Member Info for mulledwine

Financial highlights · Research and development expenditure for the period was £0.75 million (H1 2011: £1.62 million) · Post-tax loss for the period of £1.15 million (H1 2011: £1.82 million) · Cash outflow for the period of £1.10 million (H1 2011: £1.01 million inflow) and net funds at 30 June 2012 were £2.25 million (30 June 2011: £4.89 million) · In July 2012 (post period-end), £2.5 million (gross) raised to strengthen the balance sheet and complete activities to facilitate licensing discussions

Interim results for the six months ended 30 June 2012 Southampton, UK - 10 August 2012: Synairgen plc (LSE: SNG), the respiratory drug company with a particular focus on viral defence of the lungs, today announces its interim results for the six months ended 30 June 2012. Operational highlights · Successful initial results announced in April 2012 from the Phase II proof of concept trial of inhaled interferon beta (SNG001) for the treatment or prevention of virus-induced asthma exacerbations (acute and prolonged worsening of asthma symptoms). The headline results were: · Identification that the British Thoracic Society Step 4/5 patients (estimated to represent between 10% and 20% of adult asthma sufferers, who represent the greatest healthcare burden) are most likely to suffer adversely due to common cold virus infections · Efficacy across multiple endpoints in the Step 4/5 population · Inhaled interferon beta is well tolerated · Now engaging with potential licensing partners for asthma and COPD programmes · Efficacy data, safety data and preclinical data to be discussed with government departments who are seeking broad spectrum antivirals to treat or prevent severe viral lung infections

http://www.investegate.co.uk/Article.aspx?id=201208100700036801J

Tempus is keener on Enterprise Inns, the pub company that has been struggling under a debt mountain. Some sensible disposals of non-performing pubs (as well as some very good ones) is beginning to get the financial house in order, while the Euro 2012 football and Diamond Jubilee both lifted the third quarter numbers. Tempus thinks Enterprise Inns has some way to go, buy.

In the Times, Tempus takes a look at property consultant and high-end estate agent Savills. It’s certainly had a come down, in line with the rest of the property market. Profits in 2007 were £85.7m, compared to the half year number for 2012, which was £18.2m. The group has managed to gain ground by offering consultancy services like simply collecting rent, while also raking in advice fees. That non-cyclical business is keeping Savills afloat and Tempus is impressed with its “nimbleness”, although the stock only merits a hold.

The Chancellor of the Exchequer, George Osborne, has been going in to bat on behalf of UK bank Standard Chartered in New York, the Financial Times reports. Osborne has spoken to Tim Geithner, the US Treasury secretary, three times in the space of two days over the New York regulatory probe into Standard Chartered in a sign of the British government’s mounting concern. The Chancellor spoke to Geithner on Tuesday, Wednesday and then again on Wednesday night amid worries about the potential damage the investigation could do to the reputation of the City of London, according to the FT.

Outlook I am pleased with the progress the Company has made in the first half. The companies in our largest asset, Permira IV, continue to demonstrate resilient growth and we have begun to lay the foundations for the execution of our new investment strategy. Looking forward, we are cautious on the macroeconomic outlook, especially for Europe. Whilst it is still possible to sell companies, especially those with a global footprint and growth trajectory, the current uncertainty continues to hamper exits across the asset class and we do not expect conditions to improve in the short term. The portfolio has a significant exposure to companies with global reach and which we believe will continue to demonstrate growth. We continue to believe that the medium to longer term investment environment plays to the strengths of seasoned private equity investors. In the short term, we remain focused on returning capital to shareholders.

Lynn Fordham, CEO of SVG Capital commented: "This has been another period of strong performance and progress for SVG Capital. I am pleased to report NAV growth of 12% in the first half, a 9% out-performance of the FTSE All-Share (TR) over the period, and good progress on our strategy. "We have returned £87.4 million to shareholders since December 2011 - more than half of our commitment. We have also moved to manage the assets of our business more actively, selling a number of non-core investments, further strengthening the balance sheet through the release of uncalled commitments. Our investment committee has begun to evaluate potential opportunities for investment, at the appropriate time. "The majority of companies in the portfolio continue to demonstrate resilient earnings growth. We remain mindful of the uncertainty in the macroeconomic environment and the impact this may have on our portfolio companies. However, we feel positive that our exposure to an underlying portfolio of high quality assets and the progress we are making on our strategy will continue to deliver value for our shareholders over the shorter and longer term."

Investment portfolio · Total return of 9.8% over the six months to 30 June 2012 · Two largest contributors were Hugo Boss and Valentino Fashion Group (+£53.5 million) and Galaxy Entertainment (+£40.5 million) · Valentino Fashion Group sold at a £34 million premium to December 2011 carrying value · Resilient earnings growth across the majority of portfolio companies, especially at Hugo Boss which is our largest investment · Supported by top-line expansion as management teams pursue organic and inorganic initiatives · 27% and 35% increase in the portfolio's weighted average revenue and earnings growth for the 12 months to June 2012, year-on-year · Despite strong performance of the portfolio, visibility on the macroeconomic outlook remains difficult · Modest strengthening of weighted average earnings multiples (LFL multiples increased by 4.3% to 9.1x) · Continued active management of portfolio company capital structures, opportunistically renegotiating covenants and terms

