Member Info for mulledwine

Outlook Investor demand across our business will be affected by the high level of macro economic and market uncertainty which we expect to persist for the remainder of the year. In this challenging environment our broad product range and global client base is resulting in a resilient performance.

Management report Financial markets remained volatile in the first half of 2012 with most of the gains made earlier in the year given back in the second quarter as concerns increased over the stability of the Eurozone and faltering economic growth. Consequently, there were no clear trends in investor sentiment beyond a natural reluctance amongst institutional, retail and high net worth clients to commit to long term investment strategies in the face of so much macro economic uncertainty. In this challenging environment we were able to generate net new business of £2.7 billion in the first half of 2012 because of the diversification of our business across a broad range of asset classes, client segments and geographies. These new business wins, together with modest but positive investment returns for clients overall, took assets under management at the end of June to £194.6 billion (31 December 2011: £187.3 billion). Profit before tax in the first half of the year, reflecting the lower level of markets and assets under management compared to a year earlier, was £177.4 million (H1 2011: £215.7 million). Shareholders' equity at the end of June was £1.9 billion (31 December 2011: £1.9 billion). We are taking advantage of our financial strength to invest in the business across a number of areas. In the first quarter we announced the purchase of a 25 per cent. stake in Axis Asset Management in India. We are engaged in a major information technology upgrade in support of our investment teams and we are taking advantage of the dislocation in markets to add to our pool of talent. While these investments add to our cost base, we believe they will position the firm well for the long term.

Half-year results to 30 June 2012 (unaudited) · Profit before tax £177.4 million (H1 2011: £215.7 million) · Earnings per share 50.7 pence per share (H1 2011: 60.7 pence per share) · Interim dividend 13.0 pence per share (interim dividend 2011: 13.0 pence per share) · Net inflows £2.7 billion · Assets under management £194.6 billion (31 December 2011: £187.3 billion)

http://www.investegate.co.uk/Article.aspx?id=201208020700161146J

Valuation: Risk-adjusted NPV of £416m We maintain our £416m Vectura valuation, but expect to increase this following formal EU approval of Seebri. Upside could come from regulatory and clinical progress, further regulatory clarity, or further technology licences

http://www.edisoninvestmentresearch.co.uk/researchreports/Vectura010812update.pdf

Full order books look like they have saved this from dropping too far today

Summary and outlook Trading in the first six months of 2012 has been affected by difficult market conditions. Alexander Proudfoot has continued to perform well overall, but Kurt Salmon's progress in North America has been overshadowed by a weaker performance in Europe. Our business continues to prosper in emerging markets and 15% of first half revenues came from work delivered outside North America and Western Europe. We are taking action to underpin the performance of the Kurt Salmon business in light of current market conditions which we expect to continue during the second half of the year. This will include restructuring certain practices and making adjustments to headcount, resulting in further non-recurring restructuring costs in the second half of 2012. Although clients remain cautious, and downside risks to the global economy remain, the Group has a well balanced and diverse business which is performing well in most of its markets. We will continue to focus on growth opportunities where they arise, including smaller bolt-on acquisitions where appropriate. The Group's net debt remains well below historic levels at £35.7m at 30 June 2012. The normal phasing of cash flows means that historically the second half of the year tends to see stronger cash generation and the Board continues to expect this to be the case in 2012. MCG enters the second half of 2012 with a healthy order book and project pipeline, a strong financial position and long term client relationships which have delivered revenues over many years. MCG has established a stable platform which will enable the Group's businesses to benefit in due course as economic conditions improve.

Nick Stagg, Chief Executive commented: "MCG has made progress in parts of the business in the first half of 2012 against a backdrop of challenging trading conditions and market uncertainty, and enters the second half of 2012 with a healthy order book and project pipeline. We have seen a good performance overall in North America, and in emerging markets, with work delivered outside North America and Western Europe representing 15% of first half revenues. This has been offset by the negative impact of Eurozone weakness which has affected overall activity levels and margins. "Economic uncertainty looks set to continue in the second half of 2012, but MCG is a global business with a balanced geographic and sector focus. We remain committed to improving operational efficiency and profitability, whilst investing for growth, and we are well placed to take advantage of opportunities in markets and sectors which continue to grow."

