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Negative Points: A near 60% cut to the half year dividend payment has been made. Group results were primarily impacted by deterioration in prices across its suite of commodities. These declines were further exacerbated by reduced sales volumes. Both of the group's key divisions, Ferroalloys and Iron Ore, were impacted by unscheduled repairs and maintenance during the period. The first half was characterised by volatility and uncertainty across global markets, leading to a steadily declining pricing environment for its key commodities. Management expects these features to persist for the remainder of the year. The group remains sensitive to global economic health, China in particular. The IMF has recently downgraded global economic growth expectations whilst the Chinese economy grew by 7.6% in Q2 2012, its slowest pace in three years. Group net finance costs increased by 202.4% to $124 million (H1 2011: US$41 million) as a result of the increased borrowings to support its capital expenditure projects and strategic development. As a primarily Kazakhstan-based company with close links to the current government of Kazakhstan, political risk could be enhanced if there is a change in the political climate. In addition, ENRC has increased its exposure to Africa, the Democratic Republic of the Congo and Zimbabwe through acquisitions which again could heighten the political risk for the group.

Financial highlights: Revenue decreased 19% to US $3.246 billion. Cost of sales rose by 4% to US $1.757 billion, driven by increased inflation, increased depreciation and higher wage rates. Adjusted profits (EBITDA) declined by 41% to US $1.14 billion. Earnings per share fell by 60% to 36 US cents. The interim dividend payment was cut by 59.4% compared to H1 last year.

Half year results: Profits fall 40% and dividend cut by 60%. The results saw both falling commodity prices and rising costs impacting. Largely due to falling commodity prices, group revenues declined by 19% - broader concerns for the health of the global economy acted to take commodity prices lower. Furthermore, as with many rivals, the cost of sales at the miner rose (+4%), driven by increased inflation, higher depreciation and rising wages. As such, with earnings per share down by 60%, a decision to cut the dividend payment by a similar amount (-59.4%) was taken. More positively, management highlighted that a concentration on controlling costs and enhancing productivity had seen unit cost inflation falling well below previous guidance. Furthermore, management had implemented a review of its capital expenditure projects. On balance, analyst consensus opinion currently denotes a strong hold.

The group is a diversified natural resources company, with integrated mining, processing, energy, logistical and marketing operations. ENRC is currently organised into six divisions: 1) Ferroalloys 2) Iron Ore 3) Alumina and Aluminium 4) Energy 5) Other Non-Ferrous resources 6) Logistics - all supported by a Sales and Marketing operation. The company operates in Kazakhstan, China, Russia, Brazil and Africa (the Democratic Republic of Congo, Zambia, Mozambique and South Africa). It employs over 70,000 people, of which 65,000 are located in Kazakhstan.

Positive Points: The half year or interim dividend payment was increased by 5% to 7.05 pence per share. The board pointed to confidence in underlying operations and improving cash generation as underwriting the decision. Management envisages moving to a progressive dividend and will consider doing so when sustainable cash generation meets its target. The group underlined its push to simplify the governance structure and focus on delivering shareholder value. Annualised cost synergies of £65 million were achieved in the first half, with the group on track to hit its target. As of its last full year results, the group's capital optimisation programme delivered £281 million of synergies against a £235 million target. The targeting of cost savings remains ongoing. The group continued to refer to a "robust" balance sheet. The balance sheet has minimal exposure to higher risk sovereign debt according to the group and retains a highly rated corporate bond portfolio. Underlying cash flow generation has improved despite a challenging economic environment. The changing structure of the group should allow the company to retain its place in the FTSE-100 index - subject to overall market value. Regulators have been cracking down on so-called backdoor routes to premium listings - a precursor to potential entry into the FTSE 100 - targeting London-listed companies that appear to be managed offshore. The changes should prevent the need for index tracking funds to have to sell the group's shares.

