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Mortice announced Thursday the appointment of Basil Arun Keelor as Group Chief Executive Officer (CEO) and Vishnu Sultania as Group Chief Financial Officer (CFO). The AIM-listed security and facilities management company said the new CEO and CFO would start immediately. Keelor is an ex-marine engineer with more than 30 years of experience in the field. He has also worked in real estate, property management and facilities management for various organisations including Denholm Shipping Company, ITC Welcomgroup Hotels, Thyssen Krupp Industries, Svedala Industri AB, CB Richard Ellis, Jones Lang LaSalle and Bharti Airtel Limited. Basil was most recently Senior Vice President and Group Head of administration of Essar Group in Mumba.

Commenting on ongoing talks with private equity player EME Capital, Theo Fennell added: "As notified in a recent statement, we are in ongoing discussions with EME Capital about a potential takeover of the business and will inform the market when there are further developments to report."

Chairman Rupert Hambro commented: "These results reflect the substantial cuts to overheads, which together with the restructuring of the business, have significantly reduced our losses for the period." "The major focus of the business is to increase sales which will return the company to profit. We continue to explore exciting opportunities for Theo Fennell in overseas markets including the Far East, Middle East and Eastern Europe." Looking ahead Hambro added that while the outlook for the economy and the retail sector remains uncertain, the changes made in the last six months mean it is better positioned for the future.

Luxury jeweller Theo Fennell said losses more than halved at the half year stage as it slashed overheads and restructured the business but summer sales suffered as focus turned to the Olympics. The group, which remains in discussions with EME over a potential offer for the firm, said loss on ordinary activities before taxation reduced to £610,083 for the six months ended September 30th 2012 from a loss of £1,390,739 a year earlier. Turnover for the period slipped 8% to £4.9m as international demand deteriorated during the Olympics, the group explained.

Net debt, including external debt and intra company debt, was reduced to £5.451m compared to £6.890m last year.

Visual entertainment and advertising services firm Prime Focus London reported a slump in half year profit and revenue as it battles against increased competition. The group posted a pre-tax profit of £0.183m for the six months to September 30th 2012 compared to a profit of £1.795m a year earlier. Turnover slumped to £10.389m compared to £20.348m the same time a year earlier. Basic earnings per share increased to 0.56p from 5.46p in 2011. Chief Executive Officer Bernard Kumeta commented: "The company that I joined in April of this year had lost its way in an increasingly demanding and competitive market place and a lack of a clear strategy had created a malaise within the business and disaffection amongst shareholders." A re-structuring of the group was completed in October which has resulted in significant annual cost savings and placed the business on a much more sound financial footing, Kumeta added.

The manufacturer reported $170m in revenue for 2011 along with $44m earnings before interest, taxes, depreciation, and amortization and $10.5m in profit. Andy Ho, VOF's Chief Investment Officer, said: "This significant divestment is indicative of the quality of VOF's portfolio and provides further evidence to support our belief, that VOF's share price to net asset value discount is too wide. We continue to execute solid exits which showcase the value of VOF's portfolio, not currently being reflected at the company's current share price. Proceeds from this divestment are currently being considered for a few major private equity investment opportunities." VOF, a leading asset management and real estate development firm in Vietnam, has a $1.5n portfolio of and a market capitalisation of $497.95m.

VinaCapital Vietnam Opportunity Fund (VOF) has agreed to sell its stake in Keating Capital Partners, the investment firm announced Thursday. The AIM-traded company will receive $32.6m in cash for the sale of its ownership in Keating Capital to SCG Building Materials Company, a wholly-owned subsidiary of Siam Cement Public Company. The sale of the interest in the business development company represents an internal rate of return of 33% following a three-year holding period. The divestment will add eight cents to VOF's net asset value per share at December 31st. Keating Capital is the holding company for one of Indochina's leading construction material manufacturers with six ceramic tile factories and a nationwide distribution network resulting in a 20% market share.

