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PureCircle (LSE: PURE) the world's largest producer and marketer of high purity stevia today provides a pre close period update in respect of its second half to 30 June 2012 (2H FY 2012). The Company's results statement for the full year FY 2012 will be announced on Thursday 27th September 2012. Sales In 2H FY2012 sales are expected to be $30m giving not less than $45m for the full year FY 2012. Whilst 2H sales are double those of 1H FY 2012 they are lower than we wished partly due to the delay in a number of projects now slated for launch in FY 2013; and partly due to the end of the legacy "Take or Pay" volumes and lower sales of Co-products, which reflects the Company's decision to slow down Reb A production in CY 2011 to better align inventories. Overall high purity stevia volumes increased by more than 20% year-on-year. Within FY 2012 there has been triple digit growth in volumes of proprietary products, including our Natural Flavor TM range and new Natural Sweeteners range. These new products are rapidly winning market share for us and their variable contribution margin percentages are strong. Going forward we believe the improved mix of products will generate large volumes and a much improved base business with better production capacity utilisation. FY 2012 has seen strong growth in the usage of high purity stevia, boosted by the opening of the important EU market in December 2011 and the reformulations of Sprite, Fanta, Lipton and Nestea being examples of global brands adopting stevia. However, as expected, the growth in usage has not yet fully translated into growth in sales for PureCircle, due to the continued wind-down in Beverage Global Key Account inventories. FY 2012 was the first year since the beginning of the company's sales history that our sales have not included any contractually pre-committed or "Take or Pay" volumes. We estimate that almost $40m (85%) of sales this year are represented by customer orders and contracts that did not exist three years ago. This provides a good indication of the diversification of our customer base that has been achieved since FY 2009. Further it provides a strong base for sales growth when coupled with Beverage Global Key Account future demand for product, once their inventories are run-down. FY 2012 was also the first year of in-market sales by our Joint Venture companies which provide a good base for future growth in each of their regions.

http://www.investegate.co.uk/Article.aspx?id=201207090700071712H

Valuation: Undemanding, with strong dividend support XP Power trades on a P/E of 11.1x FY12e and 9.7x FY13e, with a forecast dividend yield of 4.7%. It trades in line with UK distributors and towards the lower end of global power converter companies, a discount not justified by its superior margins or dividend yield support, in our view. While the stock has already gained 32% since its low in January, we think further upside could be triggered by evidence of a sustained improvement in bookings in H2.

http://www.edisoninvestmentresearch.co.uk/researchreports/XPPower090712Update.pdf

HarbourVest Global Private Equity (HVPE) has joined with other HarbourVest funds to acquire Conversus Capital’s (CCAP) portfolio of private equity fund-of-funds for $1.4bn. The assets are being acquired at a 14% discount to its adjusted NAV, only in line with the average global secondary transaction during H211 despite the mature cash generative nature of the portfolio. The secondary market continues to trade at a significant premium to the listed market, which is currently trading on a 36% discount. We believe one factor behind this large discount is LPE’s lack of share trading liquidity, hindering shareholders from selling and discouraging new investment. The consolidation of this sector allows investors that wish to invest, like HVPE, to do so at attractive prices while providing immediate liquidity to those that do not

http://www.edisoninvestmentresearch.co.uk/researchreports/HVPE090712update.pdf

Investec has placed its 365p target price for Michael Page International under review after the recruitment firm reported a tough trading environment in the second quarter. "Trading conditions deteriorated significantly in the second quarter of the year and although gross profits are up on the seasonally weaker first quarter, they are down on the comparable period last year," said Investec analyst Robert Morton.

Morning NH - hope all is well in these turbulent times - and the weather is still cr*p here in south scotland - just been out cutting the grass in the rain, standing water on the lawn but it was longer than a weekend in the prison so had to be done. GL

A company holding its own in this climate should always be on your watch list for when the worm turns!

Commenting on Q2 trading, Steve Ingham, Chief Executive said: "Despite tough market conditions throughout the second quarter of 2012, the Group delivered a 4% increase in gross profit compared to the first quarter. Against last year, gross profit was down 2% against a tough comparator, with Q2 2011 having been our second highest quarter on record, with a growth rate of 32%. "We continue to invest in growth areas and geographic diversification where we believe there exists long-term potential, with the opening of an office in Cape Town, in South Africa and a further office in Macaé, Rio de Janeiro, in Brazil, adding to the offices in Taipei, Suzhou, Bogota, and Casablanca opened during the first quarter. "Our headcount has adjusted to reflect market conditions, increasing in areas where we have growth, principally Asia and our newer businesses, as well as reducing in other areas, largely from natural attrition; this resulted in headcount remaining broadly flat quarter-on-quarter. "It is key from our perspective to manage the cost base, principally headcount, to reflect market conditions, whilst investing to create a platform for greater growth when markets improve. We believe strongly that we have the balance right and the business remains profitable throughout all our major markets, apart from new start-ups. "We anticipate a challenging third quarter as we enter the seasonally quieter summer period in Continental Europe and the UK, against tough comparables and an ongoing backdrop of economic uncertainty. The Group is financially strong, with net cash in the region of £32m. We remain well-placed to take advantage of any recovery in the markets in which we operate. At this time, we expect our half and full year operating profit from trading activities to be broadly in line with current market estimates. This operating profit does not include any restructuring charges due to recent regional management changes."

