Member Info for mulledwine

John Wood Group PLC ("Wood Group" or the "Group") is an international energy services company employing more than 41,000 people worldwide and operating in 50 countries. The Group has three businesses - Engineering, Wood Group PSN and Wood Group GTS - providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide. Financial Highlights Revenue from continuing operations1 of $3,346.3m (2011: $2,465.9m) up 36% EBITA from continuing operations1 of $205.1m (2011: $133.9m) up 53% Profit from continuing operations before tax and exceptional items of $160.0m (2011: $102.7m) up 56% Adjusted diluted EPS1 of 37.4 cents (2011: 25.2 cents) up 48% Interim dividend of 5.7 cents (2011: 3.9 cents) up 46% Divisional Highlights Engineering Revenue growth and margin improvement Important contract wins including Ichthys and Mafumeira Sul Strong order book and future prospects Wood Group PSN Strong performance in the North Sea and North America Actively working to improve performance on our long term contract with PDO in Oman Renewals and contract wins support future performance Wood Group GTS Continued growth in Maintenance revenue and EBITA Power Solutions EBITA benefitting from advanced stage of completion on Dorad contract Expect good growth in EBITA for the year, weighted to the second half

http://www.investegate.co.uk/Article.aspx?id=20120821070000P009C

Underlying profit up 21% - not too shabby in the current times

Outlook The strong result in the first half is further testament to the Company's strategy of applying its core marine skills to the vast and fast growing markets of Asia and the developing world. There continue to be good prospects across all the service divisions to drive further organic growth. The company also remains alert for possible bolt-on acquisitions which can reinforce the market position and growth prospects of its businesses. The Specialist Technical division is leading the expansion into Asia, Australia, Africa and South America. The BP contract in Angola has completed its mobilisation phase and is working well operationally. The nuclear business continues to strengthen its scale and market position but its result in the first half benefited from a one-off contract for the London 2012 Olympics. The company remains confident about the future prospects for the division to produce further growth. The Offshore Oil division is seeing the benefits of strong demand for its niche capabilities both within the North Sea and, more particularly, overseas in countries such as Brazil which presents attractive new opportunities for the Group. The Defence division is well placed in its niche subsea market and is positioned for growth in its submarine rescue and swimmer delivery vehicle segments. However, the completion of the URF contract in August and the reduction in the size of the Foreland contract means that this business is likely to report a slow second half. The high growth rates achieved in the first half reflect a number of major contract deliveries and should not therefore be extrapolated into the second half. Nevertheless, James Fisher remains on a healthy growth path which provides confidence for the future. The Company is trading to management expectations to date in the second half and continues to be well placed to deliver further value to our shareholders.

Commenting on the results Nick Henry, Chief Executive Officer, said: "James Fisher has made good progress during the period, maintaining the double-digit growth rates achieved in both revenue and profit in 2011. The high growth rate achieved in the first half reflect a number of major contract deliveries and should not therefore be extrapolated into the second half. Nevertheless, James Fisher remains on a healthy growth path which provides confidence for the future. The company is trading to management expectations to date in the second half and continues to be well placed to deliver further value to our shareholders."

Key Points: · Group revenue up 27%, underlying profit up 21% · Robust growth in Specialist Technical, particularly in Asia and Africa · Offshore Oil benefitted from increased demand in regions such as Brazil and the Norwegian North Sea · BP Angola contract mobilised and operating well · Completed Swedish navy submarine rescue vehicle refurbishment · Marine Oil, despite subdued markets, posted improved results · Cash conversion of 105% and net gearing reduced to 72% at 30 June 2012 (2011: 83%) · Interim dividend increased by 10% · Charles Rice appointed as non-executive Chairman following the retirement of Tim Harris

http://www.investegate.co.uk/Article.aspx?id=201208210700054079K

Some very nice figures in there and no debt

Summary and outlook While the current economic climate remains challenging, the Group has seen significant developments across a number of its portfolio companies and this has led to an overall increase in the fair value of the Group's portfolio to £171.5m. As intended following the Group's 2011 placing, the Group has continued to increase the level of capital deployed into its most promising portfolio companies and has maintained its level of operational and strategic support and development of these companies. A number of the Group's portfolio businesses continue to demonstrate increasing maturity and the directors believe that the proposed trade sale of Proximagen Group is a good example of the potential value that can be created through the Group's model. While sources of capital for, and the risks inherent in, early-stage businesses are challenges facing the Group and its portfolio, intellectual property and its commercialisation remain important factors in economic development. The Group's core competencies in this field give the directors confidence that the Group remains well-placed to deliver medium to long-term value for shareholders.

Commenting on the Group's half-yearly results, Alan Aubrey, Chief Executive of IP Group, said: "I am pleased to report that the first half of 2012 has seen a number of positive developments across the Group's portfolio which has increased in value to £171.5m. The Group has continued to increase the rate of deployment of the funds raised through its 2011 placing and our balance sheet remains strong with cash resources of £43.2m. Many of our portfolio companies have announced significant further financings this year, including Oxford Nanopore and the admission to AIM of Retroscreen Virology and Revolymer. I was particularly pleased to note the announcement during the period of the proposed acquisition of Proximagen Group, This was a significant achievement not only for the company itself but also for its staff and shareholders including the Group and King's College. The Group's initial cash proceeds of £15.4m, to be received in August, reflect a 35 times return on our capital and this provides an excellent example of the value that can be created from applying our model to a university spin-out company. Intellectual property and its commercialisation remains an important factor in economic development and the Group's core competencies in this field enable us to be confident that the Group remains well-placed to deliver medium to long-term value for shareholders."

