Member Info for mulledwine

Half-yearly financial results for the six months ended 30 June 2012 FINANCIAL HIGHLIGHTS · Revenue of £275.0m (2011: £241.6m). · Net fee income (gross profit) of £92.4m (2011: £89.1m). · Operating profit of £3.4m (2011: £7.2m). · Profit before taxation of £3.1m (2011: £7.1m). · Basic earnings per share of 2.9p (2011: 6.5p). · Interim dividend maintained at 1.47p per share (2011: 1.47p). · Net cash of £4.6m as at 30 June 2012 (30 June 2011: £10.7m).

http://www.investegate.co.uk/Article.aspx?id=201208020700121109J

Peel Hunt downgrades F&C Asset Management from buy to hold, target price 90p

Numis downgrades Cape from buy to add, target price 337p.

Customer service The combination of increased SuperFyba production and peat drying will ensure the Company can fulfil its obligations to its customer base over the long term. However because of the time required to establish this production the Company will be forced in the very short term to scale back bagging operations and to buy in some peat from third party suppliers at a substantial price premium. The inefficiency associated with volume changes and the higher material costs will mean that even with an assumption of normal weather patterns for August and September the Company will not now meet the market's profit expectations for this financial year. While selling prices across the industry are likely to go up, the Company will still feel some effect from the shortage of raw materials during the next financial year. The Company continues to have a strong balance sheet, uses its cash generation to invest in the future of the business and expects to maintain its dividend policy.

Increased production of SuperFyba The Company announced on 20 July 2012 that it had acquired a new site at Ellesmere Port which would create substantial Group cost savings. The site has been secured at an important time as it provides a new location for the production of SuperFyba. The Company also announced, on 16 July 2012, that it is to purchase a second SuperFyba processing line to be based "in the north of England". The Company now confirms that this additional production capability will be commissioned at Ellesmere Port and will comprise a full cleaning line together with two new extruding machines rather than only one. The Ellesmere Port site has the considerable advantage of having access to industrial scale mains electricity supplies which will generate significant cost savings for the production of SuperFyba. Along with other logistical advantages this makes the site an ideal strategic location to expand William Sinclair's SuperFyba operation. The effect of this investment will be to double annual SuperFyba production capacity from the previously reported 150,000 m3 per annum to around 300,000 m3 per annum. This additional capacity will come on stream in December 2012.

Trading Update William Sinclair, one of the UK's leading suppliers of growing media to the horticulture industry, announces a Trading Update following the exceptionally unfavourable weather that has continued to suppress consumer activity and to prevent any significant peat harvesting operations. The Company announced on 5 July 2012 that the UK had experienced record levels of rainfall which had adversely affected the Company's ability to harvest peat from its peat bogs in Cumbria and in Scotland. The Company also announced that a sustained period of good weather was required to enable it to resume full scale peat harvesting operations. An improvement in the weather has not occurred and consequently the Company achieved no conventional peat harvest during July. Drying technology To help manage marginal shortfalls in conventional harvesting caused by poor weather William Sinclair developed artificial peat drying technologies. While this technology has performed well this year, the extent of the recent wet weather has meant the demands placed on it has exceeded its capacity. Following successive failures of conventional harvests and in light of recent refinements to the technology which have reduced the unit cost of production, William Sinclair will now substantially increase its drying capacity by commissioning further drying machines. This extra capacity will come on stream in November this year. Under the agreement with Natural England, these machines cannot be located at their most efficient location at Bolton Fell and will instead be sited at other peat bogs owned by the Company.

