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Valuation: Discount in line with long-term averages The current cum-income discount of 21.7% has reduced appreciably since reaching an all-time high of 41.8% at the end of March 2012. The discount is now broadly in line with its longer-term averages over three, five and 10 years of 22.9%, 21.0% and 18.1% respectively. RUG’s largest holding, unquoted company Anchor Free, is a concentration risk that is arguably overhanging the discount. We believe that the Goldman Sachs investment has contributed to the recent narrowing of the discount.

http://www.edisoninvestmentresearch.co.uk/researchreports/RUGreview130912.pdf

Commenting, Christopher Humphrey, Chief Executive, said: "Each of our businesses is benefiting from the investments we continue to make in our products. The nature of our Wireless businesses means that order visibility remains short. However, this encouraging start to the year underpins our confidence in our ability to deliver sustainable growth and meet our expectations."

CONT Market conditions for the Network Testing business remain challenging, as reported at the time of the final results in July. However, the business is seeing increasing demand for the Invex benchmarking product launched last year. This resulted in order intake during the first four months being slightly ahead of the comparable period last year on a constant currency basis, providing confidence in our expectations for Network Testing. Travel results in the first four months were in line with expectations. The business continues to benefit from its c.£90m contracted opening order book. Progress continues to be made on the major implementations that it is contracted to deliver, and its pipeline of opportunities remains strong. Anite continues to report a robust financial position. Net cash as at 31 August 2012 was £13.3m (30 April 2012: net cash of £16.9m) with an outflow in the four months in line with normal seasonal patterns. 1 Adjusted operating profit is defined as operating profit for continuing operations before share based payments, amortisation of acquired intangible assets, restructuring costs, other gains and losses and recycled hedge losses.

Interim Management Statement Anite plc ("Anite" or "the Group"), the leading provider of software solutions to the international wireless and leisure travel industries, ahead of its Annual General Meeting being held later today, announces its Interim Management Statement covering the first four months of its current financial year, from 1 May to 12 September 2012. Overall trading in the first four months of the financial year has been encouraging. Total Group revenue and adjusted operating profit1 were ahead of a strong performance in the same period last year. The current performance is consistent with achieving the Board's expectations for the year as a whole. Handset Testing revenue and adjusted operating profit were ahead of the same period last year. Last year included the benefit of an acceleration of a full year of orders into the first quarter by one large customer. The year on year growth in revenue was driven in part by LTE 4G products which represented 50% of Handset Testing revenues in the first quarter, compared to 46% in Q1 last year. Revenue from 2G/3G technologies also grew, due to continuing strong demand for Interoperability products.

http://www.investegate.co.uk/Article.aspx?id=201209130700051442M

Outlook As always we have limited visibility of a few weeks of sales. Beyond that, we anticipate that weak levels of demand may continue into the rest of the financial year. However we are confident that the strategy of geographic expansion, NPD and streamlining is the correct one to drive the Group's longer term success.

John Wilson, Chief Executive of Elektron, commented, "The challenging backdrop of economic uncertainty and deferred spending has continued from the second half of last year. However we are pleased that our results remain in line with those of H2 last year. "The efforts that we have taken to mitigate the impact of these headwinds are paying off and our strategy of improving efficiency and streamlining our structure is on course. "We continue to invest in our new product development capabilities, with new product launches ensuring that we continue our transition away from reliance on legacy products, extending our existing product ranges and expanding the addressable market for our products."

Half year results for the six months ended 31 July 2012 Elektron Technology plc (AIM: EKT, "Elektron" or the "Group"), the developer of fast moving engineered products with market leading positions in connectivity, instrumentation and monitoring and control, has published its half year results for the six months ended 31 July 2012 (H1 2013). Highlights - Revenue: £29.9m (2012 H1: £34.4m, H2: £29.9m) - Operating profit*: £1.6m (2012 H1: £3.5m, H2: £1.5m) - Non-recurring and special items: £0.7 million, mostly relating to further streamlining of the business - Adjusted earnings per share*: 1.02p (2012 H1: 2.38p, H2: 0.95p) - Good cash generation. Net cash inflow from operating activities: £1.7m, up 13% on 2012 H1 - Returned £1.1m cash to shareholders, up 37% on the whole of the previous financial year, via payment in August of final dividend for 2012 and purchase of 2.4 million shares. No interim dividend declared - Bulgin and Queensgate new products launched. NPD pipeline and processes continue to strengthen

http://www.investegate.co.uk/Article.aspx?id=201209130700051424M

Investec has downgraded its rating for defence giant BAE Systems from 'hold' to 'sell' after yesterday's revelation that the group is in discussions with EADS about a possible merger. The broker has raised its target price from 290p to 350p, 4% below the yesterday's share price. "This is not quite the 'over 10%' downside we require to drive a 'sell' recommendation. However, we chose in this case to take a negative stance given the likely protracted timeframe to completion and general political and execution risks associated with such a large deal. Investors not prepared to wait for the long-term synergies should cash in."

