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"On the face of it Serco's H1 [first half] results should not be flattering, but we believe the reasons for this have already been well flagged with the underlying growth/margin story firmly intact. We remain fans of the business and continue to believe the company is well placed to benefit from increased outsourcing activity in the UK market," said Panmure Gordon. The broker is forecasting revenues of £2,330.5m, up 3.8% year-on-year but with the improvement entirely due to new acquisitions; on a like-for-like basis, the broker thinks sales will have shrunk by 2%. Panmure Gordon predicts the underlying earnings before interest, tax and amortisation will be down 7.0% year-on-year (yoy) to £124.4m, while underlying profit before tax is seen tumbling 19.6% to £99.4m. "The anticipated YOY drop in EBITA should be purely driven by the £15m re-structuring charge taken above the line as indicated with underlying margin growth progressing as flagged (we anticipate these to be 6.3% vs. 6.0% last year ex re-structuring)," the broker said. Despite the fall in profits, Panmure Gordon thinks the interim dividend will be lifted to 2.8p from 2.5p.

"On the face of it Serco's H1 [first half] results should not be flattering, but we believe the reasons for this have already been well flagged with the underlying growth/margin story firmly intact. We remain fans of the business and continue to believe the company is well placed to benefit from increased outsourcing activity in the UK market," said Panmure Gordon. The broker is forecasting revenues of £2,330.5m, up 3.8% year-on-year but with the improvement entirely due to new acquisitions; on a like-for-like basis, the broker thinks sales will have shrunk by 2%. Panmure Gordon predicts the underlying earnings before interest, tax and amortisation will be down 7.0% year-on-year (yoy) to £124.4m, while underlying profit before tax is seen tumbling 19.6% to £99.4m. "The anticipated YOY drop in EBITA should be purely driven by the £15m re-structuring charge taken above the line as indicated with underlying margin growth progressing as flagged (we anticipate these to be 6.3% vs. 6.0% last year ex re-structuring)," the broker said. Despite the fall in profits, Panmure Gordon thinks the interim dividend will be lifted to 2.8p from 2.5p. Peel Hunt thinks online gaming firm 888's interim results will show growth over the first half of 2011 but the second half of the year is likely to be more challenging, "given the investment in newly regulated markets and the potential disruption of the Olympics."

Chilean copper miner Antofagasta must have been thanking its lucky starts it operates in South America rather than South Africa, given the trials and tribulations the likes of sector peers Lonmin and Aquarius Platinum have been suffering lately. The group already updated the market at the beginning of August with its production and cash costs numbers, so the focus will be on earnings. Credit Suisse is forecasting half-year earnings per share of 63 cents, versus a market consensus forecast of 65 cents and a first-half of 2011 number of 71 cents. The projected year-on-year decline is largely down to lower copper prices, although this will have been offset some by improved copper production levels. Credit Suisse expects the firm's new Chief Executive Officer, Diego Hernandez, to present his master-plan for the group, "which over time will need to include project phasing, funding strategy and value proposition of new projects." Updates from out-sourcers have been coming thick and fast over the last week and on Wednesday Serco weighs in with its interims.

Positive Points: The company has made six acquisitions so far this year, spending a total £77 million to add annual revenues of £157 million. Acquisitions continue to provide a key element of the group's growth strategy. Bunzl reported an improvement in its operating margin, being driven by acquisitions completed in 2011 and the sale of its UK vending business. Both geographical and customer industry diversification are enjoyed.

Negative Points: Bunzl remains sensitive to currency fluctuations. The group generates about half of its profits from North America so there is exposure in movements in the dollar on reported profits. The group boasts a good M&A track-record, but external growth could be considered more risky than organic growth. Acquisitions always bring an element of risk. The group would be exposed to margin risk were it not able to pass on price rises in its products.

Financial Highlights: Profit before tax rose 9% to £151.7 million from £138.8 million the year before. Revenue increased by 7% to £2.61 billion. The board have recommended raising the dividend by 9% to 8.80p from 8.05p.

Half year results: Bunzl targets more acquisitions. International distribution and outsourcing group Bunzl said it would continue to grow in all regions, including challenging markets in Europe, and saw its North America and Rest of the World divisions lead the way in. Chief executive Michael Roney stated that Bunzl "had produced a strong set of results against a backdrop of a challenging marketplace". "Bunzl's strong competitive position and resilient customer sectors, together with opportunities to consolidate further our markets as we expect to complete more acquisitions later this year, should enable the Group to show continued good growth and development,

Bunzl PLC was incorporated in 1940 and listed on the London Stock Exchange in 1957, but its origins date back to 1854 when Moritz Bunzl opened a small haberdashery business in Bratislava, now the capital of Slovakia. Today the company is a leading specialist distribution group supplying a broad range of non-food consumable products that are essential for their customers to operate their businesses but which they do not actually sell. Active in 23 countries, Bunzl's main customer markets include grocery, foodservice, cleaning and safety, non-food retail and healthcare.

Positive Points: Organic growth of 10% was achieved for its Developing or Emerging Markets businesses. Revenue of £1.19 billion proved to be 31% of the group's total. Management is currently targeting 50% by 2019. The company highlighted that it was undertaking a board level review of what went wrong with the Olympic contract. Consultancy group PWC is to assist. A new Chief Executive could be the eventual result. Accompanying management comments noted that "we continue to see good opportunities from outsourcing around the world particularly from governments looking to improve the quality of services and reduce costs and we believe that, with our long-term track record, we will continue to play a major role in this sector." Management announced action in order to assist profitability going forward. The loss of 1,100 jobs was announced, with savings of £30 million per year expected to be achieved. The group's geographical footprint remains diverse. The group operates in over 125 different countries. Following its aborted major acquisition, smaller often bolt-on acquisitions are now being targeted. Acquisition strategy will continue to focus on niche opportunities. Management previously expected to invest around £200 million in acquisitions in 2012. A focus on underperforming businesses was also previously raised, with such businesses potentially being sold. Management previously highlighted the company as a potential beneficiary of any country exiting the Eurozone. If Greece, for example, were to leave, G4S is likely to be involved in the rollout of the new currency.

