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http://www.investegate.co.uk/Article.aspx?id=201204180700155209B

Marks and Spencer's fourth quarter trading figures are weak, according to Investec which has put its hold recommendation and target price for the stock under review. Investec does note however that the company has performed better on costs and/or gross margin with management still maintaining its full-year profit guidance. As such, the broker leaves its £690m profit before tax (PBT) forecast where it is (consensus: £694m).

Merchant Securities has cut its rating for luxury brand Burberry from buy to hold on valuation grounds, but has maintained its positive stance on the group. "We continue to believe that Burberry is a beneficiary of growing demand from global luxury travellers, especially in Asia, Middle East and Russia, which are more favourable than the domestic European luxury market, which appear subdued," said analyst Amisha Chohan. However, with the stock trading at a 19% premium to the luxury sector - "justified by the more favourable growth profile of the business" - the broker now believes that the stock is fairly priced, hence the downgrade.

David Hempleman-Adams, a non-executive director of power controller manufacturer XP Power, has purchased two lots of shares less than a week after the firm cautioned over its revenues. The first purchase saw Hempleman-Adams, who joined the firm in 2008, snap up his first round of shares in the firm, buying 5,000 at 1,061.49p. Three days later, on April 16th, he then bought an additional 4,450 shares for 1,057.70p each at a cost of £47,068, taking his total stake in the company to 9,450, or 0.05%.

Yes PH may well re-visit their target although when the turnaround happens, 100 is certainly achievable but that is now some way off

Outlook We continue to expect that market conditions will remain challenging, particularly in the US and Europe, with growth anticipated in our International region for the year as a whole. 2012 revenues are expected to be weighted more heavily to the second half of the year than in 2011. Although the US market was more challenging than anticipated in the first quarter, it is the key buying season from June to September in the US that will better inform our outlook for the year, and the third quarter will be a more important period in the North America sales cycle for 2012. We therefore remain cautious in our outlook.

Trading Performance Challenging market conditions during the first quarter of 2012 in North America contrasted with strong growth in International sales. First quarter group revenues were £35.9m, 14.4% lower than the £41.9m revenues in the first quarter last year, or 15.3% lower on a constant currency basis. By product segment, first quarter interactive display system revenues were £31.3m and learner response system revenues were £4.6m, reductions of 14.1% and 16.0% respectively, compared to £36.6m and £5.3m respectively for the first quarter in 2011. In volume terms, Promethean sold approximately 29,000 interactive display systems and 136,000 learner response system handsets in the first quarter of this year, compared to 32,000 and 172,000 respectively in the same period last year, lower by 11.1% and 21.1% respectively than the same period last year. Market conditions in the US, during the quarter, were particularly difficult and North American revenues in the period were down by approximately 40% on Q1 2011, a greater decline than anticipated. International sales grew by approximately 22%, benefited by a large contract win in Russia although this had a dilutive effect on gross margins. Over the last 12 months, demand in the US has been more volatile outside of the key buying period from June to September. Consequently, it is too early to determine whether the Q1 result for North America is indicative of the full year outturn. Promethean had net cash of £12.2m as at 31 March 2012 versus £10.3m as at 31 March 2011. Net cash as at 31 December 2011 was £21.8m. The cash outflow in the period reflects current trading and the usual seasonality of the business in addition to the ongoing investment in key strategic initiatives, including final payments relating to the 2010 acquisition of SynapticMash Inc.

Panmure Gordon kept its "sell" recommendation for Home Retail Group (HOME) with a target price of 60p. The Argos and Homebase owner said it does not currently see the need for an aggressive store closure programme, but the broker warned the group will need to implement more radical reforms in order to stay alive. Panmure believes that the company will need to attempt to price match with Amazon, which requires significant margin improvement and investment.

Seymour Pierce retained its "buy" rating for Medusa Mining (MML) with a 416p target price. The gold producer completed an extensive exploration programme at the Co-O mine in the Philippines, with the broker noting a number of gold intersections, including the first discovery of high grade mineralisation at a depth of below 1,000 metres. While it will be some time before the group needs to begin extraction operations at such depth Seymour Pierce pointed to the increased longevity of the asset that the discovery represents.

