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Following the completion of the sales, Rexam plans to return around £370m (at current exchange rates) to shareholders which it is anticipated will be effected by way of a redeemable B share scheme together with a share consolidation.

As a result of the sale, Rexam will carry out a restructuring programme to remove residual overheads which, together with certain separation costs, will result in exceptional charge of some £40m in 2012, of which £25m will be cash costs. Going forward, there will be £7.0m of annual retained fixed costs which will be absorbed by the Beverage Cans and Healthcare businesses. In total, the Personal Care business employs some 7,000 people in Europe, the US and Asia. In 2011, the business had sales of £502m and underlying operating profit of £38m before central overheads (CTH: £26m and HBF: £12m). As at 31 December 2011, it had gross assets of £650m (CTH: £611m and HBF: £39m) and liabilities of £112m (CTH: £103m and HBF: £9.0m). It is expected that there will be an impairment charge of some £200m at the half year arising from the sale of CTH, which will be broadly offset in the second half by a gain on the sale of HBF, associated foreign exchange gains and tax credits.

Rexam, the global consumer packing company, is proposing to sell its Personal Care business in two parts and return the majority of the proceeds to its shareholders. The Cosmetics, Toiletries and Household care products unit (CTH) and the High Barrier Food packaging division (HBF) will be sold for a combined total of $709m in cash (£452m at current exchange rates). A binding offer of $459m has been recieved from an affiliate of Sun Capital Partners for CTH, while a subsidiary of Silgan Holdings has agreed to acquire HBF for $250m, also in cash. The transactions are expected to complete in the third quarter of 2012 for HBF and the fourth quarter of 2012 for CTH and are conditional on certain regulatory approvals.

As for Topps Tiles, the tiles and flooring specialist which also has an interim management statement out, it was named by Peel Hunt a few weeks ago as its top pick of potential recovery stocks: "In a sector not lacking in companies looking for recovery, Topps offers a stable balance sheet, no risk of Internet disintermediation and a business that has continued to build market share."

The same broker has cast its eye over Genus ahead of the pig and cow semen seller's interim management statement, and is expecting the company to announce another good year of progress. Peel Hunt's forecast is for 12% earnings growth. "Markets are generally less helpful to farmers, particularly in dairy due to commodity price movements. However, US hog prices are close to highs reflecting higher corn prices," Peel Hunt not

Positive Points: The weekly average private sales rate per site for the period was 18% ahead, with cancellation rates remaining low (17%). Visitor numbers to both the Persimmon Homes and Charles Church home finder web sites for the period were over 50% stronger than for the prior year. The government’s NewBuy scheme appears to be generating additional consumer interest, with eventual participation from the major mortgage providers expected to end in sales. The board anticipates that underlying operating margins will have increased in the first half to more than 11.5% (2011: 9.0%). Plans outlined to return £1.9 billion over the next nine and a half years appear to underscore management confidence in the outlook. A concentration on cash generation since early 2008 has allowed group debt to be eliminated. A net cash balance of £135 million was held as at the end of June 2012. A healthy landbank continues to be highlighted. The group has invested £150 million in land during the first half and has acquired 5,600 new plots, increasing its consented land bank to 63,800 plots (June 2011: 62,364 plots). Management experience and the group’s more conservative positioning coming into the financial crisis have provided for a more rapid turnaround compared to rivals

Negative Points: Management highlighted the normal seasonal slow down in private sales reservations from around the time of the Jubilee weekend. Constrained mortgage availability and wider economic concerns continue to overshadow. 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: Turnover rose by 13% to £805 million. Total forward sales are running 7% ahead of last year at £774 million As of 30 June 2012, group cash holdings totalled £135 million

Trading statement: Persimmon said it had a good first half year with sales rates and prices running ahead of the corresponding period of 2011. The group completed 4,712 new homes (2011: 4,439) in the first six months of 2012, an increase of 6% on the prior year. Weekly average private sales rate per site for the first half were up by about 18% year-on-year sending turnover up 13% to £805 million. In addition, Persimmon reported an increase in its average selling price, 7% ahead of the prior year at £171,400 due to a greater proportion of traditional family homes being sold. Like its peers within the UK housing sector, management stated that market conditions had been relatively stable despite sentiment being hit by the continued weakness in the wider economy. The company is due to release half year results on 21 August.