Negative Points: Operating profit on IFRS basis declined by nearly 60%, coming in below the consensus analyst forecast. Lower than expected investment returns and a disappointing performance at its international businesses have impacted performance. Friends Life's business units have all been impacted by reduced consumer confidence, with customers in the international businesses postponing decisions regarding investing or saving for the future. Accompanying management comments noted that "the economic, investment and regulatory backdrop remain uncertain." The group previously cancelled a proposed return of £250 million to shareholders. The money would have been the second tranche of a £500 million cash return to shareholders, announced in June last year. The initial £250 million was returned late last year. Changing regulatory capital requirements may affect already acquired businesses or potential acquisition targets. Proposed European regulatory changes could impact. A progressive dividend policy after the current full year is now subject to a cash generation target.

Financial Highlights: IFRS based operating profit before tax of £163 million (including £27 million of one-off items), down from £390 million as of last year (30 June 2011). Interim dividend raised by 5% to 7.05 pence per share. The full year dividend guidance is similarly for an increase of 5%.

Half year results: Resolution changes direction. Details regarding proposed changes at the company headed the agenda for investors. Having been established in order to buy life assurance companies, the group noted that it will no longer seek acquisitions. Instead it will focus on running the businesses already bought. Furthermore, it will no longer sell insurance assets through flotations in 2014, citing the poor market conditions for initial public offerings. The changes came as the company announced a near 60% fall in operating profits. Lower than expected investment returns and a disappointing performance at its international businesses impacted. The announcements came in the wake of the group's decision to cancel a scheduled return of capital to shareholders (£250 million), with uncertain trading conditions having been highlighted. On balance, the attractive dividend payment continues to weigh against trading conditions which have caused a major change in group strategy,

Resolution Limited is a Guernsey incorporated company. Resolution Limited was established as a financial services restructuring company and launched its restructuring project - the UK Life Project - in 2009. Since listing, it has acquired Friends Provident Group plc, the majority of the AXA life insurance businesses in the UK and Bupa Health Assurance. These businesses have been rebranded and together form the Friends Life Group. On 15 August 2012, it announced that it was moving from an externally advised, project-based structure to a more conventional, simplified corporate structure.

Positive Points: The group's landbank saw 5,779 new plots acquired on 50 sites in the first half of the year. This brought the total of owned and controlled plots to 63,786 (2011: 62,364), representing over 6.5 years supply at current sales levels, added management. Persimmon reported its average selling price increased 7% to £171,206 (2011: £160,583). Robust forward sales up 4% were declared of £1.04 billion (2011:£1.billion). The board reported a strong improvement in operating margin, increasing to 12.2% (2011: 9.0%). As part of the house builder's Capital Return Plan, and following the strong first half performance, the group said it plans to return £1.9 billion to shareholders over the next nine years. With a strong focus on cash generation, the group indicated is was on track to make a first dividend payment of 75p per share in June 2013.

Negative Points: Constrained mortgage availability and wider economic concerns continue to cast a shadow. Regulatory moves to increase banking capital cushions could further constrain mortgage availability. Government spending cuts and tax increases required in order to reduce record borrowing levels remain a threat to consumer sentiment going forward. Both government and banking industry measures to limit the fallout from the credit crisis have allowed weaker rivals to otherwise survive.

Financial Highlights: Pre-tax profits increased 65% to £98.7 million in the half year to the end of June (£59.7 million – 2011). Revenue was 13% ahead at £806.7 million (2011: £712.8million). As of 30 June 2012, group cash holdings totalled £135 million. The group said it is on track to make a first dividend payment of 75p per share in June 2013.

Half year results: Persimmon building on solid foundations for future growth. Whilst much of today's news was trailed in the July trading update, the key metrics are nonetheless impressive, with noticeable gains in revenues, legal completions, operating margins and cash generation. The group's cash position has now turned net positive from negative, whilst the multi-year return of surplus cash to shareholders is a sign of management intent and confidence. Next year's initial dividend will, at today's price, provide a double digit yield, which medium term may be of interest to income seeking investors. On the downside, the wider economic picture cannot be ignored, whilst the very availability of mortgage finance remains moot. Perhaps not surprisingly, the shares are pausing for breath in early trade, having added 28% over the last three months as compared to an 11% gain for the wider FTSE250. Over the last year, the contrast is even more stark – Persimmon shares have jumped 89%, during which period the wider FTSE250 added 18%. Even after this run, the shares remain at roughly half of their heady highs of early 2007. The general market consensus is also improving, having recently moved to a strong buy.

