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The UK is expected to be one of the fastest growing major European economies in 2014, and investors hunting for exposure to domestic earnings growth would do well to wrap up shares in Macfarlane (MACF) within their Isa allowance. The London-listed protective packaging company's earnings are geared to an improving economy and look set to ramp up in 2014 and beyond through a combination of new business wins, internet retail growth and bolt-on acquisitions. True, selling generic and bespoke cardboard boxes, labels and plastic films to manufacturers is hardly the sexiest of growth businesses. But Macfarlane is the leading player in the £500m-a-year market with 20 per cent shares. And shares in the company appear undervalued on just 10 times forward earnings and boasting a more-than-twice-covered 4.2 per cent prospective dividend yield. Moreover, Macfarlane's chief executive Peter Atkinson expects the business to turn a corner in 2014 after several years of pricing pressure and subdued demand. Macfarlane has done this by targeting growth markets such as internet retail and third-party logistics companies, while keeping a tight lid on overheads. Key contract wins earlier this year with online retailers ASOS (ASC), The Hut and Feel Unique led to a step-up in underlying revenue growth to 3 per cent in the fourth quarter of 2013, up from an average of 1.5 per cent throughout the year. Encouragingly, Mr Atkinson says the improvement in trading has been sustained into the current quarter. Profits before tax and exceptional items rose to £5.1m in 2013 from £4.5m in 2012.

True, on first sight, Merlin's shares do not look screamingly cheap based on a consensus-forecast 2014 price-to-earnings multiple of 22 times. But the valuation doesn't look bad when compared with blue-chip peers such as Whitbread on 27 times, Carnival on 24 and InterContinental Hotels on 21. What's more, the diversity of Merlin's end-markets and the plethora of growth opportunities means the multiple can be regarded as a price worth paying. Sentiment towards the shares should also be bolstered by expectations that a dividend will start to be paid this year and the prospect of elevation into the FTSE 100

The £1bn debt pile is on the high side as it represents 2.6 times last year's underlying cash profits. However, the company has been alleviating borrowing pressures. During the year, negotiations resulted in an extended loan-maturity date of July 2019 and the current debt-to-cash-profit multiple is substantially down from 3.7 times in 2012. Ivestec expects this to fall to 1.4 times by the end of 2017. It's also worth noting that money is mostly owed to existing institutional shareholders Blackstone, CVC and Kirkbi after they clubbed together to form a lending syndicate

Sometimes it is worth paying up for quality, and we feel that is the case with London newcomer Merlin Entertainments (MERL). Recently reported results for 2013 underpin the case for investing in the leisure parks operator and support brokers' expectations of 15 per cent annual EPS growth for the foreseeable future. With a plethora of growth opportunities providing the potential for future upgrades, we think the shares can keep up the strong momentum established since November's 315p IPO. Merlin operates 99 attraction across 22 countries and such diversity means it offers excellent exposure to the long-term trend towards growing global leisure spend. Indeed, as the West recovers and consumers in emerging markets grow richer, global leisure spending is expected to increase by 5 per cent a year between 2011 and 2016. Merlin is in a particularly good position to exploit this due to its enviable brand portfolio, which includes well-known attractions such as Legoland, Madame Tussauds and SEA LIFE. Management is pursuing several strategies to exploit this growth potential. The opportunity is not lost on the group's well respected management team which is targeting several growth strategies. One area of potential involves getting more money from visitors at existing sites by expanding the amount of accommodation on offer and thereby encouraging more revenue-boosting multi-day visits. For 2014, the company has already laid out plans for a second hotel at the Chessington World of Adventures Resort and Legoland Deutschland will add 68 bedrooms. The long-term target is to add 200 rooms a year to the portfolio

What all this adds up to is a solid foundation for earnings growth. Broker Cenkos is forecasting an earnings compound annual growth rate (CAGR) of 29 per cent between 2013 and 2015. On those forecasts, Communisis is trading on under 13 times this year's earnings and 10 times next year's earnings. That looks cheap for a company with this growth potential. Indeed, the PEG (calculated by dividing the historic price-to-earnings ratio by the forecast 2014 earnings-growth rate) is a measly 0.46. Given that anything under one is normally considered to suggest value, there is clear scope for an upwards re-rating. What's more, the forecast 11 per cent CAGR for the dividend - a reflection of the company's progressive dividend policy - is implying a none too shabby 3 per cent dividend yield by 2015.

