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Severn Trent investors have reasons to be annoyed after the water company's performance since rejecting a takeover bid, Danny Fortson argued in the Sunday Times. In his Inside the City column, Fortson said Severn's shares are almost a fifth lower than the 22 pounds offered by overseas investors a year ago. New Chief Executive Liv Garfield has a difficult job because the industry regulator has said price rises will be limited. With Deutsche Bank predicting falling profits and a small dividend cut next year

Positive Points: In the period, Hammerson signed a total of 80 new leases across its portfolio for 22,000m² representing over £5 million per annum in rental income. Croydon Council has approved the use of compulsory purchase orders required for the £1 billion redevelopment of the Whitgift Centre by the Hammerson/Westfield joint venture. The company said it has continued to progress plans for Bishopsgate Goodsyard in conjunction with its joint venture partner Ballymore, and following a period of consultation with stakeholders, the company expects to submit a planning application for the mixed-use site in the coming months. The group offers a degree of geographical diversity. Hammerson has previously been subject to speculative takeover rumour.

Negative Points: The group's shopping centres face stiff competition from the impact of internet shopping. British retailers still face challenging conditions as government austerity measures, rising prices and stagnant wage growth force shoppers to assess spending. In February, Hammerson announced it had completed the sale of its office properties, a move that reduces the group's diversity.

Financial Highlights: Overall occupancy levels in the group's portfolio was 96.6% as at 31 March 2014 (31 March 2013: 96.6%). In the UK leases were struck 8% above Estimated Rental Value (ERV), in France 1% above, and there has been evidence of ERV growth in selected units, added Hamerson. The group's net debt position remains unchanged at £2.3 billion at 31 March (31 December 2013 - £2.3 billion).

Interim management statement: Hammerson saw overall occupancy levels maintained at 96.6% as at 31 March, unchanged from a year earlier. David Atkins, Chief Executive said: "Economic recovery, particularly in the UK, is generating confidence in our consumer markets. We have seen improving leasing demand over the period, and have struck deals at good levels in both the UK and France". Hammerson's retail and leisure scheme in Marseille, Les Terrasses du Port, will launch on the 24th May. 96% of rents are now secured at the scheme. Elsewhere, in respect of ongoing property development, construction is underway at Victoria Gate, Leeds and Le Jeu de Paume, Beauvais. At Victoria Gate, Sir Robert McAlpine has been appointed the contractor, and the £150 million scheme, which will deliver 34,000m² of high-quality retail space including a new John Lewis, is due to be completed by the end of 2016. Construction of Le Jeu de Paume in Beauvais is progressing well, and Hammerson expect the 24,000m² scheme north-west of Paris to complete toward the end of next year. Furthermore, Croydon Council has approved the use of compulsory purchase orders required for the £1 billion redevelopment of the Whitgift Centre by the Hammerson/Westfield joint venture. "In addition the ongoing strength of investment demand in both our territories is providing support for valuations. We are on site with a number of retail developments, and are progressing other major retail schemes, to capitalise on this demand from both the consumer and investment markets," added David Atkins

Positive Points: Underlying group sales growth of 3.6% was reported, with emerging markets up 6.6%. The Chief Executive noted that "we delivered good growth in the first quarter despite slowing markets and a tough competitive environment." The group noted that "we continue to deliver strong, margin-accretive innovations whilst embedding operational discipline across our markets. We continued to drive savings programmes and take selective pricing to offset commodity cost increases." The Chief Executive highlighted that "we continue to invest in our brands so that they are well-placed to benefit from the significant longer term growth opportunity that will come from growing populations and higher disposable income (in the emerging markets)." Given difficulties for its Spreads business, management previously noted that "we are taking action to enhance the naturalness of our products." Group outlook comments noted that "we remain focused on achieving another year of profitable volume growth ahead of our markets, steady and sustainable core operating margin improvement and strong cash flow." In 2013, Unilever spent 2.45 billion euros ($3.2 billion) to boost its holding in its Indian subsidiary to 67% from 52%. A dividend yield of over 3% (as of 24 April 2014 - not guaranteed) remains attractive in the current low interest rate environment..............

Negative Points: Group turnover decreased by 6.3% to €11.4 billion, with a negative currency impact of (8.9%). Management noted that "Market growth continued to slow in the emerging markets, particularly in South Asia and South East Asia." The company pointed to weak market conditions in Russia. The group highlighted that "As previously disclosed, along with other consumer products companies and retail customers, Unilever is involved in a number of ongoing investigations by national competition authorities. These proceedings and investigations are at various stages and concern a variety of product markets." In the second half of 2013 Unilever recognised provisions of €120 million related to these cases, disclosed within non-core items. In North America, foods sales were the hit by the timing of Easter and the decline of the margarine market, along with weak sales in dressings. Broader consumer health concerns may be a factor hindering its Spreads business. Closing net debt at 31 December 2013 was €8.5 billion versus €7.4 billion as at 31 December 2012. The main factor driving the increase was the impact of a €2.5 billion cash outflow to increase the Group's interest in Hindustan Unilever Limited from 52.48% to 67.28%. The company previously noted that "we continue to see high levels of competition in many markets and promotional intensity remains high."

