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Energy services group Hunting's businesses have generally performed well recently, but the group continues to face pesky competition in the short perforating gun market, while new regulations continue to slow sub-sea product deliveries despite having an increased sales backlog. In a statement covering trading since July 1st, Hunting said it remains confident of trading in line with its expectations for the 2012 full year results. Well Construction The Drilling Tools business has seen a marginal decline in trading as the industry moves activity toward the shale liquids regions across North America, but otherwise the division is enjoying plain sailing, with strong global demand and increased drilling activity in the Gulf of Mexico boosting the premium connections businesses, while the has traded ahead of management's expectations during the period.

In the Republic of Congo, the company said that, after analysing data from the Marine XI project, it is to drill the next Lideka Marine East1 well before the end of 2012. As for Marine XIV, it has been decided that it will not enter a second exploration phase and the block has been relinquished back to the government. Elsewhere, in the Democratic Republic of Congo and Angola, analysis and interpretation of data is still ongoing. "The company continues to negotiate for new projects which would give us larger footprints in regions where SOCO already has a presence, and continues to evaluate other projects in new areas of interest. Progress has been made on both initiatives, with the Nanga II A area exploration licence in the Republic of Congo added to our portfolio this year." Net cash at October 31st was $170m, slightly down from the $178m recorded at the end of the first half (June 30th) but up on the $113.5m at the previous year-end (December 31st 2011).

Oil and gas group SOCO saw a fourfold year-on-year increase in output in the first three quarters of the year, helped by an early start to production at its Te Giac Trang (TGT) project in Vietnam. Production for the nine months to September 30th was around 400% higher than the same period of 2011 and averaged 13,755 barrels of oil equivalent per day (BOEPD) net to the company's working interest. This has since increased to 18,824boepd in the week ended October 26th. TGT in Block 16-1, Vietnam, started producing on July 6th, over one month earlier than scheduled and nearly a year ahead of the original approved development plan, SOCO said. Output from TGT has averaged 11,556bopd during the first three quarters (16,317bopd in the week ended October 26th). Production on Block 9-2 from the Vietnamese Ca Ngu Vang (CNV)field is said to have been steady during the year. The firm said: "Production for SOCO's Vietnam assets is expected to continue at the current rates for the remainder of the year with temporary fluctuations occurring due to well intervention work and facilities and FPSO testing. Production capability could be increased in both projects early next year as drilling is anticipated to include an additional producing well on CNV and a step out appraisal well for the previously undrilled H5 fault block on TGT."

Wood Group, the oilfield support services company, will today welcome its newly appointed Chairman, Allister Langlands, the former Chief Executive Officer of the company, who has been replaced by Bob Keiller. Langlands has been the CEO of Wood Group since January 2007 and before that Deputy Chief Executive since 1999. He also served as the Group Finance Director from 1991 to 2000. He is replacing former Chairman Sir Ian Wood, who retired from the company this year. Keiller was formerly the Group Director of Wood Group PSN since April 2011 and CEO of Production Services Network up until its acquisition by Wood Group. The company has performed well over the past year, particularly since late June, with shares up almost 47% over the past 12 months, equal to 270.50p.

Shares in Bank of Georgia Holdings have been in the doghouse since the election upset in Georgia at the beginning of October and Thursday's third quarter figures did little to reverse the trend, despite a solid increase in profits. Revenue in the first nine months of 2012 rose 16.2% to 370.0m lari (GEL) from GEL.318.3m in the corresponding period of 2011. Profit before tax from continuing operations of GEL.158.7m were up by GEL.29.8m, or 23.1%. Post-tax profit from continuing operations rose 16.8% to GEL.132.7m from GEL.113.6m the year before, leading to a 17.1% increase in basic earnings per share to GEL.3.94 from GEL.3.36 a year earlier. "Despite the combination of a seasonally quiet quarter and the pre-election period, we experienced growing demand for credit, as reflected in the 4.8% q-o-q [quarter-on-quarter] growth of our loan book, and have further improved our efficiency by bringing the Cost to Income ratio down by a further 1.1 percentage points to 44.4%," said Irakli Gilauri, Chief Executive Officer of Bank of Georgia Holdings. "Following the parliamentary elections in early October, Georgia is currently in the process of what has been a smooth transition to a new government. This has not changed the business priorities and strategies of Bank of Georgia and business trends in October have been consistent with our year-to-date performance," Gilauri added.

