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Full steam ahead as Spirax announces special divi Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - Tuesday has been a day for special dividends and though the 25p special from Spirax Sarco may not match the one-off payment from Antofagasta, the steam trap and pump maker’s shareholders are unlikely to complain as the shares hit a 52-week high. On top of the 25p special dividend the full year dividend for 2010 has been cranked up 19% to 43.0p from 36.1p, as the company announced record sales and profits. “Generally, where net cash resources exceed our expected future requirements, we will look to return cash to shareholders,” the company pledged. Revenue in 2010 rose 14%, or 11% using constant exchange rates (CER), to £589.7m from £518.7m the year before. Growth was led by emerging markets and the Watson-Marlow pumps operation. Adjusted profit before tax surged 35% (CER: 29%) to £121.6m from £90.2m in 2009. Statutory pre-tax profit jumped 62% to £123.5m from £76.4m; the 2009 figure included, among other things, an £11.4m one-off charge for headcount reduction costs. “Given no renewed market weakness or significant negative currency movements, the board is confident in the prospects for the group this year,” said Mark Verson, Spirax Sarco’s chief executive. “2011 has started well, with good organic sales growth in the first two months, although this compares with a relatively slow start to 2010 and we anticipate the sales comparisons becoming more challenging as the year progresses,” the company said.

Pace shares suffer despite pay-TV confidence Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - Shares in set-top box maker Pace tumbled after hefty one-off costs cut profits growth to a minimum last year. Pace also said that a US customer had deferred a major order until next year when the next generation of equipment will be available. The BSkyB supplier lifted 2010 revenues by 17.4% to £1.33bn, with organic revenues growing 9.7%. Operating profits rose by 32% to £92m, though pre-tax profits rose only slightly to £71m after one-off costs of £19m relating to its acquisitions last year and the closure of its European free-to-air business. Pace acquired three businesses in 2010 - Bewan Systems, 2Wire and Latens Systems. All three acquisitions were funded through cash and $450m (£290m) of debt raised in the year. As a result, it finished the year with net debt of £200.7m. Going forward, Pace expects sales growth to match last year’s 17% in the coming 12 months as broadband and pay-TV services become more complex and converge. “The board expects 2011 revenue growth of a similar level to that achieved in 2010. The group's new gateway, software and services businesses will represent over 20% of total sales. The board expects further return on sales progress as Pace develops its new business opportunities and further leverages its established and highly efficient operating model,” it said. The dividend for the year rises by 45% to 2.175p.

Commenting on today's interim results Jonathan Milner, Chief Executive Officer, said: "The half year results reveal another strong performance particularly in the US, our largest geographic market, and in newer markets such as China. Whilst the number of core primary antibodies in our online catalogue has increased significantly during the half year, it is pleasing to note that the number of secondary antibodies and other products has grown rapidly, broadening our product offering. "Trading in the second half of the year has started well, and we have a good pipeline of potential additions to our catalogue. However, we remain aware that there is still pressure on Western governments to reduce budget deficits, which may result in reduced research funding in certain markets."

Highlights · Sales in the half year increased 23.7% to £39.4m (H1 2010: £31.8m), representing an increase of 20.2% on a constant currency basis. · Profit before tax increased 35.4% to £15.2m (H1 2010: £11.2m). · Catalogue expanded by 19.3% to 69,160 products (31 December 2009: 57,960). · Net cash and short-term deposits at 31 December 2010 of £47.0m (31 December 2009: £33.0m) with strong cash generation of 94.0%. · Basic EPS increased by 32.4% to 6.17p per share (H1 2010: 4.66p*). · Increase of 33.8% in interim dividend to 1.45p per share (H1 2010: 1.084p*) and proposal to raise annual dividend distribution ratio to 40% of profit after tax for the 2010/11 financial year. *As adjusted for five for one share sub-division which took place on 15 November 2010

http://www.investegate.co.uk/Article.aspx?id=201103080700074886C

Abcam H1 profit surges Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - Cambridge based bioscience firm Abcam reported 35.4% increase in first half profit after strong demand for its antibodies products from its main market the US and newer markets such as China. The group, which markets antibodies through its own online catalogue, said pre-tax profit rose to £15.2m for the six months ended 31 December compared with £11.2m the same period a year earlier. Revenue rose 23.7% to £39.4m. Gross margin increased to 66.8% compared with 66.2% for the same period last year. Abcam, which carries out cancer, stem cell and cardiovascular research, said its catalogue grew by 19.3% to 69,160 products. Chief executive officer Jonathan Milner commented, "Whilst the number of core primary antibodies in our online catalogue has increased significantly during the half year, it is pleasing to note that the number of secondary antibodies and other products has grown rapidly, broadening our product offering." Milner added, "Trading in the second half of the year has started well, and we have a good pipeline of potential additions to our catalogue. However, we remain aware that there is still pressure on Western governments to reduce budget deficits, which may result in reduced research funding in certain markets." An interim of 1.45p per share has been recommended, up 33.8% from last time.

