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The Consumer division saw no change in underlying revenues and a 3% decline in actual terms. Associated Newspapers, the bit that publishes the Daily Mail, saw revenues fall 2% but rise 1% on an underlying basis. Associated Newspapers' circulation revenues were up 4% year-on-year while underlying advertising revenues in July and August were up 7%, reflecting the benefit of advertisers looking to cash in on the Olympics. Total year to date underlying advertising revenues were down 1% with newspapers down 7%, newspaper websites (mainly Mail Online) up 72% and other digital advertising (primarily Evenbase and Wowcher) up 11%. For the first three weeks of September, total underlying advertising revenues were 3% ahead of last year. The regional newspapers unit, Northcliffe Media, continues to have a tough time of it, with revenues down 10% on an actual basis and down 6% on an underlying basis. Circulation revenues were up 1% on an underlying basis but underlying advertising revenues were down 6%, as the small ads market continues to migrate to the web. For the first three weeks of September, total underlying advertising revenues were 10% below last year. Net debt at the end of September is expected to be less than £700m, which would mean the net debt/EBITDA (earnings before interest, tax, depreciation and amortisation) ratio will be below 2.0

Daily Mail and General Trust (DMGT) shareholders breathed a sigh of relief on Tuesday morning as the publishing and exhibitions group confirmed full-year results would be in line with expectations. As expected, the business-to-business (B2B) operations were the main drivers of growth, while the Consumer side of the business received a welcome boost from the Olympics. Group revenue in the 11 months to the end of August was down 1% year-on-year in actual terms but up 3% on an underlying basis. The B2B division, including Euromoney (which, as usual, published results on the same day as DMGT) saw revenues rise 2% on an actual basis and 8% on an underlying basis. Revenue change figures for the B2B units (underlying change in brackets) were as follows: Risk Management Solutions +4% (+7%) DMG informational: +10% (+12%) DMG events: -38% (+15%) The reduction in reported revenues in the events business is due to the sale of George Little Management (GLM) in September 2011 and because only one of the three large biennial events took place during the year.

Oil exploration outfit Cairn Energy has agreed to sell an eight per cent stake in Cairn India, equal to just over 152.6m shares, the firm has announced. The sale will generate proceeds of around $910m, after costs, which will be used to fund Cairn's ongoing capital requirements, which include the development of discovered resources in the North Sea as well as Cairn's wider exploration led growth strategy. It will be the second such deal in three months to pare holding in its former Indian unit. In June, Cairn Energy sold 3.5% of Cairn India to raise about $360m. On top of that, Cairn Energy last year sold a controlling stake in Cairn India to London-listed miner Vedanta Resources in an $8.7bn deal. Following the sale, Cairn Energy holds around 10% of the Cairn India's issued share capital. Simon Thomson, Chief Executive of Cairn Energy, said: "Cairn is delighted to have realised further value from its Rajasthan discoveries in India.

Commenting on the news analysts at Nomura had this to say: "In the short term, the market is also likely to focus on credit concerns at 29% associate PT Bumi. Loans from PT Bumi to ReCapital of approximately $340m have yet to be repaid, adding to the group's balance sheet issues. PT Bumi had circa $4.1bn in gross debt and $230m in gross cash at the end of the first half of 2012. We estimate that PT Bumi needs an average Newcastle thermal coal price of over $ 95/tone (versus spot of approximately $87/tonne) to cover its estimated 2013 interest expense." As well, points out Nomura. "Concerns have resurfaced around the Bakrie's (24% shareholder in Bumi plc) $440m Credit Suisse debt facility. PT Bakrie's entire shareholding in Bumi plc is pledged against the loan. This has led to concern in the market that failure to repay or top up the facility could create additional uncertainty for the group." At 0900 on Tuesday the company was trading at half the value of a week before.

FTSE 250 miner Bumi said its former Chief Executive had resigned from his current role as non-executive director following the launch of a probe into 'irregularities' at its Indoneisan business. The firm said Ari Hudaya, who was CEO until March and is also president director of PT Bumi Resources, the focus of the investigation, had resigned from the board with immediate effect. The "urgent" probe into PT Bumi Resources, in which the company has a 29% interest, is focusing on the firm's development funds. It relates to a $637m writedown of development funds and exploration assets in Bumi's December 31st, 2011, year-end report. Bumi said the funds had been marked down to zero in the accounts, except for one investment with a carrying value of $39m. The company said it intends to contact relevant authorities in the UK and Indonesia in respect of some of the allegations. The company, whose London listing was driven by financier Nat Rothschild, had already seen shares hit the skids over the last month due to debt worries at Bumi Resources, as well as the falling value of coal.

