Member Info for mulledwine

Fashion chain Next said the Olympics has hit trading in its London stores, as tourists and locals stay away, leaving the capital a ghost town. Next is the first of the retailers to give a sense of current trading and will compound fears that the Games will fail to drag the UK out of recession. Next's chief executive, Lord Wolfson, said its 23 shops in London had been "adversely affected" and he does not expect any kind of retail boost from the Olympics. "The two weeks of the Games for retail won't be good. As with any sporting event, people tend to stay in and watch them on television rather than go out shopping." [The Guardian

Outlook We expect to report strong growth in revenue and profit in the Local business both in the second half and for the year as a whole, supported by the London Olympics and the Poit Energia acquisition. We anticipate underlying growth will be lower in the second half than in the first, in part because of tougher comparators, and in part because of continued macro-economic weakness in some of our larger mature markets. Margins on both an underlying and reported basis for both the second half and the full year are forecast to be better than last year. In International Power Projects, the record level of the order book means that we expect that the business will have a strong year in terms of revenue growth. We anticipate that margins and returns will be lower than 2011 mainly as a result of our assumed increase in bad debt provisions and unusually high mobilisation costs. We expect that Group margins for the year as a whole, both on a reported and underlying basis, will be at similar levels to last year as stronger margins in our Local business and favourable mix offset lower margins in International Power Projects. Overall, we continue to believe that we will deliver another year of good growth in 2012, and we reiterate our previous guidance of fleet capital expenditure of around £415 million.

Rupert Soames, Chief Executive, commented: "Aggreko delivered another strong performance in the first half of 2012 with underlying growth of 16% in revenue and 23% in trading profit." "It's been a very successful six months. We substantially expanded our Latin American business with the acquisition of Poit Energia in Brazil; we have built a new temporary power plant in Mozambique, which, uniquely, is providing power both to both the South African and Mozambique utilities, and which will deliver revenues of over $200 million over the next two years; our order-book is at record levels; we have opened our new manufacturing facility in Scotland; and we have delivered what will be the world's largest contract for temporary power for a major sporting event, in the form of our work as the exclusive supplier of temporary power for the London Olympics." "Looking ahead, we continue to believe that we will deliver another year of good growth in 2012, and we reiterate our previous guidance of fleet capital expenditure of around £415m."

Highlights: · Strong performance in the first half; reported revenue and trading profit increased by 15% and 25% respectively; underlying revenue and trading profit up by 16% and 23% respectively. Earnings per share up 30%. · Both International Power Projects and the Local business grew trading profits by over 20%. · International Power Projects underlying revenue grew 17% and trading profit by 22% o 669 MW of new work won: 196 MW in Asia, 116 MW in Latin America; and 357 MW in Africa & Middle East o Record order book up 16% on prior year; 14 months' revenue at current run rate o Doubled amount of gas-fired capacity on rent. · Local business underlying revenue grew 15% and trading profit by 24% o Increases in power volumes and rates in North America drive a strong first half; continued growth expected in second half o Europe & Middle East will have strong year, helped by the Olympics. Underlying growth is patchy o Aggreko International's Local business underlying revenue and trading profit grew 27% and 34% respectively in first half; further strong growth expected in second half. · Successful start to London Olympics with over 550 generators and 1,500 kilometres of cable deployed on 44 sites; contract will be worth around £55 million. · Poit Energia acquisition completed and performing in line with our expectations. · Interim dividend to increase by 15%.

http://www.investegate.co.uk/Article.aspx?id=201208020700141134J

Down 14+% at this time at 143

INTERIM MANAGEMENT REPORT The Group outlook for 2012 is unchanged. In line with forecast, there is a greater bias to the second half trading from the existing order book. The performance of the Group in the first half of 2012 reflects the anticipated further reduction in volume within the Group's land activities and that contractual deliveries under the Typhoon Salam programme do not recommence until 2013. The planned conclusion of negotiations relating to the formalisation of price escalation on the Salam programme is expected to contribute to the Group's second half performance. The outlook for defence spending in the UK has stabilised. The Group welcomed the UK government's confirmation, as part of the PR12 planning round, that the defence budgets were now in balance with the equipment plan. In the US, the approval of the Department of Defense Fiscal Year 2012 budget in December 2011 has resulted in less disruption to the award of defence contracts compared with the corresponding period for 2011, when the US government was operating under a Continuing Resolution. However, with US government debt reduction measures to be determined and with Presidential and Congressional elections in November, delay to the approval of Fiscal Year 2013 budgets is likely, with the possibility that the US government operates under a Continuing Resolution in the last quarter of calendar year 2012. The risk of further reductions in US defence budgets remains, including sequestration if it comes into force in January 2013. BAE Systems has made good progress in securing business opportunities in international markets with notable successes achieved in the period. Order intake in the first half of 2012 in markets outside the US and UK increased to £4.3bn (2011 £1.6bn), including a £1.6bn training aircraft contract in the Kingdom of Saudi Arabia and a £0.5bn contract for CV90 vehicles in Norway. Overall, order backlog has increased by £0.9bn from the position at 31 December 2011. Cost reduction remains a key feature of BAE Systems' plans and the continued actions through the first half of 2012 build on the significant cost reduction achieved over the past three years, contributing to the Group's competitive position and performance.