Company overview Founded in 1972, Persimmon Plc is one of the UK's leading house builders, headquartered in York. It builds homes under the Persimmon homes, Charles Church and Westbury Partnerships brands. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 index.

Following the trading update, broker Panmure Gordon slashed its revenue and earnings forecasts for the company. It now expects turnover to fall 20.2% in 2012 to $85.6 million from $107.3 million last year, before edging up 6% to $90.7 million in 2013. This will see the company swing in to a heavy net loss of $9.5 million this year from profit of $2.3 million in 2011, with a loss of $4.6 million also anticipated next year. But any deterioration in macroeconomic conditions is likely to put paid to even these modest forecasts as the already worrisome vessel market balance deteriorates further.

Traders should cast adrift shipping firm Goldenport as subdued transport rates look set to keep it under pressure in the medium term. It has collapsed 31% since 2012's high of 90.8p set in early April as the global economic downturn has taken its toll. The Athens-based entity disclosed in its latest trading update (20 July) that only 12% of available days for its 23 vessel fleet - which comprises 12 dry bulk and 11 container ships - have been fixed for 2013. The company has been reluctant to tie itself into low-rate deals over long periods and restricted new charters to shorter durations, a strategy which negatively impacts earnings visibility. Goldenport is expected to continue its fleet-renewal programme in order to at least bolster its balance sheet while shipping rates remain depressed. Its latest deal was for the sale of bulk carrier Lindos for $5.4 million in cash (6 July).

Broker Nomura puts revenue for 2012 at $3.1 billion, up 5% from $3.0 billion last year, and which is set to grow a further 9.9% on-year to $3.4 billion in 2013. Although adjusted pre-tax profit is set to dip from $591 million last year to $583 million in 2012, a 1.4% fall, this will increase 15.3% on-year to $672 million in 2013, it says.

Despite fears that the global downturn is sapping demand for finished goods, container terminal operator DP World (DPW) continues to stride higher. It has exposure to developing markets in Asia where it can latch on to perkier gross domestic product growth rates. The company announced in its latest trading update (1 August) that it handled 28.2 million twenty-foot equivalent units (TEU) in January to June across its raft of 60 terminals worldwide. That is up 7.5% from the same period in 2011. This was mostly attributable to DP's operations in the Asia Pacific and Indian subcontinent, it said, where volumes jumped 12.1% year-on-year to 13.3 million TEU. The United Arab Emirates-based firm also has operations across the Americas, Europe, Middle East and Africa. Although it has witnessed some weakness in Europe owing to the escalating macroeconomic slowdown, its plan to ramp up emerging market activity should underpin future growth. DP World announced in December last year plans to boost capacity at its flagship hub of Jebel Ali port in the UAE by 27% by 2014.

As well, James Fisher has also strategically focused its efforts on higher-growth regions of the world, particularly off the coast of Africa. Traditional Western hunting grounds are expected to continue suffering from the effects of the global downturn. Confounding weakness seen among the vast majority of the industrial transport specialists, the £307 million cap has posted solid double-digit turnover growth in recent years. Group sales increased 14.6% to £307.6 million in 2011, helping to drive pre-tax profits 15.1% higher to £29.8 million. Broker consensus expects revenues to increase 14.1% to £351 million in 2012, before growth slows to 7.4% the year after when sales of £377 million are pencilled in. Profit before tax is forecast to rise 13.8% this year to £33.9 million and 8% in 2013 to £36.6 million.

BAE Systems: BarCap cuts target from 380p to 370p, equal weight rating kept.