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Pressure on senior BAE Systems board members hardened last night after it emerged that shareholders representing almost a fifth of the company had called for high-profile scalps. In a letter to the board, Invesco Perpetual, the biggest shareholder with 13 per cent and the principal critic of the failed 28bn pound merger with EADS, demanded the resignation of Dick Olver, the chairman, and Sir Peter Mason, the company's senior director. Other shareholders representing a further 5 per cent of the company backed the proposal. It has been known for some time that Neil Woodford, the Invesco fund manager, has been hostile to BAE's board, but this is understood to be the most aggressive move so far and sources close to the leading shareholders said that everything depended on where the assault went, writes The Times.

Neophytou said: "We have felt that the share repurchase explanation (to build up a war chest for acquisitions) would have created an unwelcome overhang in the shares. Although we do not believe the company will deviate from its well established M&A valuation criteria, having learned its lessons following the acquisition of Medimmune, the market will not be willing to give it the benefit of the doubt. With a new CEO in place, strategic needs may alter."

Third-quarter earnings season has got into full swing for UK-listed blue chips with pharmaceuticals giants AstraZeneca and Shire due to report on Thursday, along with consumer product titan Unilever. AstraZeneca will update the market on trading on the three months to the end of September, "traditionally not a quarter when the company nudges its outlook", explained analyst Savvas Neophytou from Panmure Gordon on Wednesday. "The new Chief Executive Officer (CEO) has been in place for three weeks now, so the market will look forward to a first interaction at the helm of AstraZeneca," Neophytou said. Nevertheless, he says not to expect a "new vision" from the frontman just yet. The broker is forecasting revenue of $6.8bn, above the consensus estimate of $6.72bn, a pre-tax profit of $1.9bn (consensus: $1.88bn) and a statutory earnings per share of $1.19 (consensus: $1.13). However, the market will undoubtedly be looking to new CEO Pascal Soriot for some reassurance after he announced the suspension of the company's share repurchase programme earlier this month, one of his first acts as CEO.

Positive Points: Sales growth was at the upper end of analyst forecasts. Management highlighted growth coming from all core areas and categories. The results give the board the confidence to reiterate its core full year 2012 sales target. Management now expects market growth to be at the top end of its 1 to 2% range. The board continues to expect to maintain full year operating margins (both targets exclude the Pharmaceutical business). Management previously confirmed that the group's new organisational structure was fully in place and that they were seeing early benefits of increased operational focus, in particular, speed, scale and consistency in execution. Cost savings from acquisitions continue to be pursued. Many of the group's products e.g. Nurofen painkillers, continue to prove defensive in difficult economic times. The group's dividend policy remains progressive. The Chief Executive is considered to have played a significant role in forging current group success.

Negative Points: Group net revenue before adjusting for currency movements declined by 1%. For its Europe and North American (ENA) region, sales on a like-for-like unadjusted basis fell by 4% and stayed unchanged on a currency adjusted basis. Competition from rivals remains intense, particularly in the group's home European market. Furthermore, other household goods companies are also looking to the Emerging Markets to provide future growth. Concerns regarding potential rival drugs impacting on the group's Pharmaceutical business remain. The company's heroin substitute drug Suboxone lost its US tablet patent in October 2009. Input and packaging costs account for approximately 30% of group sales. Net debt of £1.8 billion at the end of June was reported, up from £1.7 billion at the end of 2011, reflecting the final 2011 dividend payment and share repurchases.

Financial Highlights: Group total net revenue fell by 1% on an actual basis, although rose by 4% when adjusted for currency movements. Like-for-like sales growth of 5% on a constant currency basis was recorded.

Third quarter results: Reckitt enjoys growth from all core areas and categories. The update saw management highlighting growth coming from all core areas and categories. An excellent performance was enjoyed in the Emerging Markets, whilst an improving performance for its now combined European and North America division was reported. A stabilising promotional environment in laundry care and Vanish played its part, whilst higher brand investment also contributed. The share price was up more than 5% following the midday news release. The group's pharmaceutical business also made progress. Currency adjusted sales grew by 6%, with growth coming from strong volume growth in the US. Conversion from tablets to film continued to increase with market volume share of 60% reported, up from 48% at the end of 2011. Management noted that "our new strategy and our renewed commitment to managing the business for the long term are showing encouraging results." The results give the board the confidence to reiterate its core full year 2012 sales target. In all, concerns for slowing group growth under the relatively new Chief Executive

Company overview The Anglo-Dutch group is the world's biggest manufacturer and distributor of household cleaning wares, along with providing a range of healthcare products. Brands include Finish dishwasher tablets, Dettol antiseptic, Lemsip flu powder, Vanish, Jet Dry, Air Wick, Veet, Napisan, Electrasol, Rodasol, Gaviscon, Brasso, Woolite, and Nugget. Products are sold in 180 countries and operations are conducted from 60 countries. The group employs around 23,000 people and is a constituent in the UK’s leading FTSE-100 index.

