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While house-builder Persimmon's results appeared to be broadly in line with expectations, shares surged on Tuesday on new of a cash return worth 1.9bn pounds over the next nine and a half years, something that Peel Hunt has called a 'game-changer'. "We cannot easily see this being funded by cash flow, so there will almost certainly be some dissolving of the balance sheet, which will make equity valuation more difficult," said Peel Hunt analyst Robin Hardy.

Nomura has downgraded its rating on drinks giant SABMiller, saying that while the long-term story still looks appealing, the shares have travelled well. "We are downgrading our rating…after a strong run in the shares which leaves minimal upside to our revised target price (2,700p vs previous 2,600p). Although we still see a strong long-term growth story, we expect some consolidation of the shares at the current level," the broker said. Nevertheless, the increase in the target price reflects the positive impact from the Russian deal with Anadolu Efes, in addition to a more positive foreign exchange movement.

cont This is as the net debt position has been conscientiously reduced from £3.16 million at 31 st March 2010 to £1.72 million by 30 th September 2011. This has been helped by a net £0.84 million raised from the issue of new shares, though the other £0.6 million has come from cash generated – including (excluding discontinued activities and share issue proceeds/borrowing capital repayments) £0.61 million in the year ended 31 st March 2011 and £0.17 million in the six months to 30 th September 2011, up from £0.03 million in the corresponding 2010 six months. As such we believe that within 18 months the balance sheet could well be net debt free. ILX still sees a place for classroom training within its UK operations as it means the company is able to offer a ‘complete' training offering, which customers seem to value. However, with good overall growth anticipated from here as the total UK pipeline (despite the noted challenges) is said to remain “encouraging” , international expansion continues and the business model is inherently scalable, the rating continues to look too low. Although the trading statement is likely to harm short-term sentiment towards the stock, given the company's prospects from here and a balance sheet heading towards a net cash position, we believe a current multiple of 8x anticipated forward earnings is the least merited – suggesting a target price of 38p. With the shares currently at 21p, our stance is buy.

ILX Group, the AIM quoted provider of e-learning software and business training, has announced that, despite continuing expanding international sales and overall revenue growth, 31st March 2012 “year-end profits are likely to be below expectations due to slower than anticipated trading in the UK” . This is clearly somewhat disappointing – and the shares have responded by falling to 21p. However, the longer term outlook remains bright – and with the short-term disappointment meaning the share price now looks to even further not reflect this, our view on the stock remains positive. In the UK ILX's software sales are still growing year on year – affirming the company's decision to move increasingly to digital training – but traditional classroom training is being impacted by something of a price war, with lengthening sales cycles and pricing pressure. The company has made a conscious decision not to chase unprofitable business and the UK business remains profitable, with a focus on maintaining and developing recurring revenues. The impact of the UK trading has been somewhat offset by the continuing validation of the company's international expansion on the back of e-learning – with year-on-year revenues in Australia up 150% to almost AU$3 million and consultancy contracts in the Middle East worth in excess of £350,000 awarded to the company within the last month. However, in line with the guidance in the announcement, we reduce our current year forecasts to revenue of £13.5 million (from £15 million) and pre-tax profit to £0.75 million (from £1.8 million). The UK pipeline and international potential mean we reduce our numbers for next year by much less – with revenue now anticipated to come in at £16.5 million (from £17.5 million) and pre-tax profit at £1.75 million (from £2.1 million). The dividend for the current year may be reduced to reflect the lower profit outturn, but the yield remains attractive and a return to a 1.5p per share payout should be achievable next year.

28th February 2012 Analyst: Steve Moore Email: steven.moore@gecr.co.uk Tel: 0207 562 3370 ILX Group* - Short-term trading disappointment, long-term prospects remain bright. Buy at 21p, Target Price 38p

Now thats what you call a loan!

Eurasian Natural Resources Corporation PLC US$2 billion Loan Facility London - Eurasian Natural Resources Corporation PLC ('ENRC' or, together with its subsidiaries, the 'Group') today announces the signing of a US$2 billion loan facility. The facility, provided by Sberbank of Russia, has a 5 year term with amortisation commencing after 24 months. The new funds will provide additional liquidity and will be used for general corporate purposes, including the financing of recent acquisitions and the Group's extensive CAPEX programme.

http://www.investegate.co.uk/Article.aspx?id=201202281230052804Y

I should have said -10% not +10% !

