Member Info for mulledwine

http://www.edisoninvestmentresearch.co.uk/researchreports/Lombard100712update.pdf

Investec has upgraded its rating on utilities giant SSE from 'hold' to 'buy' as the group's substantial capital expenditure (capes) begins to 'crystallise'. While the broker has only made minor changes to its forecasts following the recent Capital Markets Day, the target price has increased from 1,226p to 1,479p. "After a number of years of lacklustre earnings growth, we are becoming increasingly confident that SSE will deliver improved earnings growth in the current year, and that the ongoing high capex will continue to deliver over the medium term."

Mezzanine Funds Our mezzanine portfolio performance continues to be resilient underpinning a solid performance for our mezzanine funds. We have a strong pipeline of investment opportunities, closing three deals in the quarter and, are in exclusivity on a fourth. Our Asia Pacific 2008 Fund supported the acquisition of SCF, a leading provider of specialist containers in the Australian market, in the quarter and is now 55% invested. This is our second ICG-sponsored transaction in Australia, following the acquisition of Ventura in the final quarter of last year. Our European Fund V supported a management led secondary buy out of Symington's, a UK food business with a focus on value and convenience products. In addition, we acquired a £256 million portfolio of performing loans from a European bank on attractive terms. We are making progress towards the €2bn target for European Fund V and the launch of a Longbow successor fund. Credit Funds Our credit portfolios have been defensively positioned and are showing resilience in the current market. As a result, our loan funds continue to deliver a strong performance, with default rates remaining minimal. During the quarter we have continued to invest the expanded segregated mandate to manage a €350 million portfolio of senior loans on behalf of a European institution. We are making good progress towards expanding our investment product range with the launch of two new credit fund products, ICG Senior Debt Partners and Total Credit. Investment Company The Investment Company's portfolio performance remains resilient, although, the general economic conditions are impacting a small number of our weaker assets. A total of £41 million of principal repayments have been received in the quarter and £10 million of rolled up interest has been crystallised. New investments totalling £88 million were made during the quarter. These primarily comprise the SCF and Symington transactions and the acquisition of the loan portfolio mentioned above. Balance Sheet Funding We have successfully completed the legal documentation for the extension of £640 million of debt that was maturing in May 2013 for a further three years. The balance sheet remains strong with unutilised bank lines of £449 million at 30 June 2012.

Intermediate Capital Group plc (ICG) releases its Interim Management Statement for the period to 9 July 2012 Highlights AUM rises 3.5% to €11.8 billion since beginning of the financial year Resilient portfolio and strong pipeline of investment opportunities Good progress on fund raising and fund launches Debt extension completed; maturities extended to 2016 Fund Management Company Assets under management have increased 3.5% since the start of the financial year to €11.8 billion.

http://www.investegate.co.uk/Article.aspx?id=20120710070025H5369

Jefferies maintained a “Buy” rating on the stock, with a target price of 290.00p

Tim Jackson-Smith, Group Chief Executive of Bglobal, commented: "In the last 12 months the Group has focused on developing its Smart Meter Services Platform, including the ability to offer a SMETS1 compliant dual fuel metering system, and extending its reach into energy services. We have made great progress on both of these fronts and these initiatives have demonstrated the strengths that each part of our business has and how they set us apart from our competition. The Group has maintained its market leading position in bringing new entrants into the UK energy market, having introduced three companies since the beginning of 2012. The Board is confident that the Group has the resources and ability to play a leading role in the foundation stage of the mass rollout of smart meters and, through the delivery of smart data, to work with our customers to help them use less and pay less for their energy."

Highlights · Revenue of £18.41 million (2011: £28.99 million) · Recurring revenues increased by 29% to £9.21 million (2011: £7.14 million) · More than 175,000 smart meters now installed · DCDA revenues increased by 32% to £3.35 million (2011: £2.53 million) · Gross margins up to 60% (2011: 45%) · Adjusted EBITDA of £1.11 million1 (2011: £4.16 million2) · Adjusted Operating profit £0.67 million3 (2011: £3.88 million4) · Adjusted Profit before taxation of £0.62 million3 (2011: £3.81 million loss4) · Adjusted Profit after taxation of £1.18 million3 (2011: £3.10 million loss4) · Earnings per share 1.11p (2011: loss per share 1.51p) · Net cash generated from operations £1.87 million (2011: £2.32 million)

Alan O'Brien Chief Executive commented "The trading and financial performance for the 2011/12 full year has seen a steady improvement on last year's performance even though throughout this year our Clients have faced on-going financial and budgetary constraints. The significant improvement in our Alliance partner sales is underpinned by our clients' broadening of their outsourcing contracts to include energy reduction and energy efficiency targets and this has created opportunities for all of our alliance partners. This increase and overall improvement in business performance also reflects the strength of our reputation and position in the UK market. The Group continues to participate in and track a number of significant public sector tender opportunities which are expected to produce revenues in excess of our recent annual turnover. However the exact timings of orders and the resultant cash flows are not certain at this time. The Board and I believe the current economic climate will continue to create significant medium and long-term growth opportunities for Sabien, both in the UK and overseas". The Group's full year results will be announced on Monday 1st October 2012.

