Member Info for mulledwine

OPERATING HIGHLIGHTS · Exceptional Q2 wet weather conditions impacted heavy-side business · Gross margin before synergies increased by 0.5% · Continuing market share gains across our business · Tight cost control, like-for-like overheads flat · Acquisition of Toolstation completed at an expected total cash cost of £107m · Heads of terms agreed for investment in Toolstation Europe

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 SUCCESSFUL TRADING STANCE IN TOUGH MARKETS, GENERATING IMPROVED OPERATING MARGIN BEFORE PROPERTY PROFITS AND STRONG CASH GENERATION; INTERIM DIVIDEND UP 23% FINANCIAL HIGHLIGHTS · Group revenue up 2.7% at £2,412m, down 0.7% on a like-for-like basis · Before property profits adjusted EBITA, up 9.7% to £151m, adjusted PBT up by 7.3% to £137m, and adjusted EPS up 10.7% to 43.5p (note 13) · Reported PBT after exceptional items up 25% to £162m · Free cash flow generated of £99m · Interim dividend of 8p per share up 23%

http://www.investegate.co.uk/Article.aspx?id=201207260700095291I

Prospects Trading in all our major markets remains difficult. However, over the last two months, we have seen a small improvement in our largest market, the US. The current economic conditions prevailing in our most important markets make it difficult to be optimistic about short term growth prospects. The Group has a strong balance sheet and is well placed to deal with adverse market conditions. Until we are confident of an improvement we will continue to run the business prudently focussing on cash flow and tight control of working capital.

David Green, Chairman of Colefax, commented, "The principal reason for the decline in our pre-tax profits was a very weak performance from the Decorating Division which made a loss of £87,000 compared to an exceptional profit of £2.01 million last year. Sales in the Product Division were flat reflecting difficult trading conditions in all of our major markets. The current economic conditions prevailing in our most important markets make it difficult to be optimistic about short term growth prospects. The Group has a strong balance sheet and is well placed to deal with adverse market conditions. Until we are confident of an improvement we will continue to run the business prudently focussing on cash flow and tight control of working capital."

Highlights · Sales of £70.40m (2011: £77.72m) · Pre-tax profit of £3.15m (2011: £6.52m) · Earnings per share of 15.8p (2011: 33.0p) · Net cash of £8.52m (2011: £6.30m) · Final dividend maintained at 2.00p per share (2011: 2.00p per share), taking total dividend for the year to 3.85p (2011: 3.85p) · Results impacted by very weak performance from the Decorating Division · Strong financial position but outlook remains cautious

http://www.investegate.co.uk/Article.aspx?id=201207260700095284I

http://sharecrazy.com/beta/Tips/7324/tracsis-is-gaining-traction

Matthew Peacock, Executive Chairman of Regenersis, said: "The acquisition of HDM represents a significant step forward for Regenersis and, as our trading update today highlights, we make this acquisition from a position of strength. HDM will enable us to move forward in a number of ways. First, it will enable us to expand deeper in to emerging markets, such as Latin America, where barriers to entry are high, market growth is good and there are few mature competitors. Second, it will further consolidate our already strong position in European mobile telephone repair, delivering to us a major share in the important Spanish market. Third, it will expand our Group's footprint to 12 countries across three continents, further broadening our revenue base and increasing our closeness to clients. We are excited about the growth opportunities now open to us, particularly through our ability to offer an increasingly global service. We expect to realise significant synergies as we seek to leverage our combined relationships and broad product portfolio across new geographies. HDM also brings with it significant management expertise."

In the year to December 2011, HDM generated revenues of €26.2m and net income of €1.2m, with net assets of €12.1m before fair value adjustments as at 31 December 2011. HDM currently employs more than 600 staff across its three facilities. The senior management team, which owns the majority of the shares of HDM, will remain with the business. A year on from the announcement of the Company's new strategy, this acquisition will enhance the progress the Group has already made organically and will be complementary to Regenersis' strategic focus on Emerging Markets.

Acquisition of HDM The Board is pleased to announce that it has agreed to acquire all of the issued share capital of Plataforma HDM Técnologica S.A. and Plataforma HDM Tecnologica S.A. de C.V and the trade and assets of HDM Plataforma Logística S.L., HDM Soluciones Integrales de Reparacion S.L. and HDM Moviltech Servicio Técnico S.L. together comprising the entire operations of the HDM Group of Companies ("HDM") for an initial consideration of €6.5m on a cash- and debt-free basis. The effective date of exchange is 25 July 2012 and completion is anticipated to occur on 31 August 2012. The key highlights of this acquisition, which is expected to be earnings enhancing in the first year after acquisition (* - see note), are as follows: · The addition of high-quality business in Spain, where HDM has a 20% market share in mobile repair, significantly enhancing Regenersis' European customer proposition · A strong exposure to new Emerging Markets and a platform for further future expansion into Latin America · An opportunity to further cement Regenersis' relationships with existing clients HDM is a leading provider of aftermarket services, including reverse logistics and repair, to network operators and mobile telephone manufacturers in Spain, Mexico and Argentina. HDM's key customers include Telefonica, Samsung and Nokia.