Business publisher and exhibitions firm Euromoney Institutional Investor said trading has been in line with expectations since its last update in late July. As flagged in July, market conditions became noticeably tougher from June, particularly in Europe. As a result, revenues for the fourth quarter are expected to be broadly in line with the same period last year, with growth in subscriptions offset by weakness in advertising and delegate revenues. Total revenues for the year to September 30, 2012 are expected to show a headline increase of around 9% on 2011. The underlying increase, excluding acquisitions, is expected to be 3%. Adjusted profit before tax is expected to be a record amount of at least £105m, up from £92.7m the year before, with the profit line benefitting from a reduction in net finance costs as the company's debt plunges, as well as a lower long-term incentive expense. At current exchange rates, group net debt at September 30th, 2012 is expected to be no more than £40m, against £88.5m at March 31st, reflecting the group's strong second half operating cash flows. Movements in the US dollar exchange rate have not had a significant effect on net debt levels, the group revealed. Peel Hunt said the net debt level was lower than it had expected and might open the door to acquisitions "to engineer growth that the economic climate is failing to deliver." The broker has left its price target unchanged at 780p and is making no change to its earnings forecasts.

"Looking further out, we are confident that this is a temporary setback for the group," he said. "We believe that our strategy of expanding our software portfolio upstream, refocusing our consulting operations and our leading position in the growth markets of Asia, and Central and South America will put the group back on a strong growth path in 2013 and beyond."

Software firm KBC plunged on Tuesday after it said it would miss full year expectations after a poor first half. Shares were off by 20% after the firm reported a "challenging first half which will impact overall performance for the year". It added that action was being taken to reduce costs and rebalance resources across the group and the poor figures were a "temporary setback". Th company has now begun a review of its consulting operations with the objective of a radical restructuring to boost profitability. Group revenue for the first half was £27.5m, up from £26.0m the year before. But profits slipped to £0.7m, down from £2.2m in 2011, on higher operating and staff costs. Chairman Ian Godden, said he expected the second half of the year to show a substantial improvement over the first half. But he added the exact timing of contract awards, particularly for software licences, would continue to have an impact on the results for the year.

Barriers to a £30bn merger between BAE Systems and EADS appeared to multiply as MPs launched an inquiry into proposals and Boeing branded state support of Airbus as "pernicious". British defence giant BAE and Airbus owner EADS will have to jump through considerable political hoops if a deal has to be agreed, with approval from the British, French, German and US governments required. Britain's cross-party Defence Committee underlined the potentially protracted nature of the deal as it announced it would examine the likely impact of a merger on British defence. "BAE Systems and EADS operate highly capable and sensitive defence businesses in many countries including the UK, the USA, France, Germany, Spain, Sweden, South Africa, India, Saudi Arabia and Australia," the committee said, according to The Telegraph.

Sorry didnt realise you had posted same info.....

Scottish Hydro-owner SSE yesterday unveiled a senior management reshuffle that suggests the emergence of a succession plan for longstanding chief executive, Ian Marchant. Alistair Phillips-Davies has been promoted from his role as generation and supply director to the newly-created role of deputy chief executive - effectively second-in-command. Marchant's ten years of occupying the top seat makes him one of the longest standing chief executives in the FTSE 100. Phillips-Davies, 45, joined the board of SSE the same year that Marchant, 51, was made chief executive.The new deputy chief will also oversee a new recruit to the business from the hotels sector, which will enable Phillips-Davies to "take a broader view of the SSE group". The Perth-based utility giant has brought in Will Morris to take over another newly-created role, that of managing director, retail. Morris joins SSE from the InterContinental Hotels Group (IHG), where he was managing director, UK & Ireland, The Scotsman says.

Singapore investment fund Temasek has sounded out potential buyers for its 6bn pound stake in Standard Chartered, potentially reigniting talk of a takeover of the emerging markets bank. The fund, which is owned by the Singapore government, had been judging buyer interest for its 18 per cent shareholding in recent months, said people close to the situation. Bankers said earlier momentum for a sale fell last month as StanChart's shares dropped 20 per cent on the day it was accused by a US regulator of breaching US sanctions on Iran. After settling the dispute with a $340m payment, the bank's share price has rebounded, The Financial Times reports.

Net cruise costs excluding fuel per available lower berth per day (ALBD) for 2012 are expected to be down slightly compared with the prior year on a constant dollar basis. Higher revenue yield expectations and improvement in costs compared to June guidance have been offset by $0.13 per share of unfavorable changes in fuel prices and currency exchange rates. Non-GAAP earnings per share (EPS) came in at $1.53, while US GAAP EPS totalled $1.71, which includes unrealised gains on fuel derivatives of $136m. Chairman and Chief Executive Officer Micky Arison said: "The significant efforts of our brand management teams were successful in partially mitigating the decline in cruise ticket prices. Onboard revenue yields (constant dollars excluding Costa) improved three percent during the quarter. Our brand managements' continued focus on cost containment contributed to a three percent reduction in cruise costs (constant dollars excluding fuel) as well as a six percent reduction in fuel consumption on a unit basis. "Looking forward, we remain committed to a measured pace of newbuilds and achieving a strategic balance of supply and demand in established markets. Our lower capital commitments should result in significant excess free cash flow in the coming years which we intend to return to shareholders. "The pace of booking volumes remains healthy enabling us to continue to catch up on occupancy levels, while pricing has gradually improved. Both of these trends leave us well positioned for a recovery in cruise ticket prices beginning in the second quarter of 2013."