Another transformational contract was last year's double win with Lloyds Banking Group. Communisis secured two 10-year contracts that puts it at the heart of the bank's customer communications - a big vote of confidence in the company and its capabilities. These big contracts carry a level of execution risk, but assuming Communisis makes a success of them, the kudos could well help it win further work. Communisis also inked a nine-year contract with Nationwide Building Society last year to handle transaction and marketing communications. A move by large, customer-centric corporates to outsource their customer communication is an obvious structural driver for the business. And there is now another driver in the shape of an improving trend in marketing spend as the UK economy moves onto a firmer footing. And while some of the company's more mature activities such as printing chequebooks are seeing volumes drop away, by positioning itself well for the switch from print to digital, Communisis is offsetting this

Communisis (CMS) usually handles other businesses' communications, but at its latest results it had a message of its own to deliver. Communisis is going places. Let's start with where the business has come from. Back in 2009, the company was making £6.6m of operating profit with a measly 4 per cent margin. An unrelenting focus on getting its house in order has seen both operating profit and the operating margin increase consecutively over the past four years. That is a notable achievement given what has been going on in the economy over that time. Recent full-year 2013 results unveiled a 6.9 per cent operating margin and £13.3m of profits - that's a doubling of profit in the past four years. The shares have more than trebled from their 2009 levels when they were languishing under 20p - they've been tipped several times along the way by the Investors Chronicle's Simon Thompson. And we think the Communisis story still has a long way to go. The medium-term target is to get the operating margin up into double digits. Another key target is to bring overseas revenues up to a fifth of the total. This target is now within touching distance. The recent 2013 results showed that 18 per cent of turnover is now coming from outside the UK. That's up from only 7 per cent in 2012. Its clients are looking for a pan-European approach. Indeed, the overseas expansion to date has come about largely on the back of a contract with Procter & Gamble (P&G) that takes Communisis's people into P&G's European sites to deliver brand-building services.

New management is skilfully repairing Volex, and the City's backing should underpin the share price. It is operationally geared to any upturn in volumes, generated by the new international sales force, and any weakness would only make the sole supplier with global capacity an obvious takeover target. Yet, the shares are already inexpensive, trading on 15 times 2015 earnings forecasts, dropping to just nine in 2016. Likely upgrades only sweeten the investment

Trading stabilised during the last three months of 2013, and tightening up its processes and shifting to a multi-sourcing supplier model will slash spend on raw materials - about two-thirds of all costs - and narrow the significant margin gap to rivals. We expect confirmation in a trading update next month. Despite ugly numbers, November's half-year results piqued City interest and a surprise, and heavily oversubscribed, placing and share sale just before Christmas at 116p, a small premium to the market price raised £7m. Not to be left out, new non-executive director Daren Morris has just bought 30,000 at 112p. For now, analysts are being deliberately conservative. "Initial signs of progress are encouraging," admits Investec Securities, but believes it is "still too early for this to be reflected in our forecasts". Maybe, but keep this up and the first earnings upgrades may not be far off. Already, Investec forecasts EPS to more than treble in the 12 months to March 2015, then rocket two-thirds the year after to 19.6¢.

