Member Info for jange

Full year results: The group's reputation for delivering consistent growth received a further boost. A concentration on core brands, product innovation and a drive into the Emerging Markets all played their part. Promotional spending continued to be ramped up, whilst a more recent reduction in group restructuring expenditure also contributed - the share price rose by over 2% in early trade. On the downside, volatile raw material prices and currency movements provide ongoing uncertainties, whilst the group's burgeoning transformation has seen its discount valuation to rivals disappear. In all, Unilever looks to have moved from a recovery play to a core portfolio holding. Exposure to the Emerging Markets remains enticing, cashflow and the resulting dividend payment still attractive, while its defensive attributes continue to appeal

Positive Points: The group said £10.8 million of development lettings had been signed since the beginning of October, with office space now fully let at London's One New Change. Accompanying management comments noted, "This was a good quarter with continued momentum in development lettings and a strong operational performance across our investment portfolio. Encouragingly, interest levels in both our London and Retail portfolios remain high". Voids (empty properties) in the like-for-like portfolio remained contained, up 2.9% as at 31 December (2.6% at 30 September 2012) due to the vacating of 1 New Street Square, EC4, a pre-development property. Group loan-to-value, ( LTV) including joint ventures at 31 December 2012, based on 30 September 2012 asset values, was 36.4% (36.2% at 30 September 2012).

Negative Points: A key concern for the company's City of London office exposure would be a major setback in financial markets. A major downside risk for the company's UK retail portfolio would be if the current slowdown in UK consumer demand were to become more entrenched. Management had previously noted that "transactions are taking longer". In November, the group said that its defined benefit pension scheme, which is closed to new members was in a net deficit position of £4.3 million as at 30 September 2012. That compared to a deficit of £2.4 million at 31 March 2012. The change is primarily due to lower than expected returns on scheme assets.

Third quarter interim statement: The positive signals being sent out of late by the property and housebuilding sectors have been echoed in a robust statement from Land Securities. For investors wanting exposure to the burgeoning property market in London, Land Securities is a natural fit. In addition, the company has a presence in several select locations throughout the rest of the country, whilst there is the additional attraction of a 3.6% dividend yield for income seekers. However, challenges remain. The number of empty properties edged up marginally during the period, although the figure of under 3% is containable. The wider difficulties of corporate and retail uncertainty are also in the mix, making Land's prospects rather more difficult to achieve. Even so, the company has been making very steady progress, as recognised by a 17% hike in the share price over the last year, as compared to a 7% gain for the wider FTSE100

Netcall: Merchant Securities shifts target price from 35p to 38p and keeps its buy recommendation.

Home Retail Group: Exane BNP revises target price from 90p to 115p and stays with its underperform rating. N+1 Singer upgrades to hold with its target price still at 135p.

Grainger: Peel Hunt shifts target price from 140p to 150p retaining a buy recommendation.

Fidessa Group: UBS initiates with a target price of 1420p and a sell recommendation.

Darty: Exane BNP shifts target price from 50p to 60p and stays with its neutral rating.

Cairn Energy: Morgan Stanley raises target price from 355p to 365p, while its overweight rating remains unchanged.

Brammer: Peel Hunt moves target price from 300p to 350p and maintains a buy recommendation.

ASOS: Exane BNP increases target price from 3000p to 3100p and retains an outperform rating.

Young & Co's Brewery (Non-Voting) (YNGN) Director name: Mr Torquil Sligo-Young Amount sold: 4,000 @ 585.00p Value: £23,400

Iomart Group (IOM) Director name: Mr Richard Logan Amount sold: 11,000 @ 225.00p Value: £24,750

Iomart Group (IOM) Director name: Mrs Sarah Haran Amount sold: 100,000 @ 225.00p Value: £225,000

Top Director Sells Iomart Group (IOM) Director name: Mr Angus MacSween Amount sold: 127,388 @ 225.00p Value: £286,623

United Utilities Group (UU.) Director name: MS Sara Weller Amount purchased: 5,000 @ 719.80p Value: £35,990

An Independent Non-executive Director of United Utilities Group doubled her stake in the group with the purchase of 5,000 shares in the company on Tuesday. Sara Weller handed bought the shares at 719.80p each for a total of £35,990. She also purchased a further 531 shares on behalf of a Mr M T Weller. Aanalyst Angelos Anastasiou from Seymour Pierce said on Monday morning: "Overall, we believe that the utilities sector continues to be a 'Steady Eddie', performing as it should in uncertain markets". "There should be a lot of commentary over the next few weeks, with all of the companies producing either interim management statements or final results, but we do not anticipate too much new news in these." The utilities sector outperformed the FTSE All-Share index by 4.7% in 2012, rising 10.5% in absolute terms.

Chief Executive Officer Ralph Findlay said: "The results for the year to date are further evidence that our strategy is appropriate for the current environment and is generating consistent and encouraging results." "We expect economic pressures to continue to constrain consumer confidence, and see no evidence that the Government recognises the damage being caused to pubs by high taxation and over-regulation. Nevertheless, we are confident of making further progress towards our objectives of sustainable growth, higher return on capital and reduced leverage."

Brewer and pub operator Marston's said it was encouraged by its trading performance during the Christmas and New Year period, despite the pressures on consumer confidence, and expects to make good progress in each of its divisions. Overall profitability is in line with company expectations and it is confident of further progress, it said. In managed pubs like-for-like (LFL) sales rose 1.2% for the 16-week period to January 19th from the same period last year despite the impact of snow. LFL sales for the 15-week period to January 12th were 2.1% ahead of last year, including LFL food sales growth of 3.5% and LFL wet sales growth of 1%. Marston's said trading over the festive period was strong including growth of 5.8% in the key three week trading period to January 5th and 10% on Christmas Day. Operating margins are slightly ahead of last year and its plans for building new pub-restaurants in the current financial year remain on track. Net debt and cash flow are in line with company expectations