Cruise operator 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. The firm has had to cut prices to get people back on board with the idea of cruise holidays after the Costa Concordia disaster back in January. Third quarter income before taxes was flat year-on-year at $1,336m but ahead of expectations. Net revenue yields (NRY) in constant dollars fell 5.3%, or 2.1% excluding Costa, compared to the same period the previous year. NRY for 2012 are expected to be flat, or slight down on the same period last year. Including Costa, this will be a decline of 3.0%. Changes to currency exchange in the three month period reduced earnings by $0.09 per share compared to the prior year. The company warned that for the remainder of 2012 and the first half of 2013, cumulative advance bookings (excluding Costa) are still behind the prior year at slightly lower prices. Although cumulative advance bookings for Costa have improved, they are still five occupancy points behind the prior year at lower prices.

"We anticipate trading to be in line with expectations but, with the majority of new business traditionally won in H2 [second half], this won't necessarily be a reliable indicator of what to expect for the full year," Peel Hunt said. The broker is forecasting half-year profit before tax of £20m. "We will be looking out for any update on the response rates for the new UK marketing material - we understand that responses to the first FSA approved mailings that went out earlier in the year were disappointing," Peel Hunt revealed. Panmure Gordon, meanwhile, notes: "Growth in its International operations has been seen." "Encouragingly, new partners have been added in the US and retention levels have stayed high - suggesting that negative read-across from UK is not impacting. Test marketing is under way in Italy and Germany while progress is being made in France," Panmure Gordon said.

Say what you like about Domino's Pizza - great delivery, shame about the pizza - the company is a money-harvesting machine. The third quarter interim management statement on Wednesday should see the pizza delivery outfit benefit from the UK's indifferent weather, which will have persuaded many hungry diners to stay at home and order in instead. Credit Suisse reckons the firm should achieve like-for-like sales growth of 3.5%, down from 6.9% in the second quarter, as it is going up against tougher comparatives, while the second quarter received a boost from the Euro 2012 footie tournament. "The de-rating through 2011 rightly factored in a more modest growth outlook for the core UK business, and we see management commentary on Germany (bullish, but little detail) and Switzerland (roll-out) as more important share price catalysts," the Swiss broker said. HomeServe, the international home emergency business, has been making progress resolving its UK issues, where it is looking to simplify and refocus the business. All the while, in the background, the Financial Services Authority's (FSA's) investigation will be playing on management's minds. The interim management statement will cover the less important first half of the financial year, so the outlook statement may be more significant than the raw numbers.

Blue-collar temporary staff provider Staffline announced the acquisition of Go New Recruitment a provider of driving and logistics recruitment services for an undisclosed sum. "The acquisition is in line with Staffline's existing business strategy of targeting selective bolt-on acquisitions operating in relevant fields to both expand their customer base and broaden their revenue mix," it said in a company statement. Go New Recruitment is a recruitment service provider to the logistics, manufacturing, supply chain and transport industries. It has offices located in eight sites across central and south-western England and works with small and medium-sized businesses as well as blue chip clients within a variety of sectors, Staffline explained.

"Our growing market share is mirrored in the robust performance from our Equity Capital Markets franchise, which boasts strong market making, research and institutional sales capabilities combined with a substantial book of corporate mandates and a burgeoning pipeline," he said. "A striking example is our research and sales team which delivered a nie per cent increase in revenue in the first half of 2012 over the comparable period last year; a very strong performance especially against a contraction in broking capacity as a number of our competitors either closed, sought mergers or were acquired."

Investment group Shore Capital jumped on Monday after it said the first half of 2012 had been considerably better than the six months preceding it. The firm was also bullish on the prospects for its majority interest in Spectrum Investments, a German telecoms business. It said the broadband provider could prove "extremely valuable" to the firm, citing the recent sale of two competing licences to a leading mobile operator. Revenue for the half-year fell 13% to £17.76m, compared to the first half of 2011. However, it was up 28.3% compared to the second half of 2011, a period the firm described as "one of the most challenging for our industry". Profits fell to £1.48m from £3.86m the year before, but, again, were a considerable improvement on the £32,000 profit it made in the latter half of 2011. Shore said it would not pay an interim dividend but planned to pay one for the year, in April 2013. Executive Chairman Howard Shore said activity levels at the start of the second half were encouraging.

Three-dimensional technology solutions firm DDD posted a 74 per cent spike in half year revenue, reported a maiden profit and is confident of meeting full year expectations. Pre-tax profit came in at $663,000 for the six months ended June 30th 2012 compared to a $387,000 loss the year earlier. Revenue increased to $4m from $2.3m previously. Chief Executive Chris Yewdall said: "We have continued to deliver strong turnover growth and generated a maiden profit after tax for the first half. This performance underscores the momentum of the 3D consumer market and we have maintained our market leading position across a range of 3D devices and extended license agreements with current customers." "We are exploring new 3D business opportunities with the launch of the Yabazam! 3D movie app for the latest 3D Smart TVs from Samsung and LG," he added. Net cash at June 30th fell to $2.5m from $3.3m the year before. Working capital balance improved slightly to $3.7m. The group added that shipments of its TriDef 2D to 3D conversion solutions in the TV, PC and mobile markets have grown dramatically and together now exceed an estimated 20m units.