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http://www.investegate.co.uk/Article.aspx?id=201201160700315814V

Scott McGregor, Camco CEO said "Camco has now transformed the business into a clean energy project development business alongside a carbon projects business. After a successful turnaround of the advisory business it made sense to put 100% of our efforts and resources into growing these core businesses in North America, Asia and Africa. This transaction allows the UK Advisory team to grow and expand independently and we wish them great success for the future, thank the team for their hard work and we look forward to collaborating on future projects"

Sale of UK Advisory Business for £4.5m (London, 16 January 2012) Camco International Limited ("Camco"), a global developer of clean energy projects and solutions to reduce greenhouse gas emissions, is pleased to announce the sale of its UK advisory business, Camco Advisory Services Limited, to Baxi Partnership Limited. The UK advisory business currently employs 58 staff and was purchased as part of the ESD transaction[1] in 2007. The business was successfully turned around from being loss making in 2009 to profitable in 2010 and 2011[2] with a net profit before tax in 2010 of £0.5m. The sale follows a review by the Camco Board in which the UK advisory business was considered to be outside the Company's core business of clean energy project development and carbon. The cash raised as part of this transaction will be used to grow these businesses in its key geographic markets. Following the sale, Camco, with its expert team of 126 staff remaining around the world will continue to build up its energy project development business across North America, Africa, and Asia, with an anticipated portfolio of energy projects of approximately £250m value to be built and invested in over the next 24 months. The group announced on 10 January 2012 that its North American Biogas project has commenced power generation and that further investment was made to secure grant funding for its next phase of biogas projects of approximately $50 million capital cost. In addition to the growing energy projects business Camco continues to leverage value from its carbon portfolio particularly its post 2012 portfolio which currently stands at 39.9 million tonnes of in specie credits and 27.5 million tonnes of revenue share credits and its growing North American carbon portfolio. Camco will continue its advisory business in Africa and leverage its expertise and presence to expand into carbon and energy projects under favourable regulation in that region. Camco will also continue to provide certain advisory services globally outside the UK in regions where it provides strategic benefit to the development of its core clean energy project and carbon businesses. Total consideration for the sale of Camco Advisory Services Limited (UK) is £4.5m comprising an initial £3.25m paid on closing and £1.25m over the next two years through an earn-out structure. The business sold has a book value to the company of £2.1m.

http://www.investegate.co.uk/Article.aspx?id=201201160700335990V

Not all High Street operators had a terrible Christmas – and bakery chain Greggs is one of them. In the five weeks to January 7th, like-for-like sales were up 5.1%, with total sales rising 10.8%. This was ahead of analysts’ expectations after the company said it expected the number would be “marginally positive”. In total, a net 84 new stores were opened, bringing the estate to 1,571 stores, with 90 openings expected in 2012. The shares are trading on a December 2012 earnings multiple of 13.4 times, falling to 12.2 next year. The valuation is supported by the dividend, with the shares yielding a prospective 3.7%, rising to 4.1% next year. The company has increased its dividend payments every year for the past 26 years. The shares were first tipped on August 12 2009 at 400p and are now 28% ahead, compared with a market up 19%. The company has proved that it can still grow in difficult times by introducing new product ranges such as porridge. The shares are below their peak of 550 ½p in July, but they are now a hold given the market backdrop, says the Questor team at the Sunday Telegraph.

In a column in this weekend´s edition of the Financial Times David Scwartz calls attention to his “first 2012 purchase”: TT Electronics. The company designs and manufactures electronic components and sensors for a variety of industrial sectors, including the auto sector, where it provides emission controls, electric vehicle components and electronic sensors. Worth noting, many of its contracts are in the premium auto segment, where sales are booming. No less relevant, the company´s new management has carried out a significant restructuring, closing some divisions and reducing the employee headcount. Revenues rose in the first half of 2011, pre-tax profits rocketed by 56% and net debt has been eliminated. Despite the aforementioned the company´s shares are trading on a forward price-to-earnings ratio a little below 9, while the sector average is closer to 12. Furthermore, Mr.Schwartz has the suspicion that revenue and margin improvement could cause the share price to do even better. Lastly, despite the fact that the City is ignoring the company last week the firm´s shares broke a 'down-trend' line, which may indicate that investors are waking up to the change in its fortunes.

Back in Britain, after sector giants Persimmon and Barratt Developments updated the market last week, another titan of the house building sector - Bovis - is set to strut its stuff on Monday. Northland Capital Partners is confident the group will continue the run of upbeat trading comments seen from the UK house builders in the last 10 days. "Its full year 2011 trading comments should echo the positive IMS [interim management statement] it released on 8th November 2011 with a solid seven weeks to the end of December 2011," the broker said. Compared to last year, the fourth quarter of 2011 should have had fewer problems than the final quarter of 2010, when the government's comprehensive spending review was hanging over consumers' heads, and the poor weather in December was deterring site visits. "We look a little light on our unit sales for the full year as new sites continue to bolster sales rates and operating margin. The potential for 2012 is improving as a growing order book boosts the Q112 [first quarter, 2011] starting point compared to Q111," Northland continues.