"The modest current year and one year returns on our absolute return fund range, combined with industry aversion to Europe and equity long short strategies, has led to an increase in both notified and actual redemptions," Henderson admitted. "Performance improved over the period and, if maintained through the remainder of the year, then we should see an improvement in flows as we move into 2013," the group said. Phoenix saw AUM improve to £6.83bn from £6.72bn at the end of June, with net outflows during the quarter of £248m. The group's balance sheet at the end of September showed total net assets of £730m, down from £736.7m at the end of June, including unrestricted cash and cash equivalents of £119.4m, up from £87.8m three months earlier. The net debt position more than halved over the quarter to £30.6m from £62.2m at the end of June. The Chief Executive of Henderson, Andrew Formica, attempted to put a veneer on the figures. "Although investors remained cautious in their appetite for risk products, confidence improved during the period particularly about Europe and therefore outflows from our retail funds slowed compared to the second quarter." "Our strict cost discipline allows us to continue to invest in the business and enhance the service we provide to our clients. This means that we are well positioned to benefit from any improvements in investor sentiment," Formica added.

Fund manager Henderson Group saw assets under management improve in the third quarter despite a net outflow of funds. Excluding its Phoenix division, assets under management (AUM) rose to £58.0bn at the end of September from £56.9bn at the end of June, despite a new outflow of funds of £881m. On the Retail side, AUM rose to £29.1bn from £28.0bn at the end of the previous quarter, with investment performance of +£1.38bn more than compensating for £296m (net) of funds being withdrawn during the quarter. The outflows were most pronounced in the UK OEIC (open ended investment companies) range. "We continue to experience outflows as clients and advisers reposition their portfolios in advance of the implementation of the Retail Distribution Review as well as having some core funds, notably in our multi manager range, under-performing," Henderson revealed. On the plus side, the group saw a turnaround in its European SICAV (Société d'Investissement À Capital Variable - a type of open-ended investment fund) range, which showed positive net flows in the period. The group also saw a more positive trend in its US Mutual Fund (unit trust) range as the quarter wore on. On the institutional aside (again, excluding Phoenix), AUM edged up to £28.92bn from £28.90bn at the end of June. Net flows were negative at £585m

Analysts at Bankinter have reiterated a 'buy' rating for BBVA after the Spanish bank reported results that were in line with estimates on Wednesday. BBVA reported nine-month earnings of €1.656bn, a 47.3% decline from a year ago after including charges to comply with two-thirds of Spain's provisioning requirements. Analysts highlighted BBVA's solid results in Mexico and the US and praised the decision to maintain its dividend policy given the current situation. BBVA's core capital ratio remained unchanged at 10.8% although the bad loans ratio rose to 4.8% because of the integration of Unnim, of which only 4.3% was in constant terms. The credit portfolio fell by 6.1% over the last year while deposits rose 6.1% (+3.1% in the quarter). "The results seem to be on the favourable side and our preliminary opinion is positive, leading us to reiterate our rating," said Bankinter. Shares of BBVA were down 1.06% to €6.369 in early trading on Thursday in Madrid.

The net debt of the company as on September 30th was $139.1m as compared to $115.8m as on September 30th, 2011 and $103.9m as on March 31st, 2012 ($72.8m March 31st 2011).

