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Shore Capital retained its "sell" stance on Matchtech Group (MTEC), raising concerns over high levels of competition and a subdued recruitment market. The broker noted that the agency's earnings have been artificially depressed by investment in expanding its operations from engineering into professional services and education over the last two years. Shore expects the firm to maintain its 15.6p dividend, yielding 7.5p. The shares were unchanged at 208.5p.

Valuation: Speculative until deals announced Absent any secured projects, Gasol represents an investment in management that can provide a potentially low-cost, early-stage entry into West African gas development with strategic upstream partners. Investors need to look to deal flow as short-term catalysts that would signal both the next stage of the company’s development and provide the basis for a quantifiable valuation that for now remains purely speculative

http://www.edisoninvestmentresearch.co.uk/researchreports/Gasol270712update.pdf

Investment details As part of the agreement, and dependent on performance, TMT Investments has also agreed to acquire additional shares, which will bring its equity stake in Backblaze to between 13.33% and 19.05%, for a further $2.5 million. This will occur on the first anniversary of the transaction (24th July 2013). In addition, the agreement includes a number of rights - including pre-emption rights, liquidation preferences and board observer seat – and protections in favour of TMT preferred stockholders. Significant market opportunity With c. 46% of computer users suffering from a data loss incident every year, and 90% of these users in the US not regularly backing-up their data (source: Backblaze), the potential market here is significant. And with its offering currently being used in more than 100 countries and by a number of well known brands, we believe Backblaze is well positioned to become a

In a move to enter the sizable and fast-growing online data back-up market, TMT Investments has acquired an initial 9.86% stake in US-based Backblaze for $2.5 million. The venture capitalist continues to build a high quality and diversified portfolio of investments in companies that operate in high growth, internet based sectors. Accordingly, we remain confident that it has the potential to generate an attractive rate of return for shareholders. Backblaze Backblaze (www.backblaze.com) offers a service that automatically and continuously backs up data over the internet. The service - which generally costs around $5 per month and includes unlimited storage - is currently being used in more than 100 countries and by a number of well-known brands, such as IDEO, Crispin Porter and UC Berkeley School of Law. The company was founded by CEO Gleb Budman and his partners, all of whom have a history of building and selling internet-based businesses. For the year ended 31st December 2011, Backblaze reported a pre-tax profit of $202,471 and net assets of $2.17 million.

As a key performance indicator, R & D continues within all Group companies whether it is to reduce manufacturing cost or develop new products that we consider there is a significant need for in the market over the next ten or more years. The Group considers the level of R & D expenditure sustainable and this year it comprised 7.5% of pre-tax profits, appropriate for securing the long term growth of the group. As detailed in note 20 to the financial statements to be published shortly, at 30th April 2012 our capital base was £60 million, an increase of £3 million over the previous year, and the Group had unutilised bank facilities of £15 million. With Group activity levels likely to be significantly higher this coming financial year, gearing levels (currently at 33%) and cash flow remains under pressure due to the need for increased levels of working capital to finance higher levels of debtors and work in progress as well as the funding needed for the three projects should they proceed. A decision will be taken in the second quarter as to whether the Group takes on additional lines of credit and maintains a safety buffer on our banking facilities or whether the increased working capital needs are funded from post tax profits. The former route will be the more likely one. We are once again grateful to our UK and overseas employees for their hard work in improving the performance of the Group. JW Goodwin Chairman 27th July 2012

Chairman's Statement I am pleased to report that the pre-tax profit for the Group for the twelve month period ending 30th April 2012 was £12.3 million (2011: £8.1 million), an increase of 51% on a revenue of £107.9 million (2011: £92.9 million) which is up 16.15% on the figures reported for the same period last financial year. The Directors propose a dividend of 32.082p (2011: 29.166p). The gross profit earned of £30.8 million was higher by 21.3% than for the previous financial year. This improvement in gross profit and net pre-tax profit earned stems from the recovery in performance of our two valve companies, especially Goodwin International. The foundry also reported record profits. The Group order work load as at 30th April 2012 was 22% higher than the same period last year and stood at £78 million which still represents about seven months work at higher levels of activity. The Group, whilst being diverse, still focuses much attention on the world wide energy industries be they oil and gas or high efficiency power generation. Both these two sectors by definition have a long term future as the world population continues to grow and attain higher living standards especially in the Pacific Basin and also as the more mature markets strive to increase the efficiency of their power generation capacity and reduce their CO2 output into the atmosphere as well as replace ageing facilities. The decision to only increase the dividend by 10% to £2.31 million will assist the company in being able to finance three significant projects that will be started subject to approval of the grant applications that we have submitted. The first grant application, which is to the Employer Ownership Pilot Fund, is to set up a much larger apprentice training school that will train 125 engineering apprentices to levels 3 and 4 over the next five years. The second application which is a Regional Growth Fund application is to expand the clean activity of the foundry on our adjacent 7.9 acre site as well as to start a new valve company and build four office/ factory units on the same site. The third application is for a CCS (Carbon Capture & Storage) grant where our foundry will develop further the manufacturing capability of two super nickel alloys for use in high temperature gas and steam turbines, on which we will advise you further at the half year.

http://www.investegate.co.uk/Article.aspx?id=201207270900056755I

Dr Richard Steeves, the Chief Executive Officer of Synergy Health, a provider of outsourced sterilisation services, bought himself a round of shares on the same day the firm admitted headline growth in the first quarter had been held back by currency translation with the devaluation of the euro. The deal was announced after trading hours on Thursday. Steeves, who founded the business in 1991, gave a show of support for the company with the purchase of 18,627 shares at 908p each, leaving him with a total of just over 1.8m shares, equal to 3.15% of the issued share capital.

