Member Info for mulledwine

Ongoing cost control has partially mitigated the impact of the lost contribution from lower sales. This includes the European back-office restructuring programme which continues to progress well. Our continuous improvement programme, covering all aspects of working capital, combined with careful management of the other components of cash flow, delivered cash generation and debt levels better than expectations and significantly better than the same period in the prior year. The level of available near term opportunities in Torque Transmission and Chain, combined with continuing reductions in our cost base, will enable us to maintain some positive momentum in profitability in the year as a whole, albeit at a level which is below current market expectations. 2 August 2012

Interim Management Statement Renold, a leading international supplier of industrial chains and related power transmission products, announces its Interim Management Statement for the first quarter of the current financial year. Trading conditions have softened in a number of territories due to macro-economic uncertainty. Against this backdrop, Chain delivered strong double digit growth in North America which, combined with mixed positions elsewhere in the world, resulted in a marginal overall reduction in sales. In particular, sales in Switzerland continue to be impacted by the relative strength of the Swiss Franc and accounted for Chain sales as a whole being below the level achieved in the same quarter of the prior year. Torque Transmission has a healthy pipeline of active tenders and sales opportunities that give confidence the division will achieve good growth for the year as a whole. Torque Transmission delivered sales growth in a number of geographical locations but a reduction in South Africa led to a slight overall decline. The key market sectors of Power Generation and Mass Transit delivered strong double digit growth on the comparative period in the prior year.

http://www.investegate.co.uk/Article.aspx?id=201208020700091031J

CONVERSION OF CONVERTIBLE NOTE The Board of Jupiter Energy Limited, the Kazakhstan-focused oil exploration and production company, quoted on AIM ("JPRL") and ASX ("JPR"), is pleased to announce that the $US3.45m of convertible notes held by Soyuzneftegas Capital Limited ("SNG") have today been converted into ordinary shares in the capital of the Company ("Ordinary Shares"). Please find attached an Appendix 3B covering the issue of 8,215,000 Ordinary Shares which have been allotted. Pursuant to the conversion, (the "Conversion Shares") under the terms of the Convertible Notes, SNG had the right to elect to convert the notes at the same issue price as the recent Rights Issue. The conversion price of the notes was therefore $A0.40 and the issue of 8,215,000 shares satisfies the full $US3.45m due. Shareholder approval for the issue of a maximum of 8,215,000 Ordinary Shares was granted at a General Meeting held on 14 May 2012. Approval from the Kazakh government to issue 8,215,000 shares was obtained on 21 June 2012. Application will be made for the admission of the Conversion Shares to trading on both the ASX and the AIM Market of the London Stock Exchange and it is expected that admission will occur and dealing will commence in the Conversion Shares on 9 August 2012. The Conversion Shares will rank pari passu with the existing Ordinary Shares currently trading on the ASX and AIM. The total number of Ordinary Shares on issue is now 153,377,693, post the allotment of the Conversion Shares.

BSkyB response to Competition Commission "Following a lengthy investigation, we welcome the Competition Commission's confirmation that there is no adverse effect on competition in relation to movies on pay TV. Sky considers there to be overwhelming evidence that UK consumers are well served by strong competition between a growing number of TV providers, including those offering movies. As this dynamic marketplace continues to evolve, we remain committed to innovating for customers so that UK consumers continue to benefit from choice, value and innovation."

http://www.investegate.co.uk/Article.aspx?id=201208020700071347J

Paul Sheffield, Chief Executive of Kier Group plc, commented: "We are delighted to have made the investment in Biogen, which again demonstrates Kier's strategy of developing intelligent solutions for our clients and also our commitment to the green agenda. We see significant potential in an attractive market for the development of the business in the coming years." John Ibbett, Chairman of Bedfordia Group plc, commented: "We are very happy to be working with Kier, which shares Biogen's strong company values. Part of Biogen's long-term strategy has been to identify a partner with which we can develop the proven commercial viability of our own AD technology. The joint venture will now be able to expand its network of plants across the UK, making clean green energy from food waste available to more end-users."

Biogen's existing management and operational team, including its Chief Executive, will remain with the business. The management team has been granted options over Biogen's shares which are intended to ensure their continued long-term involvement in the business. As at 30 June 2012, Biogen had gross assets of £15 million. For the year ended 31 December 2011, Biogen made a loss before tax of £1.7 million following significant investment in business development and R&D. Biogen's EBITDA for the year was £0.1 million. There is significant demand for new AD plants across the UK, with 7 million tonnes of food waste being produced per annum and current AD capacity of only 2.5 million tonnes, resulting in a need for a further 100 plants. Following an initial investment phase, Kier expects the return on capital to exceed 15 per cent. and for the business to be operating nine plants by 2017.

