Member Info for jange

The group's core activities include the generation, transmission, distribution and supply of electricity, along with energy trading, storage and supply of gas, environmental and utility contracting, domestic appliance retailing and telecoms. In Great Britain and Ireland, SSE serves over 10 million electricity and gas customers operating under the supply brands Scottish Hydro Electric, Southern Electric, SWALEC and Atlantic Electric and Gas.

Positive Points Overall, the operating profit margin in the third quarter was slightly above the same period last year. Free cash flow conversion was strong according to management. Good trading momentum for its North American and Emerging Market regions was again reported. Group diversification continues to provide a key ingredient, with a 'balanced portfolio' of client industries - both cyclical and defensive - combined with a wide geographical spread playing a significant part in the group's business model. Management retains a tight rein on costs, with the group's efficiency programme ongoing. Small bolt-on acquisitions are being pursued, while management also continues to push the group's services into non-food support services. Compass has invested £189 million in acquisitions in the financial year to date. Investor returns continue to be increased. A £500 million share buy-back programme is currently being pursued. A progressive dividend policy is being followed, with a 10.8% increase in the half year dividend announced.

Negative Points Economic difficulties in Europe again dragged on performance. Organic revenue for the region declined by 0.9%. Food cost inflation has previously been highlighted by management. The printing of money by many Central Banks across the world has arguably pushed up soft and hard commodity prices across the board. Unseasonal weather is also creating volatility. Volatility in currency markets can work against the company. Competition across the global industry remains intense.

Financial Highlights: Including the contribution from acquisitions, constant currency revenue increased by 7.8%. Q3 Organic revenue growth of 5.7%. Organic revenue growth of 5.3% for the nine months to 30 June 2012.

Third quarter update: The group once again underlined its credentials for defensive growth. Generating approximately two thirds of company revenues, growth for its North American and Emerging Markets divisions led the way. Overall group organic revenue growth of 5.7% was reported (5.3% for the nine months to 30 June 2012), with North America growing by 9% and the Emerging Markets at 12.2%. The roll out of its Ascension Health multi-services contract assisted in North America, while strong growth in Australia, driven by the energy and extraction sector, assisted its Emerging Markets business. On the downside, its combined European and Japanese division suffered an organic revenue decline of 0.9%, impacted by the tough economic environment in Europe. In all, defensive attributes and favourable geographical positioning continue to be valued,

Compass Group is an international food and support services company. It operates in around 50 countries, employs over 470,000 people and serves over 4 billion meals every year. The Company specialises in providing food and a range of support services across the core sectors of Business & Industry, Defence, Offshore & Remote Site, Healthcare, Education, Sports & Leisure and Vending.

Positive Points: In what remains a tough economic environment, BSkyB has grown its customer base and recorded record profits. The broadcaster intends to spend £30 million over the next 12 months on the launch of Now TV, its new internet television service. Overall, Sky's broadband base grew by 666,000 during the year to the end of June. Sky's average revenue per subscriber edged up 1.8%t to £548 per year, driven by the increased popularity of "triple play" packages of TV, broadband and telephone services. An ongoing share buyback programme and a progressive dividend policy provide investor appeal.

Negative Points: Competition across the industry remains intense. Sky's TV sales face growing competition from the likes of Netflix, which allows customers to pay to download movies, and Amazon's Lovefilm download and rental business. Management said that there had not been recent contact with Ofcom over its investigation into whether BSkyB was a fit and proper owner of a broadcasting licence. Concerns have been expressed that the broadcaster had overpaid in last month's Premier League broadcast rights auction, where the group agreed to pay £2.3 billion for the right to broadcast 116 matches over three seasons starting in 2013-14, for £700 million more than it is paying for its current 115 match deal. The consumer environment continues to be challenging with government spending cuts and tax increases now being implemented. Advertising revenue fell 4% year-on-year to £440 million. BSkyB said that it expected to see the UK TV ad market decline in the second half of 2012

Financial Highlights: BSkyB reported pre-tax profits of £1.2 billion, up from £1 billion in 2011. Revenues rose from £6.6 billion to £6.8 billion. Sky increased its full year dividend by 9% to 25.4p a share.

Full Year Results: The satellite broadcaster has reported record pre-tax profits up 17% to 1.2 billion pounds in the year, to the end of June, and revealed a new 500 million pounds share buyback scheme that would bring the total amount of shares acquired by the group since 2005 to 2.3 billion pounds. The broadcaster added 312,000 customers during the year, bringing its total to 10.6 million in the UK. The satellite company announced that it had earmarked 30 million pound to spend over the next 12 months on the launch of Now TV, its new internet television service that will provide movies, sport and entertainment channels on computers and mobile devices. Elsewhere, the company highlighted that it had removed 160 million pounds of operating costs, down to 2.59 billion pounds, with very little impact on the business.