Some progress in difficult trading conditions Management Consulting Group PLC ("MCG" or "the Group"), the global professional services group, today announces its results for the half year ended 30 June 2012. Key points ● Revenue 6% lower at £146.8m (H1 2011: £155.6m) ● Underlying* operating profit 23% lower at £11.8m (H1 2011: £15.3m) ● Underlying* operating profit margin lower at 8.0% (H1 2011: 9.9%) ● Profit for the half year of £4.7m (H1 2011: £9.1m) ● Net debt reduced by 31% to £35.7m (June 2011: £51.7m) ● Underlying basic earnings per share decreased to 1.3p (H1 2011: 2.4p) ● Interim dividend increased to 0.23p per share (2011: 0.2p)

http://www.investegate.co.uk/Article.aspx?id=201208020700141131J

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Exane BNP Paribas initiates outperform on Drax Group, target price 630p.

Commenting on the disposal Phil Redding, SEGRO's Chief Investment Officer, said: "This portfolio sale marks another important step forward in the delivery of our strategy and means that we have now completed a significant part of our non-core asset disposals in the UK. This positions us well to focus on non-core disposals in Continental Europe." 1 One of the 10 estates within the portfolio, located in South Feltham, will be sub-sold by the purchaser to BP Pension Fund

SEGRO completes sale of £111.0 million of UK regional assets SEGRO, Europe's leading owner-manager and developer of industrial property, is pleased to announce that it has completed the sale of a portfolio of 10 non-core UK regional industrial estates for £111.0 million to a large institutional UK fund1. The portfolio being disposed of comprises 10 predominantly older, secondary, multi-let industrial estates located in Portsmouth, Bristol, Yate, South Feltham, Sunbury, Crawley and Bishops Stortford. The estates comprise approximately 160,000 sq m of lettable space. At 30 June 2012, the portfolio had a vacancy rate of 11.2 per cent by ERV and a weighted average unexpired lease term of 3.2 years to earliest break. The sale price represents a net initial yield of 8.4 per cent, or 8.9 per cent with the benefit of lease incentive top-ups. The sale proceeds, net of lease incentive top-ups, are approximately 3.0 per cent above the 30 June 2012 book value. Including this transaction, SEGRO has announced or completed disposals of £503 million in the year to date, at the top end of our £300-500 million guidance range for non-core disposals during 2012.

http://www.investegate.co.uk/Article.aspx?id=201208020700131130J

Outlook We are performing in line with our expectations and our guidance for the full year, provided in February 2012, is unchanged. Emerging market economies have continued to perform strongly and the US is showing some signs of stabilisation, although we are not immune to the impacts of the macroeconomic uncertainties and continuing challenging economic environment across Europe.

Commenting, Olivier Bohuon, Chief Executive Officer of Smith & Nephew, said: "Smith & Nephew completed a good first half as we continued to generate top-line growth and delivered an improved trading profit margin. This demonstrates the early benefits of our actions to reshape the Group to provide the right commercial models, innovation and efficiencies required to win in our markets today and in the future. "We have consistently delivered revenue and earnings growth and strong cash generation in the challenging markets of the last few years. This financial strength, and our confidence in delivering against our Strategic Priorities, has enabled us to increase substantially our dividend pay-out, whilst keeping the flexibility to meet our organic and inorganic growth objectives."

Q2 Financial Highlights · Revenue of $1,029 million, up 2% on an underlying basis · Trading profit of $234 million, up 6% on an underlying basis · Trading profit margin up 80 bps to 22.7% as ASD restructuring benefits come through · Strong performance from Sports Medicine Joint Repair and NPWT · EPSA consistent at 18.1 cents · Group moves to net cash of $150 million · Interim dividend increased 50% to 9.9¢ and new progressive dividend policy

http://www.investegate.co.uk/Article.aspx?id=201208020700141133J