Member Info for mulledwine

and • Substantial forward order book at 30 June 2012 of £920m (H1 2011: £830m)

Commenting on the results, Joe Oatley, Chief Executive of Cape said: "In my first few weeks at Cape I have focused on gaining a rapid understanding of our businesses around the world. Whilst this is clearly a challenging period for the Group, I am pleased to say that, having carried out an initial review of all of our operations, I continue to believe that the core of the business is fundamentally strong. Outside the Far East/Pacific Rim Region and the Arzew project in Algeria, the Group's operations are performing in line with expectations. Our near-term focus is on addressing the operational issues in Australia and ensuring that we have the foundations in place around the Group to deliver consistent long-term growth in earnings. The Group's substantial order book provides good near-term visibility and we remain confident of achieving the recently revised expectations for the current financial year."

Outlook The Group's immediate focus is on ensuring we have the organisational structure and operational processes to face and address near-term challenges and deliver future growth. We anticipate continued growth in the demand for our services in the medium and long-term and the Board is confident that the Group is well positioned to be able to deliver long-term value to shareholders.

volcano - on the face of the results I agree but its possibly on the sentiment and positive outlook given by the boss

STRATEGY The successful sale last year of Dynacast and the associated return of proceeds to shareholders, together with the subsequent sale of MPC, represented the last part of the cycle of our strategy of "buy, improve, sell" for our highly successful purchase of McKechnie and Dynacast in 2005. The businesses we bought as part of our FKI acquisition in 2008 are still in the "improvement" phase and their eventual sale, and return of proceeds, will be carried out in due course. In the meantime the acquisition of Elster represents the start of a new ownership cycle and we are very excited about its prospects. OUTLOOK The recovery from the slump of 2008/09 has been slow and patchy nearly everywhere in the world and this seems set to continue. However, our businesses trade in sound end markets with good prospects such as the energy, oil & gas and mining sectors. Order books remain strong and our major investment programme is yet to fully reap its benefits. The addition of Elster will give us the opportunity, over several years, of enhancing existing growth prospects.

Christopher Miller, Chairman of Melrose PLC, today said: "These are another set of excellent results emphasising the quality of the Group and the continued success of our strategy to 'buy, improve, sell'. We have now successfully completed our next acquisition, Elster, and look forward to growing further shareholder value from our enlarged group for the benefit of our shareholders. Economic conditions are difficult to predict at present but we are confident that our group companies place us in a good position to benefit from market opportunities."

Highlights 1 · Revenue for the period was £564.6 million (2011: £516.6 million), a 9% increase · Headline² profit before tax for the period was £81.9 million (2011: £70.7 million), an increase of 16%. Profit before tax was £46.3 million (2011: £58.9 million) which decreased due to exceptional costs, primarily acquisition and refinancing related · Headline² operating margins increased to 16.1% (2011: 15.8%) · Headline² diluted Earnings per Share ("EPS") of 8.2p (2011 proforma3 EPS: 7.1p) an increase of 15%. Melrose considers this the most appropriate like for like measure of EPS performance for this period · Headline² diluted EPS was 8.2p (2011: 5.7p), 44% higher · Interim dividend maintained at 2.6p (2011: 2.6p4) and paid on the enlarged share capital following the Rights Issue completed on 1 August 2012 after the period end · Elster acquisition successfully completed on 23 August 2012 1 continuing operations only unless otherwise stated 2 headline results are before exceptional costs and intangible asset amortisation 3 headline EPS for continuing operations calculated on the number of shares in issue as at 30 June 2012 including the effects of the Rights Issue 4 adjusted for the Rights Issue

http://www.investegate.co.uk/Article.aspx?id=201208300700080494L

and just as I type that she goes up .75 !

donkee - SP been very static for a few months - reading the RNS 's , all seems very encouraging - any thoughts others that general market sentiment as to why there is so little movement.

2012 YEAR-END OUTLOOK The Company reiterates its positive outlook for the second half of the year, both in terms of earnings and free cash flow, with the following factors driving the operating and financial performance towards the year-end: · The Company is fully on track to deliver more than 1 Moz of gold equivalent production for the year; and · A decrease in working capital balances and related positive cash flows are expected in 2H 2012 as the lag between metal produced and metal sold is set to decline considerably by the year-end.

"We have demonstrated strong financial performance on the back of excellent production results in the first half of the year. Our key growth projects, Omolon and Albazino/Amursk, have started to pay off and have made a meaningful contribution to the Company's financial results. This was supported by stable production and cost performance at our mature operations", said Vitaly Nesis, CEO of Polymetal, commenting on the results. "I believe that the current US dollar exchange rate dynamics, which had an impact on our bottom-line performance in the first half of the year, will in turn favourably affect our cost base towards the year-end. We expect that our performance in the second half of the year will be driven by continued revenue growth from our new operations, decrease in working capital, and robust cost performance, allowing us to meet shareholder expectations."

