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12/01/12 International architect Aukett Fitzroy Robinson Group (AUK) announced a 56% wider pre-tax loss of 1.23 million pounds in the year ended 30th September 2011, despite a 20% jump in revenue to 9.08 million pounds. The firm paid out substantial sub consultancy fees, and realised higher financing and operating expenses. The shares did however add 0.25p to close at 3.75p as the it confirmed business had picked up considerably in the second half, and that excluding the first six months of the financial year it had achieved a pre-tax profit of 367,000 pounds before exceptional items.

Invensys Rail Appointed Primary Contractor for Major Signalling Framework Contracts Invensys Rail announced today that it has been successful in Network Rail's tendering process for a number of signalling framework contracts and is to be appointed Primary Contractor in the Scotland, Central West and Wales & West areas. This news follows the company's award in July of the Thameslink Key Output 2 signalling framework contract and further underlines its position as the UK's leading supplier of signalling and train control solutions. In addition, Invensys Rail has been named as the Secondary Contractor in the Central East, Wessex, Surrey & Sussex, Great Western Main Line Inner and Great Western Mainline Outer areas; such that if the Primary Contractors for these areas do not have the capacity, the company could be called upon to lead the delivery of a project. The award of these framework contracts sets the agenda for signalling projects on Network Rail's mainline infrastructure for the coming years. They run from 2012 to the end of Control Period 4 in March 2014, when there will be an option for Network Rail to continue with each agreement on an annual basis for a further five years - that is, to the end of Control Period 5. This will then bring future frameworks in line with the regulatory Control Periods on which the government's funding for Network Rail are based. Within each framework contract, the work banks will differ from previous frameworks in that they will be mix of Type 1 (formerly Type B), Type 2 (formerly Type A) and Enhancement projects - providing a combination of major resignalling schemes, renewal projects and enhancement works.

http://www.investegate.co.uk/Article.aspx?id=201201130700295002V

12/01/12 SIG (SHI) achieved sales from continuing operations of 2.7 billion pounds for the 2011 financial year, up 8% on 2010, with underlying pre-tax profits expected at the top end of analyst expectations (around 80.4 million pounds). The insulation and specialist construction company said that it benefited from the milder winter weather, and noted a particularly strong performance in France. SIG shares leapt 10p to 101.6p.

12/01/12 Emerging markets focused asset manager Ashmore (ASHM) reported assets under management of 60.4 billion dollars (39.4 billion pounds) in its second quarter ended 31st December, up 2.5% on first quarter levels. The group noted net inflows of 0.5 billion dollars (0.33 billion pounds) and a 1 billion dollar (0.65 billion pounds) appreciation in the value of investments. The company added that first half performance fees of around 23 million pounds. Ashmore shares rose 14.9p to 340.8p.

Quadnetics (QDG) remains a "strong buy" for Arbuthnot Securities with a target price of 300p. The broker expects the surveillance technology company to deliver good earnings growth in its 2012 financial year through the increased use of its own intellectual property. Additionally, aside from organic growth Arbuthnot sees scope for further acquisitional activity by the group which should enhance shareholder value. The shares edged up 1p to 243.5p.

WH Ireland reiterated its "buy" recommendation for Noble Investments (NBL), with a 242p target price. The antique coin seller enjoyed a successful sale of its Prospero collection in New York for 25 million dollars (16.3 million pounds) and the broker has upgraded 2012 full year pre-tax profits forecasts to 3.8 million pounds, from 3.3 million pounds. WH Ireland is also encouraged by news of a further two collections up for sale in 2012 and 2013. The broker adds that while the shares have enjoyed a recent rally, earnings upgrades have resulted in its rating falling below previous levels, at 9.4 times, compared to 10.5 times in November 2010. Noble shares were flat at 185.5p.

Associated British Foods (ABF) retained its "buy" rating from Panmure Gordon, with a target price of 1,300p. The broker believes that the food and retail group will achieve EBITDA of 1.5 billion pounds by 2013, treble what it was making in 2001. Panmure has high hopes for the firm's sugar division, with the world supply of sugar struggling to keep up with demand. Additionally, the broker believes Primark will be a key growth driver, forecasting EBITDA of over 1 billion pounds by 2021. The shares inched up 8p to 1,138p.

Daniel Stewart initiated coverage of Porvair (PRV) with a "buy" recommendation and 110p target price. The broker says that the air filtration company has a high cash conversion rate and a diversified product range. Daniel Stewart adds that the group benefits from recurring revenues from clients as the consumable nature of many of its products means that they need to be replaced once used. The group is reducing its net debt, which stood at 16.4 million pound in 2008 and the broker expects it to stand at just 5.5 million pounds by the end of the 2011 financial year. Porvair shares dropped 1.5p to 92p.