Company overview The Group's core activity is the operation of a digital satellite television platform, broadcasting sports events, movies, entertainment and news in the UK and the Republic of Ireland. The Group owns and operates 11 channels, including Sky One, Sky News, Sky Travel, the Sky Sports channels and the Sky Movie channels.

Positive Points Financial guidance for the current full year has been maintained. Underlying sales growth continues to be achieved. Solid growth in the Emerging Markets was reported. Emerging markets underlying sales growth grew by 11.4% in the first half; up 11.0% in the second quarter. A transformation of the group remains ongoing. Initiatives to remove unsustainable cost burdens from the group's structure remain ongoing. Product innovation and the expansion of product sales into new geographical terrorities both continue to assist performance. At its foods division, growth in the savoury category reflected the continued success of its Knorr baking bags and the extension of the jelly bouillon technology into gravy. Many of the group's products – food sales – remain defensive in difficult economic times. A progressive dividend policy has to date been pursued. The total 2011 dividend payment enjoyed a 9.8% increase over that paid in 2010.

Negative Points Management continued to highlight the threat from ongoing volatility, especially in commodity costs and economic conditions. Drought conditions in the US have recently seen a number of soft commodity prices moving higher – a potential threat to costs. The group's performance in Europe continues to lag that enjoyed elsewhere. The European debt crisis and events in Spain and Italy continue to cast a shadow. The ability to recoup rising raw material costs in the emerging markets could prove difficult going forward, with food and consumer goods still accounting for a sizeable proportion of earned incomes. Competition across all regions remains intense. Currency movements provide potential to create headwinds.

Financial Highlights: Group turnover rose by 11.5% to €25.4 billion. Underlying sales growth of 7.0% - comprising volume growth of 2.8% and price growth of 4.1%. Core operating profit margin flat. Core earnings per share grew by up 6%.

Half year results: Despite caution thanks to recent downbeat comments from rivals Procter and Gamble and Danone, Unilever continued to deliver. Underpinned by growth in the Emerging Markets, first half underlying sales grew by 7.0%, whilst second quarter underlying sales increased by 5.8%. Strong product innovations and the roll-out of brands into new markets played their part. As expected, second quarter growth was lower than the first quarter which benefited from the extra leap year day and Easter falling earlier than in 2011. Emerging markets delivered double digit underlying sales growth, reaching 11.4% over the first half year. Dove continued to grow strongly, with annual turnover now in excess of €3 billion whilst Magnum is well on track to become a €1 billion brand. In all, management action to invest, increase product innovation and expand the group's markets appeared to be outpacing rivals for now, defying the challenging economic backdrop.

Company overview Unilever is a global supplier and manufacturer of consumer products within the food, household care and personal goods arenas. The Anglo Dutch consumer products giant is currently traded on both the Amsterdam and London Stock Exchanges. The group comfortably sits within the world’s top five consumer goods groups. Major brands include Dove, Lipton Teas, Bertolli, Hellmann's, Knorr, Sunsilk, Domestos, Cif, Comfort, Lux, Slim-Fast, Signal, Becel/Flora pro.activ, Surf, Vaseline, Magnum, Cornetto, Ben & Jerry's and many more.

Positive Points: Management highlighted a "solid" start to the current financial year. The group's self-help programme was previously highlighted as generating an uplift for profit margins. As of 31 March 2012, group net debt improved to £122.2 million, compared with £260.9 million as of 31 March 2011. Changes in the UK government's Special Shareholder rights have previously been obtained. This was a key objective within the group's 24-month self-help plan. At the full year results, an increase in the dividend payment was announced. A final dividend: 2.00 pence (2011: 1.60p) was announced, reflecting what management described as the "achievement of the self-help programme and confidence in the next phase of its development."

Negative Points: Defence markets remain challenging as governments seek to reset budgets to deliver deficit reduction goals. Visibility remains extremely limited in the US, with delays continuing in the award of both Department of Defence and federal civil business. The uncertainty is expected to continue at least until the outcome of the US Presidential elections. Its US Services business still has a large number of submitted bids awaiting award decisions. At the last full year results, group revenue declined to £1.47 billion compared to £1.7 billion in the prior year. QinetiQ operates in a highly competitive marketplace.

Financial Highlights: Trading remains in line with expectations for the current financial year.

First quarter update: Against a challenging backdrop, particularly for the group's business in the US, its statement generally reassured investors. Management noted that "The group has made a solid start to the 2012 / 2013 financial year." UK Services was performing well and continues to benefit from a more competitive cost base and better project execution as a result of the rigour embedded during the company's self-help programme. Global products had enjoyed a strong start, with overall group cash generation remaining solid. On the downside and as expected, performance at its US Services business continued to reflect ongoing uncertainties in the federal services market with customers delaying contract awards. In all, uncertainties for the outlook, particularly in the US, weigh against group efficiencies recently achieved