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Drax, which runs a coal-fired power station in North Yorkshire, has cheered investors with news that since its half year results at the end of July, its trading conditions have generally improved, with full year expectations unchanged on the back of a continued good operating performance. However, the domestic coal market, where some of its suppliers continue to face challenges, has continued to result in tough market conditions. The firm said that it has taken advantage of better dark green spreads - the indicators for coal-fired generation of electricity - since the half year point to strengthen its contracted position for the next and the following year. The company's positions under contract for this and the next two years are 26.9 terawhatts (twh) in 2012, 20.3twh in 2013 and 7.3twh in 2014, with fixed price power sales at 25.3twh at £51.5 per megawhatts (mwh) in 2012, 17.7twh at £51.8/mwh in 2013 and 4.7twh at £54.1/mwh in 2014.

"We've also made a number of high calibre appointments recently, including a new Chairman, Executive Director: Product and Trading, Chief Information Officer, Supply Chain Director and Marketing Director. Additionally we have secured territory managers for the USA, France and Germany. These appointments will underpin the continued development of the business, both in the UK and internationally," he added.

Online fashion retailer ASOS said retail sales for the five months to August 31st rose by a third as it looks to roll out further international sites. Retail sales rose 32% to £231m after a stellar performance from its international business. International sales, which now account for nearly two thirds of all sales, continued to underpin growth, rising 46%. The US was the fastest growing segment with retail sales up 72%. Meanwhile rest of world sales rose 57% following a robust performance from Australia, Russia, Singapore and China. Retail sales at its mature UK business grew 13% during the period. ASOS, which said it had 5.0m active customers at August 31st 2012, up 36% year-on-year, posted profit before tax and exceptional items of £13.2m, up 42% from the same period a year earlier. Retail gross margin improved to 49% from 48.1% the year before and its overall gross margin also improved to 50.5% from 49.6%. Chief Executive Officer Nick Robertson said: "We remain positive in our outlook for 2012/13 as we continue our journey to becoming the number one online fashion destination for twenty-somethings, globally. Our International roll out continues."

The FTSE-250 company said that its EBITDA [earnings before interest, tax, depreciation and amortisation] margin in the third quarter was "in line with our expectations". Net debt at September 30th was $305.4m, a reduction of $24.1m since June 30th, reflecting the group's continuing strong operating cash generation.

Divisional breakdown In the IC Materials division, revenue in the third quarter decreased by 3% year-on-year to $135.4m (Q3 2011: $140.2m), and on a constant currency basis was flat against the third quarter 2011. This was because some customers in the memory sector undertook modest wafer capacity reductions in the third quarter, causing some short-term variation in the pattern of demand for AZ's materials. Revenue for the nine months was $401.2m, down 2% from the same period last year (down 1% at constant currencies). Its Optronics business made good progress in the third quarter of 2012, driven by improved trading conditions in the global flat panel industry and recent customer wins in Taiwan and Japan. Revenue in the third quarter increased by 11% year-on-year to $63.2m (Q3 2011: $57.0m), and on a constant currency basis was up 14% on the third quarter 2011. Revenue for the nine months was $171.3m, up 3% from the same period last year (up 4% at constant currencies). In its Printing and Other division, revenue in the third quarter increased by 2% year-on-year to $4.9m (Q3 2011: $4.8m), and on a constant currency basis was up 14% on the third quarter 2011. Revenue for the nine months ended was $14.6m, down 17% from the same period last year (down 11% at constant currencies).

Speciality chemicals producer AZ Electronic Materials had a stronger third quarter and confirmed that it's on track to meet full-year expectations; this was sufficient to send its share up in mid-morning trading. In an Interim Management Statement (IMS) covering the period from July 1st to October 24th, it said: "Current trading in October shows that overall the business is performing in line with our expectations, which for the 2012 full year are unchanged." Consensus estimates for the full year ending December 31st are for pre-tax profits of £106.79 on revenues of £502.42m, with earnings per share of 22.67p. As part of the IMS it also provided financials for the period up to the end of its third quarter at September 30th. In the three-month period to September 30th, revenues increased 1% year-on-year to $203.5m (Q3 2011: $202m), and on a constant currency basis was up 4%. Group revenue for the nine months was $587.1m, down 1% from the same period last year.