Half-yearly report for the six months ended 30 June 2012 Polymetal International plc (LSE: POLY) (together with its subsidiaries, including JSC "Polymetal" - "Polymetal", the "Company", or the "Group") is pleased to announce the Group's financial results for the six months ended 30 June 2012. FINANCIAL HIGHLIGHTS · Revenue in 1H 2012 increased 41% to US$ 767 million compared to 1H 2011 ("year-on-year"), driven mostly by 23% increase in gold equivalent sold and a 14% increase in the average realised gold price; · Group total cash cost1 was US$ 691/AuEq oz, up 8% year-on-year and down 4% compared to 2H 2012 ("half-on-half"). Strong operating performance and rouble depreciation offset the combined impact of domestic inflation and adverse movement in gold/silver price ratio; · Adjusted EBITDA grew 53%, significantly faster than revenues, to US$ 380 million; adjusted EBITDA margin was up 3.9 pp to 49.6%; · Net earnings were US$ 149 million, down 2% year-on-year primarily as a result of non-cash foreign exchange losses of US$ 60 million incurred on revaluation of US Dollar denominated debt versus foreign exchange gains of US$ 44 million in 1H 2011. As a result, diluted EPS was US$ 0.35 per share, 10% lower year-on-year; · Inaugural dividend of US$ 0.20 per share (total of US$ 77 million) paid for 2011 in June 2012 in accordance with the new dividend policy. No interim dividend to be paid out, also in accordance with the stated policy; · Net operating cash flows nearly doubled to US$ 158 million while capital expenditures declined 20% to US$ 171 million. These cash flow trends are expected to be even more pronounced in the second half of the year, as significant metal inventories at Dukat, Omolon and Albazino are drawn down and capital expenditures decrease further; · Group's liquidity profile remains comfortable with Net Debt1 / Adjusted EBITDA further reduced from 1.4 as at YE 2011 to 1.3 as at 30 June 2012, with 61% of borrowings being long-term.

http://www.investegate.co.uk/Article.aspx?id=201208300719570698L

INTERIM MANAGEMENT REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2012 The Group is an international gold mining company and the largest gold producer in Russia, according to the Russian Union of Gold Miners. The Group develops and mines hardrock gold and alluvial gold deposits, with operations in the Krasnoyarsk, Irkutsk, Magadan and Republic of Sakha (Yakutia) regions of Russia and in the Republic of Kazakhstan. In 2011, the Group produced 1,495 thousand troy ounces of gold, and 721 thousand troy ounces of gold for the six months ended 30 June 2012. The Group was formed as a result of the reorganisation of the OJSC Polyus Gold Group (the "Polyus Russia Group") and its subsidiaries and KazakhGold Group Limited and its subsidiaries which resulted in KazakhGold Group Limited becoming the legal parent of OJSC Polyus Gold. Following the completion of the reorganization, KazakhGold Group Limited was renamed Polyus Gold International Limited (the "PGIL Group"). As a result, references in this report to the "Group" are to the Polyus Russia Group, including the KazakhGold Group.

CHIEF EXECUTIVE OFFICER'S STATEMENT German Pikhoya, CEO of Polyus Gold International Limited, commented: "We are delighted to announce record profits of USD426 million in our first half yearly results since joining the Premium List of the London Stock Exchange. The growth reflects both the operational improvements at our mines and the strong market environment for gold. Importantly, while maintaining our sector-leading rate of production growth, we were also able to control cost pressures. As a result, we have seen further improvement in margins. Due to strong operating cash inflow and a successful placement of the treasury block of shares, our cash and cash equivalents reached USD848 million implying a significant net cash position compared to a net debt position six months earlier. In the second half of 2012, we will continue our focus on further improving performance across a range of our projects."

Operational highlights and development projects Refined gold production up by 18% to 721 thousand ounces (H1 2011: 611 thousand ounces), mainly as a result of: · 28% increase in gold output at Olimpiada due to continuous improvement in recovery rates; · Significant increase in gold production at Blagodatnoye (+14%) and Kuranakh (+28%) on the back of sustained strong recovery rates and higher processing volumes; and · The commissioning of the Verninskoye mine. Capital expenditure increased 82% to USD330 million, with major investments into: · Commissioning of the full flow sheet at Verninskoye; · Processing optimisation at Olimpiada; and · Construction of the Natalka mine. Construction at Natalka is well underway with the commissioning of a 10 million tonnes of ore per year processing plant expected in December 2013. The first mining equipment and machinery has started to arrive on site. On 30 July 2012 the Company entered into a finance agreement with VTB Bank for a total amount of up to 5 billion roubles (approximately USD150 million). The VTB facility will be used to support the purchase of equipment for the Natalka project.

Financial highlights · Gold sales up by 36% to USD1.2 billion, reflecting increased sales volumes and higher gold price (H1 2011: USD0.9 billion); · Total cash costs per ounce rose by 8% to USD664 per troy ounce, a significant decrease in cost growth compared to previous periods; · EBITDA reached USD634 million, a 59% increase, while EBITDA margin increased from 43% in H1 2011 to 51%; · Profit for the period more than doubled to USD426 million (H1 2011: USD207 million); · EPS grew 133% to 14 US cents (H1 2011: 6 US cents); and · Net cash position of USD532 million compared to net debt position of USD102 million at the end of 2011.

http://www.investegate.co.uk/Article.aspx?id=201208300751070707L

donkee - hopefully some action for you today