Member Info for mulledwine

ENERGY Revenue in Turbogenerators in the period is up 17% on last year and 13% year to date. The book to bill ratio was 82% which points to OEM sales in 2013 being below this year in value but not in volume terms. This is caused in part by a move in mix toward smaller units but there is also evidence of slower demand for turbines with the consequent effect on turbogenerators. Despite this, the Board has confidence that any reduction in OEM sales will be largely, if not entirely, mitigated by a number of other positive opportunities. The new rotor machine, a significant investment in Brush approved last year, is undergoing final testing before being commissioned at the Loughborough, UK factory. This will improve manufacturing efficiencies, as will the completed restructuring of the Dutch Brush operation and Hawker Siddeley Switchgear. Indeed substantial capital expenditure has been made in Brush this year, equivalent to twice the level of depreciation and this, along with further identified investment, will be beneficial to margins. The continuing growth of the aftermarket business will also position Brush well for next year. Marelli is experiencing strong momentum going into next year with revenue up 6% in the period on last year and order intake up 18%. This growth is being driven by demand for generators and motors toward the top end of their range.

INTERIM MANAGEMENT STATEMENT Melrose PLC today issues the following Interim Management Statement for the period from 1 July 2012 to 15 November 2012. OVERVIEW Trading for the Group is in line with expectations for 2012. However, especially in the last few weeks, slower trends for certain businesses are noticeable compared to those seen in the first half of the year. The acquisition of the Elster Group was completed successfully in the period and the process of improving its performance is well underway. The Melrose Board remains confident about the prospects for delivering significant shareholder value over the medium term from this acquisition. Given that the acquisition of the Elster Group happened part way through the period on 23 August this year, comparisons of trading results within the period and to last year are not consistent. The most meaningful comparisons can be made for Melrose companies excluding Elster. For these Melrose companies, revenue, at constant currency has continued to grow in the period compared to the same time last year, by 6% compared to 10% in the first half, giving a year to date revenue growth of 8%. The overall weekly rate of order intake in the period is 8% lower than the first half of the year but it is too early to tell how this will affect 2013, and it will vary by business. We have already made significant changes to Elster, and identified larger than expected cost savings. It is early days to draw meaningful conclusions about the current trends in trading, but initial indications point to current revenue trends having slowed and the boost from European Electricity Smart Meters being delayed.

http://www.investegate.co.uk/melrose-plc-(mro)/rns/interim-management-statement/201211160700072813R/

Investec has pared its target price for industrial group Melrose from 270p to 260p after Friday's disappointment, but has reiterated its 'buy' rating for the stock, saying that the long-term outlook for the business is positive. "Longer term, we still expect Melrose to offer above average revenue growth with the prospect of margin upside (predominantly from [recent acquisition] Elster)."

stink - sorry I havnt been back to the board for a while - just noticed your post but I take it I dont need to reply now! GL

Despite these one-off effects, management expects the coming results to show a positive turning point in Artilium's software business and is therefore optimistic on the outlook and the Company remains sufficiently funded on an operational basis. In July this year the management team was strengthened by the appointment as CEO of Willem van den Brink and much progress on cost savings and finding new promising sales leads has been made. The consolidation of United Telecom is proceeding on track. Several projects to deliver the expected synergies with the acquired business are in their implementation phase. Artilium expects to publish its audited results for the year to 30 June 2012 during the week of 3 December 2012.

Trading Update Artilium plc (AIM: ARTA, the "Company"), the AIM quoted provider of innovative telecommunication software and solutions, announces that it now expects its results for the 12 months to June 2012 to be lower than market expectations, principally as a result of revenue recognition under International Financial Reporting Standards (IFRS), some delays in customer orders and the decision to recognize an impairment deriving from a bad debt. During the audit process Artilium decided, in agreement with its auditors, to only partly recognise revenue from a software licence. This is expected to have a positive impact on future financial years which are now expected to benefit from the recognition of these revenues. Secondly, some customer orders were delayed during the financial year but have since materialised in the first quarter of the new financial year. Thirdly, an unexpected bad debtor impacted the results; however, in solving this issue, a major customer contract was secured and telecom assets were recovered into Artilium ownership.

http://www.investegate.co.uk/artilium-plc-(arta)/rns/trading-update/201211160700052682R/

Group strategy and outlook With risk aversion continuing to be a theme of financial markets, hedging products continue to be the most likely source of new revenue for the Group in the short term. The Group continues to actively market its hedging products particularly in North America, the UK and Switzerland. There has been a marked increase in the number of formal RFPs, particularly for Passive Hedging from Switzerland, in the first half of the financial year and it is hoped that this level of activity will continue. The product suite of Currency for Return products is now largely complete with the addition of Value, Momentum and a Multi-Strategy offering. It is encouraging to have secured our first Multi-Strategy mandate. Whilst we continue to market these products to clients, demand remains subdued as risk aversion appears to be a prevailing theme. Those products that are able to build compelling three-year track records have the greatest chance of success, with the Emerging Market strategy reaching a three year 'live' history in the second half of the financial year. Hedging is likely to provide short-term growth opportunities with medium-term growth being built on the success of our Currency for Return products.

