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Half year results: The update failed to inspire investors. Like-for-like net rental income declined by 2.3%, with rental increases offset by the effect of lower occupancy following tenant failures. Occupancy levels had stayed flat at 95% compared to the first quarter update, but were down from the 97% reported at of the 31 December 2011. Footfall had been steady since the end of the first quarter, but down 1% year to date, although the fall outperformed the national benchmark according to management. The board continued to highlight a strong financial position, with a loan to value ratio unchanged at 48% and cash and available facilities of £420 million supporting. In all, given the uncertain outlook for UK consumers,

A Real Estate Investment Trust (REIT), Capital Shopping Centres Group PLC (CSC) is a leading UK specialist developer, manager and owner of pre-eminent regional shopping centres. With a portfolio of 14 centres representing 16 million square feet of retail space and a valuation of £6.9 billion, CSC's assets attract well over 300 million customers a year. The group's assets comprise of five major out-of-town centres including four of the UK's top six - Trafford Centre, Manchester; Lakeside, Thurrock; Metrocentre, Gateshead; Braehead, Glasgow and The Mall at Cribbs Causeway, Bristol - and nine in-town centres including centres in prime destinations such as Cardiff, Manchester, Newcastle, Norwich and Nottingham. The group is currently (31Oct2011) a constituent in the UK's premier FTSE 100 index.

Positive Points: Growth across all divisions was reported. Management noted that "with the group's balanced industry and geographic portfolio, we continue to expect to grow revenue at high single digits on an organic constant currency basis for the full year." Growth and positive expectations for the future have helped enable a 21.5% rise in the half year dividend. Bolt-on acquisitions continue to be made. The company is the largest tester of consumer goods in the world and has a network of more than 1,000 laboratories across 100 countries.

Negative Points: The group's profit margin has reduced slightly in the wake of recent acquisitions. Growth at its Chemical & Pharmaceutical division remains somewhat pedestrian - total revenue increased to £72.5 million, up 4.2%, of which 3.6% was organic growth. The group transacts in over 80 currencies, and is therefore exposed to volatility in the currency markets. Commodity price volatility and trading volumes can affect demand for associated testing services. Consumer spending trends in Europe and North America can influence demand for consumer testing services.

Financial Highlights: Revenue growth of 29.9% to £991 million. Organic growth on a constant currency basis of 9.9%. Profit grew by 28.2% to £152.2 million. Three bolt on acquisitions since 1 January for £17.4 million. Interim dividend increase of 21.5%.

Half year results: Assisted by bolt-on acquisitions and growth in the Middle East and Africa, the group posted figures which generally pleased investors. Management noted that "demand for quality services across diverse industries and geographies continued to expand." Operating profit came in at £152.2 million, up 28.2%, driven by growth in all divisions. Energy and commodities end-markets provided very good ongoing demand for quality services, whilst demand in the consumer retail and commercial manufactured product industries was strong against a weaker prior year period. In addition, management action in improving the group's underlying organic margin remained a focus, although acquisitions this time round caused a slight reduction. In all, and in the wake of a strong price rise over the last 6 months (+31%),

Company overview The company is a leading global provider of quality and safety solutions to a wide range of both corporate and government customers. Through its services Intertek helps customers to assess the products and commodities that they buy and sell against a wide range of safety, regulatory, quality and performance standards. The group was floated on the London Stock Exchange back in May 2002 and is currently a constituent of the FTSE-100 index. Group customers include retailers, distributors, manufacturers, traders, industrial bodies, oil and chemical companies and government organisations. Intertek employs over 27,000 personnel across more than 1,000 laboratories and in over 100 countries.

Positive Points: Overall group performance exceeded analyst expectations. The world's second biggest brewer earns around 70% of its profit from fast-growing emerging markets offering an element of protection from its more challenging mature markets. SAB Miller acquired Australian brewer Foster's in December 2011 in a deal valued around US$10 billion, opening a near half share of the Australian beer market. Cost savings following the takeover are being considered by management. SAB Miller is one of the world's largest bottlers of Coca-Cola products. The group's dividend policy continues to be progressive.

Negative Points: The Australian lager industry continued to be affected by the loss of market share to other alcoholic beverages together with subdued consumer sentiment leading to a significant reduction in volumes. Raw material costs remain a broader concern while investment in the group's brands and market facing capabilities has previously placed pressure on group margins. Trading for the group's US MillerCoors’ business proved to be disappointing, with sales to retailers down by 1.4%. Industry specific risks include exposure to changing consumer fashion, affordability of its products and spending trends. It is possible that harsher anti-alcohol laws or an increase in beer tax excise could impact on SAB's businesses, as previously seen in Colombia. With the group's considerable emerging markets exposure, a general slowdown in these economies would impact on group profits.