Two North Sea oil prospects to watch By Martin Li, 12 January 2012 Far-flung oil and gas explorers often dominate investor attention, but closer to home are two companies whose near-term prospects are among the most compelling on the Alternative Investment Market (Aim). North Sea-focused Valiant Petroleum is gearing up for what should be the busiest year in its history. The junior is planning to drill up to six exploration wells during 2012 (of which five should start drilling by mid-year), two development wells on the producing Don fields and achieve production from the Causeway project, its first operated development. The exploration wells are targeting total prospective resources of 190m barrels of oil equivalent (mboe) net to the company, of which the Handcross prospect is by far the largest. Valiant's 90 per cent interest in the project accounts for a net 160m barrels of targeted resources. Handcross lies to the west of Shetland and drilling has been delayed by continued tightness in the deepwater rig market. But the company remains in discussions with rig operators and is hopeful it can secure a rig to drill Handcross this year. Valiant is also reviewing opportunities to build on its exploration programme over the next year to 18 months, including further growth in Norway, which it entered last year through the acquisition of Sagex Petroleum. Fellow explorer/producer Faroe Petroleum knows a thing or two about exploring in Norway - it has already struck oil there, and has just started drilling the Kalvklumpen prospect in the Norwegian North Sea, in which it has a 20 per cent interest. Away from exploration, Valiant booked a rig to complete the production and water injection wells at Causeway, where first oil remains on course to flow this autumn. With output from Causeway expected to boost ongoing investment into the Don fields, Valiant estimates that production this year will be in the range of 7,000 to 8,500 barrels per day. Cash flow from this production and existing resources should fund the estimated $260m (£168m) of investment planned this year.

Johnson Matthey Sell 11-Jan-12 £354,280.87 Lawrence C Pentz 17,730 @ 1,998.20p

.....................and adjusted profit before tax for the year ended 31 December 2011 will therefore be significantly ahead of the Board's previous expectations....................Looks like a good day here with that statement and the encouraging positive tone of the RNS

Financial position We have focussed closely on improving working capital management across the Group, and net debt at the end of December 2011 was £16m (1 January 2011: £19m). The Group's bank facilities total £40m, of which £30m is committed until 2015. Outlook The year ended 31 December 2011 has been a period of considerable change for Tribal. The Group has emerged with a stable financial platform and a streamlined organisational structure. As a result, Tribal is now well positioned to take advantage of opportunities to support education and training providers in the UK and internationally as they seek to adapt to changing market conditions. Our committed income at 31 December 2011 was £178m (31 December 2010: £186m), and continues to provide good underpinning to our revenue expectations for 2012 and beyond. International demand for our technology products and services continues to grow and the benefits of our cost reduction programmes are now embedded across the Group. Whilst mindful of continuing uncertain macro-economic conditions, we now plan to increase investment in our sales and business development capabilities in order that we may take better advantage of existing and emerging opportunities. As a result, our overall expectations for 2012 remain unchanged.

Appointment as Preferred Bidder on International Student Management System Programme We are pleased to announce that Tribal has been appointed as preferred bidder to supply its student management systems to the Student Administration and Learning Management (SALM) programme currently being implemented by the Department of Education and Communities (DEC) in New South Wales, Australia. The SALM programme will be deployed across the DEC environment in New South Wales. Subject to conclusion of contractual negotiations, this programme will involve Tribal's student management systems being rolled out, commencing with a series of initial implementations in 2012. If successfully concluded this contract is expected to have a value in excess of Aus$40m over the multiple year contract term. The contract, if signed, will further underpin our expectations for the medium term.

Appointment as Preferred Bidder on Student Management System Programme Trading update Tribal Group plc ("Tribal" or "the Group"), a leading provider of technology products and services to the education, learning and training markets, provides the following update in advance of the preliminary announcement of its results for the year ended 31 December 2011, which will be released on 22 March 2012. Current trading The trading performance of the Group was strong in the final quarter of the year, and adjusted profit before tax for the year ended 31 December 2011 will therefore be significantly ahead of the Board's previous expectations. Our Technology business traded well during the final quarter of 2011. Changes we made during the second half of the year in our sales and business development capabilities are proving effective. Furthermore, our existing UK customer base has continued to show appetite for upgrades and enhancements to our existing installed student management systems albeit, as previously highlighted, we are experiencing longer purchasing cycles on some higher value contracts. Internationally, we have seen continued demand for our software in New Zealand and Australia, and we have extended the roll out of our student management systems under the previously announced framework agreement with seven polytechnic colleges in New Zealand. Our Services business, supported by good revenue visibility from our contract base and a close focus on operational efficiency, traded well during the final quarter of 2011. Across the Group, overheads have remained under tight control, and our cost reduction programme is driving enhancement to our operating margins.

http://www.investegate.co.uk/Article.aspx?id=201201130700114988V

Uwe Krueger, Atkins' chief executive said: "This is a notable win for our UK region and a credit to the excellent long term relationship that our rail business has built up with Network Rail. We pride ourselves on being an engineering partner that understands the challenge of maintaining one of the world's busiest and most complex rail networks and this new signalling programme is a critical element of that. "The contracts give us the opportunity to demonstrate the breadth and depth of our rail business' signalling expertise, sharing international best practice and innovation and delivering the management rigour that will bring value for money for one of the public sector's most important players. The move to longer term contracts will also allow us to plan with greater confidence and deliver further efficiencies for Network Rail as a result."

Atkins wins two Network Rail signalling renewal framework contracts Atkins has been announced as the preferred supplier for two of Network Rail's signalling renewal framework contracts. The contracts, for the Area 4A Anglia and Kent and Area 4B Sussex and Wessex regions will run for seven years and are a vital part of Network Rail's programme to maintain and modernise its signalling systems. Services provided by Atkins will include specialist signalling systems design, installation, testing and commissioning, and associated power, telecommunications and ancillary civil engineering. The contracts awarded to Atkins have a revenue potential of up to £400 million over seven years, starting from 2 April 2012.

http://www.investegate.co.uk/Article.aspx?id=201201130700114990V