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Canaccord Genuity continues to view Pace (PIC) as a "hold" but with a significantly increased target price of 90p, from 50p. While the set-top box manufacturer's full year results for 2011 were in-line with expectations, the broker raised concerns over supply shortages in 2012. This is following flooding in Thailand damaging its largest HD drive supplier, Western Digital. Canaccord also noted increased competition from smart-TV technology which does not require a set-top box

Shore Capital maintained its "buy" stance on Devro (DVO) following strong full year results, with adjusted pre-tax profit growth of 22.4% to 43 million pounds, on revenues of 27.7 million pounds. The broker believes that the sausage skin manufacturer will be able to improve its margins through modernising its production systems, brand development and economies of scale

Singer Capital kept its "buy" rating for Micro Focus International (MCRO), with a 490p target price. The broker believes that the software developer can deliver 10% earnings growth per annum and is impressed with its strong cash generation, which should ensure dividend growth. Singer added that the company has made a number of sales initiatives, with investment in research to develop new products and improve renewal rates. The broker forecasts full year earnings of 41.9p for the 2012 financial year, putting the shares on a prospective multiple of 10.7 times, which it said does not fairly reflect Micro Focus' growth potential.

Panmure Gordon has downgraded its rating for engineering firm Weir from buy to hold, saying that 'life is simpler elsewhere'.

Sorry, I meant a red day!!!

The Telegraph’s Questor column drills into the pumps and valves maker Weir Group. There are concerns shale drilling, for which it supplies a lot of equipment, is undergoing a significant dip but the firm’s order book is strong and capital expenditure in the oil and gas sector is expected to remain high. Weir isn’t an income play, yielding just 1.7% but Questor believes demand for the company’s services could surprise markets: hold, for now.

The owners of the Frankie and Benny’s and Chiquito eateries, The Restaurant Group, is also on the menu for Tempus. The shares trade at 12 times 2012 earnings but the assets are in airports and leisure parks, insulating the company from the problems of the high street reckons Tempus. The stock has fallen recently but still trades at 12 times earnings: hold for recovery is the final order.

I sense a blue day

The Times’s Tempus column ponders whether Sportingbet is worth a gamble. It’s making a lot of money in Australia while its Spanish and Greek operations are beginning to fall under proper regulation. That is key for Sportingbet because in order to make itself an interesting morsel for one of the bigger players it needs to be operating under a transparent legal framework. Its unregulated Turkish operations were sold for this very reason. Tempus think the shares, which trade at 9 times earnings, are a hold for the possibility of a bid.

Solid figures and confident of the future - SP should continue its ongoing upward movement

Bill Burns, Chief Executive Officer, commented: "2011 was an exciting year for Spirent. Whilst world markets suffered from a lack of confidence, Spirent delivered new enhanced capabilities to customers, undertook unprecedented large scale testing, won new customer accounts and further industry recognition. We grew revenue and profit in the year, invested in the business for future organic growth and our first acquisition for many years generated a positive return."

Outlook Spirent operates in markets where customers have long term investment programmes for the development of data technologies worldwide, driven by mobile internet, cloud computing and global positioning. This supports continued growth even in times of macro-economic uncertainty. For parts of our business that are more exposed to prevailing consumer behaviour and government expenditure, such as Systems and Service Assurance, there may be some impact on near term growth rates. Performance Analysis, our largest division, has identified more opportunities for expansion through organic investment to bring the right solutions to market at the right time. In addition, we will strengthen our global reach as we further invest to take advantage of economic growth in the Asia Pacific region. We are confident that these factors will enable Spirent as a whole to deliver further growth in 2012 and beyond.

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011 London, UK - 1 March 2012: Spirent Communications plc ("Spirent", the "Company" or the "Group") (LSE: SPT), a leading communications technology company, today announces its preliminary results for the financial year ended 31 December 2011. Financial highlights · Group revenue up 10% to $528.2 million (2010: $482.2 million) reflecting growth across all regions, with a book to bill ratio of 102 (2010: 105). · Performance Analysis, our major division, saw revenue up 14% with strong growth in wireless, positioning and data center technologies. Service Assurance and Systems saw slightly lower sales, down 5% and 3%, respectively. · Adjusted Group operating profit up 10% to $125.9 million (2010: $114.5 million). Reported operating profit $122.0 million (2010: $112.7 million). Growth in Performance Analysis 18%. · Basic earnings per share rose 20% to 14.18 cents (2010: 11.77 cents). Adjusted basic earnings per share up 17% to 13.92 cents (2010: 11.89 cents). · The strong financial performance supports an increase of 17% in total dividend to 2.93 cents per share; final dividend proposed 1.67 cents per share (equivalent to 1.05 pence per share). · Return on sales, based on adjusted operating profit, maintained at 24% after increasing investment in product development for future growth. · Free cash flow of $76.1 million (2010: $82.6 million) reflected an increased investment in the business.

