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Investec has cut its recommendation for food and cosmetic goods giant Unilever from buy to hold and cut its target price from 2,170p to 2,100p - the first time it has downgraded the stock in 17 years. While the broker says it is still an admirer of the company, two things are a cause for concern: a) the increased competitive threat from US rival Procter and Gamble; and b) the risk of increased input cost guidance in the face of $125 Brent crude prices and $1,200 palm oil. Meanwhile, the valuation is said to be "not undemanding".

Commenting on the results Charles Skinner, Chief Executive, said: "I am pleased to report a strong performance by Restore in a year in which it made significant progress in delivering on its ambitious plans for growth. Our businesses continue to trade in line with expectations and our records management revenues remain robust. The markets we serve benefit from a steady demand irrespective of the general economy. We are confident that office services, particularly in South-East England, will remain buoyant. The acquisitions made over the last 18 months continue to be strongly earnings enhancing and their performance has generally exceeded our expectations. We are confident that the acquisition of Harrow Green, completed subsequent to our year end, will make a substantial contribution to our current year performance. Harrow Green's management is starting to implement structural changes to the business which we believe will be highly effective in achieving the levels of profitability appropriate to a market leader. We have excellent business visibility and are well positioned to continue to broaden the scale and scope of the Group's activities. The Board remains encouraged by the trajectory of the Group and looks forward to another year of strong progress in 2012."

Summary: · Revenue increased by 26% to £34.8 million · Adjusted PBT up 77% to £4.6 million; adjusted EPS up 57% to 6.9p · Records management business traded strongly; prior year acquisitions performed ahead of expectations · Completion of four acquisitions in records management and office relocation, and joint venture investment in secure shredding and recycling · Post-period end acquisition of Harrow Green, establishing Restore as UK market leader in office relocations · Recommended maiden dividend of 1.0p

http://www.investegate.co.uk/Article.aspx?id=201203200700226520Z

N + 1 Brewin initiates buy on Source Bioscience, target price 12p

Commenting on the results, David Kershaw, Chief Executive, said: "M&C Saatchi has produced another strong performance and has made further excellent progress indelivering the best year-on-year growth in revenue since our flotation in 2004. "We are reaping the benefits of our growing global network and the roll-out of our growth specialist businesses such as M&C Saatchi Sport & Entertainment and M&C Saatchi Mobile. "2012 has started well. Despite uncertainty with the macro environment we are benefitting from new revenues from the significant wins last year, such as O2. In addition, we have already had further new business success with Eithad, the Commonwealth Bank of Australia and Edgars in South Africa. "Our successful strategy remains the same. We will continue to build scale through work with multi-national clients; we will invest in high-growth new businesses in mature markets; we will increase our presence in desirable markets; and we will roll out proven models across the network. This strategy is producing strong financial results and the Board is confident that it will continue to do so in 2012 and beyond."

Strategy working · Best year-on-year revenue growth since flotation in 2004 · Group Revenues up 22% to 153.1m (2010: £125.1m); up 20% using constant currencies · Group reaping the benefits of expanding global network and the continued roll-out of high-growth diversified businesses · Headline profit before tax up 17% to £15.6m (2010: £13.3m) · Strong balance sheet and positive cashflow · Headline basic earnings per share up 14% at 14.30p (2010: 12.59p) · Final dividend of 3.50p per share (2010: 3.03p); total dividend up 15.4% to 4.50p (2010: 3.90p) · Global Network performed well across all geographies: o UK: like-for-like revenues up 25%, with mobile performing particularly well o Europe: like-for-like revenues up 23%, in spite of challenging trading conditions o Asia and Australasia: like-for-like revenues up 6% o Africa's revenues up fivefold to £3m o Sao Paulo acquisition driven up Americas' revenues 65% · Clear performed well following restructuring with like-for-like revenue up 11% and operating profit up 2% · Strong new business performance - particular success in with multinational clients · Start-ups in data and social media making good progress

http://www.investegate.co.uk/Article.aspx?id=201203200700166353Z

Daniel Stewart continues to view Playtech (PTEC) as a "buy", with a 462p target price. The gaming software developer beat the broker's full year forecasts, with revenues of 207.5 million euros (172 million pounds) and Daniel Stewart expects the group to move onto the main list of the LSE in the second quarter. With net cash of 137 million euros (113.6 million pounds), the firm is well financed and the broker and approves of Playtech's strategy of forming partnerships with well recognised gambling firms in regulating markets

Seymour Pierce retained its "buy" stance on Pace (PIC), with a target price of 140p. The broker believes the set top box manufacturer is a potential takeover target for US network system distributor Cisco Systems, which is currently in the process of buying television software developer NDS Group. Seymour Pierce noted that Cisco has cash reserves of 47 billion dollars (29.6 billion pounds) and a large part of Pace's revenues come form boxes that use NDS' technology.