Volex (VLX) is the second largest supplier of power cables and USB leads to the big electronics manufacturers. It should be thriving, but in recent years has been rather accident-prone - alienating its largest customer and discovering a knack for profit warnings. We first spotted its recovery potential last year, and new management's "transformation" plan is beginning to deliver results. A fan club is developing in the City, too, and the potential for earnings upgrades is becoming clear. Much depends on the new board. It certainly has pedigree. After a successful career in automotive and industrial supplies, Christoph Eisenhardt took over last summer, six months after Volex's final profit warning. Nick Parker, who once ran Sheffield Wednesday Football Club, joined him from WANdisco soon after. They've been busy repairing relationships with customers and winning new business, and early signs are promising. Most important is Apple. It's easily Volex's biggest customer, generating up to a quarter of sales, but hinting at suicidal price increases lost previous management a huge chunk of business - reflected in the forecast earnings fall this year. Apple buys iPhones and iPad cable from three suppliers, and margins are typically mid-single digits. We understand that everyone is friends again, and that Volex has actually "maxed out" its allocation of business from Apple. New products will likely drive demand, too. There's a lot of talk about an Apple television, or iTV, launch this year. Volex will also make leads for other new gizmos, and while Apple's move to more environmentally-friendly Halogen-free leads has cost Volex millions in development work, it should prove worth it. Asian rivals such as Samsung will likely Apple's lead, pushing business Volex's way.

Given the renaissance in demand for regional property assets, Redefine's share price premium over forecast net asset value looks justified. It's also worth pointing out that at 6.2 per cent rising to 6.4 per cent in 2015, the prospective dividend yield is one of the highest in the sector. So, with rental income and property values both set to grow, together with the dividend, shares in Redefine present a compelling case for growth and income seekers

Rental income is also expected to rise as more refurbishments start to contribute to the bottom line. At St Georges in Harrow, the final refurbishment is expected to be completed by Easter this year, while a 50,000 sq ft extension at Birchwood in Warrington has now been completed. However, while consumer sentiment is clearly improving, footfall remains in decline, and Redefine believes a full recovery will not return until consumers experience real wage growth. The company also has a stake in Australian-based Cromwell Property, and while its performance has been solid enough, Redefine's exposure is unhedged, and the Australian dollar has declined by nearly 6 per cent since last August. Sensibly, Redefine sold a further 8.46m shares in December, taking its stake down to 13.2 per cent. Group net asset value in the short term could also come under pressure from weakness in the euro, with the group's shopping centres and government-let offices in Germany and the Netherlands accounting for around 16 per cent of gross rental income. Group finances have been boosted by a placing at 47.5p last month, expanded due to strong demand from 7.5 per cent to 9.9 per cent of the share capital, raising £54.7m before expenses and priced at a 6.4 per cent discount.

A lot can change in six months, and for property group Redefine International (RDI), most of the changes have been for the good. Of primary importance is the shift in investor demand to beyond the confines of the expensive London property market and into secondary assets situated elsewhere. The obvious reason for this is that yield compression in London to 3-4 per cent makes it sensible to look at quality regional assets offering double this. Happily, Redefine is now better-placed to take advantage of the trend, having spent a long time restructuring itself, which includes becoming a real-estate investment trust (Reit) in December last year, achieving a dual listing on the Johannesburg Stock Exchange, and launching an American Depository Receipt programme (ADR) to accommodate overseas investment demand for UK real estate. As demand pushes up property prices, management expects half-year figures towards the end of April to see an encouraging revaluation of the portfolio, which, according to broker Peel Hunt, is 56 per cent located in the UK by value, 29 per cent in Europe and 14 per cent through a holding in an Australian company. Together with the restructuring, this is expected to reduce the loan-to-value rate from 82 per cent in August 2012 and 57 per cent last August to nearer the 50 per cent target. And to take advantage of the uptick in regional valuations, the group has been working its portfolio hard by recycling capital into income-generating investments. Redefine bought a lot of property during the financial crises and is now set to benefit as some of the return on these investments is crystallised. Most recently, two adjoining sites in Harrow were sold to Redrow Homes (RDW) for £13.8m, which works out at a 12.4 per cent premium to book value, and the group has also secured a share of sales revenue above an agreed aggregate threshold. More sales can be expected, too, assuming an acceptable rate of return on book value. Redefine has also been busy adding selected properties to the portfolio. For example, the group spent £84m on the 305,000 sq ft Weston Favell enclosed shopping centre on the edge of Northampton, reflecting a net initial yield of 7.5 per cent. Crucially, the centre is anchored by one of the largest Tesco supermarkets in the UK, occupying just under half the retail space, and with a 14-year unexpired lease. And there are signs of an improvement in rents, too, with a rental review uplift at Newington House in Southwark, for example, resulting in a 5 per cent rise in rent to £807,520 a year.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=BGL&ArticleCode=sbaozyui&ArticleHeadline=Metallurgical_Testwork

