Member Info for mulledwine

http://www.edisoninvestmentresearch.co.uk/researchreports/XPPower230712review.pdf

We continue to focus our distribution effort on markets with the largest asset pools, particularly USA and Europe, and we believe that the current investor focus on income and yield generation, global products and a greater use of alternatives is likely to continue. As part of our investment in additional resource in the US, we will open an office in New York later this year. Performance remains robust and our investment philosophy and disciplined process have served investors well in the volatile market conditions we continue to experience. We are pleased to note that the quality of our teams was recognised by a number of recent awards. We are likely to see further volatility in global markets but remain confident that we can continue the organic growth of the Group's revenue and profit.

We added gross new business totalling £8.8 billion in the quarter, compared to £10.9 billion for the same quarter last year, bringing the total for the nine month period to 30 June 2012 to £27.0 billion (2011: £33.9 billion). Gross inflows for the quarter are approximately £1.6 billion lower than for the previous quarter, as we have seen a welcome slowing of flows into our global emerging market equity ("GEM") funds. Net new business inflows for the quarter totalled £0.3 billion (2011: £0.7 billion), with healthy net inflows to our higher margin equity products being offset by net outflows from our lower margin capabilities. Overall, the impact of the quarter's net flows will add approximately £15 million of annualised fee income. Net equity inflows were fairly evenly distributed across the three key capabilities, Asia Pacific, GEM and global equities. Within fixed income, our emerging market debt funds continue to attract steady net inflows and our property team continued its recent fundraising momentum by achieving €105 million of equity commitments to a Swedish residential property fund. An analysis of the new business figures for the nine months to 30 June 2012 is provided at the end of this statement.

Martin Gilbert, Chief Executive of Aberdeen, commented: "This has been another successful quarter for Aberdeen, despite the global economic uncertainties and subdued conditions in the world's financial markets. We continue to concentrate on delivering superior investment performance and service for our clients, which enables us to grow organically whilst maintaining a strong balance sheet"

Highlights · Assets under management resilient at £182.7 billion · £8.8 billion of new business won in the quarter; £27.0 billion for the nine months to 30 June 2012 · Positive net new business flows of £300 million for the quarter despite the poor economic backdrop · Net flows for the quarter add approximately £15 million in annualised fee income

http://www.investegate.co.uk/Article.aspx?id=201207230700052093I

Colin Drummond, Chief Executive of Viridor, said: "The Glasgow Renewable Energy and Recycling Centre will make a major contribution to Scotland's ambitious Zero Waste Plan. It is a further important step in the roll out of Viridor's service contract pipeline and represents a key part of Viridor's growth strategy in Scotland. The new plants will have a combined gross electrical power generation capacity of 15MW and Viridor will work with its partner, Glasgow City Council, to maximise heat recovery opportunities. The plants are due to come on stream in early 2016. At that time, taking account of existing plants and those under construction plus the Glasgow Centre, Viridor expects to have around 1.8m tonnes of thermal treatment capacity and over 250MW of renewable energy capacity."

Glasgow City Council Residual Waste Treatment Services Contract signed Pennon Group Plc is pleased to announce that its subsidiary, Viridor (Glasgow) Limited, has signed the 25 year Glasgow City Residual Waste Treatment Services Design, Build, Finance and Operate ('DBFO') contract with Glasgow City Council. The contract requires the recycling and treatment of Glasgow's residual municipal waste through the financing, construction and operation of a new Recycling and Renewable Energy Centre at the Council's own site in the south of the city. The contract requires the treatment of between 175,000 and 200,000 tonnes p.a. of waste and is designed to achieve around 90% landfill diversion. Viridor's stated strategy involves the fulfilment of long-term service contracts, and the construction and operation of recycling plants and of plants generating energy from the residual waste which cannot be recycled. The Glasgow Centre will comprise advanced facilities for recycling, anaerobic digestion and energy recovery by gasification, and it will make a major contribution on behalf of the City of Glasgow towards Scotland's ambitious Zero Waste Plan. The contract is subject to Viridor's gaining planning permission to build the plant. Viridor expects to make a planning application towards the end of this summer and hopes to secure planning consent early in 2013. The project requires capital investment of approximately £160 million by Viridor and the plant will be built by Interserve as the EPC Contractor. Viridor's investment is to be funded from internal funds as required. It is expected to be earnings enhancing in its first full year of operation.

http://www.investegate.co.uk/Article.aspx?id=201207230700052089I

Anglo American plc wishes to draw attention to Anglo American Platinum Limited's announcement of its results for the six months ended 30 June 2012. Anglo American Platinum Limited reported headline earnings of R713 million. Anglo American plc will report underlying earnings in respect of Anglo American Platinum Limited of $21 million for the six months ended 30 June 2012, which takes into account certain adjustments.

http://www.investegate.co.uk/Article.aspx?id=201207230700052069I

Investec has reiterated its 'buy' recommendation and 250p target price for aerospace engineer Senior on the back of a strong first half and inexpensive valuation. "Senior’s interims are excellent and whilst the outlook statement is cautious, the long-term fundamentals of the group have never been stronger," the broker said.

Galvan Research and Trading has labelled engineering group Weir as a 'buy', saying that there is 'rebound potential' in the shares. "The underperformance from Weir Group's oil and gas division earlier in the year was taken literally by the markets as a signal to sell the stock, with the 25% profits gain for the previous year also ignored," said Galvan's head of research Andrew Gibson. "But the reiteration of full-year guidance and Jefferies's positive appraisal has caught the markets on the hop, and in the view of the Galvan Research team merits a 'buy' rating for Weir Group at current levels," he said.