Cobham extends relationship with Pratt & Whitney Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - US aircraft engine developer Pratt & Whitney has awarded a $45m contract to UK defence firm Cobham. The long term agreement is for the provision of advanced composite products for multiple military aircraft engine applications. Cobham will produce advanced, medium and high temperature composite structures for both the F135 and F119 engines at the UK company's production facilities in San Diego, California and Suffolk, Virginia. "This long term agreement represents an important step in realising our growth plans, and will be establishing dual manufacturing lines in both San Diego and Suffolk to preclude any natural or man-made disasters from taking down the production line," said Jeremy Wensinger, president of Cobham Defence Systems division. Cobham has been a key supplier to Pratt & Whitney for more than five years for a variety of composite applications for both military and commercial aircraft engines.

http://www.iii.co.uk/articles/14617/valiant-petroleum-farms-out-north-sea-stake

http://www.iii.co.uk/articles/14599/stock-watch-fenner

We are pleased to come to an agreement with Xstrata and Goldcorp with respect to Agua Rica," commented Peter Marrone, Chairman and CEO. "After reviewing a number of strategic alternatives for Agua Rica, it was clear that this transaction provides the best opportunity for development of Agua Rica and the greatest value potential to all parties. We are pleased with the value we will receive for Agua Rica in addition to maintaining exposure to a significant portion of the gold at the project. We are also pleased that our interest in Alumbrera, which we will continue to own, would also increase in value once a formal decision for construction and integration occurs. The ultimate integration of the projects, Agua Rica and Alumbrera, would create considerable further value not only for us, but for all stakeholders, and would ensure the development of Agua Rica and continuation of Alumbrera. This would be positive for all parties. The well established relationships of Alumbrera and its joint venture partners with governments and other stakeholders would also facilitate the timely development of Agua Rica."

http://www.investegate.co.uk/Article.aspx?id=20110308133347P8151

Tullett Prebon profits dip Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - Derivatives broker Tullett Prebon's profit fell last year as it felt the ongoing impact of the mass poaching of its staff by rival BGC in 2009. Pre-tax profits in 2010 stumbled to £141m from £157m on revenues down from £948m to £909m. The US bore the brunt of the decline with operating profits nearly halved. Tullett is still going through the legal processes against BGC and wants substantial damages from the US group. A damages trial in London has been fixed for four weeks commencing in March 2011 while legal action continues to be pursued against BGC and former employees in the US, it said. "Underlying revenue, adjusting for the impact of the closure of the six satellite offices in North America, is 3% higher in the first two months of the year than a year ago. This reflects the benefit of the rebuilding in North America and the continued recovery in Asia. We will continue to invest in the development of the business across all three regions," chief executive Terry Smith added. The dividend for the year rises 5% to 15.75p

Inchcape beats forecasts, resumes divi Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - Car dealership Inchcape revealed better than expected full year results, resumed its dividend payment and said it is confident of a solid performance in 2011 as it continues to tap into fast growing emerging market and Asia-Pacific economies. The group, which makes around 65% of trading profit from Asia Pacific and emerging markets, reported sales of £5.9bn for the year ended 31 December 2010 compared to £5.6bn the year before. Pre exceptional pre-tax profit climbed to £214.0m from £155.1m a year earlier. CEO André Lacroix commented, "In 2010, the group has delivered robust profit growth with strong cash conversion... broad geographic spread and diversified revenue streams." Market expectations were for full year profit before tax of £204.9m on sales of £5,873m. Inchcape, which sells and distributes cars for manufacturers like Mercedes-Benz, BMW and Toyota in 26 markets, noted the uneven global recovery in the new car market. "In 2011, we continue to expect to see an uneven global recovery with market growth in Hong Kong, Australia, Russia, Finland, the Baltics, Africa and South America. However, we anticipate market declines in Singapore, Greece, Belgium and the UK, which together represent around 50% of group sales," the group said in a company statement. The board has recommended resumption of dividend payments with final dividend of 6.6p per share after dividend payments were suspended in 2009. Analysts had forecast a dividend of 6p per share.