http://www.investegate.co.uk/Article.aspx?id=201208020700121117J

Outlook Our focus remains on driving RevPAR growth by achieving an optimal balance between occupancy and room rate and by the re-positioning/refurbishment of several key hotels, so as to grow their yield potential. The continuing strong performance by the Millennium Seoul Hilton in the second quarter is an encouraging indicator that the Group's asset management strategy will deliver good returns on investment. It is too early to predict the performance for 2012. On a like-for-like basis, Group RevPAR in the first 24 days of July 2012 decreased by 4.2% (3.0% excluding UN Plaza). London fell by 12.5% due in part to a slowdown in visitor numbers ahead of the Olympics. Singapore decreased by 1.1% and New York decreased by 9.0% (0.8% excluding UN Plaza). Whilst trading has been in line with management expectations, it is evident that some hospitality markets may be softening as a result of the Euro crisis and global economic uncertainty. The Group is well positioned for such an eventuality, having steadily strengthened both its management team and its balance sheet. We are well placed to take advantage of strategic acquisition opportunities, although it has taken longer than anticipated for vendor prices to reach realistic levels in our preferred gateway destinations.

Commenting today Mr Kwek Leng Beng, Chairman said: "The Group delivered a successful overall performance from its hotel operations in the first half of 2012, with additional profits from our joint venture in China and good progress on asset management projects. Whilst trading is still in line with management expectations, the hospitality industry cannot be immune to the on-going Euro crisis and global economic uncertainty. The strengthening of our management team, together with our excellent financial position, increases our ability to manage the challenges of an uncertain economic outlook and to take advantage of the strategic opportunities which the present environment is likely to offer."

· Overall RevPAR (in constant currency terms) rose by 5.2%, primarily driven by an increase in average room rate. · On a like-for-like2 basis, Group RevPAR grew by 4.6% (excluding the three Christchurch hotels, Copthorne Orchid and Stuttgart). · Like-for-like2 total revenue in constant currency increased by 4.2% to £370.8m (2011: £356.0m) and headline operating profit increased by 25.5% to £79.2m (2011: £63.1m). · Headline profit before tax increased by 30.9% to £78.3m (2011: £59.8m). Profit before tax decreased by £1.3m (1.6%) to £79.0m (2011: £80.3m) due in part to the inclusion of £17.4m profit on the sale and leaseback of Studio M in May 2011. · Strong cash flows from operating activities of £84.0m (2011: £40.3m). Net debt reduced to £10.6m (31 December 2011: £100.2m) and gearing was 0.5% (31 December 2011: 4.8%). · Interim dividend maintained at 2.08p per share. Scrip dividend option is suspended.

· Overall RevPAR (in constant currency terms) rose by 4.5%, primarily driven by an increase in average room rate. · On a like-for-like2 basis, Group RevPAR grew by 3.9% (excluding the three Christchurch hotels and Stuttgart). · Like-for-like2 total revenue in constant currency increased by 3.1% to £197.3m (2011: £191.4m) and headline operating profit increased by 28.0% to £53.5m (2011: £41.8m). · The Group recognised £9.1m as its share of profits of First Sponsor Capital Limited ("FSCL") relating to Chengdu Cityspring project. · Headline profit before tax increased by 32.3% to £52.9m (2011: £40.0m). Profit before tax decreased by 12.4% to £53.1m (2011: £60.6m) due in part to the inclusion of £17.4m profit on the sale and leaseback of Studio M in May 2011.

http://www.investegate.co.uk/Article.aspx?id=201208020700121120J

Outlook The Group continues to take advantage of the growth opportunities presented by 4imprint Direct Marketing's large and highly fragmented markets as well as continuing to drive the recovery of SPS. Following the Group's encouraging first half performance, and notwithstanding any significant macroeconomic changes to the markets it serves, the Group remains on track for a continued good performance in the second half year.

John Poulter, Chairman said: "The first half of this year has been a period of substantial positive change for the Group. Brand Addition has been sold, enabling the Group to strengthen its balance sheet, to focus on the continued organic growth of 4imprint Direct Marketing and SPS and to reduce the risk of the pension deficit. We are well positioned to take advantage of the growth opportunities presented by 4imprint Direct Marketing's large and highly fragmented market and, notwithstanding any significant macroeconomic changes to the markets it serves, the Group remains on track for a continued good performance in the second half year."