OUTLOOK In line with previous guidance, modest growth in underlying earnings3 per share4 is anticipated, assuming a satisfactory conclusion to the Salam pricing negotiations in 2012 and excluding the benefit in 2011 of the Research & Development tax settlement. A higher level of operating business cash inflow7 is planned in 2012 including the anticipated benefit of cash receipts related to the Salam programme.

FINANCIAL KEY POINTS ‑ Sales1 reduced by 10% ‑ Underlying EBITA2 reduced by 3% ‑ Underlying earnings3 per share4 increased by 1% ‑ Order backlog1,6 increased to £40.0bn ‑ Non-US and UK order intake1 increased to £4.3bn ‑ Interim dividend increased by 4% to 7.8p per share ‑ Operating business cash inflow7 increased to £742m

http://www.investegate.co.uk/Article.aspx?id=201208020700141135J

Outlook We anticipate underlying year on year revenue trends to show a marginal improvement in the second half of the year. However, actual revenue, and in particular circulation revenue trends will be adversely impacted by the tougher comparatives following the closure of the News of the World in July 2011. Although the trading environment is expected to remain difficult, the Boardanticipates that through strong operational management and the benefit of a fall in newsprint prices for the second half, we will deliver an outcome for 2012 which will be ahead of current expectations.

In the Telegraph, Questor ponders pork products maker Cranswick. The firm’s bare numbers look good, trading on 11 times this year’s earnings and yielding 3.5%. The trouble is, rising costs of corn, on which pigs are partly fed, will feed into the cost chain. Cranswick is also trading near the top of its range since the 2008 crisis. On that basis Questor says: hold.

In the Times Tempus thinks if you must buy a listed fund manager, then Jupiter would be the one. Run by Helena Bonham Carter’s brother, Edward, the group has seen funds under management grow 0.6bn pounds over the last six months and inflows are healthy (although there has been one very big withdrawal). But Tempus is not really making a buy recommendation, arguing now is not a good time to invest in this sector, beset as it is by intense volatility and the normal frailties of investment: sometimes you get it right, and sometimes it can go horribly wrong

Gross profit has taken a 'knock'

Operational outlook for 2012 · Expected production unchanged at approximately; 270,000 to 290,000 tonnes of copper, 36,000 to 40,000 tonnes of contained nickel and 170,000 to 190,000 ounces of gold. · Expected average C1 cash cost for copper operations unchanged at approximately $1.55 per pound of copper. · Expected average C1 cash cost for Ravensthorpe reduced from previous guidance, to approximately $6.50 per pound of nickel. · Expected total capital expenditure unchanged at approximately; $1.2 to $1.4 billion in 2012.

Development projects progressing · Mechanical construction for the oxide circuit 7.2 million tonnes per annum ("Mtpa") upgrade is complete and optimization of the new circuit elements is planned for Q3 2012. The stage two expansion to 14.5 Mtpa is on track for commissioning in the first half of 2013. · The fifth Kansanshi acid plant is scheduled to be commissioned at the end of Q3 2012 which will allow for full utilization of the 7.2 Mtpa oxide circuit capacity in Q4 2012. · Detailed design works on the smelter continued in Q2 2012. The overall project is scheduled for construction completion in mid-2014 followed by commissioning and ramp up. · Board approval for the full Sentinel project was given on May 9, 2012, resulting in a ramp-up of project development activities. Strong financial position maintained to finance development projects · Cash of $0.9 billion and available debt facilities of $1.3 billion as at June 30, 2012. · Cash generated by operations totalled $232.9 million for the quarter and $371.4 million for the year to date.

