predominantly blue-chip multi-national groups in power generation, oil and gas, chemicals and associated industries. But there is also a significant revenue stream from public sector work. As well as growing its capability as a supplier of high-hazard industrial maintenance and support services within a number of framework contracts, there are exciting opportunities in the pipeline, not least the decommissioning of first and second generation nuclear power stations, including continental Europe, where 150 plants are expected to be decommissioned over the next 15 years at an average cost of around

Silverdell operates three divisions, of which remediation is the largest accounting for 47 per cent of underlying profits. This is where the group provides services that identify, treat and remove harmful substances. Decommissioning, which accounted for 22 per cent of last year's profits, includes the EDS operation that was bought at the end of the third quarter and involves activities such as recycling precious metals from factories. The consulting division provides environmental surveys, monitoring and project management services.

Silverdell shares offer the enticing opportunity to buy into a relatively defensive growth story on a single-digit PE ratio. While recessions come and go, the need to dispose of hazardous waste such as asbestos is a recurring theme. True, the stuff can't be used in new construction, but there is still around £17bn of asbestos removal work left in the UK. And this is one of the aspects of hazardous waste that Silverdell (SID) specialises in. Importantly, unlike other types of waste disposal, asbestos treatment and removal is a highly complex business, providing natural barriers for potential entrants. What's more, there are strict regulations governing the handling of asbestos, making its treatment a largely non-discretionary expense. And it is also worth pointing out that asbestos-related deaths remain the biggest work-related killer in the UK, claiming a life every two hours, and asbestos-related claims are expected to exceed £11bn over the next 40 years. However, Silverdell's range of services on offer expanded sharply last year with the acquisition of EDS, a specialist in dismantling and decommissioning. Silverdell can now offer an end-to-end decommissioning, dismantling and remediation service. The one-stop offering is already starting to pay off. Earlier this month, the group won a £12m order to decommission an oil-fired power station in Canada, adding to an order book that more than doubled last year to £219m, of which £97m is work scheduled for this year. And the group also has plans to build its consulting business not only in Canada but in Australia as well.

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Positive Points: The results materialised at the upper end of analyst forecasts. The board expects full-year 2013 revenues to be near 2012 levels on a constant currency basis. Emerging Market sales accounted for approximately 20% of pharmaceutical sales in the fourth quarter. Management previously emphasised its strategy of executing on its core business, expanding geographically in high-growth markets, extending its complementary businesses and focussing at managing costs while investing for growth. Merck has been cutting costs as part of an effort to soften the blow from increased generic competition.. Unlike some rivals, the company is not totally dependent on drug sales. Sales for both its Consumer Care and Animal Health businesses both increased in the final quarter - plus 9% and 3% respectively. The company previously highlighted that it plans to seek US regulatory approval by the end of 2013 for its insomnia drug suvorexant, its osteoporosis treatment odanacatib, and cholesterol drug tredaptive. A dividend yield of over 3% remains relatively attractive in the current low interest rate environment.

Negative Points: Worldwide sales of SINGULAIR, its once-a-day oral medicine for the chronic treatment of asthma, declined by 67%. Its European patent will expire later this month. Governments around the world continue to try and reduce health spending budgets. Currency movements impacted negatively over the year. The pharmaceutical industry is exposed to political risk, litigation, product development risk, regulatory risk, and pricing pressures.

Financial Highlights: Fourth-quarter pharmaceutical sales declined by 6% to $10.1 billion Full-year pharmaceutical sales declined by 2% to $40.6 billion, including a 3% negative currency impact A Q4 profit of $1.4 billion or 46 US cents per share was reported, down from $1.51 billion or 49 cents per share in Q4 2011

Fourth quarter/Full year results: Like rivals, the announcement continued to see the company battling against the loss of drug patents, with generic competition hitting the market. Total fourth-quarter pharmaceutical sales declined by 6% to $10.1 billion. Worldwide sales of SINGULAIR, a once-a-day oral medicine for the chronic treatment of asthma, declined by 67%. Sales for the asthma drug fell by $932 million, or 97% in the US during the quarter, following the loss of its patent back in August (2012). The patent will expire in major European markets later this month. Nonetheless, sales for other drugs such as its diabetes medicine helped to compensate, growing by 18% to $1.6 billion in the final quarter, whilst broader drug sales to the Emerging Markets grew by 9%. Emerging Market sales accounted for approximately 20% of pharmaceutical sales in the fourth quarter. Furthermore, global sales for its Consumer Care division expanded by 9% compared to Q4 2011, aided by sales of Coppertone and Dr Scholl's footcare products. In all, and aided by a dividend yield of over 3% (as of 01Feb2013 - not guaranteed), market consensus opinion currently denotes a buy.

Positive Points: Tate & Lyle is a leading European food and industrial ingredients company. Following the disposal of Tate & Lyle's Sugar business in June 2010, the group is separated into two key divisions - Speciality Starches which accounted for 30% of group revenues, and Bulk Ingredients which makes up the remaining 70% of revenues. The company is well positioned to benefit from the increasing focus by consumers and governments to healthier lifestyles which is driving food and beverage companies to develop healthier alternatives and increasing demand for ingredients in the health sector. The Group's strategy is to become the leading global provider of Speciality Food Ingredients. In March 2012, Tate & Lyle opened a new Commercial and Food Innovation Centre in Chicago. The centre is the global headquarters for its Innovation and Commercial Development (ICD) group and will feature state-of-the-art laboratories, a demonstration kitchen, sensory testing, and analytical and pilot plant facilities.

Negative Points: Corn prices in the US have increased significantly since mid-June due to a drought in the mid-west. There is also uncertainty over the size and quality of supplies pending the new harvest, the group said in its statement. The situation in Europe on corn prices follows a similar pattern to the US. Competition in the sucralose market is rife and this threat could erode margins and place pressure on profits. The group remains subject to volatility in the form of energy prices, along with the normal economic cycle. Raw material prices remained high during the period. The group is mitigating the impact by using corn-based substitutes and reducing the length of customer contracts.

Financial Highlights: The impact of aflatoxin is expected to reduce operating profit by around £7 million for the full year, said the group. Net debt at 31 December 2012 was reported as £395 million.

Interim statement: Tate & Lyle said that third quarter profits, whilst lower than the comparative period last year, were broadly in line with its expectations. Within Speciality Food Ingredients, the division which makes sweeteners, the group said that it had achieved good sales growth with volume growth outperforming the wider market. Full-year operating profit in that division is expected to be flat. The Bulk Ingredients division, which manufacturers products such as high-fructose corn syrup and acidulates, had seen "solid" demand in North America for liquid sweeteners. The markets for industrial starches in Europe and the US were reported as stable while the environment for US ethanol continued to be challenging. Elsewhere, the company's statement said that corn supplies in the US and Europe remained tight over the quarter, and prices are expected to remain high with some volatility over the coming months until the new harvest. The group has taken a number of steps to mitigate the impact of aflatoxin, a fungus caused by the unusually hot and dry conditions last summer, although it expects, along with an increase in net corn costs the impact of aflatoxin will reduce operating profit by around £7 million for the full year. In outlook comments, the group declared it had made a solid start to the final quarter, adding that despite facing a number of headwinds and before the impact of exchange rate movements, it expected to make modest progress this financial year.

ITE Group: Westhouse Securities raises target price from 261p to 274p and keeps an add rating.

Home Retail: Morgan Stanley downgrades from overweight to equal-weight.

Henderson Group: Bank of America raises target price from 145p to 175p and stays with its buy recommendation.