Member Info for mulledwine

Summary and outlook The performance of the Group through the transition period has been good and our outlook is positive. As three independent companies sharing a UK technology heritage and approach, we are actively working to exploit commercial opportunities arising from our strong partner community and to fill technology or service gaps through internal investment in shared development, acquisition or partnerships. The focus for CET during the remainder of the year and into 2013 will be to move towards sustainable commercial revenue from our technology platform by deploying systems with oil and gas majors and also adding value to industrial manufacturers' compressors. In the acquired companies, ACI will build upon successful sea trials of oxygen generation systems and Hunt Graham expansion of its innovative heat exchanger business, improving market share to generate growth and increase the contributions to Group success. Overall, market activity levels remain encouraging. We are trading in line with our expectations for the year with continuing good order book visibility for the balance of the year and going into 2013. We are in an extremely positive position to achieve growth in 2013 and beyond.

Commenting, Phil Cartmell, Executive Chairman, said: "The first half of the financial year has seen a major development in the profile of the Group to create an innovative, technology-led British engineering business. "The acquisitions of Hunt Graham and Atmosphere Control International have brought a growing financial contribution whilst Corac Energy Technologies continues to focus on commercialisation. Thethree businesses share a UK technology heritage and approach and we are actively working to exploit opportunities and synergies. "Overall, market activity levels remain encouraging. We are trading in line with our expectations for the year with continuing good order book visibility for the balance of the year and going into 2013. We are in an extremely positive position to achieve growth in 2013 and beyond."

Financial Highlights · Results in line with management expectations for the year as a whole · Group revenue of £4.26m (2011: £0.19m) included a contribution from the acquired businesses of £4.17m - Group revenue on a pro forma2 basis, including the half year revenue for the acquired businesses was £8.26m · On a pro forma2 basis, the acquired businesses generated an adjusted EBITDA3 profit of £0.93m for the full half year · Net cash of £6.29m raised from investors to support the acquisition of the two Wellman businesses · £6.81m cash at half year end (31 December 2011: £15.33m): - Total R&D4 spend of £1.69m (2011: £1.47m) taking total R&D4 investment since float to £26.73m - £4.46m of cash utilised as part-consideration for acquisitions · Group loss before tax of £3.84m (2011: loss before tax of £2.35m) · Adjusted Group EBITDA3 loss (before share based payments and exceptional items) of £2.48m (2011: loss £2.29m) · Group order book stood at £16.81m as at 30 June 2012 providing good visibility for second half (£9.75m) and longer term revenues · Pipeline of qualified potential sales opportunities valued at three times the current order book

CONT · Prepared the Group for operational success: - IT and business services successfully integrated across the Group - Rebranded the three operating companies - Began technical collaboration between the companies - New market opportunities identified for existing, underexploited products and services · Robust performance by Hunt Graham (HG) and Atmosphere Control International (ACI) since acquisition: - £2m of new HG orders signed - HG continues to play a key supporting role to UK downstream sector, supplying heat exchange systems to 5 of the 7 active refineries in 2012, with four since acquisition - ACI awarded the second part of a nine year, multi-million pound, worldwide in-service maintenance and support contract - ACI delivered a further two regenerable CO2 removal systems to Navantia, the Spanish submarine builder - ACI completed sea trials for Combined Oxygen Generation System ("COGS")

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 Corac Group plc the innovative technology-led engineering group, serving the global oil and gas, defence and industrial markets, announces its half year results for the six months ended 30 June 2012. Operational Highlights · Acquired Wellman Hunt Graham Ltd and Wellman Defence Limited for a total consideration of £10.91m in April 2012, who continue to perform strongly · Corac Energy Technologies (CET) remains focused on commercialisation: - Developing non-bespoke mass unit sale commercial products for: o In-pipe compressors for land based gas wells o On platform compressors for offshore gas production platforms o Downhole compressors for depleting gas wells o Compression solutions for waste heat recovery and low pressure blowers - CET's technology being recognised as potentially game changing by major existing and potential customers in significant unit sale markets: o Addressable oil and gas and industrial markets run to thousands of units globally o Oil and gas - working with end users on systems with unit prices anticipated in the range $2.0 - 4.0m o Industrial compression - working with manufacturers on prototype build and manufacturing licensing opportunities o First sales of commercial products in the above markets anticipated in 2013-14 - Growing the value of CET's intellectual property, which the Directors believe is currently under-recognised: o Continued investment in R&D with new patent applications for Downhole Gas Compressor (DGC) and In-Pipe Gas Compressor (IGC) technologies including 15 inventions which, if granted, will take patents to 47 plus 8 design registrations - Secured contracts for design and consultancy studies in Industrial and oil and gas markets - Full DGC system for American partner scheduled to progress in late September for final acceptance testing