http://www.investegate.co.uk/Article.aspx?id=201203010700464411Y

One of BSkyB's biggest investors has warned that James Murdoch's exit from News International suggests he will soon also lose his position as chairman of the pay-TV broadcaster. Mr Murdoch's resignation from News International, the UK newspaper business that owns The Sun and The Times, was announced on Wednesday but shareholder Crispin Odey suggested it would be followed by further changes. Mr Odey, whose fund Odey Asset Management owns 2.7% of BSkyB, has been one of Mr Murdoch's most loyal champions. However, he said Wednesday's move suggested Mr Murdoch was now out of favour in the News Corporation empire and that the matter had been taken out of shareholders' hands, The Telegraph says.

CURRENT TRADING AND OUTLOOK FOR 2012 Howden Joinery UK depot sales in the first two periods of 2012 (to 17 February) were up 1.6% on the same periods last year, with sales on a same depot basis up by 0.1%, the pattern and volume of sales in the two periods being in line with our expectations. Taking into account last year's initiative to target the busy post-Christmas trading period of the non-trade kitchen market, which pulled sales forward in to the first two periods of 2011, and forward looking indicators of depot activity, it seems that trading conditions and our performance remain much as they were in 2011, at this early stage of the year. For the rest of 2012, we expect market conditions to continue to be challenging and we remain cautious about the outlook. As in recent years, we will quickly and appropriately adapt our business model to the market and economic conditions we encounter. The Group remains committed to its view that the number of depots in the UK can be increased from its current level of 509 and now believes that this number could be around 700. During the course of 2012, we are currently planning to open around 20 depots as part of our investment in the next stage of Howdens' longer term growth and development. Since its inception in 1995, Howden Joinery has grown rapidly and has gained a significant share of the UK kitchen market. Today, it sells some 400,000 kitchens a year. Even in these challenging market conditions, we would expect our market share growth to continue, as the business continues to benefit from the growth of our depots that have yet to reach maturity and we open new depots. Note: The 2012 financial year will include a 53rd week, ending 29 December, 2012. It is estimated that the impact of the additional week will be to increase operating costs by around £6m, revenue remaining unchanged as our depots are closed between Xmas and New Year. Because of the timing of month-end creditor payments, the impact on cash flow is estimated to be £25m.

Chief Executive, Matthew Ingle, said: "Howdens has delivered another good set of results in 2011. "We have achieved this in demanding market conditions by our relentless focus on the core strengths of our business model. We have had the confidence to invest in our business operations to deliver this performance and we have continued to pursue the growth opportunities that we see before us. We are recommending a dividend for the first time in four years, reflecting the robust financial position of the Group and our confidence in Howdens' successful future. "We expect market conditions to continue to be challenging and remain cautious about the immediate outlook."

Financial results (continuing operations 1) · Howden Joinery UK depot revenue increased by 5.5% to £838.7m (up 3.1% on same depot basis). Group revenue was £853.8m (2010: £807.9m); · Gross profit margin little changed at 59.5% (2010: 59.8%); · Operating profit rose from £107.4m to £114.3m, partly reflecting one-off cost benefits totalling £5m; · Profit before tax increased to £110.0m (2010: £100.9m); · Basic earnings per share increased from 11.1p to 13.4p; · Net cash of £57.1m at year-end (25 December 2010: £35.0m net cash); · Full year dividend of 0.5p per share recommended. 1 There was an exceptional loss before tax from discontinued operations of £8.3m in 2011, arising from an increase in the legacy property provision and associated costs. Profit before tax from continuing and discontinued operations was £101.7m (2010: £100.9m).

http://www.investegate.co.uk/Article.aspx?id=201203010700424383Y

Chris Jordaan, Chief Executive Officer of IFL commented: "This agreement is value accretive for IFL shareholders, cash generative for the Company, helps our national power utility manage its maintenance programme before the winter period, and is agreeable to our lender."