The company said it will capitalise on the increasing popularity of cruising in Asia in 2013 with the deployment of a second Costa ship in China and the launch of a new Princess Cruises programme for the Japanese market. Carnival dominates the global cruise market, benefiting from strong brands. During 2013, the company said it expects to carry over 10 million guests on its global fleet.

Positive Points: In keeping with the company's previously stated strategy of introducing two to three new ships per year, the group has seven new ships scheduled for delivery between 2013 and 2016 and said it will direct growth toward the continued development of emerging cruise markets. Furthermore, in the latest quarter, the company announced it had reached an agreement for the construction of two new cruise ships, a 2,660-passenger ship for its Holland America Line brand to be delivered in 2015 and a 4,000 passenger vessel for its Carnival Cruise Lines brand to be delivered in 2016. Based on 2013 guidance, Carnival estimates that cash from operations will reach $3.3 billion for the year while its capital commitments will be $2.0 billion. As a result, the company anticipates significant free cash flow in 2013, which it intends to return to shareholders

Negative Points: The group is exposed to economic uncertainty, particularly in Europe, volatile fuel prices and unfavourable foreign exchange movements. During the fourth quarter unfavourable changes in fuel prices and currency exchange rates reduced earnings by $300 million, reported management. Carnival remains exposed to geographical natural events. Consumer headwinds for many of the group's core markets remain, including government austerity measures, rising taxes and wage increases which are below the rate of inflation. The company encountered two major incidents in January and February 2012. The Costa Concordia capsized after hitting rocks off the Italian island of Giglio. A blaze on board the Costa Allegra caused the power supply to fail. Approximately 40% of Carnival's passenger revenue is derived in Europe. The company declared that its European brands continued to be negatively impacted by the deteriorating economic environment.

Financial Highlights: Carnival delivered a net profit of $98 million for the fourth quarter. That compared with $217 million in the same period a year earlier.Revenues for the fourth quarter were $3.6 billion compared to $3.7 billion in the prior year. Overall revenues for the full year were $15.4 billion, compared to $15.8 billion in the prior year. Fuel prices increased 5.4% to $716 per metric ton for 4Q 2012, from $680 per metric ton in 4Q 2011 and were better than September’s guidance. The company declared a quarterly dividend of $0.25 per share.

Fourth quarter results: Commenting on the full year, Miami based Carnival’s CEO Micky Arison said "As a result of the Costa Concordia tragedy in January, the past year has been the most challenging in our company's history”. He added, "However, through the significant efforts of our brand management teams, we were able to maintain full year 2012 net revenue yields (excluding Costa) in line with the prior year”. For the quarter ended 30 November, Carnival reported a profit of $98 million, down from $217 million a year earlier, while revenues slipped to $3.6 billion, down from $3.7 billion. Since September, the cruise ship operator said booking volumes for the first three quarters, including Costa, were running in line with the strong volumes experienced last year, although at slightly lower prices, while advance bookings for 2013 continue to be behind the prior year, also at slightly lower prices. Outlook commentary was upbeat in tone with management stating it was well positioned for a recovery in 2013 and beyond evidenced by the resilience of its global portfolio of cruise brands.

Positive Points: Group trading remains on track to meet current full year forecasts. The board expects to deliver another year of strong total revenue growth, including further good organic growth, together with an increase in adjusted operating margin similar to that achieved in 2011. The group’s Africa, Middle East, Asia and Australia (AMEAA) region previously delivered a solid performance. In February Serco said it had identified £30 billion of opportunities across the group, with over a quarter coming from its AMEAA region where the firm is targeting expansion. Serco’s geographical footprint continues to swell. The group previously reported that over 45% of total group revenue is now generated outside the UK, an increase from over 40% in 2011. The board previously highlighted that its recently created global Business Processing Outsource (BPO) business had delivered an “excellent” performance. A progressive dividend policy continues to be pursued by management. A half year dividend of 2.65p per share was previously declared, representing an increase of 6% on the 2011 payment.