Shore Capital reiterated its "buy" rating for Whitbread (WTB), after US coffee chain Starbucks' recent first quarter update indicated positive trends that could benefit Whitbread's Costa Coffee business. The broker noted that coffee futures fell 30% over the last 12 months, which should compensate for previous headwinds of some 6 million pounds reported in May of 2011. Additionally, Starbucks said that its Chinese business has the highest incremental return on capital out of all its divisions, which the broker believes bodes well for Costa's 163 stores in the country

Fox Davies initiated coverage of Jubilant Energy (JUB) with a "buy" recommendation and target price of 55p. The oil and gas explorer has enjoyed a successful drilling programme at its Kharsang project in India and the broker noted that the group is drilling a number of other wells across its portfolio. Fox Davies said that value will be driven by progress at the Deen Dayal development, with plans for 11 new wells, as well as de-risking its Manipur and Tripura sites. The broker added that the exploration programme has the potential to add over 150p to the group's net asset value

Leather goods manufacturer Pittards has had to deal with big export tariff increases on semi-processed materials from Ethiopia and dropped sharply yesterday after taking on more debt. But revenues are climbing and Tempus says the firm is “one to watch”.

Tempus isn't so keen on Fiji-focused gold miner Vatukoula Gold Mines. With one decent mine and a reasonable production rate, there’s nothing wrong with the stock, thinks the column, it’s simply a play on the gold price, which is very high. Leave.

Good news abounds in the property sector, which makes house builder Berkeley very interesting for Tempus in the Times. The group invested heavily when land values were heading south between 2008-2009 and has a very generous dividend policy (£1.7bn to be returned by 2021). It dropped yesterday despite saying it would double pre-tax profits by next year. Tempus says buy.

Some mighty fine figures

Outlook Regus has delivered a strong set of results. After executing various strategic initiatives over the last two years, Regus is now a more resilient business and our strong growth reflects this. The current trend toward flexible working means that we anticipate continued strong momentum in 2012 and current trading reflects this. As such, despite an uncertain economic backdrop we are cautiously optimistic. · Our Mature Centres have significant and fundamental strengths; strong cash generation, solid like-for-like revenue growth and improving margins, performances which we are focussed on maintaining. · Our New Centres are performing well, and the locations we have opened are expected to reach our target return on investment hurdle in the expected timeframe. We anticipate margins in these locations will continue to improve. · Whilst the overall Group performance will always be impacted by the pace of openings within our New Centres business, the Board is comfortable with the progress being made and expects that the strong momentum in our Mature Centres business will continue into 2012. · Regus' unique, market leading position provides us with excellent potential to grow further through our Third Place business due to the burgeoning flexible work market and we look forward to this delivering additional returns over the medium to long term. Whilst we foresee the general business environment remaining challenging at a macro level in the near term, we remain optimistic about the long-term growth prospects and strategy of the business. As such, we are ready and capable to invest further to accelerate growth but scale back if macro-economic conditions deteriorate. Fundamentally, the achievement of our goals rests on our energetic, passionate and dedicated team members providing our rapidly growing number of customers and partners with absolutely the best possible service. It is a pleasure to lead such a team and it is only right that I end by thanking them for their efforts in 2011 and look forward to sharing further success with them in 2012. Mark Dixon Chief Executive Officer 20 March 2012

Mark Dixon, Chief Executive of Regus plc said: "Regus has delivered a strong set of results with sales up more than 11% to £1,162.6m and operating profit up 112% to £50.6m. The continuing strength of our mature business is especially pleasing, with operating profit up 66% to £107.7m, and significant free cash flow generation of £117.1m, up 53%. I am also heartened with the positive EBIT contribution made by our 2010 openings in the second half of the year. The Group continues to see significant opportunities in the structural move toward flexible work and as such we remain committed to building a network of 2,000 locations by 2014, of which we anticipate 200 will open in 2012. We entered into several new partnership arrangements as we established our Third Place business as a new avenue for growth and since year end signed up our one millionth member. Whilst in the near term we foresee the general business environment remaining challenging at a macro level, we remain optimistic about the long term growth prospects and strategy of the business. As such, we are ready and capable to invest further to accelerate growth but if macro-economic conditions deteriorate scale back accordingly. Current trading remains in line with the Board's expectations."

HIGHLIGHTS · Group revenues up 11.8% to £1,162.6m · Operating profit up 112% to £50.6m · Net cash at £188.3m · Solid returns to shareholders with final dividend up 14% to 2.0p, making a full year dividend of 2.9p · Strong mature performance - operating profit up 65.7% to £107.7m and significant free cash flow of £117.1m (free cash flow margin of 11.3%) · Mature occupancy increased to 86.1% (2010: 78.0%) · Mature financial performance strengthened in the second half · New centres progressing well - 2010 openings made a positive EBIT contribution in H2 · Invested £86.4m in new, high quality assets and in supporting growth · Global footprint extends to more than 1,200 locations and 94 countries. Specifically:- o 139 new locations opened (91 in H2) and nine new countries o More than a million members o Consolidated workstations at year end increased by 8.2% to 204,043 o New partner deals signed with SNCF and Shell, and since year end, NS Trains (Dutch rail operator)

http://www.investegate.co.uk/Article.aspx?id=201203200700236526Z