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Chief Executive Kenneth Alexander said: "We are extremely pleased with the performance in both divisions. B2C sports margins have been adversely affected by favourable punter outcomes this year, which has suppressed an otherwise excellent start to the year. GVC's agreement with East Pioneer Corporation is progressing well with daily turnover now exceeding €174k per day

Within the B2C division, total turnover rose from €0.098m to €0.105m, following a leap in sports wagers, while in the B2B divsion, turnover jumped from €0.006m to €0.174m.

GVC Holdings, a provider of business-to-business (B2B) and business-to-customer (B2C) services to the online gaming and sports betting markets, has more than doubled like-for-like turnover in the year to date following an 'excellent' start to 2012. Turnover across both its B2C and B2B divisions increased from €0.1m to €0.28m, already surpassing levels seen during the whole of 2011 at €0.13m

Sagging armaments expenditure in the West is likely to hinder QinetiQ (QQ.), despite its turnaround programme, as the Farnborough firm generates 90% of its sales from the defence industry. After a stunning run from last summer's lows to a two-year peak of 159.9p

The Ministry of Defence (MoD) spin-off has at least slashed its pension deficit to zero, by means of a change to how future liabilities were calculated. The elimination of the MoD's ability to veto any of the company's transactions or activities - as well as a reduction in its compliance requirements - should allow QinetiQ greater strategic as well as financial freedom and perhaps even put the firm in the sights of a predator. But while uncertainty reigns over defence spending trends, earnings estimates remain prey to downward revisions and the stock's 10 times price/earnings rating could come under renewed pressure. A yield of 2.1% is also unlikely to provide sufficient support in the event of fresh profits disappointment

Senior's 2011 acquisitions of Damar Machine Company and Weston ER helped to improve market share at Airbus and Boeing and boost its footprint in the UK, USA and Thailand. Senior is forecast to grow earnings per share (EPS) by 12% to 16.4p for the fiscal year ended December 2012, according to analyst consensus, and generate a further 10% advance in 2013. Price/earnings (PE) ratios of 12.7 and 11.5 for 2012 and 2013 respectively do not look demanding in this context.

Trading conditions for its Aerospace and Flexonics arms remained positive from the start of 2012, with profit before tax running slightly above expectations for quarter one, the company announced in last month's interim management statement (26 April). In addition to its exposure to the lucrative civil aviation market, the Flexonics division builds parts for the automotive industry, which is enjoying a good start to the year. Senior advised in its statement off-take from the North American truck sector was offsetting weakness in European demand for passenger cars.

As a major supplier to both Boeing (BA) and Airbus, precision engineer Senior (SNR) looks to have solid profit prospects. Around 60% of the Rickmansworth-based firm's turnover emanates from building structural, engine and fluid conveyance components for the commercial and military aircraft sector.

Positive Points: The group's self-help programme has generated an uplift for profit margins. At its UK Services division, underlying operating profit grew by 33% to £63.0 million with the underlying margin increasing to 10.3% (2011: 7.3%), as the division took action to address its cost base. For Global Products, an underlying profit margin of 20.4% was achieved (2011: 11.8%). This primarily reflected the mix of US product sales and substantially improved performance in the UK, where the business was re-aligned with customer demand late 2010 / 2011. As of 31 March 2012, group net debt improved to £122.2 million, compared with £260.9 million as of 31 March 2011. The net pension liability, after deducting deferred tax, improved to £18.2 million from £92.2 million in 2011. Changes in the UK government's Special Shareholder rights have been obtained. This was a key objective within the group's 24-month self-help plan. An increase in the dividend payment has been 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: Continuing market uncertainty, particularly in the US, leaves outlook for current year unchanged. Management noted that "Defence markets remain challenging as the long cycle of high defence spending comes to an end and governments seek to re-set budgets to deliver deficit reduction goals." Group revenue declined to £1.47 billion compared to £1.7 billion last year. This reflected the difficult trading environment and contract delays in the US and UK defence markets, and the strong demand for its Q-Net® vehicle survivability product last year. For its US Services division, revenue declined by 7% on an organic basis at constant currency, reflecting continued uncertainties in the federal services market. Underlying operating profit was £32.1 million (2011 £45.9 million) and the underlying margin was 6.0% (2011: 7.6%). QinetiQ operates in a highly competitive marketplace.