Coverage and resume of latest news Shares in Invensys (ISYS) plummeted 43.9p to 183.2p on news that delays on a nuclear powerplant contract in China and a number of rail contracts will cost the company 60 million pounds this year. The Chinese contract is the first of three for the installation of control and safety systems in eight reactors in the country and its delay will reduce the software developer's profits by 40 million pounds, alone. Additionally, the firm noted weak market conditions in North America and Europe. Net cash fell to 159 million pounds as at 31st December, compared to 192 million pounds on 30th September

Shore Capital expects the pub sector to report positive like-for-like sales momentum, benefiting from the milder winter weather. In a highly fragmented market, the broker sees potential for consolidation activity and believes that a number of stocks could be rerated over the year. Shore's stock of choice is Marston's (MARS), due to steady progress in its rollout strategy and low valuation. The shares edged down 0.3p to 91.45p.

Panmure Gordon maintained its "hold" recommendation for Logica (LOG) with a reduced target price of 92p, from 88p. The broker says that the IT company is poorly positioned in the market and needs to rethink its outdated business strategy. Panmure is concerned over the firm's exposure to the Eurozone and expects revenues to fall in the short term. However, the broker does point out that Logica does have growth potential, and notes the win of a 500 million pound government framework contract. The shares inched up 0.25p to 72.9p.

Netcall (NET) retained its "buy" rating from WH Ireland, with a target price of 24p. The telecommunication software company trebled revenues in 2011 to 13.6 million pounds, following the acquisition of its peer Telephonetics and the broker notes that cost savings have been achieved earlier than originally expected. WH Ireland sees significant cross-selling opportunities across the group's enlarged client base and the possibility for expansion into the data integration and workflow management markets. The shares jumped 1.5p to 19.5p.

Northland Capital reiterated its "buy" recommendation for Bovis Homes (BVS), ahead of Monday's trading update, with a 550p target price. The broker believes the housebuilder to have enjoyed more upbeat trading conditions, benefiting from warmer weather in the last weeks of 2011 than 2010. Northland notes that the group reported an operating margin of 7.5% in its first half, compared to just 4.2% in the previous year's comparable period, and expects this to have risen further. The broker also forecasts a net cash position of 5 million pounds at the end of 2011, against net debt of 31 million pound in November. Bovis shares rose 7.7p to 453.1p.

Tribal Group - Buy - 13-Jan-12 £16,999.01 Steve Breach 30,662 @ 55.44p

Tribal Group - Buy - 13-Jan-12 £20,398.88 Steve Breach 36,881 @ 55.31p

Tribal Group - Buy - 13-Jan-12 £96,994.76 Keith Evans 167,811 @ 57.80p

Excellent day for TRB yesterday - up21+%at finish

Marks & Spencer Group - Sell 12-Jan-12 £159,922.35 John Dixon 50,769 @ 315.00p

Peel Hunt says... Buy. Galliford Try promised pre-tax profits of £60m for 2012 at the time of the rights issue in September 2009 and gearing of less than 30 per cent. At the time this seemed like a tall order, but the group is on target to deliver on both promises. On a sum-of-the-parts basis and using a 15 per cent discount to book value on the housing division, we calculate fair value of 596p per share, offering significant appreciation from current levels. Expect 2012 adjusted pre-tax profits of £60.4m and EPS of 55.2p.

Panmure Gordon says... Buy. Galliford Try has published what is probably the strongest trading statement we have ever seen in terms of growth in a house building business. Sales outlets in the first half grew by 36 per cent to 86, and with weekly sales per site up by 36 per cent to 0.45 units, the company has been able to generate 86 per cent more reservations year-on-year. Moreover, the construction side, where conditions are more competitive, has already achieved all of projected revenue for the full-year to June 2012 and 62 per cent of the following year forecasts. Expect full-year EPS of 54.2p, rising to 64.4p in 2013 (2011: 33.2p).

Impressive growth at Galliford Try By Jonas Crosland, 13 January 2012 ■ Record number of houses built ■ Solid order book ■ Cheaper land boosts margins Galliford Try delivered an impressive performance in the second half of 2011, pushing total completions ahead by 59 per cent to a record 1,352 units, with sales reserved, contracted and completed rising by 42 per cent to £522m. This is great growth considering the general housing-market backdrop, and we're big fans of the shares. Average selling prices were up 17 per cent at £239,000, reflecting a greater proportion of properties sold in the south east of England, while cancellation rates fell from 20 per cent to 18 per cent. Margins have also been boosted as the housebuilder is now building on more land acquired at cheaper prices. In fact, of the 10,400 plots in the landbank, three quarters have been acquired at current market prices, up from 62 per cent a year ago. The group's construction business is also performing well, helped by a diverse revenue stream. And despite a more selective approach to new work to preserve margins, the order book was only down slightly from £1.75bn last year to £1.6bn. Crucially, some 63 per cent of the order book comes from framework agreements.