Financial Highlights: Total drinks volumes rose by 10% Organic lager volumes increased by 5% Soft drinks volumes were 6% higher Organic revenues on a constant currency basis grew by 8%

First quarter update: Group performance exceeded analyst expectations. Trading for the Group's European operations led the way, aided by the Euro 2012 football tournament. Larger volumes across Europe rose by 7%, whilst volumes in Poland increased by 11%. The company’s Latin American division enjoyed growth, with volumes expanding by 6%, while its African business grew by 9%. Asia Pacific played its part, reporting growth of 7%, led by a 24% volume increase in India, China reported an expansion of 5%. In all, and supported by expected future growth across the Emerging Markets,

SAB Miller is one of the world's largest brewers, with more than 200 beer brands and some 70,000 employees in over 75 countries. It is also one of the world’s largest bottlers of Coca-Cola products. The group's portfolio of brands includes premium international beers such as Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft and Grolsch, as well as leading local brands such as Aguila, Castle, Miller Lite, Snow and Tyskie. SABMiller PLC's primary listing is on the London Stock Exchange, with a secondary listing on the Johannesburg Securities Exchange in South Afric

Positive Points: Accompanying management comments noted that "with positive underlying trends at this relatively early stage in the year, the board remains confident in its expectations for the full year." William Hill Online delivered a strong performance. Net revenue was 30% higher and operating profit up by 23%, reflecting the benefits from investment in marketing and the expansion of operational capabilities, particularly in catering for increasing mobile usage by customers. Mobile continues to increase in importance as penetration of smartphones and handheld devices grows. The group's Sportsbook app was launched in the Apple App Store in February. The government recently announced an additional reduction of one percentage point to the corporation tax rate in 2012, on top of the 1% previously announced. As a result, the group has revised its effective tax rate guidance for 2012 from 20% to 17%. Good cash generation continues to reduce group net debt. Net debt for covenant purposes reduced by £61 million to £355 million. Innovation continues to be used. In the UK, William Hill is trialling second-generation Storm gaming machines, new self-service betting terminals and high-definition video walls in shops. The roll-out of Storm Plus to an additional 500 shops is now underway. A progressive dividend policy is being pursued. The half year dividend grew by 17% to 3.4 pence per share.

Negative Points: Costs for its online business increased by 31%, primarily as a result of a step-up in marketing investment as well as increased operational costs, particularly in IT, bank charges and content costs. Marketing investment was equivalent to 28% of net revenue. For its high street business, costs increased in line with management's expectations (+4%). Amounts wagered at its Telephone channel business declined by 13%, impacted by racing fixture cancellations and by the termination of certain high roller activity at the end of 2011. Competition, particularly in the online arena, remains intense. The UK government announced in March that Machine Games Duty will be levied at a rate of 20% of gaming machine gross profit from 1 February 2013.

Financial Highlights: Group revenue grew by 11% to £627.8 million. Online revenue rose by 30% to £198.4 million. Profit before tax increased by 13% to £143.3 million. The half year dividend grew by 17% to 3.4 pence per share. Net debt for covenant purposes reduced by £61 million to £355 million.

Half year results: The group reported solid progress. Market share gains for the group's online business and product innovations helped drive the performance. The group's online Sportsbook business reported a 33% rise in turnover, with mobile Sportsbook turnover climbing by 390%, representing 28% of total Sportsbook betting in June. The group's more traditional high street business also reported progress, with net revenue growth of 5% for both its over-the-counter and gaming machine arenas. Strong cash flow continued to enable the paying down of debt, whilst the group progressed its policy of expanding overseas during the half - it was awarded betting licences in the US (Nevada) during the period. In all, with a growing presence online and strong cash flow underwriting a progress dividend policy,

William Hill is a major betting and gaming company, employing more than 15,000 personnel. Founded in 1934, it is now the UK's largest bookmaker with 2,370 licensed betting offices (LBOs). It offers bets on a wide range of sporting and non-sporting events, including gaming on machines and numbers-based products including lotteries. The company also has an online business William Hill Online It is listed on the London Stock Exchange and is a constituent in the FTSE-250 index

Positive Points: On 24 July, Anglo agreed to buy a controlling stake in the Revuboe coking coal project in Mozambique from the Talbot Estate. The deal was valued at $560 million. Production across most of the Group's operations increased compared to the same period in 2011. Total Group iron ore production increased by 15%, Metallurgical Coal production increased by 40%, Copper production increased14% and Nickel production increased by 80%. Foreign currency fluctuations, particularly in relation to the South African Rand and the US dollar, can work in the group's favour. Subject to regulatory approvals, Anglo American's divestment programme, as set out in October 2009, has been completed, raising $3.8 billion in proceeds on a debt and cash free basis. A progressive dividend policy continues to be pursued. Speculation regarding a potential takeover continues to be rumoured.

Negative Points: Anglo's earnings fell due in part to lower platinum and diamond output, and lower commodity prices across its major divisions, including the largest contributor to its operating profit, iron ore. The mining industry is grappling with falling commodity prices at a time when operating costs still remain high, prompting some to consider tweaking their capital investment programmes. Anglo faces challenges in its efforts to secure licences, and has also been forced to delay the shipment of first ore from its key Minas Rio iron ore project in Brazil to the second half of 2014. Industry-specific risks include government actions, such as controls on imports, exports and prices. Also, new forms or rates of taxation and royalties, and increased government regulation remain a concern. South African miners started paying mining royalties in March 2010, in line with global best practice and market expectations. Skilled labour, electricity and water shortages in South Africa may affect Anglo's production. Around 40% of the miner's assets are in South Africa and could erode Anglo's global competitiveness.

Financial Highlights: Underlying earnings for the first half of 2012 were $1.69 billion, compared with $3.12 billion reported for the same period last year. Group revenue for the first half of 2012 declined 10% to $16.4 billion from $18.2 billion reported for the first half of 2011. The Board have recommended an increase in the interim dividend by 14% to US 32 cents per share. Net debt was reported at $3.1 billion at 30 June 2012.