CONT Senior continues to actively pursue market share gain opportunities in a number of areas as potential customers seek to rationalise their supply bases towards financially strong and operationally excellent suppliers with a global footprint. Accordingly, Senior's forthcoming joint venture presence in China, for the manufacture of emission legislation-driven parts for the medium- and heavy-duty truck engine market, as well as the recent acquisition of Weston's aerospace facility in Thailand, are expected to be beneficial. The decisions taken by Airbus and Boeing to re-engine their A320 and B737 aircraft, to improve fuel efficiency by over 10%, are presenting a number of opportunities for Senior to increase its content on these high-volume aircraft. In addition, the Group's improved profit performance and associated strong cash generation continue to place Senior in a good position to grow by acquisition, as well as organically, if suitable opportunities arise. Whilst the macroeconomic outlook remains uncertain, Senior's presence in the visible and growing large commercial aerospace market combined with the fact that the Group is well placed, both operationally and financially, to gain market share means that the Board's expectation for 2012 full-year adjusted profit before tax remains unchanged and the overall outlook for Senior remains encouraging over the longer term.

Outlook The large commercial aircraft market, which now accounts for 50% of the Aerospace Division's revenue, is anticipated to be strong for a number of years. Boeing and Airbus are in the process of increasing build rates for all of their major platforms, including the Boeing 787 which entered service at the end of 2011 and on which Senior has significant content. Further growth is expected when Airbus delivers the new A350 aircraft to its first customer during 2014. The regional and business jet markets are broadly stable, although relatively weak, with manufacturers anticipating a gradual increase in build rates when the global economic climate improves. In the meantime, a number of new programmes are scheduled to go into production in the next couple of years, such as Bombardier's CSeries aircraft. Whilst Senior's main military platforms, the Black Hawk helicopter and the C‑130J transport aircraft, are solid today, future weakness cannot be discounted given the general ongoing squeeze on Western governments' defence spending. However, Senior has healthy content on the newly developing F35 Joint Strike Fighter, P-8A maritime surveillance aircraft and A400M military transporter programmes, whose build rates are anticipated to grow over the coming years so providing some resilience for the future. In the Flexonics Division, North American truck volumes are currently at satisfactory levels, following a recent moderation in growth expectations, and new programmes and lower material prices are mitigating some of the volume weakness in Senior's European passenger vehicle markets. The Group's industrial markets continue to be mixed with a number of expansion joint opportunities being pursued in Asia and the Middle East. Looking further ahead, the Flexonics Division's ongoing development of cooling and emission control products, particularly for the heavy-duty truck and off-highway vehicle markets, can be anticipated to contribute to future growth. Tightening emission legislation and growth in renewable energy markets can also be expected to provide healthy longer-term opportunities for the Group.

Commenting on the results, Mark Rollins, Group Chief Executive of Senior plc, said: "Senior continues to make strong progress, delivering a 20% increase in revenue, adjusted profit before tax and dividend in the first half of the year. Looking ahead, whilst the Group cannot expect to be immune from ongoing macroeconomic uncertainties, Senior's significant presence in the visible and growing large commercial aerospace market combined with opportunities for market share gains mean the longer-term outlook remains encouraging."

Overview ● Group revenue up by 20% to £377.2m ● Healthy underlying revenue growth in both the Aerospace and Flexonics Divisions ● Performance of Weston (acquired in November 2011 for £54m) ahead of expectations ● Adjusted profit before tax(1) increased by 20% to £45.5m, and adjusted EPS increased by 22% ● Continued strong free cash flow reduced net debt by £18.2m in the period ● Interim dividend increased by 20%, broadly in line with earnings ● Overall Group outlook remains encouraging

http://www.investegate.co.uk/Article.aspx?id=201207230700052082I

Prospects The selection of Microgen Aptitude and Microgen Accounting Hub as the preferred vendor solution in a number of sales opportunities demonstrates the market leading capability of Microgen's technology. New business sales cycles have, however, been extended due to the effects of the macro-economic environment, particularly within the financial services sector to which Microgen has a material exposure. Whilst the Board's expectations for 2012 are dependent upon a number of sales opportunities closing in the second half of the year the Group's strong balance sheet, high level of recurring revenue and conservative operational approach provides resilience against the full effects of the market conditions.

Microgen, the software and services provider to the global financial services, digital media and commercial sectors, reports unaudited results for the six months ended 30 June 2012. Highlights · The Board is pleased to report a very satisfactory performance in difficult market conditions with results in line with first half market expectations. Current economic climate is impacting consultancy deployment and extending new business sales cycles · Revenue of £17.0 million (H1, 2011: £19.0 million) with underlying growth in higher margin recurring revenue · Operating profit of £4.4 million (H1, 2011: £4.5 million) demonstrates resilience of the Group's business model · Microgen Aptitude Version 4 launched including 3D Navigator · Basic EPS 4.2 pence (H1, 2011: 4.2 pence) · Strong balance sheet with net funds at 30 June 2012 of £27.1 million (H1, 2011: £25.2 million) after returning £6.8 million of cash to shareholders in the last twelve months · Interim dividend of 1.1 pence per share (2011: 1.1 pence per share)