Member Info for mulledwine

Interim Management Statement Savills plc, the international real estate advisor, publishes the following Interim Management Statement (IMS) for the period from 1 July 2012 to date. Summary and Overview Since June Savills has continued to perform ahead of our expectations. Our Prime London Residential and Asia Pacific businesses have continued to trade well; our UK Commercial business has increased market share; our Fund Management and US businesses have performed in line with our expectations; and our business in Continental Europe, which continues to operate in very tough markets, has increased revenues and reduced losses. As we enter the final weeks of the year, when a significant part of the Group's annual profit is typically earned, it is clear that there are still significant economic issues facing individual countries, regions and the global economy. Despite the prevailing lack of credit, the World's Prime Residential and Commercial property markets continue to benefit from investors' global search for secure yield. To date our prime market strength in many of the world's key cities has not only sheltered the Group from the reduction in activity in mainstream markets but has led to further business growth. We have seen a reduction in volumes in some transaction markets, but this is currently tempered by improvements elsewhere and continued growth in our strong non-transactional Consultancy and Property Management businesses.

http://www.investegate.co.uk/savills-plc-(svs)/rns/interim-management-statement/201211150700071674R/

Funding Update Further to the announcement dated 11 September 2012, the board has been in active discussions with prospective funders regarding the provision of additional finance to the Group. Despite its extensive efforts to explore the available options, discussions have now ended with two parties which it was hoped would provide further funding. The board will continue to pursue opportunities to secure the on-going trade of the business and recover value from the Group's assets, but unless a solution is forthcoming in the short term the Group will be unable to continue trading as a going concern. Net cash as at 31 October was £167,000. A further announcement will be made in due course.

http://www.investegate.co.uk/aerte-group-plc-(aer)/rns/funding-update/201211150700111729R/

Outlook · Subject to any significant changes to the global macro-economic environment, our good first half performance and strong order book supports our view that we will improve our performance for the year as a whole

Financial performance - continuing operations · Order intake was £1,044 million (H1 11/12: £1,086 million), down 2% at CER1 due mainly to the timing of orders at Invensys Operations Management and Invensys Controls · Revenue was £1,200 million (H1 11/12: £1,244 million), down 2% at CER, with good growth in Invensys Operations Management more than offset by an expected decline at Invensys Rail · Operating profit2 was £102 million (H1 11/12 £102 million), up 2% at CER, with an expected weaker performance from Invensys Rail offset by Invensys Operations Management · Underlying earnings per share3 increased by 10% to 7.6p (H1 11/12: 6.9p) mainly due to a reduction in restructuring costs · Operating cash inflow was £27 million (H1 11/12: £11 million outflow) with operating cash conversion of 26% mainly due to the investment in working capital in our major projects ahead of payment milestones · Net cash was £175 million (31 March 2012: £262 million) with the reduction mainly due to working capital and pension payments · The IAS 19 pension liability was £490 million (31 March 2012: £426 million), in part reflecting continued low interest rates · Interim dividend increased by 6% to 1.75p per share (H1 11/12: 1.65p per share)

RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2012 Business highlights · Overall the Group produced a good performance in an uncertain macro-economic environment · Invensys Operations Management continued to perform well in the first half with improvements in revenue, operating profit and operating margin driven by conversion of its large order book and strong growth in higher margin Software revenue · As expected, Invensys Rail had delays in mobilisation of some of the large contracts awarded in H2 last year and in the letting of contracts under the Network Rail framework agreements; material progress is expected in H2 · Invensys Controls experienced softening demand in Appliance; good progress is expected in Commercial and Wholesale in H2

http://www.investegate.co.uk/invensys-plc-(isys)/rns/half-yearly-report/201211150700081691R/

Outlook The uncertainty over Europe remains, as does a solution to the pending US fiscal cliff. Meanwhile global financial institutions face the combined challenges of difficult markets, increased capital requirements and a tougher regulatory environment. Inevitably they have responded by cutting costs, particularly people, and exiting some parts of their business. The board expects this challenging trading background to continue at least into the early part of 2013. Subscriptions account for half the group's revenues and therefore provide some protection against weak markets in 2013, as does the group's reliance on emerging markets for more than a third of its revenues. However, the negative trends in advertising and delegate revenues in the last quarter are expected to continue into the first quarter of financial year 2013, although the outlook for event sponsorship is more positive. First quarter trading has started in line with the board's expectations but as usual at this time, forward revenue visibility beyond the first quarter is limited, other than for subscriptions. For 2013, the group plans to continue its programme of investing in the digital transformation of its publishing businesses and in improving the quality of its products. The board is confident its strategy for investing in new products and digital publishing and using its strong balance sheet to fund acquisitions, its exposure to emerging markets, and its tight control of operating costs will continue to sustain it through these difficult market conditions. As the world economy begins an albeit slow recovery, financial and other markets will also gradually improve, enhancing our prospects.

Commenting on the results, chairman Richard Ensor said: "The record results for the year reflect the challenging market conditions as well as the successful implementation of our strategy. Investment in online information businesses and emerging markets has created a global portfolio with a resilient business model. Subscription revenues now account for more than 50% of group revenues, and more than a third of our revenues is derived from emerging markets. "In 2013, we will continue to invest in our products to ensure that we are well placed to benefit from any improvement in the global economy."

· Revenues increased by 9% to £394.1m · Adjusted profit before tax up 15% to £106.8m · Adjusted operating margin maintained at 30% with continued investment in new products and technology · Subscriptions account for more than 50% of revenues for the first time · Net debt reduced by £88.4m reflecting strong cash flows and operating cash conversion · Final dividend increased by 18% to 14.75p · First quarter trading has started in line with board's expectations · Uncertain macro-economic trading outlook, especially for advertising

http://www.investegate.co.uk/euromoney-ins.invplc-(erm)/rns/preliminary-results/201211150700101700R/

Yorkshireman - yes xmas comes round quicker and quicker these days - sign of my increasing vintage ! - and best wishes to you too.

kie Hunt, Chief Financial Officer, commented today: "At Standard Life, our focus is on maximising the value of shareholder assets and driving more effective management of liabilities. We have today announced transactions in Canada that reflect that focus. We have taken advantage of significant demand in the market for premier quality investment properties across Canada, while at the same time reducing shareholder exposure to property as an asset class. Separately, the renegotiation of an existing reinsurance arrangement has also helped to improve the risk profile of our business while having a positive impact on both capital and operating profit. We will continue to explore further management actions. Excluding these two transactions, our Canadian business continues to trade in line with expectations."

ndard Life plc Standard Life announces disposal of two properties and renegotiation of reinsurance arrangement in Canada Standard Life plc today announces that its subsidiary, The Standard Life Assurance Company of Canada, has disposed of two office properties (subject to final registration), located in Western Canada, and separately renegotiated an existing reinsurance arrangement. These transactions will contribute to operating profit before tax for the year ending 31 December 2012 with the aggregate one-off contribution of the transactions expected to be approximately £75m on completion.

http://www.investegate.co.uk/standard-life-plc-(sl.)/rns/canada-transactions/201211150700121901R/

ups1de - yes I am with you on sit and wait it out - have a word with your trigger finger ! GL

Valuation: Potential not recognised A 15% P/E discount to overseas-based fastener businesses (on the basis of 2013 estimates) is disappointing, but fails to recognise the conservative nature of our estimates and the improving medium-term potential for Trifast to gain global market share without conceding margin.

http://www.edisoninvestmentresearch.co.uk/researchreports/Trifastupdate151112.pdf

Defo one to watch and plenty cash