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Full year trading update: Compass cuts its European operations. Management highlighted a 'good' fourth quarter, with positive trading momentum in North America and the Emerging Markets having continued. As such, and in line with the board’s own expectations, organic revenue growth is expected to be around 5.5% for the full year. Organic revenue in North America is expected to be up over 8% for the period, and over 12% for the Emerging Markets. On the downside, management pointed to 'worsening' economic conditions in Southern Europe (4% of group revenue). As such, the business is being cut, with revenues from its business in Southern Europe expected to reduce from £800 million to approximately £600 million. £95 million of annual cost savings by 2014 are now being targeted in order to help counterbalance the reduced activity. Nonetheless, the Chief Executive noted that "overall, the prospects for the business around the world are good and I remain confident that we will continue to drive revenue and margin growth." In all, defensive attributes, strong cash generation and favourable geographical positioning continue to be valued, with consensus analyst opinion currently denoting a strong buy........but always dyor first

Compass Group is an international food and support services company. It operates in around 50 countries, employs over 470,000 people and serves over 4 billion meals every year. The Company specialises in providing food and a range of support services across the core sectors of Business & Industry, Defence, Offshore & Remote Site, Healthcare, Education, Sports & Leisure and Vendin

Positive Points: The company is well positioned to benefit from the increasing focus by consumers and governments to healthier lifestyles which is driving food and beverage companies to develop healthier alternatives and increasing demand for ingredients in the health sector. Tate & Lyle is a leading European food and industrial ingredients company. Following the disposal of Tate & Lyle's Sugar business in June 2010, the group is separated into two key divisions - Speciality Starches which accounted for 30% of group revenues, and Bulk Ingredients which makes up the remaining 70% of revenues. In March, Tate & Lyle opened a new Commercial and Food Innovation Centre in Chicago. The centre will be the global headquarters for its Innovation and Commercial Development (ICD) group and will feature state-of-the-art laboratories, a demonstration kitchen, sensory testing, and analytical and pilot plant facilities. The Group's strategy is to become the leading global provider of Speciality Food Ingredients.

Negative Points: Competition in the sucralose market is rife and this threat could erode margins and place pressure on profits. Difficult market conditions in Europe dented sucralose volumes, together with the impact of the strike at its joint-venture plant in Turkey ( although there was a slight improvement seen in sucralose volumes in the second quarter). The group remains subject to volatility in the form of energy prices, along with the normal economic cycle. Corn prices in the US have increased significantly since mid-June due to a drought in the mid-west. There is also uncertainty over the size and quality of this year's harvest. The situation in Europe on corn prices follows a similar pattern to the US.

Financial Highlights: During the last quarter, the company paid an £83 million final dividend for the year ended 31 March 2012 and received £15 million in net proceeds following completion of the disposal of its share in Sucromiles, its former Colombian citric-acid joint venture.

Trading statement: Tate & Lyle expects profits to meet forecasts. Ahead of first half results to be announced on 8 November, Tate & Lyle said today that it expects half year profits to be flat, due to difficult trading in Europe although it sees an improved second half with profits in line with expectations. In Speciality Food Ingredients, the company saw an improved performance in the second quarter with volume growth for the first half expected to be in line, with solid growth in the US and emerging markets offsetting a weaker performance in Europe. Within bulk ingredients, operating profit is expected to be ahead of the comparative period with a strong performance from liquid sweeteners in both the US and Europe more than offsetting ongoing challenging market conditions in US ethanol. Overall, management acknowledge and recognise the current level of uncertainty surrounding the wider economy and volatile corn markets but expect to make progress over the full year

