Member Info for jange

Net finance costs for the first six months of the year were £4.1m (2011: £3.7m), with the increase reflecting the increased costs of finance of the group following the refinancing of its banking facilities in 2011. Leverage at the period end remained low with net debt at £132.9m (2011: £119.3m), which represents one times earnings before interest, tax, depreciation and amortisations (EBITDA) on a rolling 12-month basis. Following the acquisition of the Enara Group on October 9th it expects gearing to be maintained at less than two times EBITDA at March 31st 2013. Ruby McGregor-Smith CBE, Chief Executive of Mitie said: "We have made this progress in the face of a tough economic climate and a difficult macroeconomic outlook, with continuing challenges within our more cyclical markets. However, we remain positive about the range of outsourcing and energy services opportunities across our key markets and continue to see a growing order book as well as a strong pipeline of sales opportunities. "We expect total revenue growth to be higher in the second half as a result of both the organic revenue contribution from new and expanded contracts including Lloyds Banking Group, and the acquisition of Enara." She continued: "We are confident that we will continue to build on our long track record of sustainable, profitable growth." The interim dividend was up 4.5% to 4.6p (2011: 4.4p).

FTSE 250 outsourcing group Mitie appears to be suffering some pressure on margins, which coupled with higher costs has resulted in disappointing interims. Although revenues grew 5.6% to £1,026.6m (2011: 971.7m) in the six months ended September 30th 2012, pre-tax profits fell 12.9% to £37.7m (2011: £43.3m) after the cost of sales climbed from £818.7m to £874.8m. The operating profit margin before other items was down at 5.2% (2011: 5.3%). Looking at it by division, its facilities management business increased margins to 6.8% (2011: 6%), margins at its technical facilities management business were flat at 5%, while its property management business saw margins drop to 3.1% (2011: 4.6%), and at its asset management business margins plummeted to minus 8.2% (2011: 1.2%). In the first half of the year Mitie's order book increased by £0.4bn or 4.7% to £9.0bn (March 2012: £8.6bn). Its sales pipeline currently stands at £10.5bn (March 2012: £11.2bn). Looking ahead, revenue visibility is good, with 98% of budgeted revenue for 2012/13 secured (prior year: 97%), and 72% of forecast revenue for 2013/14 secured (prior year: 68%).

The specialised technical products and services provider has net funds of £7.9m. Chief Executive Bruce Thompson said: "Diploma has delivered another year of strong double-digit growth in revenues and profits, by a combination of 'GDP plus' levels of organic growth and contributions from a number of good quality, value-enhancing acquisitions." "During the year, we have also made significant progress in making the investments in the facilities, IT systems and management resources needed to lay the robust foundation for continued growth in the next five year period." "The group is well placed to make further progress during the new financial year."

Continued strength at its seals business helped Diploma post revenue in line with company expectations for the year. Revenue in seals, which supplies components and kits for heavy machinery and industrial equipment, hydraulic seals, gaskets and cylinders, climbed 13% after particularly strong from its North American aftermarket. Its life sciences division contributed 5% to the group performance after good sales of capital equipment in first half. The controls businesses saw 2% growth after it was held back by reduced activity in Continental Europe and UK Food & Beverage. Group pre-tax profit rose 17% to £46m in the year ended September 30th while revenue increased 13% to £260.2m. Adjusted pre-tax profit climbed 17% to £52.6m. Underlining its confidence in future trading, the full year dividend has been increased 20% to 14.4p.

Temporary power and temperature control giant Aggreko has won a contract in Côte d'Ivoire to provide short-term power supply. The 10MW gas-fuelled temporary power contract, which will run for two years, is in addition to the 100MW the company installed in 2010. It is worth an estimated $75m and was awarded by the Société des Energies de Côte d'Ivoire (CI-ENERGIES). The firm said that the contract will reinforce the power supply in Cote d'Ivoire and fulfil the country's needs before the construction of permanent capacity. Aggreko's Chief Executive Rupert Soames said: "Following the success of the existing 100 MW power plant, we are delighted that our customer has entrusted us with a further 100 MW. "We believe this underlines the success of our gas-fuelled power plants, in which we have invested heavily in recent years; world-wide we now have over 750 MW of gas-fuelled capacity on rent."

Paul Hanratty, the Chief Executive Officer of Old Mutual's Long-Term Savings business said: "The deepening of the relationship between Old Mutual and AIVA provides a firm base from which we can capitalise on opportunities in these fast-developing investment markets in an efficient and low capital manner."

