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Satellite communications group Inmarsat has reached a settlement with its US partner, Lightsquared, over the money the US wireless network company owes the FTSE 250 firm. The two parties have renegotiated their co-operation agreement to take into account LightSquared's cash flow difficulties. LightSquared has made a payment to Inmarsat of $56.25m, being the overdue completion payment for the Phase 1 transition part of their previous agreement.

Meanwhile defence group BAE Systems was edging higher, rebounding after yesterday's slight fall when it was reported that 2,000 workers at its Samlesbury and Warton sites would take one day of unpaid leave a month for two years in order to prevent compulsory redundancies.

Positive Points: The group's Driveline unit, which makes products such as driveshafts, chassis and axles, reported a 28% rise in profit in the first three months of 2012. GKN's revenues were also boosted by the acquisition in 2011 of Stromag, which makes components such as electro-magnetic brakes and hydraulic clutches, and Getrag Driveline, a privately owned German business that supplies all-wheel-drive transmission systems. Aerospace revenues were £370 million, up 5% year on year, supported by increased production of civilian aircraft such as Boeing’s 787. The diverse engineering group reported sales growth in all four of its divisions. Audi, BMW and Volkswagen are among GKN's biggest customers

GKN faces risks from volatility in vehicle production, continuing pricing pressure from car assemblers and warranty claims. Net debt rose to £625 million (31 December 2011: £538 million), reflecting last year's acquisitions and the expected seasonal increase in working capital requirements. The multinational company is exposed to currency exchange rates and raw material prices.

Financial Highlights: GKN's first-quarter trading profit rose 19% to £142 million. Revenue increased 17% at 1.74 billion pounds, helped by the contribution of acquisitions made last year. Net debt at 31 March 2012 stood at £625 million (31 December 2011: £538 million), reflecting higher capital expenditure to support growth in the business, added management.

Interim statement: The engineering company reported that good progress had been made with sales for the first 3 months of 2012 totalling 1.74 billion pounds, a 17% increase over the comparable period in 2011. GKN’s acquisitions last year, Getrag Driveline Products and Stromag, were reported as being successfully integrated and both made a strong contribution. Despite some macro-economic uncertainty, management expects 2012 to be a year of good progress, based on its market leadership positions, advanced technology and extensive global footprint. The Group intends to issue its half year results announcement on 31 July 2012. Financial Highlig

GKN plc is a multinational engineering company headquartered in Redditch, United Kingdom. The company was formerly known as Guest, Keen and Nettlefolds and can trace its origins back to 1759, the birth of the industrial revolution. GKN is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

The group confirmed that good progress had been made working on business plans to implement the sale if its London office portfolio. In France, long-term leases were signed at levels 0.4% above ERV and its major retail development at Les Terrasses du Port, Marseille, is now 65% pre-let. Hammerson owns and holds stakes in some of the UK's largest malls, such as the Bullring in Birmingham and Brent Cross in North London.

Negative Points: Footfall in the company's UK shopping centre portfolio declined 1.9% compared to Q1 2011. In France, reflecting weakness seen in anchor stores, the group saw footfall in its shopping centres fall 4.3%. French tenants' sales were down 1.6% over the period. Should occupational demand weaken more than anticipated, it could result in a decline in rents and property values, with a rise in tenant defaults and vacant space negatively impacting cash flows.

Financial Highlights: Cash balances stood at £76 million with borrowings of £2.1 billion at 31 March 2012.

Interim statement: Retail focussed real estate company Hammerson said it had again performed well despite the challenging economic backdrop and continued pressure on household incomes, adding that overall occupancy in the portfolio remained high at 97.1%. Operationally, the group signed 56 new leases in the period (Jan – Apr) worth £3.5 million of rental income per annum. In the UK it signed long-term leases in its retail portfolio with rents, overall, 3.3% above estimated market rental value (ERV) as at December 2011. In a separate statement, and in a move to actively manage its balance sheet and optimise its debt structure, Hammerson has offered to buy back up to EUR 200 million in bonds for cash to manage the company's near term debt maturities and lower the running cost of debt. The tender offer relates to the EUR 700 million of 4.875% bonds due to be redeemed in 2015. Highlighting global macro uncertainty, management considered that occupier and investment demand for retail space will continue to be concentrated on modern, well maintained properties in the best locations, such as those owned by Hammerson.

