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Lord Philip Harris of Peckham, also known as the chief executive of Carpetright, has bought himself an early Christmas present in the form of £214,750-worth of shares. Harris purchased 50,000 shares at 429.50p each, on the same day the flooring specialist firm announced a 3.9% drop in revenue in the half year to October 29, contributing to a significant fall in underlying profit before tax. Hit by a challenging trading environment, revenues fell from £248m to £238.4m, with underlying pre-tax profit down from £10m to £1.4m, equivalent to earnings per share (EPS) of 1.2p (2010: 10.7p). The performance was marginally ahead of the expectations of broker Singer Capital Markets, which had forecast underlying profit before tax of £1.2m, and EPS of 1.2p.

Yes I think basically the results were bad but not as bad as feared - but unfortunately there is scope to deteriorate further

Panmure Gordon has upgraded its rating on flooring specialist Carpetright from sell to hold following the recent slump in the stock which has seen its share price more than halve over the last 12 months. The firm reported on Tuesday that pre-tax profits swung into the red after accounting for restructuring and store impairment charges – loss before tax came in an £0.8m in the first half ended 29 October, compared with a profit of £9.8m the year before. UK like-for-likes sales fell by 2.4%, while the gross margin dropped 430 basis points.

Cash squeeze at RSM Tenon 13/12/2011 Miles Nolan Shares in RSM Tenon (TNO) have crashed by 29 per cent to a new low after the national accountancy firm warned it is getting close to its maximum banking facilities. The uncertain economic conditions it alluded to when reporting its Interim Management Statement last month have continued. Indeed, all the service lines provided by RSM Tenon are still suffering from challenging trading - particularly in the area of transaction-based work. Though recent business has been secured, this is likely to only feed through in the second half. Historically the accountancy firm suffers net cash outflows in the first few months of the year, but this has proved even more the case due to tough trading. RSM Tenon argues it is still within its £88 million bank facility, though it is reliant on receiving cash in the final quarter, which is typically its most cash generative period. As at the end of June the debt pile was a chunky £65.7 million - well in excess of its current market value. The market has clearly taken fright this morning that RSM Tenon is getting dangerously close to its borrowing limit, thought it does state to be 'in compliance with our obligations.' There is also a requirement to renegotiate its overdraft facilities in the first half of 2012. Interim results are due on 21 February. Even at their current level of just 9.25p, the shares are best avoided.

Investec initiates buy on Cineworld Group, target price 272p

Exane BNP Paribas upgrades SABMiller from underperform to neutral, target price raised from 1936p to 2300p.

The Times’s Tempus column looks at Pearson, best known as the publisher of the Financial Times but which makes 80% of its earnings from education publishing. It is also the owner of the Penguin book publishing brand. Yesterday Pearson announced the sale of its 50% stake in FTSE International, the index maker for equities, bonds and other financial instruments, for £450m to its partner the London Stock Exchange (LSE). With a further £450m in the war chest and a track record of buying wisely, Tempus says this is a “hold but buy on weakness”. Interestingly, the Independent’s Sharewatch column has a look at the other side of the FTSE International trade: the London Stock Exchange. By gaining total control of the indexing business Sharewatch argues LSE’s boss Xavier Rolet has made the group more attractive (and expensive) for a new buyer. The stock exchange market is dominated by two groups: Deutsche Bourse/NYSE and Nasdaq but consolidation is coming, driven by a fragmented market in the far east.

The Times’s Tempus column looks at Pearson, best known as the publisher of the Financial Times but which makes 80% of its earnings from education publishing. It is also the owner of the Penguin book publishing brand. Yesterday Pearson announced the sale of its 50% stake in FTSE International, the index maker for equities, bonds and other financial instruments, for £450m to its partner the London Stock Exchange (LSE). With a further £450m in the war chest and a track record of buying wisely, Tempus says this is a “hold but buy on weakness”. Interestingly, the Independent’s Sharewatch column has a look at the other side of the FTSE International trade: the London Stock Exchange. By gaining total control of the indexing business Sharewatch argues LSE’s boss Xavier Rolet has made the group more attractive (and expensive) for a new buyer. The stock exchange market is dominated by two groups: Deutsche Bourse/NYSE and Nasdaq but consolidation is coming, driven by a fragmented market in the far east.

BUNZL PRE CLOSE STATEMENT Bunzl plc, the international distribution and outsourcing Group, is updating the market today relating to the twelve months ending 31 December 2011 prior to entering its close period. Overall trading has been consistent with expectations at the time of the Interim Management Statement in October. At constant exchange rates Group revenue growth for the year is expected to be over 6% due to underlying revenue growth of about 3.5% and the positive impact from acquisitions. There has also been an improvement in the Group operating margin. Acquisitions remain an important part of the Group's growth strategy. The Company has announced ten acquisitions this year, investing £185 million, and overall the operating profit margin of the acquired companies is higher than the Group average. They are integrating well and the current environment for acquisitions remains positive with a promising pipeline. Bunzl's strong cash flow and balance sheet should continue to enable the Company to take advantage of appropriate opportunities to consolidate further the markets in which it competes and increase shareholder value.

http://www.investegate.co.uk/Article.aspx?id=201112130700178120T

Commenting on the results, Lord Harris of Peckham, Chairman and Chief Executive, said: "Like many other retailers we are continuing to experience a very challenging trading environment, with significant sales volatility and a corresponding decrease in the gross margin. Against this backdrop, the Group has remained profitable on an underlying basis and continues to generate net cash. "With the consumer environment expected to remain difficult, we are focusing on those opportunities that are under our direct control. We have reduced our total cost base in the first half and will continue to take a determined approach to reducing this further. The development of our beds business under the leadership of a new management team presents a significant growth opportunity and the imminent launch of our improved bed offer gives us confidence in improving the Group's performance in the remainder of the year. In addition, in floor coverings we will continue to offer the best prices to our customers by adapting ranges and promotional activity, whilst simultaneously working with our suppliers to reduce the level of margin investment in the second half. Finally, we shall roll out our improved laminate offer to around 200 stores by our financial year end. "We are confident that the combination of these factors will underpin an improved trading performance for the Group in the second half and our expectations for the year as a whole are unchanged. "Although we anticipate the economic environment will remain challenging for the foreseeable future, we believe the Group is in a strong position to capitalise on a strong value offer supported by a superior service proposition, when consumer demand in our sector improves."