Financial services giant Old Mutual has bought a large interest in Latin American AIVA Business Platforms in an effort to strengthen its distribution capability in selected emerging markets. AVIA is a family-owned business platform and distribution business based in Uruguay and works throughout the whole LatAm region. Old Mutual said that it has acquired a "majority stake" in AIVA, though the size and cost of the purchase was not specified. The company has assets under management of over $800m. Old Mutual has worked with AIVA - which provides services to a network of IFAs, wealth managers and other institutions - for over 15 years in administration, servicing and investment. "AIVA, together with Old Mutual's Emerging Markets businesses, will take advantage of operational synergies in Colombia and Mexico in due course," the firm said. The acquisition is subject to the approval of regulators but is expected to complete early next year.

Commenting on the results Steve Lewis, Chief Executive, said: "These results, achieved in a challenging economic environment and the wettest summer on record, display the resilience of the Majestic business." Majectic, which opened nine new stores in period and two since end of September bring total number of stores to 189, reported an 11.2% increase in active customers to 594,000. Lay & Wheeler, its fine wine specialist, recorded profit before interest and tax of £506,000 compared to £292,000 in 2011. Majestic Wine Calais saw profit increase to £817,000 from £658,000 before. The wine retailer, which has a minimum purchase to six bottles policy, has increased its interim dividend payment 5.3% to 4p per share.

Majestic Wine served up a modest increase in half year profit following the wettest UK summer on record as well as a tough economic environment and said it is well prepared for the key Christmas trading period. Pre-tax profit increased 3.9% to £9.2m for the 26 weeks ended October 1st 2012 while sales excluding wholesale activities climbed 4.6% to £122.7m. Total sales fell 1.4% to £126m and like-for-like (LFL) sales in UK retail stores rose 0.6%. In the six weeks from October 2nd to November 12th 2012, LFL at its UK stores rose 1.2%. Online sales ,which represent 9.8% of UK retail sales, advanced 14% from the year before.

A joint venture including FTSE 250 construction group Galliford Try has reached financial close on a 600m-pound public-sector infrastructure project in Scotland, the company announced on Monday morning. Alliance Community Partnerships, a consortium comprising Galliford Try Investments, Equitix Holdings, Kier Projects Investments and John Graham Holdings, will be oversee many future infrastructure and community projects across Ayrshire, Dumfries & Galloway and Lanarkshire over the next decade. The work will be delivered by a joint venture to be formed between Alliance Community Partnerships and the 16 public sector bodies involved. Galliford said: "The hub initiative delivers an effective development model, allowing the private sector development partner to work with the public sector bodies across all stages from strategic planning through funding and project delivery, to facilities management via an integrated supply chain. Every hub project is committed to providing opportunities for Scottish businesses and the local supply chain. The consortium was appointed as the preferred bidder of the south-west Scotland hub initiative back in August. Galliford's Chief Executive Greg Fitzgerald said: "Along with our partners, we are delighted to have reached an agreement on this significant partnership with the South West hub Territory Partnering Board in Scotland. "This appointment has been achieved by us demonstrating the combined skills of Galliford Try's construction, facilities management and investments teams."

BTG, a specialist healthcare company, has reported that its VANISH-1 and VANISH-2 studies have 'demonstrated efficacy in achieving a clinically meaningful improvement' in the appearance of the legs of patients with varicose veins. The studies found that 80% of patients treated with either the 0.5% or 1.0% dose concentrations reported a much or moderate improvement of symptoms. Patients treated in this study were representative of a typical varicose veins population, with an age range of 21 to 73. Side effects were mostly mild or moderate. Dr Kenneth Todd, a Principal Investigator for VANISH-2 said: "Current treatments for patients with medically-important, symptomatic varicose veins are time-consuming for both patients and physicians and do not offer a comprehensive treatment. "The publication of the full results for VANISH-1 and VANISH-2 confirm the top-line results already reported and demonstrate that the product, if approved, could offer an effective, comprehensive treatment option for patients with symptomatic varicose veins."

HICL Infrastructure Company has sold its 50 per cent equity and loan note interest in Doncaster Schools PFI (private finance initiative) project to Vinci Pensions, an affiliate of the co-shareholder Vinci. The group will earn £5.3m from the sale, which represents a small profit on the acquisition price in December 2011. The disposal follows a review to evaluate the possible opportunities for portfolio rationalisation. Graham Picken, Chairman of the company said: "With a growing portfolio of investments, some of which have been acquired as part of multi-asset transactions, as in the case of Doncaster Schools, the company will from time to time divest certain projects in order to optimise portfolio performance."