Company overview Tate & Lyle is a global provider of ingredients and solutions to the food, beverage and other industries. Tate aims to turn raw materials into distinctive, high quality ingredients. The group's range of leading branded food ingredients includes SPLENDA® Sucralose, PROMITOR™ Dietary Fiber and STA-LITE® Polydextrose. Tate & Lyle also produces branded industrial ingredients including Bio-PDO™, Ethylex® and Sta-Lok® paper starches; and staple ingredients such as high fructose corn syrup, ethanol, citric acid and basic starches. In addition to providing a wide range of ingredients its Innovation and Commercial Development Group supports customers by providing product development, technical advice and proprietary consumer insight studies. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Positive Points: In keeping with the company's previously stated strategy of introducing two to three new ships per year, the group has seven new ships scheduled for delivery between 2013 and 2016 and said it will direct growth toward the continued development of emerging cruise markets. During 2013, the company said it will capitalise on the increasing popularity of cruising in Asia with the deployment of a second Costa ship in China and the launch of a new Princess Cruises programme for the Japanese market. Carnival dominates the global cruise market, benefiting from strong brands. The group remains focused on strategic growth through the addition of new ships. Three new ships were delivered during the second quarter.......adyor though....

Negative Points: The company encountered two major incidents in January and February 2012. The Costa Concordia capsized after hitting rocks off the Italian island of Giglio. A blaze on board the Costa Allegra caused the power supply to fail. Fuel prices decreased almost 4% to $659 per metric ton for 3Q 2012(from $686 per metric ton in 3Q 2011). However, fuel prices were higher than June guidance costing Carnival an additional $18 million. Currency movements do on occasion also work against the company. Carnival remains exposed to political uprisings and natural events such as the prolonged conflict in the Middle East and North Africa regions and the earthquake in Japan. Consumer headwinds for many of the group's core markets remain, including government austerity measures, rising taxes and wage increases which are below the rate of inflation.

Financial Highlights: Carnival delivered a net profit of$1.33 billion, compared with $1.37 billion in the same period a year earlier. Revenue fell 4% from a year earlier to $4.68 billion.

Third quarter results: Carnival results reveal a recovery. Carnival yesterday reported stronger-than-expected quarterly results, helped by a revival in the cruise industry. The Miami based company registered a net profit of $1.33 billion that compared with $1.37 billion a year earlier. Overall, revenue slipped 4% from last year to $4.68 billion. Carnival said that for the past six weeks, booking volume excluding Costa Cruises was up 9% over the same period last year, at comparable prices. However, for the rest of the year and the first half of 2013, bookings are still slightly behind and at lower prices. The company now expects full-year 2012 revenue to be flat to slightly lower, excluding the company's Costa line. Including Costa, Carnival expects revenues to be down 3%, which is slightly better than the 3% to 4% decline the company had previously forecast. On balance, market opinion remains a buy.

Company overview Carnival is a global cruise company and one of the largest holiday companies in the world. It was formed as a result of the merger in 2002, between Carnival Corporation and P&O Princess Cruises PLC. Carnival PLC is the UK listed holding company of the Carnival Group (a British-American owned corporation) based in Miami, Florida in the United States. Its brands include Carnival Cruise Lines, Holland America Line, Princess Cruises and Seabourn in North America; P&O Cruises and Cunard Line in the United Kingdom; AIDA in Germany; Costa Cruises in Southern Europe; Iberocruceros in Spain; and P&O Cruises in Australia. Carnival Corporation & PLC operates a fleet of 101 ships, with another seven ships scheduled for delivery between March 2013 and March 2016. With approximately 200,000 guests and 70,000 shipboard employees, there are more than 270,000 people sailing aboard the Carnival fleet at any given time.

Positive Points: The Group reported good progress had been made with its structural review of recurring costs and is on schedule to deliver at least £50 million per annum of run-rate savings by the end of the current financial year. Demand for ICAP's post trade, risk mitigation and information products and services remained solid, added management. ICAP's electronic platform for euro interest rate swaps, i-Swap, saw a substantial increase in activity towards the end of the first half that will help it maintain its market leading position. The company reported a strong balance sheet and continues to convert profit very efficiently into cash. As the world's largest interdealer broker and supplier of post trade risk and information services, ICAP continues to benefit from greater scale and broader diversity than its peers. The company confirmed the acquisition of PLUS Stock Exchange Plc for £500,000 was completed on 21 June 2012.

