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Electrocomponents: Panmure Gordon reiterates sell rating and 175p target.

Dairy Crest: Jefferies keeps buy rating and 400p target; Panmure Gordon maintains buy rating and 385p target.

Chemring: Credit Suisse keeps neutral rating and 330p target.

BTG: Jefferies keeps hold rating and 360p target; Panmure Gordon keeps hold rating and 400p target.

Positive Points: Group costs continue to be targeted. CWC is in advanced talks to sell its controlling stake in Macau's largest telecoms group for around $800 million to Citic Telecom International, part of the Chinese state-controlled conglomerate. The sale is part of a wider strategy for CWC to focus on its business in the Caribbean, and to dispose of unrelated operations across Monaco and a collection of islands such as the Maldives and Seychelles. Mobile revenues grew by 9%, including mobile data revenue growth of 36%. Cable & Wireless Communications was created as an independent overseas telecoms business following the demerger from Cable & Wireless Worldwide in 2010 which was bought for £1 billion earlier this year by Vodafone.

Negative Points: Ongoing declines in voice revenues were reported. The group stated it was "delivering on its plan to reduce costs to mitigate this". The US economy remains a significant influence over the Caribbean, an important region for the group. US economic indicators remain volatile. Erosion of margins from increased competition is an ongoing concern. CWC is exposed to regulatory change in any of the countries in which it operates.

Financial Highlights: Pre-tax profit rose to $164 million, up from $145 million in the same period last year. Overall revenues of $1.4 billion were declared. Total net debt at 30 September was $1.59 billion, compared with $1.39 billion as at 31 March. The board has declared an interim dividend of 1.33 cents a share.

Interim results: Cable & Wireless well positioned to meet full year expectations. Notwithstanding the challenges facing the telecom industry, solid demand for high speed mobile data and a robust contribution from Macau (China) boosted profits. In the six months to 30 September, revenues dipped 1% to $1.4 billion, but pre-tax profits rose to $164 million, up from $145 million in the same period a year earlier. Much of the increase was attributed to CWC's Macau operations which reported a 20% year-on-year increase in first-half revenues to $310 million, driven by demand for its mobile services from tourists. CWC is looking to retrench to its core operations in the Caribbean and Central America, and is in talks to sell its Monaco & Islands unit to Batelco and its 51% stake in CTM, Macau's only fixed line provider, to fellow investor Citic Telecom International, part of the Chinese state-owned conglomerate. Chief executive Tony Rice said "it was a respectable performance against a backdrop of tough market for telecoms companies. The group reiterated that "core earnings for the year would be in line with 2011/12".

Company overview Cable & Wireless Communications Plc is a multinational telecommunications company headquartered in London with operations in the Caribbean, Macau, Monaco, Panama and numerous small islands. It was formed when Cable & Wireless Plc demerged in 2010 to form two companies (the other being Cable & Wireless Worldwide Plc). Cable & Wireless Communications is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Positive Points: Trading for the full year remains in line with expectations. A focus on improving operational efficiency is ongoing. The board expects to continue its transformation of the business through organic development, along with disposing of businesses that no longer fit its strategy. Based on transactions either completed or well progressed so far this year, management raised the amount that will be deployed on share buybacks this year to £250 million. A concentration on pushing new products into adjacent markets and geographies continues to be pursued. A progressive dividend policy is being followed. A 6% increase to the half year dividend was previously announced.

Negative Points: The company reported underlying revenue growth of 4%, down from the 5% recorded as of the half year stage. Reed Elsevier's client base is primarily businesses, many of whom continue to cut or restrain costs. Competition within the sector remains intense. The group would be exposed to any potential political change on funding of research papers or academic publishing.

Financial Highlights: Underlying revenue growth of 4% reported. Management reported that the group's financial position remains strong.