Aegis Group, the FTSE 250 media and digital communications group, has acquired Netsociety, a performance and search agency in the Netherlands and Belgium, for an undisclosed sum. The business, which has offices in Amsterdam and Belgium, is described as a specialist performance marketing agency, with a focus on search marketing and digital performance media. The clients of the company, which was established in 2007, include Thomas Cook and ING. Julius Minnaar, Chief Executive Officer of Aegis Media Netherlands, said: "We are delighted to be acquiring Netsociety, which will enhance the prospects of our business in the Dutch and Belgian markets, ensuring we continue to produce outstanding work for our clients there. We welcome the Netsociety team into the fold and look forward to working with our new colleagues to leverage the exciting opportunities this acquisition will bring to our business in the Netherlands."

Global medical technology business Smith & Nephew has appointed a director at AstraZeneca as its new Chief Financial Officer (CFO) to replace Adrian Hennah when he leaves at the end of December. Julie Brown, who has worked for AstraZeneca for 25 years, will formally takeover the role in early February. At AstraZeneca she held a number of senior financial and management positions including Regional Vice President of Latin America, Marketing Company President in Portugal, Vice President of Corporate Strategy and Research, and Development Chief Financial Officer. Most recently she held the role of interim CFO. Olivier Bohuon, Chief Executive Smith & Nephew, said: "Julie is an outstanding leader who brings to Smith & Nephew exceptional financial expertise and a deep knowledge of the healthcare market. Her ability to build teams and her broad experience working across geographies and within senior commercial roles will undoubtedly enable her to be a strong business partner. I look forward to working closely together as we continue to reshape Smith & Nephew for future success." It was announced in mid-September that Hennah had accepted a job at consumer goods multi-national Reckitt Benckiser.

Paper and packaging group Mondi has said that following the completion of its acquisition of Duropack's operations earlier this month, it has subsequently entered into discussions with employees about the proposed closure of the one hundred thousand tonne recycled containerboard mill in the Czech Republic. The company said that the decision follows the deterioration in market conditions in the European containerboard market and increased competition, which has negatively affected the mill's ability to remain competitive. The costs of the closure are expected to be less than €3.0m. "The group's strategy is to focus on further developing its leading market position in corrugated packaging in the Czech Republic and emerging Europe," the company said. "Mondi will take all reasonable action to support affected employees including providing an outplacement programme and will keep employees, customers and other stakeholders informed of the process."

pubs group Enterprise Inns will be releasing its full-year figures in the morning. Full-year profits at Enterprise Inns are expected by the market to be in the region of £136.3m on sales of £683m. The company announced in August that it had seen a "continuation of improving trade trends". Analyst Simon French of Panmure Gordon said: "Given the improving trading trends and falling bank debt - and the possibility of the reintroduction of dividends over the next 12 months - we think the stock continues to offer significant upside potential

typo below wrong board....

Full-year results from budget airline easyJet are on the agenda for Tuesday morning, with the group hoping to see its stellar year-to-date share price rise continue. So far in 2012, the stock has increased by 52% to 652p (as of Monday close). The group confirmed last month that its commercial and operation performance this year had continued to be "robust" across the network, with demand since the end of the Olympic Games increasing towards the upper-end of its expectations. Nomura said on Friday that the company is "demonstrating continued progress on the path to higher sustainable returns". With the firm setting a pre-tax profit range of £310-320m just last month, the broker thinks that it will hit the middle of that guidance (£315m). "Given this was just a month ago, we think there will be limited room for surprise," said analyst Andrew Evans.

Positive Points: Management highlighted that "each division reported strong organic revenue growth from July to October." For the full year, the group's adjusted operating profit margin is expected to be stable on the prior year. Growth and positive expectations for the future helped enable a 21.5% rise in the half year dividend. Bolt-on acquisitions continue to be made. The acquisition of a non-destructive testing company (NDT Services Ltd) in the UK was made during the third quarter for £17 million. The company is the largest tester of consumer goods in the world and has a network of more than 1,000 laboratories across more than 100 countries.

Negative Points: Organic or like-for-like revenue growth slowed from the 9.9% recorded as of its half year results to 9.1%. As of its half year results, the group's profit margin had reduced slightly in the wake of recent acquisitions. With the group operating in over 100 countries, currency volatility provides a risk. Commodity price volatility and trading volumes can affect demand for associated testing services. Consumer spending trends in Europe and North America can influence demand for consumer testing services.