Notable contract wins in the 12 months included: · Monteray: British Telecom: £997,625 · Romec: Royal Mail: £250,325 · Edmundson Electrical: Glasgow City Council: £122,100 · SSE Contracting: Glasgow City Council: £105,600

Post Year End Trading Update Sabien Technology Group plc, the manufacturer and supplier of M2G, a boiler energy efficiency technology, is pleased to provide an update on trading following the end of the year to 30 June 2012. The Board reports that, on a like-for-like basis, expected results for the year to 30 June 2012 are ahead of those for the previous year and that turnover for the year to 30 June 2012 was approximately £2.47m, 18% higher than the previous year (2011: £2.09m). Pre-tax profits for the year are expected to be around 32% higher at circa £0.25m (2011: £0.19m). Consolidated net cash balances as at 30 June 2012 were £1.40m (2011: £1.03m). The above figures are subject to audit. The continuing momentum of business improvement in the financial period 2011/2012 is reflected in a noticeable increase in the Group's sales pipeline which was approximately £9.1m as at 30 June 2012 (2011: £7.7m). In this context, we are pleased with the sales traction from our direct sales and indirect partners which remains strong and we expect further growth for the year ending 30 June 2013. During the period under review Sabien continued to develop its indirect sales channel, generating revenues of approximately £1.06m from this channel over the year versus £0.38m in 2011. Orders were received from a number of leading UK Utility and Facility Management Companies including Babcock, Conder M&E, EDF Energy, G4S, Interserve, John Laing, Schneider Electric, SSE Contracting and Vinci Facilities. As a result, gross margins are slightly lower than in 2011 reflecting the change in sales mix due to this significant increase in indirect sales in the year.

http://www.investegate.co.uk/Article.aspx?id=201207100700032533H

Tempus rather likes RM, the school products supplier. After a tricky few years it is now focusing on what look like three sensible products: e-books, sign-on software for pupils and teachers working from home and parent and child software. Tempus also rates the boss of the firm, Martyn Ratcliffe, and it’s Ratcliffe’s track record with turnarounds at Sagentia an Microgen that lead Tempus to suggest RM as a “long term punt”. Buy.

Tempus in The Times takes a look at Michael Page International, the FTSE 250 recruitment firm. The column makes the point that recruiters are very good at telling us where the economy is right now, not where it’s going to go. Profits in the second quarter were ahead of the first by 1.6pc but significantly (6.6pc) behind the same period of 2011. Tempus thinks the chances are it will be a difficult third quarter as the UK and southern Europe remain troubled markets. The shares also trade at an at expensive 20 times earnings. The investment case for recruiters is when we hit rock bottom, after that, they usually rise. Tempus doesn’t think we’ve hit rock bottom yet, avoid.

Peter Sedgwick, Chairman of 3i Infrastructure, said: "The assets in the portfolio continue to perform well operationally and financially, although market headwinds continue to weigh on the performance of the 3i India Infrastructure Fund." Cressida Hogg, Managing Partner for Infrastructure, 3i Investments plc, added: "We are pleased that the portfolio has continued to generate yield in line with our expectations. Market conditions are challenging, but we continue to develop our pipeline of investment opportunities, and are progressing the Thameslink transaction, working with our consortium partners in XLT."

3i Infrastructure plc - Interim Management Statement 3i Infrastructure plc ("3i Infrastructure" or "the Company") is an investment company focusing on infrastructure investment opportunities globally. This Interim Management Statement is issued in accordance with FSA Disclosure and Transparency Rule 4.3. This statement relates to the period from 1 April 2012 to 9 July 2012. Summary · Portfolio assets continue to perform well, generating income of £12.2 million in the first quarter · £4.9 million invested in a stake in a portfolio of road BOT companies of Supreme Infrastructure India Limited through the 3i India Infrastructure Fund · Current cash balances of £144 million · Developing a diverse pipeline of investment opportunities

http://www.investegate.co.uk/Article.aspx?id=201207100700042656H

CONT Despite the continuing fragile economic backdrop, our orientation towards London and the South East and towards the premium end of the market continues to serve us well. We are well prepared for the London Olympics which are almost upon us; we are anticipating a busy period in a number of our pubs, and in our hotels where bookings are very strong. The Calf in the Westfield shopping centre in Stratford opened last month and is trading well, complementing our existing presence - through The Cow - on the doorstep of the Olympic Park. The King's Head in Roehampton and the Wheatsheaf in Borough Market will both re-open in the autumn, and we are pursuing opportunities to expand both the Young's and Geronimo estates, whilst also continuing to invest in our existing pubs. We remain confident that our premium strategy, well-invested estate and management focus on growth should continue to drive superior like-for-like performance."

AGM Trading Statement At today's Annual General Meeting, Nicholas Bryan, Chairman of Young & Co.'s Brewery, P.L.C. will make the following comments about trading: "The current financial year has started in line with the Board's expectations. As reported with our results in May, performance in the first seven weeks was inevitably affected by the poor weather conditions. More recently, trading has improved significantly, such that managed house revenue for the first thirteen weeks was up 10.1%, and up 4.0% on a like-for-like basis. This like-for-like figure includes Geronimo as it has now traded within the business for a complete financial year. Managed house trading has benefited from a number of factors including the impact of last year's investments in new pubs, the addition of three sites transferred from tenancy, and strong trading during the Diamond Jubilee celebrations.

http://www.investegate.co.uk/Article.aspx?id=201207100700032117H