Negative Points: Challenging conditions in certain markets was highlighted. Management previously noted that trading conditions in the US federal market remained very challenging, impacting its Americas division. Political deadlock in the US regarding budget negotiations continues to provide uncertainty. While the group was recently short listed to potentially manage a number of UK prisons, the government appeared to back track, with three prisons expected to be outsourced now to remain under public sector control. With a major proportion of Serco's revenues exposed to the public sector, the company carries a degree of political risk. Serco operates in a highly competitive market. Any future acquisition carries a degree of over payment or integration risk.

Full year trading update: In a short statement, management highlighted that it remains on track to meet expectations for 2012. The company’s share price was little changed in early trading. The board noted that it expects to deliver another year of strong total revenue growth, including further good organic growth, together with an increase in adjusted operating margin similar to that achieved in 2011. In addition, the necessary consents and approvals had been received with regards to the previously highlighted acquisition of DMS Maritime, whilst agreement on the disposal of two small operations had also been reached – this was all in line with the group’s strategy to proactively manage its business portfolio. Chris Hyman, Chief Executive noted that "I am pleased with the operational and financial performance delivered by the group in 2012, particularly in the light of challenging conditions in some of our markets.” On balance, despite some challenging market conditions, hopes persist that governments and corporations globally will continue to outsource operations in a drive to cut costs,

Investec has raised its target price for engineering group Weir from 2,020p to 2,100p and reiterated its 'buy' rating for the stock, following Thursday's announcement that it is set to acquire pressure control provider Mathena. "This acquisition fits in nicely with Seaboard and diversifies Oil & Gas revenues (31% of FY13E sales) away from the pressure pumping market," the broker said. Investec said that Mathena, purchased for $240m with up to $145m of deferred consideration, looks to have good long-term propsects and "makes Weir a sizable player in surface pressure control equipment and service for the upstream onshore unconventional market." The broker said it expects to upgrade its 2013 and 2014 adjusted profit before tax forecasts (currently £453m and £474m, respectively) by 3-4% following the acquisition. The new target price is in line with the estimated earnings upgrade and was set using a global peer average price-to-earnings ratio of 13.4.

Investec has raised its target price for engineering group Weir from 2,020p to 2,100p and reiterated its 'buy' rating for the stock, following Thursday's announcement that it is set to acquire pressure control provider Mathena. "This acquisition fits in nicely with Seaboard and diversifies Oil & Gas revenues (31% of FY13E sales) away from the pressure pumping market," the broker said.

Seymour Pierce has reiterated its 'buy' recommendation and 700p target price for outsourcing giant Serco following the firm's pre-close trading statement on Thursday. "We remain buyers of the shares on account of the company's geographical and operational diversity which we believe puts the company in a strong position to deliver growth," said analyst Caroline de La Soujeole.

Share price weakness presents a buying opportunity at Greggs (GRG), the bakery retailer worth owning for its cash generation, formidable dividend track record and resilient growth prospects. Its competitively-priced sausage rolls, pasties and doughnuts continue to generate strong cashflow and robust profitability. While a large proportion of Greggs' shops are located on the structurally-challenged High Street, new openings are in locations where value-conscious consumers are 'at work, on the move or at leisure' such as airports, industrial and retail parks and motorway service stations. Greggs' new local bakery and coffee shop concepts are going well while the £479 million cap's brand is being developed via wholesaling through Iceland Foods stores and franchised expansion in partnership with Moto. A third-quarter update (11 October) proved mixed with total sales up 5.9%, but like-for-like numbers down by 2.6%. For calendar year 2012, Shore Capital looks for flat pre-tax profits of £52.9 million, earnings per share of 40p and a 5% dividend increase to 20.2p. The latter would represent the twenty-eighth straight pay out annual hike. Despite rising food ingredient headwinds, improved profits of £56.7 million, earnings of 43.2p and a 22p payout are pencilled in for 2013.