Negative Points The group has taken a £50 million cost in relation to its Olympic contract. The figure is at the upper end of management's initial estimate – between £35 million and £50 million. The company highlighted the potential for further costs in relation to its Olympic contract to be suffered. The financial impact could worsen when fines and the cost of military cover are eventually finalised. The damage to the group's reputation and its ability to win new contracts remain uncertain. The Chief Executive highlighted that G4S had to withdraw from a bidding process as a result of the Olympic issue. A contract with the U.K.'s Department of Work and Pensions worth approximately £20 million per year was lost. At the group's core Secure Solution business, the profit margin for its major North American business declined. This was due to the performance of its US government business where revenues were down 14% causing margins to decline significantly from around 5% to less than 2%. The US government business continues to be impacted by the significant reduction in federal funding levels. The profit reduction impact was split broadly between budgetary induced pressure on the domestic US government business and the decline in volumes for international landmine clearance. The Olympic contract episode comes in the wake of the company's aborted takeover for Danish support services group ISS. Aborted acquisition and legal settlement fees cost the company around £55 million. Ultra low interest rates in many of the group's markets have previously dampened demand for its Cash Solutions business – customers have less incentive to transfer money to the bank. The half year dividend payment was left unchanged compared to the prior year at 3.42 pence per share.

Financial Highlights: Group turnover increased by 5.9% to £3.9 billion or by 7.5% on a constant currency basis Organic turnover i.e. when excluding acquisitions, grew by 6.8% Profit before tax declined by 59.6% to £61 million, including a £50 million loss from its London 2012 Olympic contract Adjusted profit excluding restructuring charges and the loss from its Olympics contract declined by 1.25% to £236 million The half year dividend payment was left unchanged

Half year results: G4S swallows an Olympic loss. The results continued to see problems with regards to its Olympic contract overshadowing. As previously flagged by the company, an exceptional loss of £50 million was taken, with management also noting that the financial impact could worsen when fines and the cost of military cover are eventually finalised. Group profit before tax, including the loss from the Olympic contract, declined to £61 million from £151 million last year – the share price fell by over 4% in early trading. However, the decline in profit also included a £24 million restructuring charge, a charge taken largely in relation to the cost of announcing the loss of 1,100 jobs. Savings of £30 million a year are expected to be generated. When excluding both the Olympic and restructuring losses, adjusted profit declined marginally to £236 million. In all, uncertainties in relation to both Olympic contract costs and the impact on the group's reputation and ability to win new contracts continue to weigh against hopes for growth in the Developing or Emerging Markets.

Company overview Group 4 Securicor (G4S) is an international security solutions group, operating in over 125 countries throughout the world. The company was formed via the July 2004 merger between Securicor plc of the UK and Group 4 Falck of Denmark. Whilst listed on the London Stock Exchange, the group also retains a secondary listing in Denmark. The company continues to be a major employer of staff, with over 650,000 personnel employed on a global basis.

Shares in Primary Health Properties are near their top of the trading range seen over the last year. However, the yield still looks attractive. In the six months to June, rental income from the group's portfolio rose 6.3% to £16m, with pre-tax profits falling to £4.2m from £12m. This fall is unconcerning. It was down to a much larger revaluation of the company's property portfolio in the first half of last year and higher finance charges. Stripping out the revaluation gain, operating profit was up 6.5% to £13.4m. Importantly, the dividend was raised to 9.25p from 9p and it will be made on Oct 6. The shares have a prospective yield of 5.5% rising to 5.6% in 2013. The main reason to hold the shares is as an income play, but there should be capital gains over time as the portfolio grows. The group has a "significant pipeline" of opportunities and £49m is in the hands of solicitors for the purchase of "high quality medical centre assets". Demand for new, modern facilities should be driven by the Health and Social Care Act 2012 with the commissioning of primary care service into the hands of GPs. Buy for income, Questor says.

Anyone there lol.......

Got my eye on tstr been dragged down to much in my honest....due a bounce soon....... W resources i like this one due to have some good drill results soon.........

Are you there.........

However, the company said the uncertainty of the global macro-economic outlook has created "a degree of caution" in some of the markets it operates in.

The group announced in July that it had entered into a collaboration agreement with gas burner appliance firm Vatti, which will see AGA, La Cornue and Rangemaster products sold in China, rolling out to 500 shops over the next two years. Shares dropped over 10% in early trading on Friday.

The group said that the established UK and Irish markets are likely to remain weak "for some time", and the onus is on new markets like China and on raising market penetration in geographies like North America "where our market position is not yet fully developed". Nevertheless, the firm said that there was no shift in the overall geographical balance of the business in the first half: UK sales contributed 63% of group revenues; Europe 22% and the rest of the world 15%. Revenues for the full year are expected to show growth despite the usual quiet summer period. The group said it is "galvanised or a strong autumn sales push with lines like AGA Total Control and a resurgent Fired Earth in the forefront even if markets remain subdued." Chief Executive William McGrath said: "The continued challenges in the economy and lack of activity in the property market have clearly had an impact on demand in the first half as customers delay purchasing big ticket items. However, our investment in innovation, efficiency drive and great product offer ensures that we are well placed to respond when the market recovers. Our recent collaboration with the Chinese group Vatti demonstrates the opportunities ahead to enter into new markets."