Operational highlights · 4imprint Direct Marketing · Continued growth in market share · More than 274,000 orders received, 17% ahead of half year 2011 · Underlying* operating profit up 12% at £3.95m (H1 2011: £3.52m) · SPS · 8% revenue growth and underlying* operating profit £0.35m (H1 2011: £0.10m) · Brand Addition sale completed on 23 March 2012 · £11.40m of sale proceeds deposited in a cash escrow account for pension scheme risk reduction † Continuing operations * Underlying is before share option charges, exceptional items and defined benefit pension charge

Half year results for the period ended 30 June 2012 4imprint Group plc (the 'Group'), an international promotional products business, announces today its half year results for the period ended 30 June 2012 Financial highlights · Revenue up 17% at £88.36m (H1 2011: £75.84m)† · Underlying* operating profit up 21% at £3.39m (H1 2011: £2.80m)† · Underlying* profit before tax up 26% at £3.32m (H1 2011: £2.62m)† · Profit before tax up 50% at £2.46m (H1 2011: £1.64m)† · Net cash £11.39m, prior year end £5.46m · Underlying* basic earnings per share up 25% at 8.61p (H1 2011: 6.89p)† · Basic earnings per share, including the profit on disposal of Brand Addition, was 38.79p (H1 2011: 10.91p) · Dividend per share 5.25p, an increase of 5%

http://www.investegate.co.uk/Article.aspx?id=201208020700131122J

Private Banking Net revenues in Private Banking were down nearly 10 per cent. at £52.6 million (H1 2011: £58.0 million) reflecting a reduction in assets under management compared to levels a year ago but, more importantly, a decline in net revenue margins as clients moved towards more defensive strategies and transaction volumes fell. This also affected new business flows and net outflows in the first half were £0.2 billion. Costs were down 8 per cent. after £1.8 million of additional provisions against previously impaired commercial property loans, and profit before tax was £10.4 million (H1 2011: £12.3 million). Assets under management in Private Banking at the end of June were £16.0 billion (31 December 2011: £16.0 billion). Group The Group segment comprises central costs and returns on investment capital, including seed capital in new products. Against a difficult investment environment, particularly in the second quarter, returns on our investment capital portfolio in the first half totalled £13.8 million (H1 2011: £8.1 million), of which £7.3 million (H1 2011: £1.7 million) was recognised in reserves. Excluding the profit in reserves, the result for the Group segment was a loss before tax of £8.2 million (H1 2011 profit: £0.3 million). In 2011, there was a non-recurring pension credit of £12.1 million in the first half. Dividend The Board has declared an unchanged interim dividend of 13.0 pence per share (interim dividend 2011: 13.0 pence) payable on 27 September 2012 to shareholders on the register at 17 August 2012.

Asset Management Asset Management net revenue was £491.0 million (H1 2011: £534.6 million) including performance fees of £10.1 million (H1 2011: £13.8 million). Net revenue margins, excluding performance fees, were 54 basis points (2011: 56 basis points) as a result of continued progress in winning new business in Institutional and in Multi-asset rather than any underlying pressure on fees. Profit before tax was £175.2 million (H1 2011: £203.1 million). Investment performance continues to be competitive with 66 per cent. of assets under management outperforming their benchmark or peer group over three years. Net inflows in Institutional were £1.9 billion across Multi-asset, Equities and Alternatives, partially offset by net outflows in Fixed Income. Regionally, these new business wins were broadly spread across continental Europe, Asia and the Americas. We also have a good pipeline of new business we have won but which has not yet been funded, although we are seeing institutional clients delay funding decisions as a result of the volatile market environment. Assets under management in Institutional at the end of June were £113.3 billion (31 December 2011: £108.4 billion). Unsurprisingly, retail investor demand continued to be affected by the very uncertain economic and market outlook. This was particularly true in continental Europe and to a lesser extent in Asia Pacific. We nevertheless generated net inflows in Intermediary of £1.0 billion with a strong performance in our US Intermediary business. Assets under management in Intermediary at the end of June were £65.3 billion (31 December 2011: £62.9 billion).