Third quarter update: Reed Elsevier highlights in line trading. The statement saw management highlighting in line trading, with guidance for the full year being reaffirmed - the share price was marginally higher (+0.3%) in midday trading. Underlying revenue growth of 4% was reported, with all five business areas contributing. In August, its Elsevier division was reorganised, combining the leadership of Science & Technology and Health Sciences. Underlying revenue growth of 2% was reported year to date. Its LexisNexis Risk Solutions business enjoyed demand for risk management tools across financial institutions, with underlying revenues up 6%, whilst the Exhibitions division saw strong growth in the US and Emerging Markets - underlying revenues rose by 15% over the year to date. In all, despite concerns for the economic outlook, the group's transformation moving online and disposing of businesses that no longer fit management's strategy and using proceeds to buy-back shares is seen as positive,

Reed Elsevier is a leading provider of professional information solutions in the Science, Medical, Risk, Legal and Business sectors. The group came into existence in January 1993. The company is currently divided into five divisions: 1) Elsevier 2) LexisNexis Risk Solutions 3) LexisNexis Legal & Professional 4) Reed Exhibitions 5) Reed Business Information. Reed Elsevier Group plc is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV. Their shares are traded on the London, Amsterdam and New York Stock Exchanges.

Positive Points: The group reported revenue growth across all regions and from all global business lines. For the full year, management expects mid to high single-digit organic revenue growth while maintaining or improving the profit margin. Growth in developing markets continues to lead performance. The group's Latin American business enjoyed organic revenue growth of 17% compared to 7% in North America and 3% in the UK and Ireland. Along with geographical diversity, Experian also enjoys business diversity. The company's 'Growth and efficiency' programme remains ongoing. A new programme has been announced. Management expects the efficiency programme to secure gross annualised savings of approximately $75 million. Bolt-on acquisitions continue to be made. A progressive dividend policy is being pursued. The interim dividend announced was 5% higher than the prior year's.

Negative Points: Comparatives for the current third quarter were highlighted by management as "tough". Currency movements, mainly the fall of the Brazilian Real against the US dollar, continued to impact reported revenues. Group organic revenue growth came in at 8% on a constant currency basis for the half year compared to 10% for the prior full year. Group net debt in the period increased by $102 million to $1.92 billion at 30 September 2012. Experian operates in a highly regulated environment. The company is subject to various regulations globally regarding the collection, protection, and use of consumer data. In addition, it is also subject to a degree of political risk, relying on legislation not only to open up new credit bureau geographies but also to protect its market position in existing markets.

Financial Highlights: Revenue from continuing activities rose by 12% on a constant currency basis and 6% at actual rates, principally due to the depreciation of the Brazilian real against the US dollar. Organic revenue growth of 8% achieved at constant exchange rates. Total Earnings Before Interest and Tax (EBIT) from continuing operations of US$590 million, up 14% at constant exchange rates and up 6% at actual rates. Interim dividend of 10.75 US cents per ordinary share, up 5%.

Half year results: Experian reports revenue growth across all regions and businesses. The report saw management announcing "revenue growth across all regions and from all global business lines." The Chief Executive noted that "this is the result of consistent execution on our strategy and global growth programme." In North America, the board highlighted good progress for its growth investments. In Credit Services and Decision Analytics, it added new sources of data, expanding its fraud prevention and identity management services. In Latin America, it also introduced new sources of data and extended into new sectors such as telecommunications, automotive, insurance and utilities. For its EMEA/Asia Pacific business, revenues generally held up well. Significantly and highlighting further opportunities, management announced a new efficiency programme in order to drive operational improvements and help sustain growth going forward. In all, supported by geographical diversification and expected further growth momentum,

Company overview Experian is a major global information services company, providing data and analytical tools to clients globally. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. It also helps individuals to check their credit report and credit score, and protect against identity theft. Experian operates via four main divisions 1) Credit Services 2) Decision Analytics 3) Marketing Solutions and 4) Interactive services. The group is estimated to maintain credit records on around 300 million consumers globally, along with some 30 million businesses worldwide. A constituent of the FTSE-100 index, Experian employs approximately 17,000 people in 44 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.

Positive Points: Of the £2.6 billion in net inflows seen in for the three months to 30 September, institutional clients added £1.9 billion while retail clients added £800 million. For the first nine months of 2012, the asset manager reported net inflows of £5.3 billion, higher than the £5.1 billion reported during the same period of 2011. The blue-chip asset manager continues to enjoy diversification in both product and client type, along with its geographical footprint. The group had previously noted that two thirds of group revenues arose from clients outside of the UK. In May, Schroders announced that in conjunction with Axis, it wanted to build a significant asset management player in the Indian market, with the intention of being able to distribute Axis funds internationally. At its half year results in August, the board declared an unchanged interim dividend of 13 pence per share.