Hammerson is a major UK property investment and development company. It not only operates in the United Kingdom (over 70% of the portfolio), but also owns significant developments in France. The portfolio is valued in the region of £5.1 billion, with developments divided between 28% office accommodation, 52% shopping centres and 20% in retail park development

Positive Points: Important group profit generators such as iron ore and copper have seen increases in production reported. All three group strategic growth projects which were delivered in 2011 are ramping up well, achieving between 74% and 86% of nameplate capacity during the quarter. Metallurgical Coal's production of export metallurgical coal increased by 73% to 3.7 million tonnes following the Q1 2011 floods in Australia. A $5.1 billion acquisition of up to 40% interest in De Beers was progressed over the 2011 year. Management described this as a "unique opportunity to consolidate control of the world's leading diamond company." The group's divestment programme of non-core businesses is now largely complete. Foreign currency fluctuations, particularly in relation to the South African Rand and the US dollar, can work in the group's favour. A progressive dividend policy continues to be pursued. Speculation regarding a potential takeover continues to be rumoured.

Negative Points: Metallurgical Coal's production of export metallurgical coal decreased by 8% compared to Q4 2011 due to wet weather. In 2011, the company's operations were impacted by a number of challenges, most notably weather disruptions in Queensland, Chile and southern Africa. Diamond production decreased by 16% to 6.2 million carats, and by 4% compared to Q4 2011, mainly reflecting De Beers' continued scheduled maintenance and waste stripping activities. Worries over the health and the outlook for the global economy continue to cast a shadow. Such concerns influence the price of mined group commodities. 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. Anglo remains in a dispute with Chilean state-owned miner Codelco. The possibility that Chilean state-owned miner Codelco will exercise an option to a stake of up to 49% in Anglo's southern Chilean properties, including Los Bronces, continues to overhang. Such a move would reduce overall company growth. Rising cost pressures have previously been highlighted as impacting performance. Both rising electricity prices and sulphuric acid costs, used in production, provide pressures. The board noted that it "was continuing to manage a number of challenges in a high inflationary Brazilian mining environment." Foreign currency fluctuations, particularly in relation to the South African Rand and the US dollar, can drag on earnings.

Highlights Iron ore production increased by 17% to 11.7 million tonnes. Copper production increased by 21% to 168,400 tonnes. Diamond production decreased by 16% to 6.2 million carats.

First quarter trading update: The update broadly reassured investors. Both its important iron ore and copper operations reported increased production compared to Q1 2011, although diamond production fell. Iron ore production increased by 17% to 11.7 million tonnes mainly due to the ramp-up of production from Kolomela mine and a continued improvement in performance at Amapá. Copper production increased by 21% to 168,400 tonnes, mainly due to the continued ramp-up of the Los Bronces expansion and higher ore grades at El Soldado. Nickel and platinum also increased by 97% and 5% respectively, although Diamond production decreased by 16% to 6.2 million carats, mainly reflecting De Beers' continued scheduled maintenance and waste stripping activities.

Anglo American is a diversified global mining company. The company's portfolio of mining assets and natural resources includes platinum group metals and diamonds, with interests in copper, iron ore, metallurgical coal, nickel and thermal coal, as well as a series of share stakes in other mining and industrial businesses. It operates in Africa, Europe, South and North America, Australia and Asia. Anglo Platinum, a managed subsidiary, owns platinum reserves.

Positive Points Visitor levels to group sites over the first fifteen weeks have been 10% higher, with cancellation rates running at historically low levels at 17%. 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. With the operating margin improving to 10.0% from 8.2% in 2010, underlying full year 2011 pre-tax profit increased by 55% to £148.1 million (2010: £95.5 million). 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 £12 million was held as at the end of March 2012. As of the full year results, a healthy landbank was highlighted. 14,300 plots were acquired in the year, bringing the total of owned and controlled plots to 63,300, representing over 6.5 years of supply. Management experience and the group's more conservative positioning coming into the financial crisis have provided for a more rapid turnaround compared to rivals.

Constrained mortgage availability and wider economic concerns continue to overshadow. Regulatory moves to increase banking capital cushions could further constrain mortgage availability. With more starter homes being sold, the group's average selling price declined by 2% to £166,142 compared to the prior year as of 2011 full year results. 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.

Positive Points: IMI's Severe Service unit has had a strong start to the year with shipments for the first three months of the year up around 30%. Revenues in the first quarter within its Fluid Power business were at similar levels to last year, with reasonable growth in the US and Asia offset by weaker sales in central and southern Europe, added the group. IMI acquired Remosa SpA, a leading engineering business specialising in valves and related flow control products for severe applications, for £107 million.