Investec Securities maintained its "buy" stance on William Hill (WMH) with a target price of 285p. The broker expects the bookmaker to report 11% year-on-year revenue growth for the quarter ended 31st March 2012 and higher margins due to favourable football results. Investec expects the gambling sector to remain resilient through 2012 and 2013 and expects to see an increase in trading in 2014. The broker's earnings forecasts put the shares on a prospective multiple of 10.6 times for the year ending 31st December 2012, falling to 10.2 times in 2013

WH Ireland initiated coverage of Environmental Recycling Technologies (ENRT) with a "buy" recommendation and a 3.34p target price. The company recycles mixed stream contaminated plastic waste, which the broker believes is a unique system and added that the group has been granted process patents in the UK and US. WH Ireland forecasts the group to win one at least one new licence per year, with a net present value of 3.4 million pounds each.

The Telegraph's Questor column has also taken a look at plantation and cattle farm owner MP Evans and recommends investors to buy the stock, which increased profits last year by almost two thirds. "The main driver of profits is the company's Indonesian palm oil plantation business, with the fundamentals of the palm oil market supporting future growth," the paper writes.

The Telegraph's Questor column says that the time has now come for International Power to sell the remaining 30 per cent stake to majority shareholder GDF SUEZ. While the recent bid of 390p a share failed to gain approval from Int'l Power's board, the new 418p-a-share prices has now bee recommended, valuing the business at £22.8bn. "The shares have had a significant run this year when compared with other utilities, so although the "premium" over the price before the offer was announced is just 9%, the offer is almost 20% over the three-month weighted average," said Questor's Garry White. With the additional attraction of investors being able to keep the final dividend payment from Int'l Power, Questor says take up the offer. "Investors who want quick cash could sell their shares into the market now – but they will forfeit the dividend."

Richard Kellett-Clarke, Chief Executive of IDOX, said: "This contract is a significant endorsement of McLaren's capabilities as a supplier of innovative software solutions to asset intensive industries globally. Southern will utilize McLaren's Enterprise software suite for the management and control of engineering documentation to reduce turnaround time and improve and automate business processes in its capital construction program. We look forward to working with Southern to provide further support to its growing portfolio of energy assets."

Engineering Information Management unit wins $1.5m contract in US IDOX plc (AIM: IDOX), a leading independent supplier of software and services to the UK public sector and global asset intensive industries, announced today that its Engineering Information Management subsidiary McLaren Software has agreed to supply its application software suite and related services to Southern Company Services in the US. McLaren will supply its Enterprise application software suite to Southern Generation in a deal with an initial contract value of $1.5m. The license agreement also allows for other divisions within Southern Company to utilise McLaren's Enterprise suite and related services for an additional cost. Southern Company Services is a unit of Southern Company, one of the largest generators of electricity in the US. Southern serves 4.4m customers, generates 43,000 megawatts of power and its regulated regional utilities serve a 120,000 square mile territory across the states of Alabama, Florida, Georgia, and Mississippi.

http://www.investegate.co.uk/Article.aspx?id=201204180700195276B

Dean Webster, Sweett Group Chief Executive Officer, said: "We are very proud to be involved in this iconic development and the regeneration of the Belfast shipbuilding yard area. We continue to build our portfolio of commissions in the hospitality sector, which now includes the London Eye, Madame Tussauds in Shanghai, Glow Bluewater and The Tate, St Ives."

Sweett Group provides programme and cost management services on £90m Titanic Belfast Sweett Group, the international property and infrastructure consultancy, is pleased to have been involved in the successful delivery of the £90m, 15,000 m2 Titanic Belfast, which houses the world's largest interpretive exhibition of the famous cruise liner. The building also includes a 1000-person banquet hall, dining outlets and retail and community spaces. Sweett Group has been involved in the project since 2006, providing strategic cost planning and programming advice to the project's developer, Titanic Quarter Ltd, culminating in a bid for Lottery Funding in 2008. Since the outset of construction in Spring of 2009, Sweett Group has been supporting Harcourt Construction Ltd through the provision of dedicated and site based project management resources supported by locally based cost managers and specialist programmers. The Group's role has included the management and coordination of the project and creative exhibition teams, construction programming, project reporting, cost management and tender process documentation and analysis. Our experience of large value projects, museum and exhibition works was combined with our knowledge of the sector's nuances to critically advise the contractor in the successful delivery ahead of time and on budget.

http://www.investegate.co.uk/Article.aspx?id=201204180700195402B

Ben Stocks, CEO of Porvair plc, said: "Pulse complements our existing operations well. Porvair already has market leadership in the analysis of inorganic water contamination. Pulse will increase our customer base and product range, enabling us to pursue cross selling opportunities in the environmental laboratory market. We are grateful to the de Rooy family for their co-operation in this project."