Portfolio highlights · Fair value of investment portfolio increased to £171.5m (HY11: £115.3m; FY11: £123.8m) · Value of ten largest holdings: £132.2m (HY11: £84.4m; FY11: £89.0m) · Oxford Nanopore completed £31.4m further private financing after unveiling GridION and MinION products at a major industry conference · Retroscreen Virology Group and, post-period end, Revolymer admitted to AIM, raising gross proceeds of £15m and £25m respectively at IPO · Recommended offer of up to £357m for Proximagen Group by Upsher-Smith

Half-yearly results IP Group plc (LSE: IPO), the developer of intellectual property based businesses, today announces its half-yearly results for the six months ended 30 June 2012. Financial and operational highlights · Net assets at 30 June 2012 increased to £250.7m (HY11: £222.6m; FY11: £221.6m) · Investment in portfolio companies increased to £15.8m (HY11: £5.5m; FY11: £14.3m) · Portfolio realisations: £0.5m (HY11: £0.2m; FY11: £3.7m) · Adjusted profit before tax of £31.2m (HY11: £1.1m loss; FY11: £0.5m profit), excluding £2.5m reduction in fair value of Oxford Equity Rights asset (HY11: £3.0m; FY11: £6.0m) · Net cash and deposits at 30 June 2012: £43.2m (HY11: £67.7m; FY11: £60.5m)

http://www.investegate.co.uk/Article.aspx?id=201208210700064104K

Its a hard share for me to get back into just now but I wonder if there is some mileage in the SP from here. I may just take a little investment and see.

Outlook As well as the challenging economic environment, the beginning of the second half of this year has been dominated by the coverage of the Olympic Games and the advertising market has reflected this. Total advertising revenues in the first six weeks was down 14.7%, although the strong growth in digital display and online property revenues continued into the second half of the year, with digital revenues in these areas growing strongly albeit from a low revenue base. With the refinancing of our borrowings completed, the Group remains focused on reducing its net debt. With significant additional cost savings to come in the second half and substantial operating cash flow we have a clear route to further debt reduction over the second half of the year. As explained above, the £30.0 million receipt from News International has further reduced net debt levels in the second half. In the absence of a further deterioration in the UK economy, the Board is confident that the outcome for the Group in 2012 will be in line with current expectations.

Commenting on these results, Ashley Highfield, Chief Executive Officer of Johnston Press plc said: "The first half has been a period of tremendous activity and we have made significant progress. Johnston Press is going through a strategic transformation. As we continue to develop our digital portfolio, refresh our print offering, reduce costs, and use our substantial operating cash flow to bring down our debt, we are increasingly confident about the success of the strategy and the benefits that it will deliver."

CONCLUSION Despite the current economic uncertainty and the anticipated short term volatility in the diamond market, our view on the long term outlook for the diamond market remains positive, with supply forecast to remain tight and growing demand in key markets expected to put upward pressure on diamond prices in due course. Having put prudent measures in place to extend its capital investment in its key growth projects in order to protect its strong balance sheet, Gem Diamonds is well placed to withstand this economic downturn.

Commenting on the results today, Clifford Elphick, Chief Executive of Gem Diamonds, said: "Against a challenging price backdrop for the diamond industry, the first half of 2012 was marked by strong operating performance by both Gem Diamonds' producing mines, the Letšeng mine in Lesotho and the Ellendale mine in Australia. Letšeng reported an increase in both carats recovered and recovered grade compared to H1 2011, with cash costs being held in line with management estimates. Ellendale reported a significant increase in both ore mined and treated and carats produced, which achieved strong prices during the Period despite the challenging market conditions." "Gem Diamonds maintains a strong balance sheet, with US$ 139 million of cash as at 30 June 2012, no debt and strong operating cashflows. This positions the Company well to weather the current downturn in the diamond market. In the interests of preserving this strong financial position, whilst remaining committed to its strategic growth projects, the Board has taken the decision to extend the delivery of its development projects at Letšeng and Ghaghoo. Should there be improvement in the global economic climate, there is sufficient flexibility to allow for the delivery of the projects to be accelerated. "

Thats an impressive performance since June and still it continues.

The hiatus in 2010, when a number of projects were delayed at customers' request, means that the Group will continue to enjoy a very sound order book through 2013 and in to 2014. In response to this much improved outlook, the Group is investing in strengthening its sales, commercial, project management and technical resources to promote growth post 2013/4. Sales resources will be increased in all areas of the business. Commercial, project management and technical resources will be strengthened in the Electro-Mechanical, including Transport+, and LED Lighting businesses. Peter Pollock, Group Chief Executive commented, 'the team have worked very hard over several years to get the business on to a sound footing. All our businesses are contributing to this improvement. It is gratifying to see the trading performance we aspire to, begin to be achieved.'