Commenting on the results, James Wood-Collins, Chief Executive of Record plc, said: "The first six months of the year has seen growing AuME and client numbers, together with a marked increase in Requests for Proposals for hedging mandates. "As a result of the loss of historic mandates already announced, revenue fell to £8.7m and as a result the operating margin fell to 30%. The Group had cash of £25.6m and no debt at 30 September 2012. "Looking to the remainder of the financial year, we are hopeful that we can secure further hedging mandates, particularly passive hedging in Switzerland. We continue to be encouraged by the progress we have made in the US and are well positioned to benefit from any formal procurement processes that are initiated. The level of demand for currency mandates in the UK has been more modest and this level of activity is likely to continue for the rest of the financial year. "Overall the business environment for our hedging services appears to have improved and we are working hard to capitalise on the opportunities that are presented to us, whilst continuing to lay the foundations for future growth in demand for return-seeking currency products."

Key Points: § Passive hedging AuME increased by 11% since 31 March 2012 - including three new clients § Client numbers grew by 2 to 43 (31 March 2012: 41) § First Multi-Strategy Currency for Return mandate commenced

INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012 Record plc, the specialist currency manager, today announces its unaudited results for the six months ended 30 September 2012. Financial highlights: § AuME¹ $32.5bn up 5% during the six months to 30 September 2012 § Net client inflows during the six months of $1.2bn (six months to 30 September 2011: net inflow of $1.0bn) § Profit before tax was £2.7m (six months to 30 September 2011: £3.7m) § Revenue for the six months to 30 September 2012 fell to £8.7m (six months to 30 September 2011: £11.2m) § Average management fee rates of 8.9 bps for the six months to 30 September 2012 (six months to 30 September 2011: 11.9 bps) reflecting changes in product mix § Operating costs, before Group Profit Share, reduced by £0.9m to £4.7m (six months to 30 September 2011: £5.6m) § Operating margin 30% (six months to 30 September 2011: 33%) § Basic EPS of 0.94 pence (six months to 30 September 2011: 1.26 pence) § Subject to business conditions and a satisfactory outlook, the intention is to recommend a final dividend of 1.50p per share for the current financial year. No interim dividend will be paid. § Shareholders' equity increased to £26.9m (30 September 2011: £25.9m) with a cash balance of £25.6m (30 September 2011: £19.7m)

http://www.investegate.co.uk/record-plc-(rec)/rns/half-yearly-report/201211160700052665R/

Valuation: should reflect growing international scale We view the successful completion of the Alliance Films deal, hopefully in Q4FY13, as a key catalyst for the shares. Alliance Films enlarges the group by about 40% and will catapult eOne into the big league of global entertainment companies. eOne continues to benefit from its investment in content and is successfully managing the transition to digital. Underpinned by a growing library (which will be enlarged by the Alliance acquisition) the FY14e EV/EBITDA of 7.0x looks good value. Our DCF points to 243p.

http://www.edisoninvestmentresearch.co.uk/researchreports/eOneUpdate161112.pdf

Tempus writes that it is assured that yesterday’s trading statement from Resolution is not a 'kitchen sink job imposed by the Chief Executive-designate Andy Briggs, appointed three months ago. It should have no effect on the 21p a share annual dividends that provide the shares with a stonking nine per cent yield. But news of the cost overruns was enough to clip Resolution shares by 9.5p to 230p. They relate to the acquisition of Axa’s UK life business more than two years ago, where integration will require an extra £35m of IT costs. Further integration costs will run to the “low tens of millions of pounds” over the next year. In addition, outsourcing of much of Resolution’s back-office functions, costed at £250m, will come in at an extra £30m. The third-quarter figures were a mixed bag. The company has taken the axe to its UK operation, which is, in consequence, in good shape. Provisions taken on the underperforming German business, whose future is under review, cut the embedded, or underlying, value of its policies by £50m to £100m, from £1.2bn at present. The international side will focus on more attractive markets such as Hong Kong and China and cease to write policies for Japanese customers. Likewise, the Lombard business will focus on high-net-worth individuals in China and elsewhere in Asia. It will be a slow process. The sole purpose of holding Resolution shares, therefore, is that safe dividend yield

Tony Brewer, Headlam's Group Chief Executive, said: "A consistent theme highlighted in each of our previous trading reports this year has been the challenging and competitive nature of the markets we serve. Market weakness has been a constant issue since the second half of 2008 and is the primary reason behind the increasingly competitive environment in the UK. However, notwithstanding these continuing market pressures, provided planned revenue is achieved during the remainder of November and December, the board is confident that the group will deliver its internal performance target for 2012."

Interim Management Statement Headlam Group plc ("Headlam"), Europe's leading floorcoverings distributor, announces its Interim Management Statement for the ten month period from 1 January 2012 to 31 October 2012. The group's revenue increased by 3.8% over the ten months compared with the same period in the previous year. In the UK, revenue increased by 6.6% with the underlying like for like performance improving by 5.6%. Revenues from our Continental European businesses reduced by 8.5% during the period which, when measured in constant currency, equated to 2.4%. The erosion in UK gross margin percentage evident during the first six months has continued during the second half with the full year likely to be consistent with the position reported at the half year. On the Continent, the performances across the three countries have continued as previously reported with the markets in each of the territories remaining difficult. However, despite the trading conditions, gross margin achievement has been resilient which, in part, continues to compensate for the loss of revenue. There has been no significant change in the group's financial position compared with the position disclosed at 30 June 2012.

http://www.investegate.co.uk/headlam-group-plc-(head)/rns/interim-management-statement/201211160700052634R/

Jerry Buhlmann, chief executive officer of Aegis Group plc, said: "Aegis produced another strong performance in the third quarter of 2012, with continued market-outperformance and sector-leading organic growth. Our strong business mix, supported by targeted acquisitions, gives Aegis a unique opportunity to deliver the integrated campaigns our clients require in the convergent media environment."