Paul Newman, Managing Director of ICAP Energy Ltd in London said: "The increased use of biofuels and persistently high prices for traditional fuels is driving renewables centre stage. Sun Commodities is an important add-on for ICAP Energy, as we expand our alternative fuels service within the European marketplace. We are very pleased to welcome the Sun Commodities team to ICAP, and their established strengths in this specialised area will allow us to bring new and important services to our customers." Laurent Gonelle, Managing Director of Sun Commodities said, "We are delighted to be joining ICAP Energy. ICAP's strong management and desk relationships in the wider energy derivative trading community will help us to accelerate growth in this next stage of our development." ICAP Energy already offers alternative fuels broking for swaps and futures on US and Brazilian ethanol from its offices in Louisville, Kentucky and São Paulo, Brazil.

ICAP acquires European biofuels broker Sun Commodities S.A. London/Geneva, 28 February 2012 - ICAP Energy, the energy arm of ICAP plc, announced today that it has agreed, subject to certain conditions being fulfilled, to acquire from Laurent Gonelle and Arun Logan the entire issued share capital of Sun Commodities S.A., a leading broker of European biodiesel and alternative fuels, based in Geneva. As at 31 December 2010 Sun Commodities S.A. had gross assets of approx US$803,000. Sun Commodities S.A. provides brokerage services for biofuels and related products, both physical and derivative, including European bioethanol, biodiesel and vegetable oils produced from rape, soya and palm, including bio-blends. This acquisition marks an expansion for ICAP Energy into European alternative fuels, while also signalling a further step in the broking of physical commodities. Sun Commodities S.A. was founded in 2008 and all the existing staff will join ICAP. On completion, the business will trade under the name ICAP Energy Alternative Fuels, a division of ICAP Energy Suisse S.A.

http://www.investegate.co.uk/Article.aspx?id=201202280915042495Y

However he didnt dig too deep into his trouser pocket !

Director's purchase of shares The Company announces that it has received notification that on 27 February 2012 Jason Schofield, purchased 8,834 ordinary shares at a price of 26.65 pence per Ordinary Share (the "Purchase"). Following the Purchase, Mr. Schofield is interested in 14,194 Ordinary Shares which represents approximately 0.015% of the current issued share capital of the Company.

Womble - he heard you !

Canaccord Genuity continues to view online estate agent Rightmove (RMV) as a "buy" and has a 1,427p price target. This is on the back of recent interims which showed a 17% increase in the average revenue per advertisement (ARPA). The broker was particularly pleased to hear management comment on 'a very strong start to 2012', and that the firm remains on track to deliver at further 14% increase in ARPA on the back of rising prices. Cannacord also reckons that further migration of ad-spend from local newspaper groups to the internet will continue to support double digit earnings growth in the medium term.

Shore Capital reduced its "buy" recommendation on Compass Group (CPG) to "hold" following a sustained period of price appreciation in the contract catering firm's share price. The broker commented that despite the stock continuing to 'tick all the right boxes', January 2012 non-farm payroll data had reached historic normal levels, and Compass' like-for-like sales in Europe had recently turned negative. Shore has now called time on the stance it has held for four years, a period in which the shares have almost doubled.

Singer Capital reiterated its "buy" stance on Informa (INF), increasing its price target by 14p to 536p as the specialist publications company increased its full year dividend by 20% to 11.8p. An adjusted pre-tax profit increase of 7% to 296 million pounds was anticipated in the 12 months ended December, however such a significant dividend increase came as a surprise to the broker, who commented that it inspired confidence that shareholders will receive high cash returns if further acquisitions are not made. The business has reportedly had a good start to the year and Singer expects all of the group's divisions to generate positive organic bottom-line growth in 2012.

Coverage Outsourcing giant Serco is becoming more international in its outlook with 44% of group revenue now generated outside of the UK. The group said 2011 was a year of "solid operational performance and contract awards across the portfolio", reflected in a 7.4% increase in revenue to £4,646m from £4,327m in 2011. The organic revenue growth rate was 3.5%. The market had been expecting a revenue figure of £4,622m.

Christopher Hyman, Chief Executive of Serco Group plc, said: "I am pleased with our solid operational performance and the number of contracts wins which have underpinned our strong financial result for 2011. Whilst challenges remain in the US and some UK markets, the breadth of our portfolio around the world and in the AMEAA region in particular, continues to present many new prospects. Our order book has grown, our pipeline of opportunities is large and we are now preparing for the next stage of growth which includes our entry into the global BPO market. This gives us confidence for the future."