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Financial Highlights: Net profit for the fiscal year ended 31 March jumped 75% to $4.22 billion. Revenue, which included three-and-a-half months' trading from its recently acquired Foster's unit, rose 11% to $31.4 billion, beating consensus market expectations of $31.3 billion. The company recommended a dividend of 91 cents per share, up 12%

Full year results: Strong growth in Africa and Latin America helped global brewer SABMiller offset a fall in beer drinking in Europe and North America that saw the group unveil a surge in profits by 75%. Earnings after taxation rose to $4.22 billion in the 12 months to the end of March, compared with $2.408 billion in the previous financial year. Revenues meanwhile, climbed by 11% to $31.4 billion. The brewer has compensated for a cutback in spending in North America and Western Europe, as well as escalating commodity costs, by promoting higher-margin premium beers, paring costs and raising prices in key markets to bolster margins. "Trading conditions are expected to be broadly unchanged, with further growth in our developing markets, but no more than modest improvements in consumer spending in some more developed economies," the brewer said in a statement.

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 Africa.

Positive Points: Adjusted or underlying profit exceeded consensus analyst forecasts. Management highlighted that its revised customer handling arrangements had led to a marked improvement in customer satisfaction, resulting in significant progress on Ofwat's service incentive mechanism. United met its regulatory leakage target for the sixth consecutive year. Customer bad debts as a proportion of regulated revenue improved from 2.5% in 2009/10 to 2.1% in 2010/11. Following agreement in November 2011 for a £200 million index-linked term loan facility with the European Investment Bank, to support delivery of the capital investment programme, management noted that it "had headroom to cover its projected financing needs into 2014." Group gearing at 59% as of 31 March 2012 remains within Ofwat's assumed range (55% to 65% net debt to regulatory capital value). United Utilities Water PLC (UUW) has a long-term credit rating of A3 from Moody's Investors Service with a stable outlook. The group's business remains highly defensive when set against a backdrop of a challenging economic environment. A progressive dividend policy continues to be pursued. A 6.7% increase in the total dividend over the course of the full year compared to last year was announced.

Negative Points: Group commercial volumes were lower than expected, particularly in the second half of the year when the North West region experienced an increase in unemployment. Customer switching to meters also continues to impact group revenue. Net cash generated from continuing operating activities for the year ended 31 March 2012 was £560 million, compared with £563 million last year. This reduction reflected the accelerated staff pension deficit repair payment and an increase in operating costs. Group net debt including derivatives at 31 March 2012 was £5.07 billion, compared with £4.77 billion as of 31 March 2011. This expected increase reflected expenditure on the regulatory capital investment programmes and payments of dividends and interest, alongside the accelerated pension deficit repair payment. United Utilities operates in a highly regulated environment and is dependent on its ability to meet tough regulatory efficiency targets and frequent reviews.

Financial Highlights: Group revenue rose to £1.56 billion from £1.51 billion the year before. Underlying or adjusted profits declined to £327.0 million from £329.2 million. The total dividend over the full year rose by 6.7% to 32.01 pence (30.0 pence the year before).

Full year results: United Utilities broadly reassured investors. Although full-year regulatory capital investment increased by 12% to 680 million pounds, allowed regulated price increases underwrote a 3% increase in revenues to 1.56 billion pounds. As such, underlying or adjusted pre-tax profit of 327 million pounds was reported, ahead of the consensus analyst forecast of closer to 318 million pounds The CEO highlighted that business improvement initiatives were progressing well and the company remained on track to meet its regulatory outperformance targets. Given this and in line with its policy, the board announced a final dividend of 21.34 pence per share, an increase of 6.7%. Management noted that its "intention is to continue with this policy of targeting dividend growth of RPI (the Retail Price Index) +2% per annum through to at least 2015.

Headquartered in Warrington with 9,000 employees, United Utilities was created via the merger of North West Water and Norweb Electricity in 1995. The group holds a licence to provide water and sewage services to a population of around seven million people in North West England. United Utilities Plc is an international multi-utility business whose activities include water supply and distribution, waste water services, and utility contracting solutions. Its shares are listed on the London Stock Exchange and it is a member of the FTSE 100 Index.

