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Valuation: Base case valuation of 30p/share If there is a satisfactory outcome to the ROC banding review, if Helius receives a £5m developer’s fee for Avonmouth this year and retains 20% of the project, and if Rothes begins commercial operation on schedule in H1 next year, we see upside in Helius’s share price to 30p.

http://www.edisoninvestmentresearch.co.uk/researchreports/Helius210612outlook.pdf

http://www.edisoninvestmentresearch.co.uk/researchreports/e-Therapeutics190612outlook.pdf

Valuation: Potential re-rating as margins rise Centaur is currently on a 49% discount to the FTSE media sector P/E on a 2013 (calendarised) basis, with investor focus on weaker advertising, not the restructuring and recent acquisition benefits. Assuming a 30% discount to the sector and 2014 EBITDA margins of 20%, fair value is 46p. If Centaur hits its 2014 EBITDA margin target (25%) fair value would be 53p.

http://www.edisoninvestmentresearch.co.uk/researchreports/Centaur190612outlook.pdf

Oriel Securities upgrades International Consolidated Airlines Group from hold to buy.

Mike McKeon, Chief Financial Officer at Severn Trent, said: "We are pleased to be the first water company to issue a retail bond. With a large, inflation linked, investment driven, regulated water utility at the heart of our Group, we are well suited for this product. This retail bond issue diversifies our funding sources while also seeking to meet demand from retail investors for inflation linked products." Barclays Bank PLC and Investec Bank plc have been appointed Joint Lead Managers of the bond issue. The bonds are expected to be issued on 11th July 2012. The offer period for the bonds is expected to remain open until 4th July 2012 or such other date as Severn Trent Plc may agree. The bonds are being issued by Severn Trent Plc pursuant to its EMTN Programme and are expected to be listed on the Official List of the UK Listing Authority and to trade on the London Stock Exchange's Order book for Retail Bonds ("ORB").

SEVERN TRENT PLC LAUNCHES RPI LINKED 10 YEAR STERLING RETAIL BOND Severn Trent Plc ("Severn Trent") has today launched an RPI linked 10 year Sterling bond available to retail investors. The bonds will pay interest semi-annually at a real rate of interest of 1.3% per annum adjusted to take account of changes in the level of the UK Retail Prices Index ("RPI"). On maturity, the amount due to be repaid will be the full face value of the bonds, adjusted to take account of any overall increase in the RPI. However on maturity, even if there is an overall fall in the RPI, Severn Trent will be required to repay the bonds at no less than their full face value. Severn Trent Plc is the first water company to issue an RPI linked bond available to retail investors, having historically only offered bonds to institutional investors. In accessing the retail bond market, Severn Trent aims to diversify sources of funding for its 2010-2015 capital investment programme of approximately £2.5 billion.

http://www.investegate.co.uk/Article.aspx?id=201206210700068258F

Current trading and outlook The good growth of the past year has carried forward into May with encouraging levels of fleet on rent and yield improvement. For the month, rental revenue grew by 15% in Sunbelt and by 5% in A-Plant. The momentum we have established, and the flexibility provided by our strong balance sheet, allows us to anticipate further growth with or without end market recovery. As a result, it is likely that our profits in the coming year will be ahead of our previous expectations.

Snapshot Ashtead Group Plc (AHT.L) Announced in its results for the fourth quarter ended 30 April 2012, that its revenue stood at £287.8 million in 2012 from £242.8 million in 2011. Operating profit stood at £37.0 million in 2012 from £17.5 million in 2011. Profit on ordinary activities before taxation stood at £31.9 million in 2012 from a loss of £19.9 million in 2011. Basic earnings per share stood at 4.7p from a loss of 2.6p in 2011. Diluted earnings per share stood at 4.6p in 2012 from a loss of 2.6p in 2011. In accordance with the company’s progressive dividend policy, with consideration to both profitability and cash generation at a level that is sustainable across the cycle, the Board is recommending a final dividend of 2.5p per share (2011: 2.07p) making 3.5p for the year (2011: 3.0p

The Tempus column in the Times looks at engineering group Weir, whose shares have been in a sharp decline since peaking at 2,200p in February as the market began to doubt its exposure to shale. 'Much of the short-selling was by dealers who were expecting the slowdown in shale to mean these [profit forecasts] would be missed.' After a confident outlook by the firm and Chief Executive Keith Cochrane, who reiterated the full-year pre-tax profit growth estimate of 10% to £460m, the shares have bounced from their low of 1,375p, rising yesterday to 1,558p. Selling on ten times earnings, the column believes that they have further to go.

