Member Info for mulledwine

Financial highlights · Adjusted revenue increased by 15% to £102.2m (2011: £88.8m). · Adjusted EBITDA increased by 25% to £28.7m (2011: £23.0m). · Adjusted gross margin improved to 71.7% (2011: 71.4%). · Cash balances of £36.7m (2011:£32.2m) at 30 June. The Group continues to be highly cash generative, and converted 106% of EBITDA to cash. · Interim dividend increased by 20% to 1.8p per share.

http://www.investegate.co.uk/Article.aspx?id=201207260700115319I

WH Ireland Securities initiates buy on Jarvis Securities, target price 250p.

Canaccord Genuity states hold on PayPoint, target price 675p

N + 1 Brewin downgrades PayPoint from add to hold, target price unchanged at 958p.

Daniel Stewart downgraded its rating of Ceramic Fuel Cells (CFU) from "hold" to "sell", lowering its target price to 3.1p, from 5p. The broker noted that the firm has failed to secure sufficient non-dilutive funding and will have to raise 11 million pounds through new equity. Daniel Stewart added that it does not believe this figure will be sufficient to meet future capital requirements. The broker also said that it is unlikely the power company will be able to meet consensus targets for the financial year ending June 2013 of 33.4 million Australian dollars (22.3 million pounds).

Canaccord Genuity maintained its "buy" recommendation for Informa Group (INF), with a lowered target price of 445p, from 480p. The publishing and exhibition company performed broadly in-line with the broker's forecasts in the first half of the financial year, with improved margins compensating for a fall in underlying revenues. Canaccord noted that the conference business struggled, leading the firm to sell its US Robbins Gioia business, together with some low margin European conferences. On the broker's forecasts, the shares trade on a prospective earnings multiple of 8.7 times and offer a dividend yield of 5.1%.

hmmmm I take it that should read 3,648

Panmure Gordon retained its "buy" stance on Next (NXT) with an increased target price of 2,648p, from 3,400p. The broker expects the fashion retailer's Home division to have benefited from the wet weather and Panmure forecasts second quarter revenue growth of 11.5% from the firm's Directory division. The broker noted that the shares have risen some 10.5% since the first quarter results release at the start of May and believes they will continue to be supported by the company's share buyback scheme

KCOM Group Sell 25-Jul-12 £322,854.33 Kevin Walsh 437,456 @ 73.80p KCOM Group Sell 25-Jul-12 £322,854.33 Paul Simpson 437,456 @ 73.80p

KCOM Group Sell 25-Jul-12 £1,995,817.57 Bill Halbert 2,704,261 @ 73.80p

Richard Smeeton, the Director of Rathbone Brothers' investment management business in London and Jersey, traded in 10,000 shares on the same day the firm posted decline in profits in the first half of the year. Smeeton, who also manages a large number of client portfolios, pocketed £130,900 from the transaction, having sold the shares at 1,309.00p each. He now holds 130,653 shares in the company, equal to just under 0.3% of the issued share capital. Rathbone, which described the performance in the half year as "resilient", reported a 3.4% decline in pre-tax profit to £19.9m compared to £20.6m in 2011. Underlying profit before tax decreased 4.1% from £24.2m to £23.2m.

http://www.investegate.co.uk/Article.aspx?id=20120726072804PC0CF

The fundamentals of the business remain strong and Instem continues to: · increase its substantial annual recurring revenues; · remain solidly profitable and cash generative, with £1.84m net cash as at 30 June 2012 (£1.33m at 30 June 2011); · win the majority of new business placed in its core early development safety assessment market; and · benefit from high barriers to entry for competitors. Enhanced revenue opportunities and reduced costs resulting from the completion of the last major phase of the redevelopment of its core Provantis® product suite during 2012 are expected to contribute positively to future business performance. Overall, while the Board remains cautious regarding the timing of deal flow, it is confident in the medium to long-term prospects for the business, which remains well positioned to benefit from the trends in its end markets towards multi-site, collaborative and outsourced R&D. Notice of Results The Company expects to report interim results for the 6 months ended 30 June 2012 on 19 September 2012.

Instem (AIM: INS.L), a leading provider of IT applications to the global early development healthcare market, today gives an update on current trading. As stated in the 2011 interim results and the full year results released in March 2012, license income is becoming increasingly second-half weighted and this trend is expected to continue in the current year, with first half revenue marginally below that of the comparable period in 2011. Despite opening 2012 with a strong order book and a good pipeline of new opportunities, the Company is continuing to experience timing delays in new order placement and, following a detailed review, the Board believes the revenue and profitability for the full year ending 31 December 2012 are likely to be materially lower than current market expectations. The pharmaceutical market, particularly large pharma, is still going through a period of major structural changes and, with the uncertainty this creates, clients and prospects are deferring investment decisions. Despite this, underlying demand for Instem solutions remains strong with several large, multi-site prospects in the pipeline. In several instances, selection decisions have already been made in Instem's favour by prospective customers but order dates and final contract size remain subject to additional procurement processes.

http://www.investegate.co.uk/Article.aspx?id=201207260700125329I

Outlook Despite continuing uncertainty in the US market, the Board believes that QinetiQ's increased competitiveness and agility will enable the Group as a whole to perform in line with its expectations for the current financial year. ENDS

Business update The Group has made a solid start to the 2012 / 2013 financial year. UK Services is performing well and continues to benefit from a more competitive cost base and better project execution as a result of the rigour embedded during the self-help programme. The division is continuing to build on its core services expertise, securing a contract to establish a new Unmanned Air Systems Capability Development Centre (UASCDC) to support the MOD with the rapid development of UAS programmes from concept to deployment. As expected, the performance of US Services reflects continued uncertainties in the federal services market with customers delaying contract awards. The division still has a large number of submitted bids awaiting award decisions. Global Products has had a strong first quarter, receiving orders for the Q-NetTM vehicle survivability product that were expected in the second half of the year. Two key orders, with a combined value of $44m, were for Navistar's MaxxPro® MRAP vehicles operating in Afghanistan and for the US Army's Heavy Expanded Mobility Tactical Truck (HEMTT) - the first time Q-Net has been fitted to a large haulage vehicle. Financial position Cash generation has remained strong during the quarter. As previously announced, the Group received a one-off net payment of £65m during April which discharges the MOD from its accumulated liabilities for rationalisation costs incurred in previous years. The Group has also completed a programme to repay $177m of private placement debt.

Interim Management Statement QinetiQ Group plc ('QinetiQ') today issues an Interim Management Statement for the first quarter prior to holding its Annual General Meeting at 1pm today at The Royal Berkshire Hotel, London Road, Sunninghill, Ascot, Berkshire, SL5 0PP. Trading environment As described in the full year results announcement on 24 May 2012, defence markets remain challenging as governments seek to re-set budgets to deliver deficit reduction goals. While recent government announcements suggest uncertainty is reducing in the UK, visibility remains extremely limited in the US, with delays continuing in the award of both Department of Defense and federal civil business. The uncertainty is expected to continue at least until the outcome of the US Presidential elections, particularly as the overhang of possible sequestration is unlikely to be resolved before the end of the calendar year.

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