Positive Points: Management outlined a five-year Argos transformation plan, with the aim of reinventing it as a digital retail leader. The plan is underpinned by a three-year investment programme during which period Argos aims to transform itself from a catalogue-led business to a digitally-led business. A series of financial targets are being pursued. There are four key elements to the transformation plan: 1. Reposition Argos' channels for a digital future; 2. Provide more product choice, available to customers faster; 3. Develop a customer offer that has universal appeal; and 4. Operate a leaner and more flexible cost base. Same store sales at Argos grew by 0.6% over the period, up from a decline of 9.1% last year. Management noted that "Argos has had a solid first half of the year supported by its multi-channel performance, with sales growth driven most notably by an improvement in consumer electronics." The group highlighted that Argos is the second most visited internet retailer in the UK with over 440 million site visits in the last 12 months. At Homebase, and despite falling sales which were not helped by the wet summer weather, the profit margin improved by 1.5%. The key positive drivers were the anticipated benefit of favourable currency and reduced shipping costs, a beneficial sales mix throughout the period, resulting from lower sales in margin-dilutive seasonal and big ticket products, and a reduced level of customer participation of promotional offers in the first quarter. Internet sales participation grew by 25% year on year to almost 5% of Homebase total sales. Net capital group expenditure of £25.6 million was reported (2011: £60.2m), representing ongoing investment across the group in the existing store chains and further multi-channel initiatives, but at a reduced level versus the previous year principally due to no new store openings and a reduced level of spend on the existing store estate. A net cash position of £316.4 million was reported, up from £200.5 million last year.

Negative Points: Both total sales and profits have declined. Despite announcing a transformation plan at Argos, investor patience will be required. A five year plan was outlined. The Argos store base is to be adjusted, with 75 stores targeted for closure or relocation. However, the cost of breaking lease agreements is considered to have proved a factor in the five year time frame. The group's dividend is being rebased. Management noted that "it is mindful of the investment needs of the group and will set the full year dividend at a level which is both sustainable and provides flexibility to grow the dividends as earnings increase over time." Competition remains fierce. Supermarkets have over recent years invested in their non-food and online offerings, with Tesco now operating its own catalogue service. Against a backdrop of public spending cuts, rising taxes and below inflation wage rises, consumer sentiment remains fragile.

Financial Highlights: Total group sales declined by 1% to £2.53 billion. Argos same store sales grew by 0.6%. Homebase same store sales contracted by 6.2%. Underlying or adjusted profit before tax fell by 37% to £18 million. Interim dividend of 1.0 pence, down from 4.7 pence last year.

Half year results: Home Retail outlines plans to transform Argos Hamstrung by store leasing agreements, management appeared to opted for a middle ground approach under its expected plan to transform Argos. The store base is to be reduced, but importantly, over a period of time. Meanwhile, investment in order to become an online driven retailer (away from its current catalogue led model) is being made. As for the actual results, against dire expectations, profitability surprised to the upside, with cost savings and favourable currency movements at Homebase proving a key factor. For now, today's update helps end a period of strategy uncertainty. Improved trading at Argos has been seen, whilst ongoing efficiencies at Homebase have again been generated. Nonetheless, frustration that many of the initiatives might already have been implemented persists. In all, management continues to test investor faith. Doubts that Argos can compete with the likes of Amazon continue

Company overview Home Retail Group is major UK retailer, operating two distinct brands - catalogue chain Argos and DIY chain, Homebase. Around 24,000 product lines are offered by Argos, with group own brands including Alba, Bush, Chad Valley, Hygena and Schreiber. Home Retail was demerged from parent company GUS in October 2006.