http://www.investegate.co.uk/Article.aspx?id=201209180700064730M

Outlook Prospects for the wider economy and the recruitment market remain uncertain which makes forecasting a challenge and we are finding that the conversion of our pipeline is taking longer and is more uncertain than has been the case previously. Accordingly, whilst the Board expects the Group to be profitable this year, it anticipates that the Group results will be below market expectations.

Operating review The wider macro-economic conditions continued to make trading very uncertain during this period with the Group achieving a break-even position before exceptional items and taxation, and net cash was £0.5m at the period end. Group net fee income declined 4% to £6.2m (2011: £6.4m). Clients across the board have remained cautious about committing to large project spend. The Work Communications division achieved a near flat performance, with net fee income of £4.2m (2011: £4.2m), whilst Armstrong Craven (Search & Intelligence services) net fee income declined by 11%. The decline was all within Search services, as the Intelligence offerings remained strong. Our Optimal consultancy services again proved strong (reported within Work Communications) with net fee income increasing by 30%; but the current climate continued to have a significant effect on advertising income which fell 15% during the period. Across the Group income from fee based services remained at 88% of total income (2011: 88%) but gross margin further improved to 65.7% (2011: 62.2%).

Interim results for the 6 month period ended 30 June 2012 Work Group plc (LSE - AIM: "WORK") announces its financial results for the six months ended 30 June 2012 ("the Period"). Headlines · Net fee income down 4% to £6.2m (2011: £6.4m) · Group broke-even at an operating level before exceptional items and taxation (2011: £0m) · UK business broke-even at an operating level before exceptional items (2011: £0.2m) · Profit for the current financial year expected to be below current market expectations · Net cash at period end of £0.5m (2011: £0.6m) · Balance sheet remains strong with no debt

http://www.investegate.co.uk/Article.aspx?id=201209180700064710M

OUTLOOK K3's underlying robustness is encouraging and the acquisitions we have made have strengthened the Group. With the end of the formal sale process, we are now re-focusing on our strategy for growth. We have a number of medium term growth opportunities to leverage our large customer base and build on our key customer and supplier relationships, especially in Managed Services and our International operations. We see the new financial year as a year of investment and will continue to invest in new product offerings across the Group, with two areas of specific focus being our Microsoft Dynamics AX product and Managed Services. We anticipate that the benefits of our investment programme should come through during the course of 2013. Financially, the Group remains robust, with good cash generation and banking facilities extended for a further year.

Tom Milne, Chairman, said, "In tough trading conditions, K3 delivered good results for the year to 30 June 2012. One of the strengths of the business is that a considerable portion of Group income is recurring, with existing customers accounting for recurring revenues of £33.74m, up 40% on last year. Revenues also benefited from the five significant acquisitions completed in the year. All four of our Divisions recorded increases in revenue year-on-year although the Microsoft UK Division was affected both by market conditions and our investment programme, and saw profitability decrease. Against that, the International Division delivered an especially good performance and the Managed Services Division continues to show significant growth potential. We signed £13.3m of major new contract wins across the Group, up 20% on last year, with many of the benefits still to come. Deal slippage continues to be a feature of the trading environment. With the end of the formal sale process, we are now re-focusing on our strategy for growth. We have a number of medium term growth opportunities to leverage our large customer base and build on our key customer and supplier relationships, especially in Managed Services and our International operations. We see the new financial year as a year of investment, with two areas of specific focus being our Microsoft Dynamics AX product and Managed Services. We anticipate that the benefits of our investment programme should come through during the course of 2013."