Financial Highlights: Group revenue declined to £1.47 billion compared to £1.7 billion last year. Underlying or adjusted operating profit rose to £161.3 million from £145.3 million. Group net debt declined to £122.2 million from £260.9 million last year. The dividend payment rose to 2.90 pence per share from 1.60 pence last year.

Full year results: Following the completion of a two year restructuring programme, management hiked the dividend as a sign of its confidence in the longer term outlook. Underlying or adjusted operating profit rose, with the increase in the profit margin driven by improvements for both its UK Services and Global Products divisions. Strong cash generation again helped to reduce group debt, whilst the position of the company's staff pension scheme was addressed – the deficit was reduced to £31.5 million from £124.6 million as of 31 March 2011. As for the outlook, management noted that "Given the continuing uncertainty and lower than normal visibility in our markets, our expectations for trading performance in the current year remain unchanged. However, the success of our self-help programme in restoring both the balance sheet and portfolio to strength gives the board confidence in QinetiQ's ability to build significant value over the next phase of its development."

QinetiQ Group plc provides technical support, training, test and evaluation, and know-how to customers in the global defense, aerospace and security markets. The Company operates in three divisions: US Services, UK Services and Global Products. US Services involves aerospace operations, engineering management, information services, mission solutions/cyber and software and systems engineering. UK Services involves air engineering, test and evaluation, training and simulation, cyber security and programme and procurement support. Global Products involves survivability, unmanned systems, energy from waste and vehicle power management. QinetiQ raises the dividend in an expression of confidence

Positive Points: Management said its "focus was on improving cash generation and increasing the return on invested capital of the Group through a combination of organic growth opportunities and active portfolio management". The group saw mobile data revenue growth of 82% across its portfolio. Revenue in CWC's Caribbean operations increased by 38%, to US$1.1 billion, largely due to the introduction of the Bahamas. On 6 April 2011 the group completed the purchase of a 51% stake in BTC in The Bahamas for a cash consideration of US$204 million.

Negative Points: The Board has announced that it is to rebase the dividend to US 4 cents per share for the financial year 2012/13, subject to performance of the business in the coming year. Industry specific risks to CWC include accelerated competition, technological risk, weaker demand and regulatory risks, all of which may place pressure on margins. A failure to deliver operational improvements through efficiency measures may erode profits.

Financial Highlights: The group reported earnings before interest taxes, depreciation, and amortization (EBITDA) of US$901 million, up 5%. Full year revenue rose 18% to $2.88 billion. A final dividend of US 5.33 cents per share making the total for 2011/12 of US 8 cents has been recommended.

Full year results: Cable and Wireless Communications, which owns mobile and fixed-line operations in 27 countries, has cut its final dividend in a bid to help retain cash to cover investment needs in its international telecoms business. Following the demerger in 2010, the group said it had faced global economic uncertainty which had impacted on its business, especially in the Caribbean. "With this in mind, and having reassessed the financial outlook for the Group, combined with the opportunity to invest and achieve attractive returns, the Board has decided to rebase the dividend to US 4 cents per share for the financial year 2012/13, subject to performance of the business in the coming year." the company said. The announcement came as the group's full year results principally met market expectations that saw an 18% rise in revenues to $2.88 billion and earnings increase 5% to $901 million.

Cable & Wireless Communications Plc is a multinational telecommunications company headquartered in London with operations in the Caribbean, Macau, Monaco, Panama and numerous small islands. It was formed when Cable & Wireless Plc demerged in 2010 to form two companies (the other being Cable & Wireless Worldwide Plc). Cable & Wireless Communications is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Positive Points: The world's second biggest brewer earns 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. The maker of Grolsch, Peroni Nastro Azzuro and Miller Lite said African, Asian and Latin American volumes rose 13%, 4% and 8%, respectively. South African volumes grew 2%. SAB Miller is one of the world's largest bottlers of Coca-Cola products. It had a market capitalisation of approximately £41.6 billion as of 19April 2012. Beer price rises helped the group to push up revenues. The group's dividend policy continues to be progressive.

Negative Points: European volumes fell 1% amid difficult economic conditions. 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. 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. China's economy grew at its weakest pace in nearly three years in Q1 2012, with the annual rate of expansion slowing more than expected to 8.1% from 8.9% in the previous three months.