Member Info for jange

Financial Highlights: The value of new business for the nine months to 30 September 2012 increased to £138 million (30 September 2011: £95 million). Combined IT and outsourcing costs were higher than anticipated. Known costs are expected to increase in the region of £65 million.

Third quarter interim statement: Resolution reported earlier today that the value of new business in the nine months to 30 September had increased to £138 million and that the group was making good progress towards the delivery of its new 2013 financial targets. Strong operational progress was reported within the UK business. In contrast, the performance of its International division remained below par, with the continued uncertainty in Europe and other markets weighing on overall performance. However, management reported that a clear International strategy had been identified, following a strategic review and the company remained confident that through a rigorous focus on costs and new business profitability, it can generate the returns required to contribute to the achievement of the group's financial targets

Company overview Resolution Limited is a Guernsey incorporated company. Resolution Limited was established as a financial services restructuring company and launched its restructuring project - the UK Life Project - in 2009. Since listing, it has acquired Friends Provident Group plc, the majority of the AXA life insurance businesses in the UK and Bupa Health Assurance. These businesses have been rebranded and together form the Friends Life Group. On 15 August 2012, it announced that it was moving from an externally advised, project-based structure to a more conventional, simplified corporate structure.

UNITE Group: JP Morgan Cazenove raises target price from 280p to 320p and keeps overweight rating.

Spirent Communications: JP Morgan Cazenove reduces target price from 164p to 153p, neutral rating unchanged.

Signet Jewelers: Deutsche Bank raises target price from 3800p to 3860p, buy recommendation maintained.

Serco Group: Panmure Gordon upgrades from hold to buy, target price of 630p kept.

REXAM: Deutsche Bank raises target price from 480p to 500p and maintains a buy recommendation.

Pennon Group: Nomura cuts target price from 730p to 710p, neutral rating kept. UBS reduces target price from 740p to 680p, neutral rating remains unchanged. JP Morgan Cazenove cuts target price from 780p to 670p, overweight rating remains unchanged. Credit Suisse reduces target price from 690p to 650p and upgrades from underperform to neutral. Deutsche Bank moves target price from 720p to 650p, hold recommendation kept.

Next: Credit Suisse initiates with a target price of 4200p and an outperform recommendation.

Melrose: Investec reduces target price from 270p to 260p, buy rating unchanged. Panmure Gordon lowers its target to 225p from 270p, retains hold.

Matchtech: Seymour Pierce upgrades from add to buy, target price of 260p kept.

Invensys: Deutsche Bank raises target price from 220p to 230p, hold recommendation unchanged.

Halma: UBS raises target price from 350p to 375p, sell recommendation kept.

Halfords Group: Panmure Gordon moves target price from 350p to 400p and upgrades from hold to buy.

Great Portland Estates: UBS raises target price from 455p to 475p, neutral rating reiterated.

Cookson Group: UBS raises target price from 575p to 605p, neutral rating maintained.

Compass Group: Deutsche Bank raises target price from 740p to 760p, buy recommendation remains unchanged.

Cobham: Investec reduces target price from 200p to 190p, hold recommendation maintained.

Brammer: Investec reduces target price from 335p to 300p, buy rating kept.