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North America is probably the major growth target area for the company. Tikit has invested in marketing and sales personnel to attack this market, which has put a bit of a dent in profits, but "we don't need to win much new business to cover the additional costs," McGoun advised. Once Tikit gets its foot in the door with one company, it seeks to enjoy a domino effect in the rest of the industry. "It's a very tight knit community, even on a global basis," Chief Executive David Lumsden explained. "It's not like the legal profession is fighting an IT war. Clients are happy to demonstrate best practice to their rivals," he added. As such, the IT outsourcing deal signed in the first half with UK firm Clarke Willmott - "the biggest deal we have ever done" according to McGoun - might be a significant "domino" for Tikit to have tipped over. "The general rule in the legal profession is, 'if it is good enough for Linklater's or whoever, then it is good enough for us'," Lumsden said. Net cash at the end of June stood at a healthy £6.6m, up from £4.1m. Having "taken a bit of stick" from shareholders a couple of years back for a stingy 5%-or-so interim dividend increase, the board has taken note of its shareholders' wishes and hiked the interim dividend more substantially in recent times; last year the interim divi was bumped up 25% to 2.5p, this year it is up 20% to 3p. "You can probably pencil in 9p for the full-year pay-out," McGoun let slip. That would represent a penny increase on last year's 8p pay-out. The shares are lurking some 20p below their 52-week high at 327.5p, up 1.5p on the day.

"The Carpe Diem Enterprise suite represents a big opportunity for us," McGoun said. "It's not just a desktop product, it's available via a mobile device as well and enables professionals to track their activities while on site," he explained. The only fly in the ointment for the company seems to be the reluctance - or inability - of the small and medium sized legal practices to sign up for new products. "We're getting lots of positive feedback on the cloud-based products, lots of interest in the subscription service but take-up has not been as fast as we expected given what we see as the clear cost benefits to customers who switch to our service," McGoun expounded. "A lot of these smaller practices have maybe just one person handling IT [Information technology] in-house, and life would be a lot easier for them if they just switched to our service. We do all the maintenance for them, back-ups and so on," McGoun said. Unfortunately for Tikit's top-line, it seems that while the top 100 law firms are doing well, the stagnating housing sector in the UK means a lot of the bread and butter stuff for the smaller firms is drying up. A certain element of industry consolidation is inevitable, in McGoun's view, and although on the face of it this would reduce the potential pool of clients, the impression is that bigger firms are more likely to sign up for more of Tikit's services.

Tikit, the information technology services provider to the legal and accountancy professions, saw margins improve in the first half of the year as it continues to peddle more of its own in-house software to clients. Revenue in the first half of 2012 edged up to £13.4m from £13.3m in the corresponding period of 2011, but adjusted profit before tax grew faster, up 5.5% to £2.4m from £2.3m. Statutory profit before tax was up 8.5% to £1.7m from £1.6m in the first half of 2011. The group saw an improvement in operating margin to 17.9% from 17.1% a year earlier, as the sales mix changes towards a greater emphasis on Tikit-owned software. Total revenues from in-house software increased 7.5% to £4.3m from £4.0m a year earlier. Tikit-owned software now represents 32.2% of total revenue, up from 30.0% last year, partly reflecting the decision by Lexis-Nexis, the online information provider to the legal and tax profession, to stop using Tikit as a distributor back in May 2011. "The headline numbers don't reflect the real picture because we've had to replace the LexisNexis deal," Chairman Mike McGoun told Sharecast. The group is seeing encouraging demand for eMarketing and Carpe Diem suites; the former enables marketing and business development teams to deliver professionally branded e-marketing communications, efficiently and effectively, while the latter is a suite of time management products picked up from Saga Group and revitalised.

Roger McDowell, Chairman, said: "For the second year in succession, I am pleased to report that group revenue and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) have grown by over 20%. Indeed, adjusted EBITDA margin is a respectable 9.5%, with adjusted earnings per share having more than doubled in the past two years, whilst net debt remains at manageable levels. "All of these results were in line with market expectations, so our consistent form continues. While the board is encouraged by this improved performance, prediction is very difficult, especially about the future ... so we remain cognisant of the volatile nature of global markets. Some elements of our key markets remain in a state of flux and we have seen this across our group with improvements in Aerospace being offset by stubborn weakness in Energy and Medical. Whilst we remain optimistic, this sentiment is tempered, to ensure that we sustain the shareholder value gains of the last two years." The firm opted to increase the final dividend from 0.4p to 1.0p year-on-year. Net debt increased to £8.4m (2011: £6.6m), £0.7m of which was due to the Sigma Composites acquisition made earlier in the year.