Overall copper production was 11% higher than Q2 2011 on increased throughput and grade · Total copper production was 11% higher than Q2 2011 due to higher sulphide ore grades processed at Kansanshi and higher throughput from the expansion of the oxide circuit. Guelb Moghrein achieved another strong period of throughput however production was lower than the prior year period as a result of lower grades processed. · Total gold production was 7% higher than Q2 2011 due to higher throughput and recovery at Kansanshi Ravensthorpe follows successful commencement of operations with another strong quarter in Q2 2012 · Nickel production was in-line with plan and C1 costs were below plan for Q2 2012 on the back of continued, efficient operation of the plant. Year-over-year comparative earnings impacted by lower average realized copper price · Sales revenues increased to $722.3 million as a result of nickel revenue from Ravensthorpe, higher copper and gold sales volumes, offset partially by the impact of lower copper prices. · Cash costs of copper production increased as a result of inflationary cost pressures principally related to sulphuric acid, energy and other consumables, offset partially by higher production. · Comparative earnings were lower than Q2 2011 due to lower realized copper prices and higher production costs. This was offset partially by the earnings contribution from Ravensthorpe and higher sales volumes of copper and gold. Kevitsa first production achieved in Q2 2012; commercial production on track for Q3 2012 · First concentrate was produced on May 26, 2012. Mining and processing activities continue to ramp up as forecasted towards design production levels.

http://www.investegate.co.uk/Article.aspx?id=201208020700161147J

Wasabi Energy Executive Chairman Mr John Byrne commented: "Wasabi Energy is entering an exciting stage of its development as a power producer with the conversion of significant market opportunities. SSNE's recent contract with Sinopec marks the beginning of many commercial opportunities within China where there is accelerated development of energy efficiency and clean industrial development. We are delighted with the progress of the SSNE team and expect rapid growth in the installation of Kalina Cycle® power plants in China. As power demand rises and power prices increase there are growing opportunities for the Kalina Cycle® in both industrial and renewable heat applications. The prospect of utilising the Kalina Cycle® for power generation in oil and gas fields (both operational and abandoned) is significant and possibly one of the most exciting applications of the technology. We continue to develop new applications and markets for Kalina Cycle® power plants and we congratulate SSNE on their progress."

Wasabi Energy (ASX: WAS, AIM: WAS, OTCQX: WSBLY) is pleased to announce that its Chinese Licensee, Shanghai Shenge New Energy Resources Science & Technology Company (SSNE) have signed a Design and Technical Services Agreement with China Petroleum & Chemical Corporation (Sinopec), China's leading petrochemical producer, for the design of a 4.0 MWe Kalina Cycle® power plant at their Hainan petrochemical plant. The Kalina Cycle® power plant will capture waste heat from the paraxylene (PX) process stream and turns it into zero emission electricity as well as reducing the overall greenhouse gas emissions from the petrochemical plant. The plant design has been reviewed and approved by Sinopec Engineering Co. Ltd., which is one of the authorized petrochemical design institutes in China. If as expected, the project proceeds to construction, it will be the first significant commercial application of Kalina Cycle® technology in China and would become operational in the second half of 2013. Under the Kalina Cycle® license agreement with SSNE, Wasabi Energy received an upfront fee and there after will receive a one off royalty payment for each MW installed. Sinopec operates 45 major petrochemical facilities in China that could utilise Kalina Cycle® power plants for waste heat recovery and improved energy efficiency and environmental impact. Sinopec Corp is one of the largest integrated energy and chemical companies in China. They are listed on domestic and international stock exchanges with a market capitalisation of US$78.6B and a net profit in excess of US$11.0B (FY2011). The Chinese government is focused on energy efficiency and greenhouse gas emission reductions with a number of laws and policies aimed at energy conservation and clean energy production. The PRC National Development and Reform Commission (NDRC) has issued a guideline requiring all new petrochemical projects in China to include clean energy environmental protection and energy conservation measures. The NDRC and the Chinese Energy Authorities have endorsed the Kalina Cycle® and other technologies offered by SSNE. The Kalina Cycle® is the most thermodynamically efficient power cycle converting heat into emission-free electricity. The Kalina Cycle® can be applied using heat from industrial processes or renewable heat sources such as geothermal and solar thermal applications. Within the petrochemical industry, a 4.0 MWe Kalina Cycle® power plant has been operational since 2006 at Fuji Oil's refinery in Chiba, Japan. Wasabi Energy is also investigating the potential of electricity generation in the upstream petrochemical industry by utilising the Kalina Cycle® power generation technology using hot fluids from oil and gas wells. Within the wells there are hot fluids (90 to 200+o C) that are released as the oil and gas is extracted and there can also be hot fluids that are trapped within the field. The US Department of En