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Panmure Gordon upgrades William Hill from hold to buy, target price increased from 214p to 280p.

Panmure Gordon downgrades Goals Soccer Centres from buy to hold, target price cut from 116p to 108p

Panmure Gordon downgrades Rank Group from buy to hold, target price cut from 185p to 145p.

Canaccord Genuity initiates sell on Croda Group, target price 1,900p.

Mikhail Ivanov, Chief Executive of Volga Gas commented: "We are delighted to have been able to raise this debt finance, the first such facility entered into by the Group, and acknowledge the support shown to the Group by Raiffeisen Bank."

New US$10 million debt facility Volga Gas plc ("Volga Gas" or the "Group"), the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to announce that it has signed a US$10 million multi-currency debt facility from ZAO Raiffeisen Bank. The funds are to be used to support the Group's capital expenditure programme in 2012. The facility has a term of two years and is an amortizing loan. The loan may be drawn in US dollars, Euros or Russian Roubles and the interest rates applicable are respectively US dollar LIBOR plus 6.5%, Euro LIBOR plus 5.4% or Mosprime plus 5.3%.

http://www.investegate.co.uk/Article.aspx?id=201203270701171049A

Mike Biggs, Chairman of Resolution Limited said: "2011 was an important year for Resolution Limited. It made significant progress driving value from the businesses acquired in its UK Life Project. The Company is committed to returning surplus cash not required by the business to shareholders subject to market conditions and receiving the appropriate regulatory approvals."

Good progress in the UK, International impacted by weak markets § IFRS operating profit before tax of £681 million (2010: £275 million) (including the benefit of £404 million of one-off items from management actions) § MCEV operating profit before tax of £517 million (2010: £412 million) (including £140 million of positive one-off assumption changes) § UK operations made good progress reflecting actions on capital and costs § International operations impacted by difficult markets and modelling improvements § Lombard affected by tough markets but increased market share in difficult year for sector § Full year dividend per share of 19.89 pence, up 10% Looking forward § Further update on cash return no later than 2012 interim results § Base case exit plan to divide underlying business into two separately listed businesses

Preliminary results for the year ended 31 December 2011 Good progress towards building a sustainable business Significant strategic momentum in 2011 § Strategic and financial clarity on value creation from underlying acquired businesses § Run-rate synergies ahead of target, £45 million achieved; material outsourcing de-risks costs § VNB of £151 million with improvements driven primarily by cost savings § New business platforms delivering returns at or above targets § Capital optimisation programme delivered £281 million of synergies against £235 million guidance § Creation of investment management business announced § £476 million of cash returned to shareholders through dividends and share buy-back Prudent cash levels and resilient capital position maintained § Sustainable free surplus generation of £291 million contributed to achievement of £400 million distributable cash target § Overall cash generation impacted by investment markets, but £400 million buffer maintained § Balance sheet retains low exposure to higher risk European sovereign and corporate debt § Robust IGCA surplus of £2.1 billion representing a surplus of 219%

http://www.investegate.co.uk/Article.aspx?id=201203270700221174A

Yes some nice figures in there

Graham Stewart, Chief Executive, commented: "2011 has been a truly exceptional year of success for the Company, with a dramatic boost to production, proven reserves and cash flow, together with continuing success delivered from our high quality exploration portfolio. The acquisition of 18% of Blane was completed in May 2011 and the ground-breaking deal to monetise our significant 2010 Maria discovery by exchanging it for high quality, long life oil and gas production from four Norwegian fields was completed in December 2011. These transactions further demonstrate Faroe's ability to deliver solid value for shareholders both through the drill-bit and transactions. The considerable increase in cash flow from our substantially enlarged production base, combined with cash balances and available but undrawn debt facilities ensures we are well funded going forward." ''Our portfolio of exploration licences ensures Faroe has a very exciting drilling programme ahead, including around five high impact exploration and appraisal wells per annum and a very active long term programme of production in-fill wells. As we prepare to drill our first operated exploration well in Norway in the near future, targeting the Clapton prospect in the North Sea, we look forward to a very exciting period ahead."