Harmony Gold Mining, South Africa's third-largest gold producer, has reported that most striking workers are back at work, according to Reuters. Harmony had given workers until midday on Thursday to return to duty or face immediate dismissal. It remains to be seen if such tactics can bring a lasting solution to the deep-rooted issues that gave rise to the strikes.

Ebook sales were a bright spot, up 89% to £4.5m compared to £2.4m before and new e-reader devices are expected to boost fourth quarter ebook sales. Chief Executive Nigel Newton said: "Higher ebook sales and academic turnover continue to increase the weighting of our sales to the second half. In addition we have a strong second half list, including potential best sellers, and are targeting a significant number of rights and services contracts." "We remain well positioned for the future and results continue to show a positive trend over the longer term."

Weak sales at its children's and educational division weighed on first half profit at publisher Bloomsbury as strong demand for the Harry Potter series dwindles. The publisher said pre-tax profit fell to £0.9m in the six month ended August 31st 2012 from £1.5m before. Adjusted pre-tax profit fell to £2.1m compared to £3.3m. Turnover for the interim period increased to £43.5m from £42.4m. Revenue from children's and educational books, which make up around 22% of total revenue, declined 23% to £9.3m. Continuing operating profit reduced by £0.9m to nil reflecting the reduction in Harry Potter sales compared to last year, which was boosted by the final movie in 2011, the group explained. Bloomsbury, which has a second half list which includes Hugh's Three Good Things by Hugh Fearnley-Whittingstall, How to Bake by Paul Hollywood, said it is well positioned for stronger book sales over the next six months. It underlined its confidence by increasing its interim dividend by 6% to 0.94p per share.

Jeffries, has a 'Buy' recommendation with a 2,400p price target. Its analysts commented: "Typically the stock has traded at a premium to net present values but now is at a discount to our 2,030p ($100) sum-of-the-parts valuation. We believe heightened confidence in the mid-term organic growth trajectory should trigger a re-rating."

Shire's shares have been under pressure on fears the company could cut its financial guidance for this year, given increasing competition to some of its key products from generic competitors. Of particular concern was generic competition to its Adderall XR attention deficit drug, sales of which were down 32% to £102m. Nevertheless, the company said that it remains on track for double digit full year earnings growth in 2012 and it is also increasingly confident in meeting its target of delivering sound earnings growth in 2013 as well as increased growth beyond that. Consensus forecasts for the full year are for pre-tax profits of £880.31m on revenues of £3.03bn.

Pharmaceutical giant Shire said Flemming Ornskov will replace Chief Executive Angus Russell when he retires in 2013 as the group continues on course to meet double-digit earnings growth for the year. The London-listed firm, whose attention deficit hyperactivity disorder (ADHD) drugs, Vyvanse and Intuniv, continued to increase their market share during the three months to September 30th 2012, said non-GAAP diluted earnings per ADS (American Depositary Share) rose 6% to $1.36 while revenue increased 1% to $1.1bn. Chief Executive Officer Angus Russell commented: "Shire's business is progressing well. This quarter we grew Non GAAP earnings per ADS by 6% after increasing our investment in R&D by over 20% to fund our increasingly late stage pipeline. We continue to generate strong cash flows (up 20% to over $350m in the quarter), which will support our future growth." "The ADHD market is one of the fastest growing major therapeutic categories in the US and our lead product VYVANSE continues to gain share and generated strong prescription growth in the US despite the entry of additional generics in the ADHD market," he added.

Cruise operator Carnival rose three per cent in afternoon trade on Thursday, making it the top riser among FTSE 100 stocks, buoyed by news that its US rival Royal Caribbean has raised its full-year forecast. Royal Caribbean now expects 2012 earnings of $1.85 to $1.95 per share, 15 cents higher than its previous target range. The cruise industry was hit hard earlier in the year after one of Carnival's own ships, the Costa Concordia, grounded off the coast of Italy, killing dozens of passengers and crew. Carnival had to cut prices to get people back on board with the idea of cruise holidays after the disaster back in January. The hope must be that this is now water under the bridge. Royal Caribbean said that the effect of that accident "has continued to wane" and that bookings in the third quarter were stronger than it had expected, even in Europe, where news of the Costa Concordia accident drifted around for months. On September 25th, Carnival posted a year-on-year decline in net revenue yields for the third quarter to the end of August despite continuing strength in fleetwide booking volumes and pricing trends since June.