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

Net Debt as at 31 March 2012 fell to £28.7m from £29.4m at 31 March 2011 in line with expectations. Last month Mauritius-based sugar giant Omnicane increased its stake in Real Good Food to 20%, helping Real Good Food reduce debts and provide alternative sources of sugar following the Sugar Regime reform. "Customers in the EU are looking for alternative sources of sugar to provide competition to the reducing number of big EU beet producers," Real Good Food explained. "Omnicane can provide the experience and expertise in cane refining and Napier Brown can provide the routes to market, particularly in Europe where customers want and need new supply sources," it said

Liverpool based sugar producer the Real Good Food Company lifted sales for the 15-months to end March following a robust performance from Renshaw and Garrett Ingredients. Revenue for the 15-month period increased to £305.5m from £249m for 12 months to 31 December 2010. EBITDA jumped 62% to £9.1m during the same period. Last year Real Good Food announced it was moving its reference date from 31 December to 31 March to better align its financial reporting with its trading seasonality. Napier Brown, Garrett and Renshaw all increased their EBITDA performance year on year, the cake maker and ingredients supplier said. Chairman Pieter Totte commented: "In 2011 we delivered on our commitment to return to growth in sales and profitability. We are now embarking on an exciting period designed to transform the scale of the group over the next three years. This strategy is rooted in robust plans produced by each individual business and we have restructured the group to support these." The group saw a significant improvement in EPS adjusted (fully diluted excluding significant items) at 5.7p for 15 months to 31 March 2012 up 119% on 2.6p for 12 months to 31 December 2010

Commenting on the outlook for the firm, St. Modwen said: "Although the wider economic environment remains unpredictable and there may still be further challenges for the sector, we remain confident that our asset portfolio, development pipeline and significant London opportunities will continue to provide us with many opportunities to add considerable value for our shareholders and will help drive growth through 2012 and beyond." Underlining its confidence in future trading, the group has increased the interim dividend by 10% to 1.21p per share.

Regeneration specialist St. Modwen Properties said NAV per share increased 5 per cent to 244p in the six months to 31 May 2012 and remains confident of growth through 2012 and beyond. The land developer said the year has started very well, despite the on-going challenges posed by the wider economy, as it increases focus on the residential market. St Modwen which, along with French group Vinci, have been selected to lead the £2bn redevelopment of London's New Covent Garden Market, said revenue for the six month period rose to £81m from £61.3m for the same period last year. Pre-tax profit fell to £30.4m from £37.4m before. As well as securing the New Covent Garden Market project, St. Modwen said it is also experiencing good returns from house sales through both the joint venture with Persimmon and its own housebuilding arm, St. Modwen Homes. Realised property profits surged 48% to £16.6m and net rental income increased to £18.3m from £17.8m the same half a year earlier.

Net debt reduced by £2.1m year-on-year to £5.3m.

Shares of telecommunications services company AdEPT Telecom rallied after it recommended its first dividend payment and as it posted a 58 per cent surge in full year pre-tax profit. Pre-tax profit rose to £1.19m in the year ended March 31 from £752,000 the same time a year earlier. Revenue for the year fell to £21.91m from £23.73m. Adjusted earnings per share rose to 11.35p from 10.25p in 2011. Cash at March 31 rose to £1.869m from £1.36m in 2011. Commenting upon these results chairman Roger Wilson said: "AdEPT has delivered a ninth consecutive year of increased EBITDA and continued to deliver consistent free cash flow generation." "Despite the continuing uncertainty over the general direction of the economy, the Board is confident that continued strong cash generation, and further reductions in the level of debt in future, should support a progressive dividend policy."

Cross-border payments provider, Earthport, said it had signed up a leading global provider of electronic security, monitoring and control products, as a client. The firm said the contract provided it with "guaranteed minimum revenues extending over several years" but gave no further details of who the mystery client was. Intrigued investors pushed shares up 4%.

Rubicon Diversified Investments said it had chosen the Airbus A319 to relaunch the low cost carrier, FastJet, across Africa. It expects the first aircraft to carry passengers by October. Rubicon has only just bought the airline from Lonrho, the sub-Sahara focused investment company, in a deal worth $85.7m. The firm said it expected passenger numbers to double from current levels within six months of the introduction of the A319 fleet. The news drove shares up 9% in early trading.

Synthetic fuels company Oxford Catalysts jumped on Tuesday after the firm said it had been selected to supply technology to the GreenSky London waste-biomass to jet fuel project. GreenSky London has been established to create Europe's first commercial scale sustainable jet fuel facility. Its leading partner is British Airways. Oxford's shares rose 10% following the announcement.

"To get a product of this complexity through to approval has been an immense achievement by SkyePharma and our partner Mundipharma," said Chief Executive Peter Grant. "It is also a strong endorsement of the group's capabilities in developing innovative and complex respiratory products and good news that a new treatment option will be available for many patients suffering from asthma across Europe," he added