Negative Points: Notwithstanding the more recent pick up in volumes, activity levels remain difficult to predict and it is not yet clear whether signs of improved confidence are sustainable. Global Broking activity has been slow, in part due to the London Olympics and the ensuing extended holiday season. The Inter-dealer and money broking markets are notoriously competitive. Unlike exchanges, IDBs do not benefit from natural monopolies. Customers are able to offset one IDB against another causing strong downward margin pressure. ICAP's customer base may seek to improve profitability. One means of increasing profits is to pay away less commission to intermediaries such as the IDB industry. This may put additional pressure on product pricing. ICAP is exposed to foreign exchange translation risks. The potential for a transaction tax (Tobin tax) across Europe continues to be debated.

Financial Highlights: The group confirmed it was on schedule to deliver around £50 million pa of run-rate cost savings by the end of its current financial year. The group reported a robust balance sheet, cash generative with low borrowings.

Trading statement: ICAP profits in line on subdued volumes. Activity in world markets remained subdued due to global economic concerns and the Eurozone crisis. However, the inter-dealer broker recorded some improvement in trading volumes in September that will result in half year revenues (to the end of September) to be around 14% lower than the year earlier period, sending ICAP's shares lower by 4.5% in early trading today. The group added that if volumes in the second half remain at the current depressed levels, then pre-tax profits for the year to 31 March 2013 will be within the current analyst range of £307 million to £346 million. ICAP's voice division was reorganised in August to create a single, global voice broking division which was renamed Global Broking. That will enable the group to execute a more globalised strategy for broking services. Global Broking activity had been slow, in part due to the London Olympics and the ensuing extended holiday season. Elsewhere, EBS, ICAP's electronic foreign exchange platform, announced system and policy changes following consultation with its customers to improve the performance of the platform which had been impacted by a decrease in volumes across the Foreign Exchange markets. ICAP expects to publish its results for the half-year ending 30 September 2012 on 14 November 2012. On balance,

Formed following the merger of Garban and Intercapital in 1999, ICAP plc is a UK based inter-dealer money broker, the largest in the world, carrying out transactions for financial institutions rather than private individuals. ICAP plc is headquartered in London, and operates from London, New York (Jersey City) and Tokyo with offices in a further 21 smaller financial centres such as Madrid and Sydney. The Company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index

Video post-production software firm Zoo Digital rocketed in Tuesday morning trading after saying the crucial entertainment market had 'stabilised'. The Chairman Roger Eynes said: "At the time of our final results announced in July of this year, we stated that the company had returned to profitability in the second half of the year, and I am pleased to confirm that this has continued through the start of the new financial year. "Our most dominant market, the filmed entertainment industry, appears to have reached a certain level of stability after a prolonged period of turbulence, which has led to improved levels of throughput to ZOO." The shares were up 48% by 9:45 and have now gained 95% since the beginning of the year.

Netcall's Chief Executive, Henrik Bang, said the deal increased the opportunity to drive further cross-selling across the group's 700 strong customer base. "The combination of Serengeti's ECM solutions together with our BPM and intelligent contact handling portfolio provides a compelling value proposition for our customers," he said.

Call centre technology firm Netcall rose strongly after it announced the new financial year had started well, with sales orders significantly up on the previous year. The company reported revenue in the year to the end of June up 7% to £14.6m, with pre-tax profit up 273% to £2.05m as the firm pulled in new clients and cross-sold its products. It announced a dividend of 0.5p per share, an increase of 25% on the maiden dividend it made the year before. Netcall also said it had bought Serengeti Systems, a provider of information management software to the UK public sector. The firm said the deal would cost up to £2.9m and was expected to be earnings enhancing in the current financial year. Serengeti has a customer base of over 40 public sector organisations, who use its software to manage information, including paper documents, forms, emails, instant messages, and electronic documents. The customers include the University of Cambridge, Trafford Council, Forestry Commission and Metropolitan Housing Partnership.