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http://www.investegate.co.uk/Article.aspx?id=201206190700106325F

In spite of Whitbread's robust first-quarter results, Investec reiterated its 'sell' rating for the Premier Inn and Costa owner on Tuesday, saying that it retains a bearish long-term outlook on the stock. The broker has raised its full-year earnings per share (EPS) forecast by 2.3% from 140.6p to 143.8p reflecting better-than-expected hotels trading. As such, the target price is raised from 1,450p to 1,500p. "We feel this fairly reflects the free cash flow (FCF) generation outlook for the group, with our bear case (retain 'sell') supported by our view that Whitbread faces domestic demand constraints in hotels/restaurants into H2 2013E/FY14E and international expansion limitations in hotels," said analyst James Hollins.

Valuation: Undemanding given prospects We continue to believe that Endace remains very well placed to benefit from the structural trend towards faster and more critical data. The shift from 1GB to 10GB Ethernet in datacentres is accelerating, with research from Dell’Oro Group estimating that 10G Ethernet ports shipped will increase sevenfold to 62.2m over the next five years. The recent launch of Intel’s “Romley” 10G enabled server platform data centre platform is expected to spur the transition. Our estimates are unchanged. Endace’s continued investment in growth and capturing market share suppresses earnings over our forecast period, meaning that the P/E multiple remains high. However, the 2013 EV/sales multiple of 1.7x (versus 2x + for the vast majority of network monitoring peers) now looks attractive given these growth prospects.

http://www.edisoninvestmentresearch.co.uk/researchreports/Endace190612update.pdf

Trading Update Trading since the interim management statement released on 2nd May 2012 has been encouraging, with a continuing strong pipeline of business development opportunities. As a result management's expectations for Group results for the half year remain unchanged. Communisis will report interim results for the six months ending 30 June 2012 on 26 July 2012.

Graham Lee, Managing Director of TGML said: "We are delighted to become an associate company of Communisis and look forward to developing a progressively closer relationship. I believe that together, our combination of creative strategic thinking and enterprise scalability will give us the ability to deliver a unique and compelling marketing services proposition." Commenting on the investment, Andy Blundell, Chief Executive of Communisis, said: "This deal with TGML marks the latest stage in the implementation of our growth strategy and further expands our service capability. We look forward to working with them and our joint plans for sales synergies are already well advanced."

Further Investment in Creative Services and Trading Update - Communisis acquires 49% equity stake in The Garden Marketing Limited - - Investment extends Communisis' creative services offering and adds significant new blue-chip customer relationship - Communisis plc (LSE: CMS), the leading marketing services provider ("MSP"), is pleased to announce today that it has acquired a 49% equity stake in The Garden Marketing Limited ("TGML") for a cash consideration of £0.4m, with an option to acquire the remaining 51% for about £0.6m. TGML is a full service integrated marketing agency based in London. The company was founded in 1987 and generates annual revenues in the region of £1.0m. TGML specialises in creating lead generation and collateral marketing communications for financial services and technology clients. It delivers print and digital marketing assets, advertising and direct mail campaigns across both consumer and business-to-business channels. Communisis' investment in TGML extends the Group's creative services offering, adding further strategic planning expertise, conceptual creative services, copywriting and additional artworking resources to Communisis' strong and growing marketing services proposition. The investment is aligned with the Group's strategic objectives to build breadth and depth in the range of creative services offered to its customers and to achieve a double digit operating margin on sales (excluding pass-through) over the medium term. The investment also brings to Communisis a significant new customer relationship with a major blue-chip financial services provider.

http://www.investegate.co.uk/Article.aspx?id=201206190700126346F

Outlook As a group, we remain cautiously optimistic about the current financial year, bolstered by a strong balance sheet and solid level of recurring revenue. Whilst mindful of the challenging economic environment, we remain encouraged by progress in our cross selling strategy, and also anticipate a significant improvement in free cash flow generation year on year.

Matthew Riley, Chief Executive Officer of Daisy, commented: "We have made good progress during the period, completing two acquisitions, with another transacted post year end. In addition, the Group has continued to progress its organic growth strategy and seen an improvement in cross-selling, particularly amongst those customers taking three or more products. "Notwithstanding ongoing macroeconomic headwinds, the Group remains cautiously optimistic about the year ahead. With a strong balance sheet and solid base of recurring revenues, we are well positioned in these more challenging economic times. Indeed, in the year ahead, we expect to see a material increase in our level of free cash flow generation. "We also continue to see a strong flow of potential acquisitions and intend to further pursue our successful strategy of consolidating the fragmented reseller market, where we can see a clear enhancement to shareholder value. In the event that material acquisitions are not completed, the Board intends to introduce a maiden dividend following the end of the current financial year."

Operational highlights § Two strategic customer base acquisitions completed and successfully integrated during the year § Increased mix of Retail customers taking three or more products § Improved product portfolio has reduced reliance on fixed line network services § Significant cost savings realised following a year of consolidation and integration * - operating loss from continuing operations before amortisation, depreciation, net exceptional operating costs and share-based payment costs. ** - basic adjusted EPS is basic EPS adjusted for the after tax effect of amortisation of acquisition-related intangible assets, net exceptional operating costs and share-based payment costs. *** - free cash flow is cash generated from operations after the purchase of both tangible and intangible assets, and adjusting for net interest and specific items including exceptional items and working capital movements directly linked with acquisitions.

Financial highlights § Improvement in revenue (up 31%), adjusted EBITDA (38%), operating losses (17%) and free cash flow (3%) § Basic loss per share has improved by 26% from 4.65p to 3.46p § Basic adjusted EPS has increased by 38% from 9.80p to 13.52p

http://www.investegate.co.uk/Article.aspx?id=201206190700126360F

Down 22+% - could have been worse with the news

Some very decent figures in this RNS

Current Trading At the time of writing (18 June 2012), as all of our business teams continue to trade profitably we have been very encouraged by the accuracy of our growth forecasting so far this current financial year. Our enquiry log for major new business opportunities remains busy across all three main Continents we serve - and sectors, mainly in Electronics and Automotive. We look forward to updating stakeholders throughout the year on our progress.

"We are now focused and working through this current financial year with an even higher degree of confidence in our ability to further accelerate our growth going forward into 2013 and 2014. Underpinning our confidence in the future of the business, the Board are recommending the re-introduction of a dividend. As all of our business teams continue to trade profitably; Our enquiry log for major new business opportunities remains busy across all three main Continents we serve - and sectors, mainly in Electronics and Automotive. We look forward to updating stakeholders throughout the year on our progress." Malcolm Diamond MBE, Executive Chairman & Jim Barker, Group Chief Executive

Key Commercials Ø Self-help solid improvement across the core TR business with all territories trading profitably Ø Successful US restructuring with new Houston hub trading profitably Ø PSEP integrating well into the Group and trading in line with management expectations Ø Significant Global contract wins across the network Ø TR awarded preferred supplier status and "Lear Corporation Global Supplier Award" Ø Profit reflected in cash a major KPI across all 21 business units Ø A "World of Opportunity" in fragmented market and TR's next three year strategic plan is underway

Preliminary Results for the year ended 31 March 2012 "Results ahead of market expectations - solid improvement in earnings sees Trifast return to the Dividend stream"

http://www.investegate.co.uk/Article.aspx?id=201206190700066153F