Trading Update and Acquisition Regenersis plc (AIM: RGS) ("Regenersis" or "the Group"), a strategic outsourcing partner to many of the world's leading consumer technology companies, is pleased to provide both an update on trading for the year ended 30 June 2012 and to announce the acquisition of the HDM Group of Companies. Trading Trading for the year ended 30 June 2012 will be in line with market expectations for operating profit, driven by improving operating margins and double digit percentage sales growth. Cash flow management during the course of the year has shown a marked and continued improvement, with net debt at the year-end being substantially lower than market estimates. This strong financial and operational performance has delivered a year-end balance sheet that is well placed to support further corporate activity, additional investment and the prospect of dividend payments. This year brings to an end the substantial restructuring of the UK business. This restructuring recognises the more efficient processes we now follow as a Group and the consolidation of our activities in key areas and markets. Whilst it is anticipated that this restructuring will lead to an exceptional provision for onerous leases and people costs at the 2012 year-end similar to that in FY 2011, our focus on reducing operational overhead costs has resulted in greatly improved operating profits in the UK this year. Developments in the Advanced Solutions business have seen an improved performance in the second half of FY 2012. There has also been good progress, as expected in our new Emerging Market territories although the Emerging Markets Depot Solutions business has remained subdued much like the first half. The Board intends to release its preliminary results announcement on 25 September 2012.

http://www.investegate.co.uk/Article.aspx?id=201207260700095288I

Outlook " As is the case every year, consumer confidence in the pre-Christmas period will be an important factor in determining the overall result for the financial year. " We have a strong product pipeline, focussing on merchandise at mass market price points. Our broader distribution base, achieved as a result of our London 2012 activity is already enabling us to gain wider distribution than we have achieved previously. We also continue to innovate in new technologies which we expect will further broaden the reach and appeal of our product ranges. " In conclusion, whilst we continue to operate in a challenging environment, we are confident that the Group continues to have opportunities to grow and we look forward to maximising these in the future.''

Financial position " There have been no significant changes in the financial position of the Group as at 30 June 2012 since the publication of the Report and Accounts in respect of the financial year ended 31 March 2012. " The Group continues to have access to secured banking facilities of £16.75 million in the UK maturing between 2014 and 2015. Net debt at 30 June 2012 was £8.1 million (30 June 2011 £9.3 million).

CONT " We have continued to make further progress to broaden the scale of our supply base. This is an ongoing dynamic and we are working closely with our suppliers to align our business requirements with their capabilities. We now have over ten suppliers across our product ranges. One of our still significant China based sources has informed us recently of plans to rationalise its manufacturing facilities. Whilst this may result in some disruption to shipments in the short term, we believe that it will result in more reliable supplies when completed. We will work closely with this supplier to manage this process. " The London 2012 Games are about to commence and we have extensive plans in place to maximise our sales of London 2012 products over the coming weeks. The majority of our London 2012 products, such as our Great British Classics die cast vehicles, will continue to have commercial appeal after the Games. " Regarding the search for my successor, outlined previously in the Annual Report Statement, I am pleased to report that the process is well advanced and is being managed professionally. We have attracted the interest of a number of extremely high-quality potential candidates and hope to advance to a short-list over the summer months. A further update will be included in the interim IMS."

Speaking today at the Annual General Meeting of Hornby Plc ("Hornby" or the "Group"), the international models and collectibles group, the Chairman Neil Johnson, will provide the following trading update and first interim management statement, relating to the period since 23 April 2012. Business performance " The Group's overall business performance for the period under review has been favourable compared to the corresponding period last year. We continue to operate against a challenging economic background. Consumer confidence remains fragile and our retail partners are managing inventories closely. However, our wide brand and product portfolio spans a number of product categories and geographical markets. This gives the group a broad trading base and continues to reduce our reliance on individual product sectors and markets. " Our businesses in the UK, mainland Europe and the USA have made a satisfactory start to the new financial year. However, the wider retail environment remains weak and we are remaining cautious about the performance for the remainder of the year. Our European businesses are continuing to make positive progress and we have been encouraged by improvements in their market share.

http://www.investegate.co.uk/Article.aspx?id=201207260700095290I

Valuation: Discount marginally below long-term averages The current low discount of 0.3% (three- and five-year averages are 6.1% and 6.4% respectively) is supported by sector fundamentals and, when compared with peers, BIOG’s performance record and clear discount maintenance policy

http://www.edisoninvestmentresearch.co.uk/researchreports/BIOG260712review.pdf