Member Info for jange

Investor update: Rio targets cost cuts. Management comments regarding targeted cost cuts going forward pleased investors, with the share price up over 4% as of early afternoon trading. The company is now targeting cumulative savings of more than US$5 billion of operating and support costs by the end of 2014 compared with expected costs in 2012, based on current market conditions and stable operating conditions. Furthermore, planned spending on exploration and evaluation projects will be reduced by US$1 billion over the remainder of 2012 and 2013, whilst capital expenditure on approved and sustaining projects will taper off from current levels in 2013. Group capital expenditure will reduce by more than US$1 billion next year. In addition, management highlighted "guarded optimism" regarding prospects for China. It noted that "a number of recent macro leading indicators have beaten market expectations, suggesting early signs of economic pickup. It went on to note that "As China and other emerging economies become more consumption-led, Rio Tinto is set to benefit from mid-to late-cycle commodities such as titanium dioxide." In all, whilst concerns for economic health, particularly in China, continue to weigh, cost saving targets, a focus on productivity and a rising dividend all support positive analyst opinion

Company overview The Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.

Positive Points: Management reinforced confidence in its programme of self-help initiatives. 'Creating the Leader', will see the company emerge as "a world class retailer at helping customers have better, more sustainable homes". Unlike UK rivals, the group enjoys geographical diversification, including Emerging Markets such as China, Poland and Russia. The retailer is seeking growth in countries including Poland and Russia to help offset declines in Britain. Whilst sales in Poland were down 1.9% to £288 million and in Russia, where it benefited from new store openings, sales were up 40.4% to £126 million. Elsewhere, B&Q China sales grew 2.6% to £96 million driven by additional promotional discount activity. Screwfix grew total sales by 10.9% to £149 million, benefiting from the continued roll out of new outlets. Kingfisher has a successful track record with dominant strategic positions in the UK and France. Kingfisher has tried to offset weak demand in many markets with a drive to improve profitability by buying more goods centrally, and directly, from cheaper manufacturing centres such as China.

Negative Points: Retailers are suffering as consumers' disposable incomes are squeezed by inflation, muted wages growth and government austerity measures. The implications of the Euro zone crisis remain a concern. A continuing low level of housing transactions is also impacting on the home improvement sector. Potential moves into new markets, a target in the group's next growth self help programme, pose risks. Brico Dépôt, which targets trade professionals was impacted by the slower house building market. Total sales declined by 3.6% to £491 million. Changes in retail planning legislation could restrict Kingfisher's store opening ambitions.

Financial Highlights: A retail profit of £257 million was reported. Overall sales in the quarter dropped 2.8% to £ 2.7 billion. Adverse foreign exchange movements cost the group £16 million. Net cash as at 27 October stood at £222 million (28 July 2012: net cash of £29 million) reflecting peak trading patterns, tight cash control and some capital expenditure projects now scheduled to fall in the next financial year.

Third quarter trading statement: Kingfisher's markets remain challenging Europe's largest home improvement retailer announced a 6% drop in third-quarter profits, hurt by a fall in sales in its main markets in the UK and France, and the impact of unfavourable foreign exchange movements. Kingfisher reported a retail profit of £257 million in the period that compared to £273 million in the same quarter last year and an analysts' average forecast of £255 million. Retail profit was adversely impacted by £16 million due to translating Euro and Polish zloty profits into sterling. "Our markets remain challenging, with consumer confidence still weak and so we maintain our strong focus on margin, costs and cash," said Chief Executive Ian Cheshire.

Company overview Kingfisher is a major home improvement retail business with operations across the UK, Ireland, Continental Europe and Asia. It operates over 950 stores in eight countries across Europe and Asia (including China). Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also has a 50% joint venture business in Turkey with the Koç Group, and a 21% interest in, and strategic alliance with, Hornbach, Germany's leading large format DIY retailer. The group employs over 65,000 staff and is and is a constituent of the FTSE 100 Index.

Positive Points: South West Water performed strongly, both operationally (when set against its 2010/15 regulatory contract), and financially, by adopting rigorous cost controls. Viridor has made two acquisitions since 31 March 2012. In July 2012 Viridor acquired JWT Holdings Limited, a waste collection and recycling business based in Greater Manchester, for £7.6 million. In October, Viridor acquired Pulp Friction Limited, a paper collection and processing business based in Kent, and the business and assets of a related business, SBS Paper LLP, for £9.0 million. Takeover speculation has circulated across the sector. A Hong Kong businessman previously 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 has not seen an overall improvement in prices to date in the third quarter and is therefore cautious on the prospects for recyclate prices. 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. The group's defined benefit pension scheme had a deficit at 30 September of circa £80 million, an increase of £5 million since 31 March.

