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Meanwhile, Tempus’s great rival, Questor, in the Telegraph, turns its attentions to Cluff Gold. The company has a mining project called Yaoure in the Ivory Coast which looks like it could make a pretty penny for the firm. The key has been changing the type of gold targeted from oxides to sulphides - which are more difficult to process. Nevertheless with a cheap power supply near to the plant Questor says the upside on Cluff is considerable (and better than your average ETF). Buy.

The Tempus column in the Times leads with Associated British Foods (ABF), the owner of the Primark chain of discount shops and also a major sugar producer. Tempus argues that this is a defensive stock, with a very wide spread of businesses. Primark is doing well, with total sales up 16%, while the sugar business is going great guns with revenues climbing 21% and a bumper harvest in the UK. Tempus notes that the bread-making division, Kingsmill, is weak and that Grocery, which owns the Ovaltine and Twinings brands, is not quite as barn-stroming as Retail or Sugar. But that’s the point, ABF will usually have one or two divisions growing strongly, Tempus says buy.

Investec has upgraded its rating on drinks giant Diageo from hold to buy ahead of the group's first half results due in a few weeks.

Chief Executive Joost Kreulen said: "After a disappointing first half result, the Group saw an improved second half performance across all regions, despite more challenging trading conditions in Europe in the last quarter of the year. The Rest of World region delivered stronger second half profits than in the prior year, even after the costs of investing in new offices in Asia. In Germany, margins improved as a result of price increases and cost reduction measures. The potential claims for retrospective pay and social security contributions in Germany are still subject to ongoing court proceedings. The social security department has started to audit our branch network in Germany and we hope to update the market when we present our full year results in March. The global economic conditions remain uncertain, however, we still see opportunities for organic growth, in particular in the emerging markets"

Trading Update Empresaria Group plc ("Empresaria" or the "Group"), the international specialist staffing group, today issues a trading update for its financial year ended 31 December 2011, ahead of its results for that period which it expects to announce on 21 March 2012. The Board today confirms that full year trading is expected to be broadly in line with current market expectations.

http://www.investegate.co.uk/Article.aspx?id=201201190700138054V

8M sell

Not too bad an RNS but those after hours sells look a bit daunting!

Dermot Smurfit, Chairman of Powerflute, said: "Packaging Papers performed very strongly during the second half and its results for the year ended 31 December 2011 are a considerable improvement over the prior year and represent the most successful period for this business since its acquisition by Powerflute and its predecessors in 2005. Although market conditions have been favourable throughout much of 2011, investment decisions and management action have also contributed significantly to improved product quality and consistency, leading to greater penetration of more attractive and profitable markets, better production efficiency and lower costs. We expect 2012 to be a more challenging year from a macro-economic perspective, but we are very well positioned to take advantage of possible opportunities that this might afford us."

RE-CLOSE TRADING UPDATE Powerflute Oyj ("Powerflute" or the "Group") today provided the following update on trading for the year ended 31 December 2011. The Packaging Papers business continued to perform well during the second half of 2011 as capital investment projects and management action taken earlier in the year strengthened our competitive position and contributed significantly to an improvement in underlying performance. This was achieved despite an increasingly challenging economic environment, which resulted in weakening demand and price pressure in certain markets. The operating profit from continuing operations in the second half was similar to that of the first half, despite the earlier period including a gain of €1.9m from the sale of Harvestia shares, and we now expect the results for the full year to be slightly ahead of current expectations. The Group was strongly cash generative and ended the year with net cash of €19.1m, consisting of cash and cash equivalents of €45.6m and total borrowings of €26.5m. The uncertain economic environment continues to affect consumer confidence and market conditions for Packaging Papers are more challenging now than they were for much of 2011. However, we are confident that the Group is well positioned to benefit from any improvement in conditions as the year progresses and has the financial resources to take advantage of opportunities as they arise.

http://www.investegate.co.uk/Article.aspx?id=201201190700138035V

rading Statement The Directors of Judges Scientific are pleased to update shareholders on the Group's trading performance in respect of the financial year ended 31 December 2011. Operations were satisfactory throughout the year and good progress was recorded in sales, profitability and cash conversion. The Board expects that adjusted earnings per share for 2011 will be ahead of the consensus forecast and that the year's achievements will be reflected in the balance sheet. The order book at 31 December 2011 represents approximately eight and a half weeks' sales; this is slightly down on last year, partly as a result of efforts to improve delivery times at two subsidiaries. The global economic outlook remains difficult and the year ahead promises much uncertainty. Thankfully our sector has remained relatively sheltered from the general despondency, particularly in the Far East, which accounts for a significant proportion of our sales. With a solid order book, a strong balance sheet and a number of new or updated products, the Directors are confident that the Group is well equipped for 2012.

http://www.investegate.co.uk/Article.aspx?id=201201190700148075V

Ralph Topping, Chief Executive, commented: "This is a very positive performance, particularly in a year without a significant international football tournament and with a c£9m increase in VAT payments as a result of the rate change. "Going into 2011, we were - like many businesses with a strong presence in the UK - predicted to face a challenging consumer backdrop but our overall performance shows we've seen the benefit of being a predominantly low ticket leisure activity. November was certainly a very good month for our football clients betting on small stake, high return multiple bets, which comprise the largest part of our Retail football business but football betting in 2011 overall continued to show wagering growth in both Retail and Online. "As a multi-channel gambling company with a strong management team, we continue to be well placed to leverage the benefits the William Hill brand brings us. I believe there are more opportunities to grow in the UK with investment in marketing and in new technology and innovation taking place in all our channels. There are also good opportunities for the business beyond our traditional roots as more governments open up to regulated gambling. We will, therefore, continue to invest in taking our brand and our capabilities beyond the UK in 2012 and future years."

Numis initiates buy on Networkers International, target price 62p.

Nomura initiates reduce on Polymetal International, target price 1400p.

Yes its a nice target - not so sure it can be met though Seymour Pierce initiates buy on International Greetings, target price 80p.

Financial position The operating cash outflow in the period was in line with last year. The working capital outflow was higher, mainly driven by sugar prices, and as expected capital expenditure was lower than last year despite continued investment in new stores for Primark. Net debt at 7 January 2012 was a little higher than last year end at £1.4bn. Trading outlook Over all group trading results for the period were in line with expectations. Economic uncertainty, particularly in the eurozone, and continued pressure on consumer disposable incomes are expected to remain key features of this financial year. Input commodity costs are subsiding which will now start to benefit the group. However, AB Sugar is already benefiting from higher sugar prices. We expect growth in sales and adjusted operating profit in the coming year, with the profit improvement weighted towards the second half.

Associated British Foods plc Interim management statement Associated British Foods plc today issues an interim management statement for the 16 weeks to 7 January 2012, in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency rules. Highlights · Group revenue up 12% · Exceptional sales performance from Sugar and Primark · Group trading performance for the period in line with expectations

http://www.investegate.co.uk/Article.aspx?id=201201190700128019V