Market conditions The Group has experienced robust trading during the first half of 2012 with significantly higher visitor numbers compared to prior years, particularly on its new post downturn sales outlets. Reflecting the challenging economic background, home buyers are taking longer to make their purchase decision and continue to face a challenging mortgage process. In keeping with summer seasonality, reservation rates have slowed, with a notable effect on sales rates around the time of the Queen's Diamond Jubilee. Outlook The Group remains confident of its prospects to enhance shareholder value and improve returns. The compound positive effect of greater volume, increasing average sales price and improving housing profit margin provides good visibility that, based on current market conditions continuing, return on capital employed can be improved in 2012 to a rate approaching 7.5% (2011: 5%).

Trading update Significant improvement in profit from ongoing successful execution of strategy The Group is today issuing a trading update for the six month period ended 30 June 2012 ahead of reporting its half year results due to be announced on Monday, 20 August 2012. David Ritchie, the Chief Executive of Bovis Homes Group PLC said: "The Group has performed strongly, in line with expectations, in the first half of 2012 with a significant improvement in profit delivered from the ongoing successful execution of the Group's growth strategy. The continued success in the land market during the first half of 2012, with around 2,500 new plots contracted, is positioning the Group for further growth in the future."

Trading For the six months ended 30 June 2012, the Group legally completed 944 homes, compared to 801 homes in the same period in 2011, an increase of 18%. The Group's average sales price increased by 1% year on year to £164,400. The increasing benefit of stronger sales prices on new sites was offset in the first half year by an increased proportion of legal completions from midlands / northern sites, trading out lower priced product. Market prices are considered to have remained unchanged during the year to date. The Group expects to report a housing gross margin for the half year of circa 21% (H1 2011: 20.1%). Including a strong profit of £3.9 million from land sales, the Group expects to deliver an operating margin for the half year over two percentage points ahead of the prior year at circa 10% (H1 2011: 7.5%). The Group has achieved 993 net private reservations in the first six months (2011: 802), a 24% increase. The net private sales rate per site per week was 0.47 (H1 2011: 0.45) from an average of 82 active sales outlets, compared to 68 in the same period in 2011. Sales prices achieved to date are ahead of the Group's expectations. Cumulative reservations expected to legally complete in 2012, including social housing units, stood at 1,646 homes at 30 June 2012 (30 June 2011: 1,333 homes). Reservations on sites acquired since the housing market downturn are having a positive effect on the forward order book. The average sales price on private reservations expected to legally complete in the second half of 2012 is in excess of £200,000, compared to £175,000 achieved on private legal completions in the first half of 2012. Additionally, the housing gross margin on this forward order book is stronger than that achieved in H1 2012. NewBuy continues to grow in activity and the Group is currently using NewBuy for over 10% of private reservations.

http://www.investegate.co.uk/Article.aspx?id=201207090700051628H

CONT The development pipeline of new projects at MuCell Extrusion LLC ("MEL") is growing well from a small base, although revenue from existing licensees is anticipated to be below the same period last year. We expect good progress in conversion of additional signed MEL licences over the coming years as a consequence of the investments we are making in this business. Overall, the Company is trading in line with the Board's expectations for the full year with a strong order book and, while we are mindful of the potential impact of economic conditions and movements in currency rates, we continue to expect 2012 to be yet another year of progress and remain confident about the long-term prospects of the business. The Company will announce its interim results for the six months ended 30 June 2012 on Tuesday, 7 August 2012.

Trading Update 9 July 2012 - Zotefoams, which manufactures and sells high-performance foams, today announces its trading update for the six months ended 30 June 2012. Zotefoams has experienced good revenue growth in the first half of 2012 with an increase in reported sales of approximately 10% on the same period last year. In constant currency our Azote® polyolefin foam business grew in all major markets with substantial growth in Asia and a particularly pleasing performance in both the UK and North America. Sales in our High-Performance Polymer foams business are significantly ahead of the same period last year, driven by growth in aviation applications from North America. The average price paid for low density polyethylene ("LDPE"), our major raw material, was lower than the same period in 2011. However, the benefit of this and the sales growth was somewhat mitigated by the negative impact of a weaker euro and higher energy costs.

http://www.investegate.co.uk/Article.aspx?id=201207090700051636H

Paul Swinney, CEO of Tristel, commented, "We have been working closely with Basan whilst we have been planning, constructing and commissioning our clean room facility. This is now fully operational and has been audited by Basan and some of its key pharmaceutical manufacturing clients. This shipment of all the sterile-packed product lines in our Crystel range marks the end of a long process of mobilisation and the beginning of our thrust into the global pharmaceutical and biotechnology market. In Basan, we are in partnership with one of the world's leading suppliers to this marketplace."

Supply & distribution agreement - Basan Germany GmbH Tristel plc, the manufacturer of infection prevention, contamination control and specialist hygiene products, announces its first major shipment of sterile-packed disinfectant products to Basan Germany GmbH ("Basan"). The shipment provides Basan with its initial stocking inventory of Tristel disinfectant products for use in the clean rooms of pharmaceutical manufacturers, medical device manufacturers, life sciences and biotech companies. The products are marketed under the "Crystel" brand and are manufactured in Tristel's own clean room facility. The supply and distribution agreement with Basan became effective on 1 April 2012 and covers many of the main markets in Continental Europe, including Germany, France, Italy and Benelux. Basan is based in Germany and is part of VWR International, a global laboratory supply and distribution business with revenues of approximately $4.1 billion in 2011 and operations in 20 countries.

http://www.investegate.co.uk/Article.aspx?id=201207090700041575H