Outlook · 2012 capital expenditure of up to £180m, including up to £100m on exploration (pre-tax rebate in Norway) and up to £80m on developments and producing fields - all fully funded o Provides shareholders with multiple opportunities for step-change in value growth o Exciting multi-well exploration programme continues with five planned for 2012: three in Norway (Clapton, Cooper and Rodriguez South), and two in UK (North Uist and Spaniards) o Gearing up to drill Faroe's first operated well in Norway on Clapton prospect in Q2 2012 o Production to consolidate through development of Hyme satellite field tied-back sub-sea to Njord, plus several planned in-fill wells on Njord, Brage, Ringhorne East, Glitne and Schooner · Assessing opportunities to extend our exploration model in new areas

Financial · Planned drilling programme fully funded from cash, cash flow and Norwegian tax rebates · Cash of £111.6m (31 December 2010: £132.2m) · Turnover increased more than five-fold to £80.2m (2010: £15.1m) · EBITDA1 increased significantly to £40.9m (2010: £6.0m) · Profit before tax, increased to £14.3m (2010: £26.0m loss) · Significant expansion of credit facilities completed in year - both facilities substantially undrawn at year end o $250m (approximately £156m) reserve based lending facility; and o NOK1bn (approximately £110m) Norwegian exploration facility · 2012 UK budget provides incentive for development of small fields and deep water West of Shetland oil fields together with clarity on tax relief for decommissioning arrangements 1. EBITDA (earnings before interest, taxation, depreciation and amortisation) is gross profit plus depreciation on producing assets

HIGHLIGHTS Activity · Transformation into strong E&P Company with a high quality balanced portfolio of non-operated Norwegian and U.K. production, and an outstanding portfolio of world class exploration and appraisal opportunities · More than five-fold increase in proven and probable (2P) reserves - Competent Person's Report estimates 2P reserves at 23.8 million boe as per 1 January 2012 (1 January 2011: 4.3 million boe) · Completion of Maria swap and Blane acquisition - the Company now has a balanced production portfolio of four principal oil and gas fields and six secondary fields o Average production of approximately 2,500 boepd (economic production averaged approximately 10,100 boepd) o Completion of Maria swap netted settlement proceeds of £53.0m, and avoided approximately £250m of development expenditure o Blane acquisition scheduled to repay investment less than 12 months after deal completion · Continued exploration successes o Discoveries on Butch in Norway and first UK operated well, Fulla o Award of 7 new licences (3 operated) in Norway 2011 APA Round

Summary and outlook Compass has had a positive start to the year. Organic growth has been driven by good rates of new business wins, levels of retention remain high and infill acquisitions are making a meaningful contribution. We are continuing to generate good levels of cost efficiencies, which are enabling us to reinvest our strong cashflow in the business at the same time as helping us to manage the ongoing challenge of tough economic conditions in some markets. As we look out to the second half, whilst the current economic uncertainty is likely to continue to put pressure on like for like volume in some regions, we remain positive about the opportunities to grow the business and we are encouraged by the pipeline of new business. We are well placed to capitalise on the significant structural growth opportunities in both food and support services around the world and we are increasingly expanding our presence in fast growing and emerging markets, which remain a focus for future growth.

Trading Update This statement updates investors on the Group's progress in the current year, ahead of the announcement on 16 May 2012 of its results for the half year to 31 March 2012. Group Compass has had a good first half of the year. The positive performance in the first quarter has continued into the second quarter and our expectations for the full year remain unchanged. Total revenue growth is expected to be around 8.5% in the first half of the year and organic growth is set to increase by nearly 5%, driven by further good performances in North America and Fast Growing & Emerging Markets. We have continued to see good levels of new business wins and a consistently high level of retention across the Group. Overall, like for like revenue growth is positive, although it is below the levels of the first half of last year, as challenging economic conditions continue to impact like for like volume in the UK and parts of Europe. Through the ongoing application of MAP, we are continuing to generate cost efficiencies across the business. These efficiencies are, in part, being reinvested in exciting growth opportunities around the world, helping us to manage the effects of difficult economic conditions in some of our markets, and underpin our expectations of future improvement in the operating margin. Overall, the operating profit margin for the first half is expected to be at the same level as the first half of last year. We continue to see good levels of free cash flow conversion.

http://www.investegate.co.uk/Article.aspx?id=201203270700161147A

Graham Stewart, Chief Executive of Faroe Petroleum, commented: "We are very pleased to announce the spudding of this frontier exploration well in one of our core areas. The North Uist prospect offers significant resource potential and is in close proximity to a number of important discoveries on the Atlantic Margin Corona Ridge, including Rosebank and Cambo." "As we progress our exploration drilling programme, in Norway, we are looking forward to the commencement of the Faroe operated Clapton exploration well in the Norwegian North Sea (Faroe 40%) along with the Cooper exploration well on the prolific Halten Terrace in the Norwegian Sea (Faroe 30%)."