Discussions with Interparfums SA ended Following the announcement of 17 July 2012, discussions with Interparfums SA have ended. Burberry continues to pursue various strategic options to develop fully its fragrance and beauty business in the future.

http://www.investegate.co.uk/Article.aspx?id=201207270700046213I

There’s no buy recommendation on products testing firm Intertek, but Tempus is very wary of betting against a firm that has had a meteoric rise, up 738% in the last 10 years, 47% in the last year alone. It’s also beginning to offer testing services to the new manufacturing bases like Thailand and Sri Lanka. Trading at 22 times earnings the shares look expensive but, as Tempus says, not many will want to bet against Intertek.

Questor in the Telegraph can’t quite bring himself to recommend a buy of Unilever despite praising it to the hilt. Yesterday the Anglo-Dutch consumer goods firm posted a turnover increase of 11.5 per cent, which, in the current markets is an 'exceptional result' says the column. The only thing preventing a buy recommendation is a price to earnings ratio of 17.8 times. Which, on most measures is very pricey. But Questor thinks Unilever is a transformed firm with significantly enhanced prospects.

Reed Elsevier is a good defensive play thinks Tempus in the Times. Yesterday’s results are characterised as “reassuringly dull” but the publishing and events giant is seeing growth across all five divisions, despite an attempted boycott of its academic products by some professors who argue they are being overcharged. With the shares at 10.8 times earnings and a dividend of 6p, Tempus says hold.

Profits from the mart operations increased to £184,508 from £63,551 as a result of increased turnover and tight cost control. Last year's exercise in reviewing our credit arrangements has continued this year with cash resources increasing by £900,000 over the prior year and with debtors falling by a similar amount. It is particularly pleasing to note that £500,000 of the reduction in debtors is in the 'over 21 day' category, reducing our exposure to bad debt risk. PLC costs fell from £181,227 to £179,726 and the Board remains focused on controlling these costs as far as possible. The decision to close the pension fund to future accrual on 30 April 2012 has created a surplus in the profit and loss account of £234,000. This is a reversal of some of the costs taken to the profit and loss account in prior years. On property matters, the Board has nothing further to report on progress with the St Boswells site as it remains difficult to realise any value from the property market at the current time. Finally, the Board is pleased to declare a final dividend for the year of 5 pence per ordinary share to be paid on 1 October 2012 to shareholders on the register at 7 September 2012. The ex dividend date will be 5 September 2012. As no interim dividend was paid, this amounts to a total dividend for the year of 5 pence per ordinary share (2011: 5 pence).

http://www.investegate.co.uk/Article.aspx?id=201207270700035242I

Accordingly, the Directors have resolved to submit to shareholders proposals for a capital reorganisation (the "Capital Reorganisation") by the following steps: (a) the 33,305,160 issued Existing Ordinary Shares will be consolidated into 166,526 new ordinary shares of £12.50 each in the capital of the Company and the authorised but unissued Existing Ordinary Shares of 6.25p each will be cancelled; (b) the 166,526 new ordinary shares of £12.50 each will be subdivided into new ordinary shares of 62.5p each creating 3,330,516 Ordinary Shares of 62.5p each in the capital of the Company; (c) each of the issued ordinary shares of 62.5p each resulting from the subdivision will be further subdivided and redesignated into 3,330,516 New Ordinary Shares of 10p each and 3,330,516 Deferred Shares of 52.5p each;

http://www.investegate.co.uk/Article.aspx?id=201207270700066405I

Pearson's shares dropped on Friday morning, with Jefferies saying that the publishing group's first-half results statement 'doesn't really tell us very much'. "Pearson deliver less than 20% of full year adjusted EPS [earnings per share] in H1, so the numbers are not that insightful," the broker said in a research note. "Reasonable sales performance, though trend operating profit and EPS growth rates appear to be stepping down - comparison to MHP [McGraw-Hill] and REL [Reed Elsevier] looks weaker."

Commenting, RGI Chief Executive Andrey Nesterenko said: "We are pleased with the positive sales performance delivered by V-Lesu. A striking feature of the project compared to other developments in and around Moscow is that a high proportion of our customers are buying apartments to live in, rather than as an investment. They are attracted by the quality of the apartments, the distinct character of the development and the positive living environment it will offer residents compared to other residential developments. This gives us a high level of confidence for future phases of the project". Conference call On Friday 27 July 2012 RGI will host a live conference call at 10.00am UK / 13.00 Moscow to discuss its Q2 2012 trading update, hosted by CFO Alan Hibbert. The conference call details are provided below.