In April 2013, SacOil initiated a satellite screening study associated with an environmental risk assessment for a proposed exploration program over the license area, covering approximately 16 000 sq km across northern Malawi. The study was successfully completed in December 2013. At a meeting held in Lilongwe in December 2013, the results of the satellite study was presented to the Malawi Department of Mines and the 2014 budget and work program was also presented and approved. With the positive results associated with the satellite environmental work, planning of the environmental and social impact assessments has now begun. In consultation with the Malawian government, SacOil is currently targeting to have all environmental work completed by Q3 2014. The company holds a 100% interest in Block 1. Qualified Person Review This release has been reviewed by Bradley Cerff, Vice President Operations, who is a member of the Society of Petroleum Engineers with over 15 years' experience in petroleum exploration and management. Bradley Cerff has consented to the inclusion of the technical information in this release in the form and context in which it appears. 10 March 2014 Johannesburg ENDS JSE Sponsor Nedbank Capital

SacOil, the South African based independent African oil and gas company listed on the JSE and AIM (JSE: SCL / AIM: SAC), is pleased to provide the following update on its on-going operational activities in Nigeria and Malawi. Satisfactory progress has been made across the existing portfolio of exploration and appraisal assets. The Company also continues to evaluate a number of opportunities to secure new value accretive acreage in established and prolific African hydrocarbon jurisdictions and basins. Highlights: · Nigeria, OPL 233: 3D Seismic Data Acquisition project contractor commences mobilization process · Malawi, Block 1: Completion of the environmental screening study and approval of 2014 budget Nigeria, OPL 233: 3D Seismic Data Acquisition project contractor commences mobilization process In preparation for the scheduled 3D Seismic Data Acquisition project, the Environmental Impact Assessment ("EIA") on the block, handled by Tidalflow Nigeria Limited, has been completed with both wet and dry season sampling carried out. While the wet season sampling has been completed and the result approved by the Department of Petroleum Resources ("DPR"), the dry season sampling is presently undergoing processing before being forwarded to the DPR. The Federal Ministry of Environment has also carried out the required site verification and EIA registration processes. The final report on the Seabed Hazard Survey by Epanoe Nigeria Limited has been delivered to, and accepted by the Joint Venture Partners as well as the field's seismic data acquisition contractor, Geomarine Systems Limited, following successful completion of the work. SacOil and its OPL 233 partners have commenced operations for the 3D Seismic Ocean Bottom Cable (OBC) survey, with mobilization of equipment for the survey in progress. The timeline envisages full mobilization to the site to be completed by the end of March 2014. To this extent, various equipment including the requisite gun boats and seismic recording cables have been delivered, whilst navigation equipment and seismic sensors are being air-freighted to compress the lead time to actual recording of data. Following mobilization, the 3D OBC acquisition work is expected to commence early April 2014 and be completed by the end of July 2014, subject to operational contingencies and weather related issues. Finalisation of formalities for the seismic data processing contract is ongoing. The 3D seismic data will provide valuable subsurface information relevant for the quantification of the licence's resource potential, as well as the selection of an optimal drilling location. The Company expects the processing of the raw data and interpretation of results to be completed by Q3, 2014. SacOil holds a 20% interest in OPL 233. Malawi, Block 1: Completion of the environmental screening study and approval of 2014 budget

Not a bad day

posts flying in now............

Yep still have a holding here probably to heavy in to miners lol.......

updated to incorporate the drill results (see release of 25 October 2013) and now stands at 4.9 million tonnes at 1.07g/t for 169,000 ounces of contained gold. The resource is classified as Inferred and was estimated using a 0.5 g/t cut-off grade. Further engineering studies and in-fill drilling to upgrade the resource to Indicated will be required in order to estimate an Ore Reserve for Gibraltar.