Positive Points: Adjusted earning per share materialised at the higher end of analyst estimates. The board maintained its organic sales growth guidance in the range of 2% to 4% for the current fiscal year. The Company also maintained its core earnings per share guidance in the range of $3.80 to $4.00, down 1% to up 4% versus prior year core EPS of $3.85. A programme to increase growth and productivity is being pursued. A strategy to maintain momentum in developing markets, strengthen its core developed market business, push its innovation product pipeline, and aggressively drive cost savings and productivity improvements is being pursued. Management plans to cut $10 billion in costs by the end of fiscal 2016. Activist investor William Ackman previously acquired about $1.8 billion worth of Procter And Gamble shares. In February, Procter And Gamble announced an agreement to sell its Snacks business to The Kellogg Company. The sale will help refocus the company’s product portfolio. The company repurchased $2.6 billion of shares during the quarter and returned $1.6 billion of cash to shareholders as dividends. In April 2012, Procter And Gamble increased its dividend for the 56th consecutive year, making Procter And Gamble one of only six U.S. companies with this track record of dividend increases. Procter And Gamble has paid a dividend for 122 consecutive years. The group enjoys considerable diversification in both product type and geographical location.

Negative Points: Both adjusted or diluted earnings per share and headline net sales declined. Management cut its earnings and sales guidance for the second time in less than two months back in June, hurt by slowing sales growth in Europe and the US The CEO back in June noted that “the company had set prices too high, failed to communicate the superiority of its products, fallen short on product innovation and allowed productivity improvement to stagnate.” Higher commodity costs (raw materials) remain a pressure on group profit margins. Unfavorable foreign exchange movements continue to impact. Competition across the consumer goods sector remains intense.

Financial Highlights: Diluted net earnings per share from continuing operations of $0.96 were reported, a decline of 5% due to non-core charges of $0.10 Organic sales grew by 2% Net sales were $20.7 billion, a fall of 4% versus the prior year period including a negative 6% impact from foreign exchange The Company repurchased $2.6 billion of shares during the quarter and returned $1.6 billion of cash to shareholders as dividends

First quarter results: Group earnings materialised at the higher end of analyst forecasts, with management maintaining both its sales and earnings guidance for the full year. Organic or like-for-like sales growth was reported, with four of its five business segments increasing versus the prior year. Management noted that it “held or grew market share in businesses representing over 45% of sales in the period, as measured on a constant currency value basis. In the US market, Procter And Gamble held or grew value share in businesses representing nearly 60% of sales.” The chief executive highlighted that Procter And Gamble was continuing to focus on executing its growth and productivity strategy.

Company overview From humble beginnings in 1837, Procter And Gamble now markets nearly 300 products to more than 5 billion consumers in around 180 countries, and ranks as one of the world's largest consumer product makers. The company's products fall into five business segments: Fabric and Home, which includes household cleaners, laundry, paper products and special fabric care; Baby and Family, including baby care, paper products and snacks and beverages; Beauty Care, which covers antiperspirants, deodorants, hair and skin care, and personal cleansing; Health Care, which includes oral care and prescription drugs; and Pet Nutrition and Care.

Positive Points: Management stated it was increasingly confident in its ability to meet targets of delivering sound earnings growth in 2013 and deliver increased growth beyond that. The group said it was advancing preparations for the potential approval and launch of Vyvanse in Europe. The drug will be named Elvanse. Shire is one of the U.K.'s largest pharmaceutical companies by market capitalisation having grown rapidly in recent years, due largely to its acquisitive nature and its specialisation in treatments for rare diseases. The company advised that it was initiating a share buy-back programme of up to $500 million.

Negative Points: The statement revealed sales were affected by $28 million of unfavourable foreign exchange impact, primarily in Shire’s Human Genetic Therapies (HGT) business. Shire’s diabetic foot ulcer drug Dermagraft was the worst performer with product sales growth down 33% to $34 million, due, said the statement, to the ongoing restructuring of Shire’s Regenerative Medicine sales and marketing organisation. Litigation risk remains in a number of potential products associated within the group's Human Genetic Therapies (HGT) business. Continuing execution with respect to pipeline drug approvals is required to support longer-term performance forecasts.