Interim Results for the 26 weeks ended 29 October 2011 Carpetright plc, Europe's leading specialist carpet and floor coverings retailer, today announces its interim results for the 26 week trading period to 29 October 2011. Headlines Group • Total Group revenue1 declined by 3.9% to £238.4m (2010: £248.0m) • Underlying2 operating profit of £3.7m (2010: £12.6m) • Underlying2 profit before tax of £1.4m (2010: £10.0m) • Underlying2 earnings per share of 1.2p (2010: 10.7p) • No interim dividend is being declared (2010: 8.0p) • Net debt reduced by £10.7m to £55.0m during the first half Statutory • Loss before tax of £0.8m (2010: profit of £9.8m) • Basic loss per share of 0.9p (2010: 10.4p profit)

http://www.investegate.co.uk/Article.aspx?id=201112130700198293T

rian Emslie, Chairman of Image Scan, commented: "The range and value of contracts secured during the year provide affirmation that the strategy adopted by the Board over the previous two years is gaining traction. Growth in sales revenues has been achieved by the investment in an enlarged sales team actively working with agents and distributors to pursue sales of standard security systems whilst also pursuing high value industrial opportunities. The Board is encouraged by the progress made both within the security and the industrial sectors in 2011 and believes that this will provide a platform for further sales growth and sustaining revenues in future years."

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2011 Image Scan, an AIM-listed specialist in the field of real-time x-ray imaging for the security and industrial inspection markets, announces preliminary results for the year ended 30 September 2011. KEY POINTS · Revenue at £2,173,000 (2010: £1,472,000) · Gross margin of 41% (2010: 55%) · Reduced overheads of £1,169,000 (2010: £1,218,000) · Loss on ordinary activities after taxation of £237,000 (2010: £382,000) · Break-even in the second half of 2011 · Year-end cash of £945,000 (2010: £348,000) · Order intake during the year of £4.3million (2010: £1.4million) · Year end order book of £2.3million (2010: £90,000) · Increased activity in key territories POST YEAR END EVENTS · Two contracts for new industrial applications · Sale of FlatScan-TPXi into Eastern Europe · Launch of ThreatSpect, the second generation FlatScan security software

http://www.investegate.co.uk/Article.aspx?id=201112130700178164T

WPP agrees to acquire majority stake in Mind Resource, an independent healthcare PR agency in Hong Kong WPP announces that it has agreed to acquire, for Ogilvy Public Relations Worldwide, a majority stake in Mind Resource Healthcare Consulting Limited ("Mind Resource"), an independent healthcare communications agency in Hong Kong, subject to relevant approvals being obtained. Founded in 2007, Mind Resource offers event planning, production services and public relations consultancy to clients in the pharmaceutical sector. The agency employs 18 people and clients include Roche, Boehringer Ingelheim, Pfizer, Novartis and Bayer. Mind Resource's revenues for the year ended 31 December 2010 were approximately HKD 16.3 million, with gross assets at the same date of approximately HKD 10.2 million. This investment continues WPP's strategy of developing its services in fast-growing and important markets and sectors. Worldwide revenue for the professional healthcare sector alone is over $500 million for the Group (including associates), with WPP companies (including associates) employing some 2,500 people in this field. Greater China is currently WPP's fourth largest market with revenues of well over $1 billion with WPP companies employing 13,000 people (including associates) in the region.

http://www.investegate.co.uk/Article.aspx?id=201112130730128116T

Peter Byrom, Chairman, commented "In a year of mixed macroeconomic conditions, the Group has delivered sales growth and record profit. Sales of £314.1 million were 5 per cent ahead of last year extending the unbroken 33 year record of annual revenue growth. Underlying pre-tax profits were also a record at £59.5 million. "Our businesses in the developing markets of Europe and in the Middle East, Africa and Asia all reported strong growth. Market conditions elsewhere were generally much tougher and while the Group achieved good growth in the UK and Germany, sales in other parts of Europe and in North America were below last year's levels. "We introduced three new product lines during 2011 and have seen progressive take-up. Products introduced in the year represented 20 per cent of total equipment sales. During the year we increased the headcount of the Group. The majority of new staff are in our sales channels, in particular in Asia. "The results for the year reflect a further improvement in underlying return on sales which increased to 18.9 per cent. "Investment in Research and Development was £15.3 million. We have continued with additional product launches during the year and have made good progress towards our goal of introducing a whole new family of printers based upon common electronics architecture. "In April the Group invested $50 million in TEN Media, a business formed to provide freshness and traceability coding for the US egg industry. We expect first orders in 2012. "The Group has a strong balance sheet and had net cash of £22.8 million at year end. "The Group is mindful of the effects on its markets of the general economic slowdown, as reflected in the changing pattern of sales in 2011, but the combination of new products and strong global reach mean we are well positioned to benefit from the available opportunities in this more uncertain climate."

Highlights q Our 33rd year of sales growth with record profit q Strong performance from new products q Increased investment in sales and service capacity to fuel growth and market share gains q Investment in TEN Media - significant opportunity in food safety q Strong operational cash flows and robust balance sheet q Dividend increased by 20 per cent