Managed house revenue in the first seven weeks of the year was up 3.9% in total but down 2.0% on a like-for-like basis. "We are excited about the prospects that the Jubilee and Olympic summer will bring. Whilst the economy remains fragile, we believe that, with our focused and high-quality offering, we are well placed to continue to achieve growth," Goodyear said.

The group's net debt was reduced by £4.5m to £118.1m at the end of the reporting period. Goodyear predicts good year Performance in recent weeks has inevitably been affected by the dismal weather conditions, which contrasts markedly with the hot spell the UK enjoyed in the same period of 2011.

On the tenanted side, LFL revenue was up by 0.6% while operating profit was up 4.1%. Total revenue was down 5.8% at £13.6m, and operating profit was down 1.9% at £5.3m, both reflecting the smaller number of pubs compared with last year, and particularly the fact that three of the largest sites were transferred to the managed operations. However, the average EBITDAR (earnings before interest, tax, depreciation, amortisation and rent) per pub improved 1.9% to £73,000.

Booze sales were up 5.0% on a LFL basis, with traditional cask beer sales continuing to outperform the market. Food sales were up 7.2% on a LFL basis. Accommodation sales were up 15.4%. Tenanted estate a bit flatte

Managed house revenue rose 29.1% to £165.0m, with like-for-like sales up 6.0% on the previous year. Managed house operating profits were up 20.6% at £35.3m, and up 5.2% on a like-for-like (LFL) basis. However, the division's operating margin eased to 21.45 from 22.9%, reflecting Geronimo's lower operating margins and also the impact of what the group calls "immature sites" where higher than normal levels of staffing costs are expected in the early days of a new pub.

Adjusted earnings per share (EPS) rose 17.8% from the year before to 33.41p, topping expectations of EPS of 31.74p. Managed estate booming

Revenue in the 52 weeks to April 2nd rose to £179.0m from £142.6m the year before, boosted by a full year's contribution from Geronimo Inns as against just 16 weeks the year before, and ahead of market expectations of £173.7m. Underlying profit before tax of £21.3m was marginally ahead of expectations of £21.1m. The group registered a statutory loss before tax of £5.4m versus a profit of £15.8m the year before, as a result of a £29.1m exceptional charge relating to the revaluation of the group's pub and hotels estate. The loss is purely a paper one which the group is obliged by accounting regulations to recognise.

Young's evolution into a pure pubs group after the disposal of its brewing interests last year has put the board in a happy mood which even the recent dismal weather cannot spoil. "The disposal of our stake in Wells & Young's has allowed us to focus on our core, premium pub strategy," claimed Stephen Goodyear, Chief Executive of Young's, as the group unveiled a 17.4% increase in underlying profit before tax.

The shares are held through Anuradha Holdings Private Limited (AHPL), which has conditionally agreed not to dispose of further shares in the company for a period of 12 months following the completion of the placing and following this it will be subject to an orderly marketing arrangement for an additional 12 months.

A Non-Executive Director of investment group Infrastructure India has sold 12.5m shares in the firm at 55p through an accelerated bookbuild secondary placing to satisfy certain personal financial obligations. Vikram Viswanath now holds 42,488,993, or 19.4% of the issued share capital, having sold 5.7%

International Greetings, a stationary manufacturer, has confirmed that its second-half performance was in line with expectations with full-year sales coming in at over £220m. Its focus on gross margins has continued to show benefits, with adjusted profit before exceptional items and tax towards the upper-end of market expectations. The firm has continued to reduce net debt and expects to report levels of £42m at the year end (2011: £44.4m). Exceptional costs associated with relocation its factory in China were higher than expected, but the company said anticipated payback on the project remains favourable at two years. In the coming year the firm will continue to focus on improving its operating margin.

Water treatment provider Hydro International has admitted trading remained challenging through the early part of 2012, resulting in delays of the timing of some projects and, ultimately, a lower first half-year performance than that seen in the corresponding period. Full-year results will consequently be heavily weighted towards the second half of the year. The firm was keen to emphasise both that record levels had been seen in the same period the previous year and that new enquiry levels remain buoyant and the pipeline of potential opportunities is strong.