Marcelo Awad, Chief Executive Officer of Antofagasta Minerals S.A., commented: "2010 was a landmark year for the Group, with the commencement of the commissioning of the Esperanza mine and completion of the Los Pelambres plant expansion. Commissioning of the Esperanza plant commenced in November 2010, with the first shipment of copper concentrate taking place in January 2011. The ramp-up of the Esperanza plant will continue through the first half of 2011, with the current expectation that full processing capacity should be achieved during the second quarter of 2011. In 2010 Los Pelambres increased production by 23% to 384,600 tonnes of copper as a result of the completion of the plant expansion during the first quarter of 2010, and production is expected to increase further in 2011 with a full year of production at the increased capacity. As previously announced, the initial forecast is for Group copper production to increase to approximately 715,000 tonnes in 2011, a 60% increase on the pre-expansion 2009 levels, although final production levels will depend on a number of factors including the precise timing of the completion of the ramp-up at Esperanza. Our careful financial stewardship during the recent years of development will allow a substantial return of capital through the proposed special dividend, while the significant increase in the ordinary dividend underlines our increased production base and confidence in our future prospects. Our financial position remains strong and we remain well placed to progress with our substantial growth opportunities which we have continued to enhance over the past year. Market fundamentals remain positive and while the high level of volatility that has characterised commodity prices in recent years is expected to continue, consensus estimates are for copper prices to remain favourable in 2011. Supply constraints and underlying demand could keep the copper market in deficit in the medium term."

http://www.investegate.co.uk/Article.aspx?id=201103080700104951C

http://www.investegate.co.uk/Article.aspx?id=201103080700054939C

Antofagasta pays $1 special as profits top $1bn Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - Copper miner Antofagasta is to pay a huge special dividend after profits last year crashed through the $1bn mark as output rose and prices soared. The Chile-based group will pay out 116c per share in total for 2010 including a special payment of 100c. In 2009, it paid 23.4c with a 14c special. Net profits last year rose by 58% to $1.05bn, from $668m, on revenues up by 55% at $4.58bn from $2.96bn. “Market fundamentals remain positive and while the high level of volatility that has characterised commodity prices in recent years is expected to continue, consensus estimates are for copper prices to remain favourable in 2011. Supply constraints and underlying demand could keep the copper market in deficit in the medium term," chief executive Marcelo Awad added. Production last year rose by 18% to 521,000 tonnes of copper with prices rising by 46% to $342 per pound. Net cash costs rose 8% to $104 per pound. "2010 was a landmark year for the Group, with the commencement of the commissioning of the Esperanza mine and completion of the Los Pelambres plant expansion,” Awad added. “As previously announced, the initial forecast is for group copper production to increase to approximately 715,000 tonnes in 2011, a 60% increase on the pre-expansion 2009 levels, although final production levels will depend on a number of factors including the precise timing of the completion of the ramp-up at Esperanza,” he said.

Old Mutual profits jump in 2010 Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - Old Mutual has been through the mill this last six months, but strong growth in new business sales, cost cutting and favourable exchange rates pushed profits up by 14% in 2010. Britain's third-largest insurer posted an adjusted operating profit before tax of £1.48bn, up from £1.3bn at constant currency, or £1.13bn as reported for a 31% gain. Annual Premium Equivalent (APE) sales rose 7% to £1.49bn. They were up 28% in the UK. Funds under management increased 6% to £309.3bn from £291.1bn in 2009 (£275.4bn reported). Unit trust sales increased 28% to £10.3bn. The group, which failed to sell Nedbank to HSBC last year, said the delayed $350m sale of its US life business to Harbinger Capital should go through at or around the end of the first quarter of 2011. Bosses say the business is in “sound financial shape”, with a Financial Groups Directive (FGD) surplus of £2.1bn at the end of 2010 and total liquidity headroom of £1.4bn. "We have made some significant operational progress and we expect 2011 to be a year of further delivery,” chief executive Julian Roberts said. “We are committed to our three year strategy and meeting our stated operation targets" A 2.9p a share final dividend takes the total payout for the year to 4p, more than some had predicted.

http://www.investegate.co.uk/Article.aspx?id=201103080700194948C

http://www.investegate.co.uk/Article.aspx?id=201103080700154957C