First quarter results: Unilever echoed the tough environment recently outlined by rival P&G. The strong euro provided a stiff currency headwind for the group's targeted emerging markets, while political difficulties in Russia proved unhelpful. The timing of Easter impacted on US food sales, margarine appears to remain broadly out of favour with consumers, whilst ongoing investigations by a number of national competition authorities provide a further point of investor concern. On the upside, management initiatives including product innovation and the rejigging of the group's business portfolio are ongoing, while cost containment and selective price rises to offset commodity cost increases are also aiding performance. In all, with consumers in many of the group's markets pressured by currency movements and wage growth which remains below inflation, branded consumer goods are, for now, a tough place to be. Despite expected long term benefit from the company's growing exposure to the emerging markets

Positive Points: Anglo American saw production had increased across all its major operations in its first quarter, bar platinum. The company's Chief Executive Mark Cutifani, who took over last April, is seeking to boost profitability by improving operational performance at its mines, slashing costs, reducing the company's project pipeline, and extracting more value from the sale of its products. Production at De Beers, a diamond producer owned by Anglo, rose 18% to 7.5 million carats in the quarter. Speculation regarding a potential takeover has previously been rumoured.

Negative Points: The platinum industry in South Africa has been significantly affected by ongoing industrial action and strikes as miners aim to achieve better wages, leading Anglo American to revise down its 2014 platinum production guidance. Industry-wide cost pressures remain a concern. Industry-specific risks include government actions, such as controls on imports, exports and prices. Also, new forms or rates of taxation and royalties, and increased government regulation overshadow

Financial Highlights: Exploration expenditure in the quarter was $35 million, a decrease of $13 million, spread across all commodities but particularly metallurgical coal and diamonds. Evaluation expenditure in the period was $47 million, a decrease of 15%. Evaluation expenditure in Q1 2014 was primarily focused on its Copper business.

First quarter production report: Global diversified miner, Anglo American reported higher output in the first quarter across its major operations when compared with the same quarter a year earlier, with the exception of platinum which suffered from protracted strikes in South Africa. The miner said its iron ore production increased 10% to 11.3 million tonnes for the three months ended 31 March, from 10.3 million tonnes in the previous year. The company reported its export metallurgical coal production increased 31% to 6.1 million tonnes from 4.6 million tonnes, and its export thermal coal production increased by 6% to 4.1 million tonnes. Copper production increased by 18% to 202,000 tonnes, while nickel production increased by 48% to 9,200 tonnes from 6,200 tonnes driven by improved operational stability at its Barro Alto site in Brazil. The company added that its diamond production increased by 18% to 7.5 million carats from 6.4 million carats due to the impact of planned maintenance at its Orapa site in Botswana during the corresponding quarter and recovery of certain operations at its Jwaneng site. Less positively, the miner saw its platinum equivalent refined production decrease by 39% to 357,000 ounces from 583,000 ounces, as a result of ongoing industrial action at its Rustenburg, Amandelbult and Union mines in South Africa. As a result, the group has revised down its 2014 platinum equivalent refined production guidance to roughly 2.1 million ounces, from its previous guidance of 2.3 to 2.4 million ounces

Positive Points: Like-for-like revenue growth was reported was reported in all regions and all sectors, notably in the UK, North America, Asia Pacific, Latin America and Africa and the Middle East. The world's largest advertising group, reported a better than expected 7% rise in first quarter like-for-like revenue growth and said it had seen a surge in new client wins due to changes in the advertising and marketing industry. The group's strategic focus on accelerating its current strategy of expanding its presence in new markets continues. Group completed 20 transactions in the first quarter, 13 acquisitions and investments were in new markets and 16 in quantitative and digital. WPP remained upbeat regarding prospects in 2014 with opportunities in the form of the football World Cup in Brazil, and the mid-term US Congressional elections. Group net debt at 31 March was down £462 million on the same quarter in in 2013, with average net debt in first quarter of 2014 down by £602 million over same period in 2013.

Negative Points: The strength of sterling in the period resulted in a negative currency impact on reported revenues of -8.1% in first quarter. The group highlighted a number of global concerns including, a China or BRICs hard or soft landing, the fragile state of the Eurozone, the US deficit and a record level of $16 trillion of debt, and the decisions to launch referenda for Scottish independence and Britain's European Union membership. Each WPP company operates in a fiercely competitive sector.