Avingtrans, which designs, manufactures and supplies critical components and associated services to the global aerospace, energy, medical and industrial sectors, has boosted its full year turnover by a fifth. Revenue increased 21% to a record £44.0m (2011: £36.3m), although the gross profit margin fell two percentage points to 27% on it described as an "adverse product mix" and increased sales costs to £31.96m (2011: £25.61m). Pre-tax profit consequently fell from £1.42m to £1.24m, with basic earnings per share declining from 4.9p to 3.6p. More positively, the order book is currently at a record level. The Sigma business grew 52% during the year, its best year so far, having experienced strong growth in the civil aerospace market, while the C&H business continued to grow positively and strengthened its position with Rolls Royce. Metalcraft improved in the second half, with overall revenue growth in the division of 16%, while Crown downsized to limit future losses, resulting in a £0.85m impairment to goodwill. The Jena Tec business sustained its strong growth curve, 12% overall, notably in Germany and the US, to record a consistent 11% earnings before interest and tax margin.

Alliance Pharma, a specialist pharmaceutical firm, reported a decline in half year pre-tax profit after revenue fell on the back of a 10% drop in sales. Sales for the six month period totalled £22.0m, down from £24.4m during the same period in 2011, dragging half year profit down from £7.0m to £5.3m. Basic earnings per share totalled 1.80p, compared to 2.38p the previous year. Michael Gatenby, Alliance Pharma's Chairman, said: "We are pleased with the underlying performance in the first half year. We have an attractive and robust portfolio, which, boosted by the product acquisitions we have made over the past 12 months, gives us plenty of scope for driving organic sales growth. We remain well placed to fund further acquisitions and we have substantially broadened our search for targets to include opportunities on the Continent. We are confident that Alliance will continue to make solid progress." Sales of the firm's Deltacortril / enteric coated prednisolone product now appear to have stabilised at a run rate of around £2.0m per annum, following the decline seen in early 2011 after the launch of a second generic competitor and changes in clinical preference. The Hydromol grew particularly well, recording growth of 28% in the first half, while Nu-Seals, its low dose aspirin product, experienced increased competition in Ireland. The interim dividend was increased by 10% from 0.25p to 0.275p.

Landore Resources, a Canadian mining explorer, has agreed a subscription of 52.3m new ordinary shares in the company at a price of 5p per subscription share to raise £2.615m before expenses. The proceeds from the subscription will be used to finance working capital, in addition to exploration and drilling expenditures on the nickel deposits at the Junior Lake project in the Province of Ontario, Canada.

Filtronic: Panmure Gordon keeps buy rating and 55p target.

ASOS: Panmure Gordon lifts tagged from 2,179p to 2,378p, buy rating kept.

Ashmore: UBS raises target from 370p to 390p, buy rating kept.

Wet weather and adverse exchange rates put a dampener on the first half performance of do-it-yourself retailer Kingfisher. Sales in the 26 weeks to July 28th were down 3.3% to £5,478m from £5,662m at the interim stage last year. That was in line with market forecasts. On a constant currency basis, sales were up 1.0% but on a like-for-like (LFL) basis were off 2.8%. Adjusted pre-tax profit slumped 15.5% to £371m from £439m the year before, with the company sizing the impact of wet weather in the UK and Northern Europe at more than £30m, which might account for why the profit figure was £24m shy of the forecast by Charles Stanley. Statutory profit before tax fell 16.9% to £364m from £438m the year before. The interim dividend has been hiked by 25.1% to 3.09p from 2.47p last year.

He added: "We do not foresee the economic landscape improving in the near future. We have made our plans accordingly and believe that the actions we have taken and continue to take will deliver improvements to profitability. We therefore approach the coming year with cautious optimism." In a separate statement the company announced that senior independent director Paul Wilkinson will replace John von Spreckelsen as Chairman after his retirement on 1 February 2013. John von Spreckelsen said: "Martin has extensive experience in the marketing and commercial development of consumer brands and we look forward to his future contribution." Overall own store sales fell 5.8% to £111.4m after store closures and declines in like-for-like performance. Own Store like-for-like sales declined by 3.8%. Thornton's store closure programme is on track with 36 stores to be closed in the course of the financial year. Franchise sales for the period declined 7.8% to £10.7m. Thorntons Direct sales increased 4.2% to £10m after good performances at Christmas and Easter. Net debt at period end increased to £29.1m from £24.5m before.

chocolate retailer Thorntons said full year profit before tax and exceptional items fell sharply in the face of continued tough trading conditions as it omits it final dividend payment and seeks margin improvements and cost savings. Adjusted pre-tax profit fell to £0.9m for the 53 weeks ended 30 June 2012 from £4.3m the same time a year earlier. Pre-tax losses widened to £2.21m during the period compared to £1.071m in 2011. Revenues slipped to £217.1m from £218.3m previously. "This performance was affected by weak consumer demand caused by a decline in discretionary income, combined with structural problems in many of the UK's High Streets, which continued to suffer from high vacancy rates and weak footfall," Thorntons said. A final dividend payment has been omitted compared to a 2.20p payment in 2011. Chief Executive Jonathan Hart commented: "Despite the challenge to profitability over the past year, in particular during a difficult first half, the actions we have taken have started to deliver benefits during an improved second half."

Anglo-Swedish drugs giant AstraZeneca has tapped the bond market with an issue of notes in two tranches. The group has successfully issued $1bn of 7-year fixed rate notes with a coupon of 1.95% and $1bn of 30-year fixed rate notes with a coupon of 4%. The proceeds of the issue will be used for debt refinancing and general corporate purposes.