RESULTS FOR THE HALF YEAR TO JULY 2012 NEXT has made a better than expected start to the year, with Group revenue up 4.8% and profit 10.2% ahead of last year. We returned a further £112m to shareholders through share buybacks which, together with lower tax rates, boosted the increase in earnings per share to 18.7%. We are increasing the interim dividend by 12.7% to 31p per share. Financial highlights are as follows: • Revenue up 4.8% to £1,640m • Profit up 10.2% to £251m • Net cash inflow of £168m before dividends and £112m of share buybacks • Earnings per share up 18.7% to 118.5p • Interim dividend up 12.7% to 31p per share August and early September sales have been disappointing during what has been an unusually quiet period. We remain cautious about the economic outlook whilst maintaining full year guidance that our sales, profits and earnings per share will all move forward on last year.

Seymour Pierce has reiterated its 'hold' rating for High Street giant Next despite a decent first half, as the company's guidance going into the second half of the year disappointed. Seymour analyst Kate Calvert said: "On outlook management has stated that ‘if the economy had a weather forecast the outlook would be overcast – patchy rain for the foreseeable’ and in terms of its strategy, it reads a bit like a political manifesto, but it is more of the same as we expect from Next. "It is a highly cash generative, tightly run company and looks to continue to execute on the basics of giving the consumer great product and capitalising on its leading multi-channel position. The shares are trading virtually at an all time high so we would expect profit taking today."

UBS has cut its recommendation for plumbing and heating products group Wolseley from 'buy' to 'neutral', saying that it is pausing for breath following a strong performance in 2012 so far. "Following a strong run (+26% absolute year-to-date) and a significant re-rating we downgrade Wolseley to 'neutral' from 'buy'. We believe the fundamentals remain positive with a solid market share take story in the US (in addition to cyclical recovery, helped by an improving US housing market) and a very strong balance sheet allowing for cash returns, but we believe this is now priced in," UBS said on Wednesday morning.

Seymour Pierce has downgraded its rating for B and Q owner Kingfisher from 'hold' to 'sell' and trimmed its target price from 290p to 240p following the group's first-half results which were significantly affected by the weather and foreign exchange losses. "Despite downgrades in recent weeks, interim results to end of July are disappointing and at the bottom end of market expectations," said analyst Freddie George. George added: "The stock has held up well over the last quarter despite a steady trickle of downgrades and on the basis of our revised forecasts is more than fairly valued. On the basis of our forecast it is valued at 12.0x FY13 earnings which we believe is too demanding giving the difficult outlook, with a prospective yield of 3.5%."

Valuation: Risk-adjusted NPV of £416m (125p/share) We maintain our £416m Vectura valuation, but expect to increase this after formal EU approval of NVA237 and EU filing of QVA149. Upside could come from regulatory and clinical progress, further regulatory clarity or further technology licences.

http://www.edisoninvestmentresearch.co.uk/researchreports/Vectura120912update.pdf

Galliford Try Chief Executive Greg Fitzgerald said: "We are delighted to have won two such significant contracts in an extremely competitive market. These contract awards show that we can compete in all regions and provide our clients with high quality cost effective solutions for their needs."

GALLIFORD TRY ANNOUNCES £41 MILLION OF CONSTRUCTION CONTRACTS Galliford Try plc, the housebuilding and construction group, announces that its Building business has succeeded in winning two new contracts worth a total of £41 million. Firstly, Galliford Try has been appointed by client Grainger plc to build a mixed-use project at Macaulay Road in central London. The £23 million mix of eleven buildings will see a four-storey office development combined with 65 homes, of which 32 will be affordable. In addition, the NEC Group has named Galliford Try as preferred bidder for the refurbishment of the National Indoor Arena in Birmingham as part of an £18 million project. The new design includes the creation of extra retail units, a new showcase entrance, and the creation of an extra 5,926 sqm of pre- and post-show space to combine with 7,500 sqm of space to be refurbished.

http://www.investegate.co.uk/Article.aspx?id=201209130700031360M