BT tried to pull the rug from under BSkyB’s football coverage by bidding for the rights to all of the Premier League matches. The telecoms business made a surprise entry into the market last week, agreeing to pay £738m to show 38 matches a season for three years from 2013. However, it was trying to buy a much bigger share of the 154 games on offer. BT lodged bids for all seven of the “packages” in which Premier League rights are auctioned, although it could not have won more than five for competition reasons. In the end BT won two Premier League packages, handing it first pick of 18 matches. Even at this level, it poses a serious threat to BSkyB, according to The Telegraph

Bid talks which got the market excited on Wednesday about Invensys, the maker of rail signalling and industrial automation systems, have hit the buffers already. In response to press speculation about an approach from Emerson Electric for some of the company's assets, news of which leaked out on Wednesday, Invensys said talks with Emerson are no longer taking place.

Commenting on the strategy and outlook for 2013, Chief Executive Phil Bellamy-Lee said: "Our primary strategy for the current year continues to be the expansion of our market share as a Meter Asset Manager ("MAM") within the UK I&C gas sector by further capitalising on identified market opportunities. Our successful positioning as the leading independent MAM (by volume of meters owned and managed), coupled with Government regulatory requirements to ensure meters in the UK are advanced or smart, puts us in a strong position. In line with our stated objectives during the IPO process, we have also strengthened our Siteworks business development and design team, placed further emphasis on sales and marketing activities within AMR and gained accreditation enabling direct metering installation works. All of these actions are enablers to maximise the opportunity available to our integrated solution. The financial strength of the Group has been significantly increased by our listing in March and in conjunction with the extended funding resources from our lenders we now have a solid platform to take advantage of these favourable market opportunities and look forward to the future with added confidence."

Current trading and outlook · The 2012/13 financial year has started well with management's target to grow the meter and data logger portfolio being on track · Strong performance in Automated Meter Reading ("AMR") contract renewals are being experienced with a 98% success rate during Q1 based on the number of meter points as a percentage of AMR units · The Group continues its active discussions with gas suppliers requiring a fully integrated metering, AMR and Siteworks service provision · The business outlook for 2012/13 remains positive

Maiden Preliminary Results for the year ended 31 March 2012 Energy Assets Group plc (LSE: EAS.L), the largest independent provider of industrial and commercial ("I&C") gas metering services in the UK (by number of meters owned and managed), is pleased to announce its maiden preliminary results for the year ended 31 March 2012 following the initial public offering and admission to trading on the Official List of the London Stock Exchange. Today, Energy Assets reports a profit before tax and exceptional items of £2.9m which is at the top end of the range indicated within the prospectus published in respect of the flotation. Financial highlights · Successful Main Market flotation on the London Stock Exchange as a premium listed company in March 2012 raising £15.0m (gross) of new equity funding · Cash generated from operations of £7.1m (2011: £5.0m) showing growth of 42% · Revenue increased by 32% to £12.7m (2011: £9.6m) with £8.3m (65%) recurring in nature (2011: £5.3m or 55%) · Operating profit before exceptional items increased from £3.5m to £5.6m, an increase of 60% with operating profit margin increasing to 44% (2011: 36%) · Adjusted EPS of 7.85p based on share capital at the date of listing being in issue for the full year (2011: 5.01p on an equivalent basis) · Profit before tax and exceptional items increased by 53% to £2.9m (2011: £1.9m). Profit before tax was £0.2m (2011: £2.4m) after incurring exceptional IPO costs

http://www.investegate.co.uk/Article.aspx?id=201206210700058208F

JL - Apologies for the delay in replying ! yes I took a nice little profit - missed the top ...chickened out too early but profit is profit! GL

Castings, which as the name suggests, makes iron castings, has announced record profits for the year ending March 31st while sounding a note of caution on export orders. By most measures Castings has done well, as turnover increased from £105.4m to a record £126.3m, of which 66% came from exports. Profits before tax increased from £15.5m to £23.1m. There are three companies which operate under the Castings umbrella: Castings and CNC Speedwell both operate from Brownhills in the West Midlands while Wm Lee is based in Dronfield, South Yorkshire. The firm is benefiting from new warehousing in Brownhills, opened in January, which is helping with logistics and stock management. Production at Castings and and WM Lee is described as ”satisfactory” but the firm notes there is still 20% spare capacity. The hope is that the European truck industry, a big market for Castings, will return to pre-2008 levels.