INVESTMENT IN BIOGEN Kier announces that it has today completed its investment in Biogen (UK) Limited ("Biogen"), establishing a 50/50 joint venture with the owner of Bedfordia Group plc ("Bedfordia"). Headquartered in Bedfordshire, Biogen designs, builds and operates large-scale anaerobic digestion ("AD") plants to process food waste and produce renewable energy. Kier's maximum total investment is £24.375 million (comprising a mixture of preferred and ordinary equity), of which £5.375 million was invested on completion. A further £2.5 million of equity will be invested in December 2012 and another £2.5 million in July 2013. The remaining £14 million is scheduled to be invested in instalments over the next four years to finance new AD plants. Biogen, which was established by Bedfordia in 2005, currently owns and operates two large commercial AD plants in the UK (both of which are included in the joint venture) and, in conjunction with Kier, plans to build a number of further plants in strategic locations to serve the requirements of local authorities, food retailers, food manufacturers and commercial waste providers to the food and retail industries. The joint venture will enhance Kier's environmental business by providing intelligent solutions for the treatment of food waste and complements the Pure recycling business which Kier acquired in 2010.

http://www.investegate.co.uk/Article.aspx?id=201208020700080941J

Financial position The Group remains in a strong financial position and has operated throughout the period with substantial net cash balances, and significant headroom against its banking facilities. Outlook Although market conditions remain challenging, the Group's favourable market positioning, strong order book, broad international base and balance sheet strength give us confidence for the year ahead.

Interim Management Statement Hyder Consulting PLC, the multi-national design and engineering consultancy, today issues its Interim Management Statement covering the period to 1 August 2012. Trading performance The Group is continuing to perform in line with our expectations. Our Australian business has continued to perform well; the acquisition of GW Engineers is providing new opportunities in the resources sector and the integration is progressing as planned. In China, following some contract delays, we have concentrated our resources further to those areas and sectors where we have an established competitive advantage. In the Middle East results are improving as we mobilise on a number of new projects in Qatar and Saudi Arabia. Working capital in the region has been reduced since the year end due to improved payment terms on new public sector projects and progress on delayed contract settlements. In Europe results are in line with plan. In the UK rail sector sales and new opportunities have been particularly strong in the period. We are working with an increasing number of German clients internationally, particularly in the Middle East.

http://www.investegate.co.uk/Article.aspx?id=201208020700080751J

Valuation: Current rating depressed for Ultra The rating of 11.5x CY12 EPS places Ultra at its lowest rating since flotation in 1996. This reflects a subdued outlook for defence due to uncertainty in the US in the lead up to the presidential election and potential sequestration. Our sum-of-the-parts fair value of 1,616p suggests some 10% upside; however, in the longer term we anticipate EPS growth to return to more normal levels of 10%+ and a subsequent re-rating to occur. If we apply a through-cycle rating of 14.9x, this yields a fair value of 1,860p

http://www.edisoninvestmentresearch.co.uk/researchreports/Ultra020812outlook.pdf

Shares of SEGRO raced ahead on Thursday morning after the industrial property specialist's interim results, but Jefferies has maintained its 'hold' recommendation on the stock, saying that 'the hard work starts' in the second half. Jefferies said in a research note: "With good progress selling UK non-core assets (£503m year-to-date), the focus has shifted to the European non-core assets which will be more difficult.

Investec has said that a lack of upgrades for consensus forecasts at Aggreko may disappoint, but the broker says that the first-half results from the temporary power and temperature controls group were strong. "Aggreko has had an excellent first half, with a 30% lift in EPS (as expected), and remains confident of delivering a strong full-year performance," said analyst John Lawson. Investec makes no forecasts changes today ("a lack of upgrades might disappoint some") but it's 'buy' rating and cashflow-based target price of 2,520p remain unchanged.

Outlook Current trading remains difficult necessitating close management of the Group's cost base, particularly in those locations where market conditions are most challenging. We will continue to selectively invest in the long-term geographic growth and diversification of the Group and are confident that this strategy, combined with our strong balance sheet, market-leading global brand and experienced management team, will ensure that the Group is well positioned for the future.

Robert Walters, Chief Executive, commented: "Current trading remains difficult necessitating close management of the Group's cost base, particularly in those locations where market conditions are most challenging. We will continue to selectively invest in the long-term geographic growth and diversification of the Group and are confident that this strategy, combined with our strong balance sheet, market-leading global brand and experienced management team, will ensure that the Group is well positioned for the future."

OPERATIONAL HIGHLIGHTS · Resilient performance with Group net fee income up 4% against a backdrop of deteriorating market conditions, particularly during the second quarter. · Continued investment in the Group's long-term growth: o New offices opened in San Francisco, Rio de Janeiro, Milton Keynes and Parramatta. The Group now has 51 offices in 23 countries (2011: 44 offices in 21 countries). o Group headcount of 2,159 (2011: 1,932). o Average headcount increased by 15%. · Net fee income increased across all of the Group's regions. · Asia Pacific increased net fee income by 3% (0%*) to £45.9m (2011: £44.5m). o Region impacted by banking sector slowdown. o Tough year-on-year comparatives, particularly in the second quarter. o Continued diversification into other specialist disciplines expected to deliver growth in the second half. · UK net fee income grew by 5% to £23.9m (2011: £22.9m). o Respectable performance despite difficult market conditions. o Strong growth from Resource Solutions, the Group's recruitment process outsourcing business. · Europe net fee income up by 3% (8%*) to £19.9m (2011: £19.4m). o Strong performance in France and Germany, the region's largest and newest business respectively. · Americas and South Africa net fee income up by 11% (16%*) to £2.7m (2011: £2.4m). · Good balance of permanent (69%) and contract (31%) recruitment net fee income (2011: 71%:29%).