Financial Highlights: Pre-tax profit rose 3.4% to £111.1 million for the half year ended 30 September with- South West Water up 10.0% to £83.8 million, while Viridor profits were down 26.5% to £22.5 million. Overall revenue in the period slipped 1.4% to £633.7 million. Group borrowings increased £68 million since 31 March to £2.2 billion. An interim dividend of 8.76p per share has been recommended, up 6.6%, in line with the group's previously announced policy to grow the dividend by 4% per annum above inflation up to the end of 2014/15.

Interim results: Pennon raises profits and the dividend on lower revenues. Notwithstanding the company's announcement on 15th November that trading at Viridor had been significantly below the high level of last year's first half with recyclate prices remaining under pressure, Pennon reported a marginal increase in profit, despite a decline in revenues. Management said Viridor is responding to the near-term challenges and had recovered about half of the impact of the reduction in recyclate prices through the terms of customer supply contracts and cost reductions. It remains cautious about the future prospects for recyclate prices. At South West Water, management highlighted a continued strong operational performance against its 2010-2015 regulatory contract, with further advances in operating efficiency and customer service made. This was despite the wettest summer in 100 years impacting customer demand and operating costs.

Company overview Pennon Group provides both water and sewerage services via South West Water Limited, along with waste management, recycling and renewable energy via its Viridor business. South West Water holds the water and sewerage appointments for Devon, Cornwall and parts of Dorset and Somerset. Viridor is a leading UK waste management company, handling more than 8 million tonnes of waste per annum. The group's shares are traded on the London Stock Exchange and are a constituent of the FTSE 250 Index.

A share price drift at branded cookers and kitchen products maker AGA Rangemaster (AGA) presents a buying opportunity. Half-year results (24 August) to June revealed an alarming drop in taxable profits to £1.6 million (2011: £4.2 million) on £119.2 million (2011: £121.4 million) sales amid weak consumer markets in the UK and Ireland. Net cash also reduced to £11.9 million (2011: £25.2 million), not helped by rising pension contributions which continue to weigh on sentiment. However, restructured AGA's investment behind new products and the internationalisation of the business means even modest market recovery should help boost the operationally-geared company's profits in 2012 and 2013 as it raises market penetration in markets including the US and China. Following a late start to its autumn season, trading for its major brands AGA and Rangemaster has improved, while the Fired Earth range has seen sustained like-for-like sales improvement and prospects for the AGA Marvel in North America are positive. Next year's launch of products in China by partner Vatti, a leading Chinese supplier of household appliances specialising in gas hobs, augurs well for long-term prospects too. The tie-up should help AGA's brand exposure in the immense Chinese market at a time when consumers remain hungry for western brands. An additional upside catalyst is an impending update on the new financing arrangements for its pension scheme, which will give the £42.4 million cap breathing space in terms of cash contributions. Consensus for 2012 points to £6.89 million profits and earnings of 7.4p, ahead of 20% growth to £8.27 million and 9.02p respectively in 2013. A prospective PE ratio of 7.0 for 2013 implies significant scope for a rerating.

Global appetite for premium British brands Royal Worcester, Spode, Pimpernel and Portmeirion is helping Stoke-on-Trent-headquartered homewares maker and distributor Portmeirion (PMP) deliver profitable growth amid testing market conditions. The £52 million cap, which prides itself on its 'customer attentive design-led' business, is performing creditably in the UK market and also boasts bulging order books for export markets such as South Korea and the US, its largest market. Potential for better-than-expected export-led business over the key Christmas selling season means the AIM-listed firm could yet receive earnings upgrades to 2012 estimates, possibly as early as January's traditional trading update. Besides its export strengths, Portmeirion is a highly cash-generative concern, having closed out the half year with £3.3 million net cash in the coffers. For now, consensus estimates point to a commendable 6% taxable profits increase to £6.7 million for the current calendar year, 8% EPS improvement to 46.6p and 16% growth in the dividend to 20.2p. Based on those metrics, a prospective PE ratio of 10.7 looks fairly attractive. Dividend cover of 2.3 times adds to the attractions of the stock, currently offering a yield of 4% that beats anything on offer from the bank.