Interim results for the six months to 30 June 2012 Strong returns in uncertain markets Highlights · 12.3% increase in net assets per share to 378.5p (excluding SVG Advisers and SVG Investment Managers) · Compares to a 3.3% return for the FTSE All-Share (TR) over the same period, a significant out-performance · Total capital of £87.4 million returned to shareholders since strategic update in December 2011 - 51% of £170 million commitment · Proactive management of the assets and liabilities of the business, further strengthening the balance sheet through the sale of non-core assets; proceeds of £32.1 million generated, releasing £36.3 million of uncalled commitments1 · The Board is making good progress in a search for a successor Chairman and expects to appoint a new Chairman in the next few months

http://www.investegate.co.uk/Article.aspx?id=201208100700057326J

09/08/2012 Coverage Shares in Bumi (BUMI) fell by 0.1p to 369.9p after the firm reported an underlying loss of 117 million dollars (74.8 million pounds) for the six months ended 30th June, compared to a profit of 54 million dollars (34.5 million pounds) in the first half of 2011. The mining group said that its performance was impacted by heavy rainfall in Indonesia, resulting in lower than expected production. However, the firm hopes to ramp up production in the second half of the year in order to compensate for the shortfall.

Panmure Gordon retained its "buy" stance for Innovation Group (TIG) with a 28p target price. The software developer recently revealed the latest version of its Business Intelligence software and the broker believes this will enjoy strong demand. Meanwhile, Panmure noted that the firm acquired Belgium firm Value Partners in June, which should help increase managed accident repair volumes. The broker noted that the target currently handles around 500,000 inbound calls per year.

Investec Securities maintained its "buy" rating for Pennon Group (PNN) with a slightly increased target price of 772p, from 768p. The broker raised its full year pre-tax profit target for the water and waste treatment company by 3.4% to 217.1 million pounds following a strong performance from the firm's South West Water subsidiary. Additionally, Investec believes the group's Viridor business could double its EBITDA within the next few years, with 250 megawatts of its 300 megawatts renewable energy target for the next five years already booked.

N+1 Brewin reiterated its "buy" recommendation for Dignity (DTY) with an increased target price of 1,096p, from 950p. The broker said that the UK death rate is expected to reverse upwards after 2015, noting that the funeral company's pre-tax profits rise by 3.5% per 1% of sales growth. Brewin added that the firm beat its first half forecast for pre-tax profits of 27 million pounds, posting a gain of 27.5 million pounds. On the broker's earnings forecasts, the shares trade on a prospective multiple of 14.7 times for 2012, falling to 13.2 times in 2013.

Outlook Overall we are satisfied with progress in the first half, where we have put significant investment into building a pipeline across a wide range of opportunities. Last year we had a strong second half, which means that we have a strong set of cash generating renewals to fund the second half of this year. This along with expected new sales gives us confidence in our ability to deliver full year results in line with expectations.

Ronald Duncan, Executive Chairman, commented, "Our new sales force is delivering a significant number of low value analysis proposals. These should convert over time into higher value marketplace implementations. Thus we expect significantly higher future revenues as these progress through the sales and implementation cycle. "Our international expansion is progressing well, and we have two high value opportunities where we have identified tens of millions of dollars in savings. "Last year we had a strong second half, which means that we have a strong set of cash generating renewals to fund the second half of this year. This along with expected new sales gives us confidence in our ability to deliver full year results in line with expectations."

Unaudited Interim Results for the six months ended 30 June 2012 @UK PLC (AIM:ATUK.L), the cloud ecommerce marketplace, today announces its unaudited interim results for the six months ended 30 June 2012. Financial · Revenues decreased by 13% to £1.095m (2011: £1.255m) due to a slow-down in company formations · High gross margin ecommerce revenues increased by 13.5% to £563k (2011: £496k) · Loss before tax increased to £363k (2011: £222k) · Net Assets increased to £416k (2011: (£138k)) · Strong set of cash generating renewals for H2 Operational · New UK sales force generated over £3.5m of proposals being submitted in H1 (2011: £0.3 m) and 77% organic growth in ecommerce revenues · Indian office launched and profitable · Visa collaboration progressing well, currently in discussions on two significant international customer opportunities · First implementation of Care Marketplace has completed user acceptance testing and is proceeding into pilot · @UK named as approved supplier within two UK public sector frameworks o UK Government's G-Cloud framework o Four year national eCommerce framework agreement for all UK public bodies

http://www.investegate.co.uk/Article.aspx?id=201208100700057336J

"Cobham is pleased to support this critical Department of Defense programme to enhance military satellite communications capability by providing the portfolio of RF modules that support additional bandwidth required by the military," said Jill Kale, vice president of Cobham Defence Electronics. "This award reinforces our leadership role in the supply of high reliability cost effective Space qualified hardware." According to Boeing, the mission of the Wideband Global SATCOM (WGS) is to provide broadband communications connectivity for U.S. and allied warfighters around the world. WGS is the highest-capacity military communications system in the U.S. Department of Defense arsenal, providing a quantum leap in communications capability for the U.S. military. Long lead time work on the contract started in 2010, and production began in early 2012. Work is expected to be finished in 2013 and takes place at the Lowell, Massachusetts facility, northwest of Boston.