Financial Highlights: Net new business gains of £797 million were achieved in the period, compared to £940 million in the corresponding quarter a year earlier. WPP reported group revenues had advanced by 1.5% in the quarter to £2.57 billion with like-for-like revenue growth of 7%. Share buy-backs accelerated to £173 million or 1.0% of share capital in the quarter. Average net debt in the first quarter of 2014 was £2.45 billion, compared to £3.05 billion in 2013.

First quarter trading update: By its own standards, WPP's full year results were something of a disappointment, but this update marks a return to form. The quarter provided a higher than expected start to the year, which gives the company immediate momentum, whilst the delay of the Publicis/Omnicom deal leaves those competitors with an unwanted distraction. Furthermore, the strength of cash generation has enabled WPP both to accelerate the share buy back programme and reduce net debt, and there are further significant opportunities this year in the form of the mid-term US Congressional elections and the impending World Cup. Less positively, the strength of sterling in particular means that the currency impact on the figures remains a concern, whilst the company openly admits that some clients are not yet prepared to take the plunge on new spending given wider economic and geopolitical uncertainties. Even so, WPP has managed to remain a strong performer, with the share price having risen 20% over the last year, as compared to a 4% hike for the wider FTSE100. Although the share price performance has been more anaemic of late

Financial Highlights: William Hill reported a year-on-year fall in operating profits of 14% in the first quarter of the year. Adjusted group revenues grew by 5% in the quarter. Group net debt decreased to £710 million in the period (31 December 2013: £796 million). Negative Points: As a direct result of the government's unexpected announcement about an increase in Machine Games Duty to 25%, the company said it has reviewed shop profitability and will be closing 109 shops this year. Competition, particularly in the online arena, remains intense. The industry faces a shake-up over government plans to close a loophole that has allowed businesses to base their online activities offshore to cut their tax bills. William Hill reported a £13 million loss in the second week of 2014 when football results went against it. An exceptionally unfavourable run of sporting results could depress revenue growth. The economic backdrop is currently challenging with austerity measures in place in many of the group's markets. Positive Points: William Hill reported strong Online gaming net revenue growth, up 16%, benefiting from 142% growth in mobile. Australia is now established as the group's second home market, with potential to expand into a more mass market customer base. William Hill US reported a strong quarter with amounts wagered up 23% that saw operating profits swell by 188%. During the second half of 2013, the company completed the acquisition of the outstanding 29% of William Hill online which it did not already own from Playtech for £424 million. The acquisition was financed by the proceeds from the rights issue and £50 million of debt from the Group's bank facilities. No significant changes in the group's financial position were communicated. The company's debt position improved by £86 million from the previous quarter. Founded in 1934, William Hill is now the UK's largest bookmaker with more than 2,390 licensed betting offices and is a constituent of the FTSE100 index.

Positive Points: Trading for the quarter proved to be in line with previous management expectations. The Chief Executive noted that "Our major programme of restructuring and investment is on-track and will drive a leaner, more cash generative, faster growing business from 2015." The company previously highlighted that it will benefit from the absence of £176 million of gross restructuring charges expensed in 2013, which it expects to generate £60 million of incremental cost savings in 2014. Investment in the group's businesses is being made. The Chief Executive has in the past expressed long term confidence, noting that "we are uniquely positioned to tackle some of the biggest challenges in global education including the transforming power of technology. I am particularly excited about the significant opportunity digital education offers for Pearson and the next generation of learners." The Financial Times business generated adjusted operating profit growth of 17% in 2013. Management previously highlighted that "digital subscriptions to the FT continued to grow strongly." The group's business portfolio is still being assessed and adjusted. In December 2013, Pearson announced the disposal of its Mergermarket business to BC Partners for £382 million. The group's dividend policy remains progressive. The total dividend for the 2013 full year was raised by 7%.

Negative Points: Headline sales declined by 6% due to the strength of sterling against the US dollar and key emerging market currencies. Currency volatility can work both for and against the company. With the group generating approximately 60% of its sales in the US, the movement between the pound and the dollar remains significant. The Chief Executive previously noted that "We expect trading conditions to remain challenging in 2014. We believe cyclical pressures will begin to ease from 2015". Cyclical and policy-related pressures for its largest markets are expected to persist, impacting revenues and margins. A combination of higher than expected restructuring charges in relation to its formerly announced acquisition of Random House and merger with its Penguin books division and below forecast trading at its North American Higher Education business have impacted. The company previously noted that "our North American education business faced a tough trading environment throughout 2013, driven by state budget pressures and the transition to the Common Core (affecting our School business) and lower enrolments (affecting Higher Education)." The outlook for advertising markets (for the Financial Times) remains subject to macroeconomic conditions.

Financial Highlights: Headline sales declined by 6%. Management still expects to report adjusted earnings per share of between 62 pence and 67 pence in 2014. The group reiterated that its profits are heavily weighted to the second half.