Operational Key Points · Five significant acquisitions completed - now integrated and performing in line with expectations · Revenues up in all four Divisions (SYSPRO and Sage, International, Microsoft UK & Managed Services) but difficult conditions in the UK - SYSPRO and Sage Division, generated high levels of recurring income - International Division, especially strong performance - Microsoft UK Division, profitability impacted by investment in Microsoft AX and UK trading conditions - Managed Services, significant investment and encouraging progress · Major new contract wins totalled £13.3m (2011: £11.1m) · Board sees new financial year as one of investment - in Microsoft Dynamics AX and Managed Services - to drive recurring revenues - financial benefits to come through in 2013 and beyond

HIGHLIGHTS Financial Key Points · Good performance in challenging market conditions · Revenues of £67.96m (2011: £52.80m) - incl. £11.82m from acquisitions - recurring revenue up by 40% to £33.74m, accounting for 50% of the total (2011: £24.18m) · Adjusted profit from operations*1 of £11.33m (2011: £9.58m) - incl. £2.18m from acquisitions*2 Profit from operations of £7.35m (2011: £5.81m) · Adjusted profit before tax*3 of £10.02m (2011: £8.68m) Profit before tax of £6.04m (2011: £4.91m) · Adjusted basic earnings per share*4 of 30.2p (2011: 27.5p) Basic earnings per share of 20.3p (2011: 17.5p) · Net debt at 30 June 2012 of £15.68m (2011: £15.49m), having repaid £3.64m in the year - banking facilities extended to Dec 2013 · Proposed final dividend of 1.0p (2011: 0.75p), an increase of 33% · Formal sale process now ended (as announced separately today)

http://www.investegate.co.uk/Article.aspx?id=201209180700094749M

OUTLOOK We have made strong strategic progress so far this year, with the acquisition of Harrow Green establishing the Group as the UK market leader in office relocations and the post-period end disposal of Peter Cox leaving us focused exclusively on offices services in line with our long-term plan. Our core records management business remains robust with excellent visibility and a strong pipeline of new business. Following the integration of Harrow Green, our office relocations business is well positioned to deliver strong growth in the remainder of 2012. We remain confident of making further progress in the second half, and our expectations for the full year remain unchanged.

Commenting on the results Charles Skinner, Chief Executive, said: "Restore continued to perform well in the first half of 2012 and delivered further profitable growth. We have made strong strategic progress so far this year, with the acquisition of Harrow Green establishing the Group as the UK market leader in office relocations and the post-period end disposal of Peter Cox leaving us focused exclusively on offices services in line with our long-term plan. Our core records management business remains robust with excellent visibility and a strong pipeline of new business. Following the integration of Harrow Green, our office relocations business is well positioned to deliver strong growth in the remainder of 2012. We remain confident of making further progress in the second half, and our expectations for the full year remain unchanged."

Summary: · Adjusted PBT increased by 31% to £2.1m · Document management traded strongly; operating profits up 46% to £3.5m · Office relocation revenues now £8.1m; integration of Harrow Green; acquisition of ROC Relocations · Post-period end disposal of Peter Cox, leaving Restore wholly focused on office services · Post-period end increase in shareholding in Restore Shred to 100%; acquisition of M&L Document Destruction · Maiden interim dividend of 0.4p

http://www.investegate.co.uk/Article.aspx?id=201209180700044606M

Summary and outlook The first half of 2012 has seen the pensions divisions start to fulfill their revenue potential. This is expected to continue to grow throughout the second half of the year however the precise rate of growth remains difficult to predict. In addition as the continued reduction of operating costs during the second half of the year will have a positive impact on the profitability of the Group. STM's strategy continues to be to increase the Group's share of the existing market and also to find new markets for our products and services. Specifically STM is continuing to increase its distribution network for their pensions and STM Life products as well as identifying new markets for its core business.