Member Info for jange

Negative Points: Retailers are suffering as consumers' disposable incomes are squeezed by inflation, muted wages growth and government austerity measures. The implications of the Euro zone crisis remain a concern. Potential moves into new markets – a target in the group's next growth self help programme – pose risks. In France, Brico Depot sales were weak, in part affected by the timings of public holidays but also its exposure to outdoor/seasonal sales impacted by the weather. A weaker UK housing market is likely to directly affect DIY demand patterns. Changes in retail planning legislation could restrict Kingfisher's store opening ambitions.

Financial Highlights: Total sales in UK & Ireland were up 5.0% with B&Q total sales up 4.9%. Underlying sales at Castorama France fell 0.2% after a fall of 0.8% in the previous quarter, while sales fell 4.8% at Brico Depot, following a rise of 2.4%. Overall sales in International stores grew 9.3%.

Second quarter trading update: Kingfisher is on an improving trend, which is some achievement given the dual headwinds of consumer austerity and poor seasonal weather. The company maintains that consumers have decided to switch to indoor projects, which has mitigated some of the sales lost to the traditional outdoor products at this time of year. However, this has also resulted in some margin pressure at B&Q, as some lines have had to be reduced in price to clear. In addition, the level of competition has intensified given the troubled economic backdrop. Kingfisher has, nonetheless, continued to drive down costs, particularly through more prudent product manufacturing whilst it is well positioned to benefit from any upticks in consumer spending. All things considered, this is a reasonably strong update. The shares have come under some pressure in early trade, adding to the 10% loss over the last three months (as compared to a 1% drop for the wider FTSE100), most likely through investors looking to book some profits. The bigger picture has been more positive, however – the shares have risen 10% over the last year, whilst the FTSE drifted 1% in that period. On balance, investors remain very keen on Kingfisher's strategy and the general consensus of the shares as a strong buy is unlikely to be troubled.

Typo below wrong board................... Kingfisher is a major home improvement retail business with operations across the UK, Ireland, Continental Europe and Asia. It operates over 950 stores in eight countries across Europe and Asia (including China). Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also has a 50% joint venture business in Turkey with the Koç Group, and a 21% interest in, and strategic alliance with, Hornbach, Germany's leading large format DIY retailer. The group employs over 65,000 staff and is and is a constituent of the FTSE 100 Index.

The Group's principal activities are exploring for, developing, producing and processing minerals, oil and gas. The Group's operations are divided into nine business divisions. Base Metals focuses on copper, silver, zinc, lead, uranium and copper by-products including gold. Petroleum focuses on hydrocarbons covering oil, gas and liquefied natural gas. Aluminium relates to bauxite, processing and marketing of aluminium and alumina. Iron Ore focuses its mining activities in the areas of Western Australia and Brazil. Energy Coal focuses on energy coal for use in electricity generation. Metallurgical Coal operates three underground coal mines in Australia. Manganese focuses on alloys, ores and metals. Stainless Steel focuses on nickel minerals which are used in the production of stainless steel. Diamond and Specialty Products operates a diamond mine in Canada and an integrated titanium smelter/mineral sand mines in South Africa. The group employs around 41,000 people working in over 100 operations in 25 countries.

The Group's principal activities are exploring for, developing, producing and processing minerals, oil and gas. The Group's operations are divided into nine business divisions. Base Metals focuses on copper, silver, zinc, lead, uranium and copper by-products including gold. Petroleum focuses on hydrocarbons covering oil, gas and liquefied natural gas. Aluminium relates to bauxite, processing and marketing of aluminium and alumina. Iron Ore focuses its mining activities in the areas of Western Australia and Brazil. Energy Coal focuses on energy coal for use in electricity generation. Metallurgical Coal operates three underground coal mines in Australia. Manganese focuses on alloys, ores and metals. Stainless Steel focuses on nickel minerals which are used in the production of stainless steel. Diamond and Specialty Products operates a diamond mine in Canada and an integrated titanium smelter/mineral sand mines in South Africa. The group employs around 41,000 people working in over 100 operations in 25 countries.

Biome Technologies, a bioplastics business, said total revenue in the first half of 2012 was down £7.5m, 28% lower than the same period the previous year, pushed into decline by a downturn in sales within the Bioplastics Division following legislative changes in Italy and wider disruption to the supply and demand balance in Europe. In the second quarter group revenues were £2.9m, 38% below the revenues of £4.6m achieved in the first quarter. The Stanelco RF Technologies Division continues to perform as expected with revenues of £0.7m in the second quarter, up 95% compared to the first quarter (Q2 2011: £0.9m). The Bioplastics Division saw revenues drop from £4.3m in the first quarter to £2.2m in the second quarter (Q2 2011: £3.9m). The group's cash position at June 30th was £1.1m (April 30th: £1.5m).