Eros International, which makes and distributes Indian films, is down following interims that saw revenues and profits fall, partly hit by devaluation of the Indian rupee. Jyoti Deshpande Group Chief Executive Officer and Managing Director explained: "I am pleased to report that Eros has seen a 4.4% increase in constant currency revenues. The 6.2% decrease in reported underlying EBITDA [earnings before interest, tax, depreciation and amortisation] against a 3.7% increase on a constant currency basis reflects the 21% devaluation of the Indian Rupee when comparing the two periods. Reported revenues for the six months ended September 30th were down 6.1% to $86.4m (2011: $92m), with pre-tax profits coming in at $12.4m compared with $28.9m for the same period in 2011. Kishore Lulla, Executive Chairman of Eros International, said: "I remain very positive about the outlook of the business and the vast opportunities unfolding within the Indian entertainment landscape at a global level. Our business has historically had a second half skew due to major high profile releases being released around the Indian festival and holiday season and the same is true for this year."

Martin Flower, Chairman of Croda added: "Quarter four has started well. However, with the market remaining weak, particularly in Europe, and currency headwinds, we expect a similar performance in quarter four to that seen in the third quarter. Looking further forward, the Board remains confident that Croda has the right strategy for continued growth." At the end of the period net debt had been reduced by £5.8m to £202.2m. The Italian business, which is based in Cremona, was sold to a private company located in Italy for a consideration "equivalent to the value of its working capital". Completion of the sale is expected to take place before the year-end. In the first nine months of the year it had a turnover of £25.4m (2011: £32.2m) and made an operating loss of £0.1m (2011: operating profit £4.1m).

Turnover declined in Europe, but experienced growth in all other major regions. Volumes were up 8.9% overall but the strongest growth came in lower value products in Performance Technologies and Industrial Chemicals (which were weak in the third quarter of 2011). As a result average selling prices dropped by 5.7%. Against a "very strong" third quarter in 2011, Consumer Care sales were down 2.7% due to slow Personal Care sales, particularly in Europe. Health Care and Crop Care both saw sales increase in the three month period. Performance Technologies sales were up 2.5% at £94.7m (2011: £92.4m). Industrial Chemicals performed strongly with sales up 16.1% to £20.9m (2011: £18.0m). Profits in this sector increased 40.0% to £2.1m (2011: £1.5m). In a statement the firm said: "Despite the soft trading environment in Europe and the currency headwinds, our operating profit for the year to date at £193.5m is 8.2%, ahead of a strong 2011 comparative period. This continues to vindicate our strategy of concentrating on high value, niche markets with innovative technologies, supplying to customers both large and small around the world."

Speciality chemicals manufacturer Croda Interntional has announced the sale of its Italian business as it reported a positive start to the fourth quarter despite the market remaining weak, particularly in Europe. As for the third quarter, trading was robust considering the depressed market conditions, the firm said, with underlying group sales up 3.2% compared to 2011. This, however, was not enough to please investors, who were expecting higher operating profits, with shares down nearly four per cent at 2,116p by mid-afternoon. Operating margins climbed to 23.3% from 22.3% in 2011, and consequently continuing operating profit increased 4.7% to £59.7m (2011: £57.0m) and continuing pre-tax profit increased 4.4% to £59.3m (2011: £56.8m). The falling share price may also have been because of the company's warning that month to month trading has been "volatile", saying sales were in line with expectations in July and August, but that trading weakened in September, which is usually a strong month for the firm.

Restaurant Group: Nomura keeps buy rating and 380p target.

Next: Societe Generale upgrades to hold, target upped from 3,313p to 3,544p.

New Britain Palm Oil: Shore Capital downgrades to sell.

Mondi: UBS raises target from 660p to 670p, neutral rating unchanged; Credit Suisse downgrades to neutral, 780p target kept.

Marks & Spencer: UBS lifts target from 385p to 430p, buy rating kept.

Kier Group: Investec keeps buy rating and 1,500p target.

Hunting: Investec keeps buy rating and 950p target.