A share price rebound since June presents risk-averse investors with an opportunity to sell McBride (MCB), the Europe-focused provider of private-label household and personal care products. Given the £244 million cap's meaningful exposure to oil-derived inputs, volatility in the Middle East is a concern, since the lag in recovering prices means risks to forecasts are significant. Last month (15 October), McBride received forecast downgrades after warning first-half and full-year profits would be impacted by £2 million due to a faster-than-expected decline in its contract manufacturing business. Whilst the wind-down of this business had already been flagged, weakening consumer demand for the relevant branded products has accelerated the process and February's first half numbers won't make pretty reading. On the positive side, McBride is now focused on growing its Private Label business in the second half and beyond. Private Label is gaining market share at the expense of brands, especially in Western Europe, as hard-pressed consumers increasingly seek value and retailers recognise the way in which quality own labels can help them differentiate their offerings. Combined with various self-help measures, the shower gel-to-shampoo supplier's margins and profits are on an upwards trajectory and McBride expects to see improving sales trends in the second half as new private label contracts make an impact. For the year to June, Investec Securities' Nicola Mallard, with a buy recommendation and 145p price target, has pencilled in further improvement in adjusted taxable profits to £27.5 million (2012: £23.7 million), 15.5% growth in earnings to 11.2p (2012: 9.7p) and a return to dividend growth.

BlueGen units use ceramic fuel cells to turn natural gas into electricity - as well as heat for hot water - for homes, schools, offices and small commercial buildings. Each BlueGen unit can save up to four tonnes of carbon per year in low carbon homes in the UK when running of natural gas and around twice this amount when using directed biogas purchased over the mains gas grid. The peak electrical efficiency of BlueGen is up to 60 percent, far higher than any other small scale generating technology in the world. With the added benefit of heat, total efficiency is up to 85 percent. Ceramic Fuel Cells is delivering BlueGen units to customers across the UK through five specialised installation, sales and service partners: · Be Green Systems for London and the South East; · Ace Energy for the South Coast and South West; · Green Buy Energy for Yorkshire and the North Midlands; · Richard Irvin for Scotland; and · World Heat and Power for the North West and North Wales. Ceramic Fuel Cells continues to raise its profile in the UK capital markets. For more information please contact: Ceramic Fuel Cells Limited Paddy Thompson (UK) Tel. Email : +44 7968 356 439 : investor@cfcl.com.au Nomura Code Securities (AIM Nomad) Juliet Thompson Chris Golden Tel. : +44 (0) 207 776 1200 Australian media enquiries Richard Allen Oxygen Financial Public Relations Tel. Email : +61 (0) 3 9915 6341 : richard@oxygenpr.com.au

Jeremy Nesbitt, Managing Director, National Grid Affordable Warmth Solutions, commenting on The Madeley Centre installation, said: "we are excited to be involved in this ground breaking initiative. We are keen to promote innovative technologies that help improve energy efficiency and reduce energy bills for vulnerable homes and communities. We are committed to supporting a number of BlueGen installations that will be independently evaluated by UK's leading Fuel Poverty charity, National Energy Action." In parallel with the social housing exemplar installations, Ceramic Fuel Cells continues to work with Energy Services Company (ESCo) iPower to bring the benefits of BlueGen to the social housing sector under a fully funded ESCo arrangement. Pre-registration for this scheme is now open to all registered social landlords. Other installations in the last three months include the UK installation of a BlueGen for Ceramic Fuel Cells' chairman, Alasdair Locke. Exhibition Ceramic Fuel Cells exhibited at the Retro Expo conference at the NEC from 30 October to 1 November 2012, highlighting the benefits of BlueGen installations in the retrofit market. BlueGen's role in the Really Smart House project (www.reallysmarthouse.com) was presented by architects firm, The Facility.

Ceramic Fuel Cells Limited (AIM / ASX: CFU) a leading developer of generators which use fuel cell technology to convert natural gas into electricity and heat for homes and other buildings, is pleased to provide an update on its progress in the United Kingdom market. Increasing Government support Micro combined heat and power (microCHP) units accredited under the UK's Microgeneration Certification Scheme (MCS) and commissioned on or after 1st December 2012 will be eligible for an increased feed in tariff of 12.5p per kilowatt-hour (kWh) of electricity generated plus an additional 4.5p per kWh for electricity not used on site and exported to the grid. The increased tariff applies to the first 30,000 microCHP appliances installed. BlueGen is currently the only fuel cell based microCHP appliance accredited under the MCS and hence the only fuel cell eligible for the UK feed in tariff. Social housing In the UK Ceramic Fuel Cells has taken a highly targeted approach to key market sectors. One of these key market sectors is social housing where the benefits of BlueGen generation are particularly strong. Ceramic Fuel Cells has recently sold 5 BlueGens into exemplar installations in this market sector, which will be commissioned during December. Two of these installations have been supported by National Grid Affordable Warmth Solutions, including one at The Madeley Centre near Crewe.

http://www.investegate.co.uk/afferro-mining-inc.-(aff)/rns/publication-of-q3-2012-results/201211290700182655S/

http://www.investegate.co.uk/digital-barriers-plc-(dgb)/rns/contract-awards/201211290700212679S/