BrainJuicer, an international online market research agency, has delivered continued sales growth during the first half, with overall revenue some 13% ahead of the comparable 2011 period. Growth was seen in the US, Switzerland, China and Brazil, while revenues declined in Germany and the Netherlands and was broadly flat in the UK. "Overall, our percentage of revenue from our more innovative 'Juicy' products increased from 53% in H1 2011 to 66% in H1 2012," the firm said, adding that it believes it is on track to meet market profit expectations for 2012 as a whole.

Walker Greenbank, a luxury interior furnishings group, has reported that its US business has won a $0.156m order to supply a substantial quantity of fabric to the Moody Gardens Hotel in Galveston, Texas. The order amounts to about 7.8km of a Sanderson-designed fabric in colourways developed specifically for the Moody Gardens Hotel's bedrooms and bathrooms.

Hardide, which provides metal surface engineering technology, has appointed Philip Kirkham as its new Chief Executive Officer with effect from September 1st 2012. He is a seasoned CEO with substantial international experience and a strong background in marketing, sales and production in the metal processing sector, the firm said. Between 2008 and 2009, he was CEO of private equity backed Material Advantage Group and since then he has been the CEO of a company operating in the industrial lighting industry.

A subsidiary of Rugby Estates has accepted an offer of 7p per share for its holding on 7.9m shares in O Twelve Estates. Under a separate agreement, either party can terminate the agreement on at least six months' written notice at any time.

Redhall Group, a specialist engineering support services group, has been awarded term contracts for Redhall Engineering and Redhall Nuclear. The first is to provide integrated multi-discipline engineering services to Polimeri Europa UK, estimated to have a value of £8.0m over a three year period. The second is for a three year multi-discipline framework agreement to provide support services across National Nuclear Laboratory nationally.

Serviced Office Group, a provider of office space and IT solutions, has been awarded a significant contract by Costain to cover its IT infrastructure requirements in connection with its work at London Bridge Station as part of the Thameslink upgrade programme. A key feature of the contract will be its focus on identifying environmentally-friendly solutions to Costain's IT requirements.

Recruitment company Networkers International said it performed "very well" in the first half of 2012, with the gross margin for the six months set to increase around 17% year-on-year. Cash generation during the six-month period has also been strong with net debt expected to reduce by £2.8m to around £6.2m at the half year point.

zamano, a mobile telecommunications company, has reported a solid performance in the first half of 2012 as it continues to benefit from the launch of a web and mobile service in the UK during the final quarter of 2011. The improved performance is expected to generate positive levels of operating cash to year end. Overall, the group is performing in line with expectations and is delivering on its objective to capitalise on its core technology and operational competencies. However, the firm warned that the outcome of the Comreg case and the current judicial review will determine the future of its SMS business in Ireland.

Probability, a mobile gambling specialist, has agreed to acquire the entire issued share capital of Playyoo, a private company in Lugano, Switzerland, for an initial consideration of around £1.8m, satisfied by 2.4m shares in the company and a further 1.7m shares depending on the performance of Playyoo in 2013. The firm reported a loss before interest, tax, depreciation and amortisation of £0.127m in the year ended December 31st. It will be acquired free of debt.

Real estate investment group KDD has said it expects to received AMC approval - the only outstanding condition - by August 2nd for the sale of Sky Towers to Cimbrorum.

Byotrol, an anti-microbial hygiene company, has continued to make progress and has maintained the momentum seen in the second half of last year into the current financial year. The balance sheet continues to remain strong and is well positioned to its objective of positive cash generation at the earliest opportunity. The negotiations with its Fortune 150 customer are on track to deliver a full commercial agreement on time, while the product launches in conjunction with Rentokil Initial have been successful and the resulting order flow 'encouraging'.

Rare Earths Global, a mining services group, has exercised its option to buy up the remaining 39% of Pingyuan Sanxie Rare Earth Smelting from Grace Coast. In July 2010 the company acquired a 60% share in Sanxie, a rare earth separation and refining business. The stake will be acquired by the issue of four million new shares and a further $10m in cash, paid in three installments by September 15th. The total consideration is around $31.06m. The initial tranche will be funded out of the company's internal resources with the subsequent tranches funded out of negotiated facilities.

However, the general outlook for construction in the UK continues to be affected by Eurozone worries and reduced public sector spending, the group noted. The Executive Chairman Peter Tom noted that the proposed Tarmac-Lafarge joint venture was approved by the Competition Commission in May, subject to certain disposals being made, and that divestment process is now under way. In the meantime, the company is looking at a number of potential acquisition opportunities. Referring to the joint venture, Tom said: "As previously stated, the board will carefully assess this opportunity to determine whether additional value can be created for shareholders; however, our core strategy of organic improvement supplemented by bolt-on acquisitions remains very much on track and will continue to drive future earnings growth. "Whilst we do not expect any significant recovery in construction output in the short term, the business has performed well in the first six months of 2012 and we are confident of making further progress in the second half."