Home furnishings and fashion retailer Laura Ashley said half year pre-tax profit increased nearly 14 per cent and while it remains mindful of the tough retail it is confident of further progress in the second half. Pre-tax profit increased to £8.3m for the 26 weeks to 28 July 2012 from £7.3m the year before. Total group sales climbed to £145.4m during the period from £135.3m before. UK like-for-like sales were up 3.9% during the period and for the 32 weeks to 8 September like for like sales grew 4.2%. Total UK retail sales rose 6.1% to £127.5m and franchise revenues increased 15% to £13.7m during the 26-week period. Its international franchising operations continue to grow with two additional stores opened in Russia during the first half and with more store openings in Japan, Taiwan and Australia, adding to its 263 franchised stores in 29 territories worldwide. It said it continues to seek new partners in Asian, South American and European territories. Licensing income increased by 11% to £2m while reported e-Commerce revenue grew 21.4%. Non-store revenue increased 18.7%. "As we enter the second half of the year, we have seen the momentum of the first half of the year maintained with UK like-for-like sales growth of 4.2%. While we remain mindful of the broader consumer environment and its challenges, we are confident that this progress can be maintained," the group said. The group has £27.8m net cash and the interim dividend has been maintained at 1p per share.

The suspension comes a month after 44 people died during violent protests at Lonmin's Marikana project close to the Rustenberg area. Some 34 people were shot dead by police in a single day during the week-long unrest. An investigation into the incident is still ongoing. Aquarius Platinum had also been hit by unrest in the last year, experiencing an armed attack on one of its shafts by disgruntled former employees. South African politician Julius Malema has called for a full-scale national strike in South Africa's mining industry. The country's army has been put on 'high alert' for the first time since 1994 as Malema attempts to rally for an "economic revolution", according to the BBC.

Anglo American Platinum, or Amplats, the world's largest primary producer of platinum, has been forced to suspend its operations in South Africa as a wave of labour unrest continues to hit the country's mining industry. Amplats assured that its own employees are not themselves on strike but said that the suspension of its Rustenburg platinum operations is an attempt to protect the safety and security of workers from "outside imtimidation". According to Reuters, 1,500 marchers had confronted riot police at Amplats' Bathopele project, attempting to encourage its workers to join the protest. Chris Griffith, the Chief Executive Officer of Amplats, said: "Our employees are not on strike. However, in light of the current volatile situation in the Rustenburg area, where our employees, who want to go to work, are being prevented from doing so and are being intimidated by the threat of violence, Anglo American Platinum has decided to suspend its operations in the Rustenburg area with immediate effect. The suspension will continue until such time as operations can be safely resumed." UK-listed Anglo American owns 80% of Anglo American Platinum, which accounts for around 40% of global supply. Amplats said that it will safely return to production as soon as possible. "Our Rustenburg operations are already under considerable economic pressure and the longer it is necessary to continue this suspension, the greater the risk to their long-term viability," the company said. Protests continue to spread

ptember 2012 16:04 A A A Anglo-Dutch oil giant Royal Dutch Shell acquired some Texan assets from US titan Chesapeake Energy on Wednesday for a price of nearly two billion dollars. The company said that the $1.935bn acquisition marks a further step in its strategy to build "a leading portfolio of shale assets rich in oil and natural gas liquids". Shell has acquired 618,000 net acres of acreage in the Permian Basin in West Texas. The assets, which currently produce 26,000 barrels of oil equivalent per day, are said to have "significant" growth potential. "The acquisition provides both existing production and near-term growth potential from a proven resource, as well as promising opportunities for expansion," Shell said in a statement. Chesapeake announced that it was selling off $6.9bn-worth of assets today, as it attempts to deal with an estimated $10bn funding gap. As part of this bumper sale, both Chevron and EnerVest are acquiring assets in the Permian Basin. A "portion" of the proceeds from today's deals will be used to fully repay its $4bn of term loans during the fourth quarter this year, the US firm said.

Cruise operator Carnival has appointed the Chairman and former Chief Executive Officer of Costa Cruises, Pier Luigi Foschi, to oversee the company's growth strategies within the expanding Asian region. Foschi will now be responsible for establishing Carnival's new corporate offices in Singapore and providing guidance and assistance to the organisation's various operating units in pursuing their Asian cruise strategies. The Asian operations currently consist of three ships, based in China, Japan and Singapore. Foschi, who retired from his role as Chief Executive Officer in July, will continue to serve in his current role of Chairman and a managing director of the Costa group and as a member of the board of directors of Carnival.

The tie-up would see BAE's shareholders hold a 40% interest in the enlarged group, while EADS's shareholders would own 60%. BAE said that there would be a "unified board and management structure". As both companies have historically had different dividend policies - BAE has paid a higher proportion of its earnings in dividends - EADS would pay £200m to its shareholders prior to completion "to better align the parties' payout ratios". The potential merger would be implemented through the creation of a dual-listed company structure. This means that both companies would operate as one group but would be separately listed on their existing respective exchanges in London (BAE) and Paris (EADS).