Positive Points: The group's four Global Drive Brands delivered good performances and achieved overall volume growth of 3%. BAT has by far the greatest geographical diversification of any tobacco company. BAT, Imperial, Philip Morris and Japan Tobacco account for about 75% of the total cigarette market excluding China, where state-controlled China National Tobacco Co. has a virtual monopoly. The tobacco industry is increasingly turning to Asia, Africa, Eastern Europe and the Middle East for growth opportunities, as recessions and government austerity measures force consumers in the West to cut back their spending and switch to cheaper cigarette brands. The company's dividend policy is both progressive and attractive for the investor in a current low interest rate environment. The Group resumed a share buy-back programme in February 2012. During the nine months to 30 September, 30 million shares were bought at a total cost of £978 million.

Negative Points: Global tobacco companies are raising prices regularly to protect their margins as volumes dwindle. The unsettled economic climate and currency headwinds continue to present a challenging trading environment. BAT could suffer from large excise tax rises. The risk of litigation remains an ongoing threat. Foreign-exchange risk is significant for BAT. If some of its emerging market currencies fall, it may be subject to worse-than-expected transactional headwinds. The integration of the recently acquired businesses in Turkey, Scandinavia and Indonesia may be problematic. Changes to packaging could hit sales of best selling brands.

Financial Highlights: BAT reported that Global Drive Brand volumes, (Dunhill, Kent, Lucky Strike and Pall Mall) grew by 3%. Overall, cigarette volumes were down 1.2% from subsidiaries to 517 billion, while organic volumes were 1.8% lower as a result of an overall industry decline. Group revenue for the nine months ended 30 September grew 4%, driven by good pricing, said management.

Trading statement: BAT's on track amid a fragile economic recovery. BATS has provided a reminder of an industry which is increasingly under pressure but which for the moment remains a defensive play. Excise tax rises, particularly in developed markets, are driving an increase in illicit trade. Meanwhile, the threat of litigation is never far away, whilst the full impact of global packaging rules remains to be seen. Along with a difficult economic environment, these factors have resulted in a drop in volumes. Set against these concerns, the product itself continues to benefit from inelastic demand, whilst BATS is an extremely diversified company and is therefore well placed for expansion into emerging markets. In addition, the sheer scale of the business has enabled an ongoing share buyback programme, whilst a dividend yield of 3.8% is attractive to income seeking investors. Long term, this may prove to be an industry in decline. For the moment, however, the company continues to extract value from markets wherever it exists. The share price performance has tended to reflect this, having risen 10% over the last year as compared to a 4.5% rise in the wider FTSE100. BATS still ticks all the boxes for those investors with a "bottom up" approach and the market consensus of the shares as a buy remains firmly intact.

Company overview British American Tobacco PLC is a global tobacco company headquartered in London. It is the world’s second largest quoted tobacco company by global market share, with leading positions in more than 50 countries and a presence in more than 180 countries. The group’s core activity is the production, marketing and sale of cigarettes and other tobacco products. Brands include Dunhill, Rothmans, Pall Mall, Benson & Hedges, Kent, Lucky Strike and John Player Gold Leaf. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 index. It also maintains a secondary listing on the Johannesburg Stock Exchange.

Jet2.com and Jet2Holidays owner Dart Group said it expects to exceed current market expectations for the year ending March 31st 2013 despite current economic headwinds. The group said it had a strong summer as more passengers escaped the wetter than usual British summer weather for sunnier climes. Jet2.com flew 3.6m passengers in the six months to September 2012, up 14% from the same period last year as yields and load factors increased. Jet2holidays, its holiday operation, enjoyed strong growth over the summer with 312,000 passengers booking holidays during the first six months of the year, up 158,000 in 2011. "This significant growth has been achieved through further improvements to the Jet2holidays product range, and development of its online and high street distribution channels," Dart Group said in a statement. Meanwhile its distribution business, Fowler Welch, continues to trade in line with expectations although margins are being squeezed, it said. Its leisure travel operations are becoming increasingly seasonal as its grows the business. As a result, the group anticipates pre-tax profit for the first half of the year to be ahead of the same period in the previous year, with increased losses expected in the second half.

Tangent Commuications has announced the acquisition of Goodprint, a multi-national online company, for consideration of £6.8m net of cash. The purchase will be partly funded by way of a £10m placing, in which Tangent directors are to subscribe for 30% of the shares. The shares were bought for 10p each. The remaining proceeds will be used to accelerate investment in online growth for the printed.com, goodprint.co.uk and smileprint brands.