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Announcement of 2012 Half Year Results Financial Highlights for H1 2012 · Financial performance impacted predominantly by a decline in commodity prices and a challenging economic environment. · Revenue decreased 19% to US$3,246 million. · Cost of sales up 4% to US$1,757 million, driven by increased inflation, increased depreciation and higher wage rates. · Underlying EBITDA fell 41% to US$1,144 million; Underlying EBITDA margin of 35%. · Earnings per share down 60% to US 36 cents. · Dividend of US 6.5 cents per share; payout ratio of 18% maintained. · Gross available funds of US$1,565 million; borrowings of US$4,940 million. US$3.0 billion of additional facilities obtained since the start of 2012 to fund growth projects.

http://www.investegate.co.uk/Article.aspx?id=201208150700070288K

Good news folks - good to see PI's making a few bob and of course good news for AVIA

coverage - ouch Manganese Bronze (MNGS) has been forced to delay the release of its half-year results for the six months to June due to accounting errors that have come to light. Thanks to a combination of system and procedural errors, arising from the installation of a new IT system in August 2010, a number of transactions in 2010 and 2011 were not properly processed. This problem led to the over-statement of stock and the under-statement of liabilities, the accumulative effect of which leaves the company 3.9 million pounds worse off than before. The firm also provided an update on 2012 trading, noting the year to date has been difficult, with the group continuing to trade at a loss. Manganese Bronze shares plunged by 8.5p to 16.5p.

coverage Information management company SDL (SDL) reported first half pre-tax profit growth of 4% to 16.4 million pounds, on revenue growth of 20% to 133.6 million pounds. Sales growth was driven by the acquisition of marketing analytics firm Alterian, which generated revenues of 16 million pounds during the six months ended 30th June. However, the business warned that its European customers remained cautious due to the continued Eurozone crisis. The shares gained 10p to 667p.

coverage A weak Euro resulted in pre-tax profits at John Menzies (MNZS) falling by 14.5% for the six months to 30th June, year-on-year, to 18.3 million pounds, with sales down by 1.7% at 988.4 million pounds. The aviation and distribution business noted that five of its airline customers ceased operating during the period, costing the firm 7.7 million pounds per annum in revenues and added that the Olympics provided no significant boost to sales. Shares in John Menzies declined by 10p to 620p

Iain Napier, Chairman said: "I am very pleased to be announcing another good set of results in this uncertain economic environment. We have made significant investments in Menzies Aviation to support contract wins and acquisitions to add to the momentum of the business and to generate further sustainable earnings. The underlying performance of the Group is good and our expansion plans remain on track. The resilient business models that we have in place at both operating divisions are allowing the Group to continue to grow."

- Menzies Aviation - Underlying operating profit up 12% on a constant currency basis - Significant investment to support new contract wins, expansion into new territories and two acquisitions - Cargo performs well with increased profits and the restructure of the loss making UK region - Menzies Distribution - Underlying operating profit up 2% - Resilient operating model provides stability - Earnings per share suppressed by increased interest charge and adverse foreign exchange movements - Strong operational disciplines on cash and costs underpin Group performance and progressive dividend policy

http://www.investegate.co.uk/Article.aspx?id=201208140700069267J

Mark Lancaster, Executive Chairman, commented: "The global macro-economic outlook remains uncertain with the structural weakness in Europe remaining unresolved. This in turn has created a degree of caution in some of the markets we operate in. Despite this we do see growth opportunities in both the USA and Asia. SDL has a well-diversified and broad portfolio of solutions and through new client wins and a strong focus on execution we believe the Group will continue to show growth. We will maintain our investments to implement our long term vision and strategy to create best of breed technology and service solutions."

Highlights: · Good first half 2012, with both revenue and profit before taxation and amortisation in-line with expectations · Headline revenue growth of 20%, with 8% organic and 12% attributable to the Alterian acquisition · Strong revenue growth in Language Services (14%) · Several key new customer wins in the period with major global brands · Alterian integrating well into the group and performed somewhat ahead of expectations · Robust performance at the group level due to broad geography and sector coverage and the mix of technology and services across the group · Our products continue to lead the world in innovation and our strategy is synchronised with market needs, with SDL continuing to outperform industry leading names

http://www.investegate.co.uk/Article.aspx?id=201208140700089323J

coverage Essar Energy (ESSR) announced that throughput at its Vadinar refinery increased by 24% for the quarter ended 30th June, to 4.48 million tonnes, benefiting from the completion of its expansion project. The power company generated a total of 1.94 gigawatt hours in the quarter, up from 1.50GWh in 2011's comparable period, as the 1,200MW capacity Salaya I plant came online. Essar shares slipped by 0.2p to 111.7p.

Tony Zook, Executive Vice President of AstraZeneca's Global Commercial Organisation said: "AstraZeneca has long been a leader in the gastrointestinal sector, and we believe that an OTC version of NEXIUM will complement this globally successful prescription medicine and help bring relief to more patients around the world. We're pleased to work with Pfizer Consumer Healthcare and believe their expertise in the sales and marketing of consumer health products makes them the optimal partner to commercialise OTC NEXIUM globally. This agreement will help AstraZeneca realise the substantial, long-term value of this brand and potentially other brands in our portfolio." Pfizer Consumer Healthcare President Paul Sturman said: "NEXIUM is one of the most recognized and respected products in its class with tremendous brand equity and loyalty. We are proud to be AstraZeneca's partner of choice for NEXIUM OTC. By working with AstraZeneca to potentially offer an over-the-counter version of NEXIUM, a brand people know and trust, we are taking another crucial step to empower consumers by providing convenient access to important health care products." "Pfizer is continuing to enhance the value of our Consumer Healthcare business," stated Ian Read, Pfizer's Chairman and Chief Executive Officer. "Through its strong connection to our core biopharmaceutical business and to emerging markets and pharmacy customers worldwide, Pfizer Consumer Healthcare will have the opportunity to help more consumers better manage their health, while extending the value of certain important pharmaceutical brands."

AstraZeneca (AZN) has entered into a partnership agreement with US pharmaceutical group Pfizer for the global marketing rights of its gastroesophageal reflux disease treatment Nexium. Pfizer will pay the firm an upfront sum of 250 million dollars (159.3 million pounds) and AstraZeneca will receive royalty payments based on product launches and sales volumes. The group added that it exploring the possibility of forming similar agreements for its other prescription brands. The shares edged up by 19p to 3,012.5p.

coverage Shares in insurance and savings group Standard Life (SL.) surged by 20.7p to 277.4p after it achieved pre-tax profit growth of 15% to 302 million pounds in the six months to June, with assets under administration rising by 2.9% to 204.2 billion pounds. The group enjoyed strong trading in the UK, where pre-tax profits rose by 62% to 141 million pounds, compensating for a decline in profits from Canada. In order to help turn around its Canadian business, the firm appointed a new divisional chief executive in February.

Down 59 points today - I think she held well considering todays RNS - she will do very well to sustain this level. Some red days ahead I think

Myles Lee, Chief Executive, said today: "Problems in the Eurozone, which have intensified over the past six months, continue to erode consumer and business confidence in the wider European economy. In the Americas, current trends suggest that the benign early weather in the United States has resulted in some pull-forward of construction demand, while after good early momentum, the pace of economic growth has tempered over recent months. Against this backdrop, we expect that EBITDA for the year as a whole will be similar to last year's level. Across the Group, we are advancing further our cost and efficiency programmes, adjusting our cost base in response to evolving market demand. In addition, in the face of ongoing margin pressures, sharpening our commercial focus remains a key priority. We continue to optimise our cash generation capacity through close attention to working capital management and capital expenditure, while also maintaining our strong and flexible balance sheet."

Trading results reflect a positive start to the year for our Americas operations which benefited from favourable early weather conditions and a generally firmer tone in construction markets in the United States. In Europe however, trading was adversely impacted by very severe weather conditions in February, and by deteriorating confidence as uncertainty continued regarding Eurozone economic issues. · Sales revenue of €8.6 billion, €0.4 billion ahead of 2011 including favourable translation of €0.3 billion · EBITDA of €568 million, in line with May 2012 guidance; close to first half 2011 · Good first half progress in the Americas with sales up 20% to €4.0 billion and EBITDA up 26% to €216 million; in Europe sales were down 5% to €4.6 billion and EBITDA reduced 13% to €352 million. · Profit on disposals of €196 million reflects disposal of Secil and of our German access control business · Share of associates' results amounts to a loss of €118 million (2011: profit of €12 million), after impairment charge of €130 million (2011: €11 million) · Profit before tax, excluding impairment charges and disposals, down 45% to €52 million · Dividend per share maintained at 18.5c · Total development spend of €256 million (2011: €163 million) on 18 acquisitions and investments · Cumulative annualised savings of €2.1 billion from cost savings initiatives implemented since 2007 · Net debt of €3.9 billion at end-June - in line with June 2011; balance sheet one of strongest in sector

http://www.investegate.co.uk/Article.aspx?id=201208140700059193J