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Results round-up Vatukoula Gold Mines (VGM) saw its profit dive into the red despite rising turnover during the year ended 31 August. Revenue for the year was £47.9m, 19% higher than the prior year period of £40.3m. However, soaring costs left the firm at a pre-tax loss of £3.9m compared to a profit of £3.7m the previous year. Cash costs per shipped ounce rose 52%, although the group benefited from the large increases in gold prices during the year. The average realised gold price was $1,439 in 2011 compared to $1,157 per ounce in 2010. The total volume of gold shipped fell 2% from 54,642 oz to 53,461 oz. Chief executive officer David Paxton said: "The last year has been one of significant challenges, which I believe we have dealt with effectively and decisively. The measures we have taken during the year and in particular in the last quarter we believe will result in increased production levels and lower costs in the coming year.

Russel Taylor, chief executive of exhibitions and conferences firm ITE, has sold £232,228-worth of shares in the firm just days after the firm saw full revenues and profits jump as its sector defied the general economic gloom. Taylor, who joined the firm in 2003 and took up his current role in 2008, disposed of 116,962 shares at 198.55p each in order to cover the tax liabilities on the shares. At the end of November the firm reported adjusted profit before tax for the year to the end of September at £51.4m, up from £36.6m the year before.

theJC - There is no harm reading everyone's posts but always look into the details give, or at least as best as you can - equally if you feel after your research that you are onto something then try it out - we are all wrong at times in here - sometimes more than we would like! - your suggestion of a bounce earler was, it seems a good call - its certainly bounced better than I thought it would. GL

She has actually come back better than I thought but will she hold the 'gain' at the end of play?

the JC - You may get some claw back later in the day but personally I see this lower in the short - mid term and in the absence of a convincing and lasting solution to the Europe issue. Just my own view. GL

http://www.investegate.co.uk/Article.aspx?id=201112050700173068T

Investec has maintained its buy rating on recruitment firm Michael Page International, despite the group confirming a slow-down in profit growth across the board. "We will clearly be reducing our forecasts to reflect the slowdown reported today in the update," said analyst Robert Morton. The target price is scaled back from 450p to 400p.

cm - yes I think she will slide a bit yet - and the broker update wont help ( not that we would ever take too much cognisance of their preditions - particularly the upside targets - well certainly in the current climate anyway!)

Despite hitting an intraday high of 185.57p in the opening minutes, gains for TUI Travel have been pared in morning trade. Evolution Securities has released its analysis of the travel company's full-year results, in which it maintained its sell rating. Evolution analyst James Hollins said: "Looking beyond the headlines to the outlook and we see a very different story of bookings slowing since its last statement. With a tough consumer outlook and a desperate need for radical changes to its operating model in core territories, we retain out sell recommendation and regard the recent shares rally as a false dawn." The target price stays at 150p.

Down 19%

Rakesh Sharma, Chief Executive of Ultra, commented: "I am very pleased that we have been able to bring Zu into the Group as part of ProLogic. There are significant synergies between the capabilities of Zu's cyber surveillance equipment, SOTECH's systems capabilities and ProLogic's range of cryptologic solutions."

ULTRA ACQUIRES CYBER EQUIPMENT COMPANY FOR $77m Ultra announces that it has acquired Zu Industries Inc. ("Zu") for a cash consideration of $76.6m. Zu specialises in the provision of equipment for cyber surveillance systems. Based in Doral, near Miami, Florida, Zu employs over 20 staff. As part of the transaction, Ultra has also acquired the membership interests of an associated business named Bushido LLC. Systems from Zu are built primarily from two proprietary software products that operate on commercial-off-the-shelf hardware: · ISIS® - Integrated Surveillance & Intelligence System: Zu's proprietary ISIS product processes, stores, filters and retrieves large amounts of communications data, including voice, text, e-mail and metadata from mobile, fixed line and broadband networks. · VPA - Voice Print Analysis: a voice biometric technology integrated with ISIS to facilitate identification of conversations of interest based on a match of voice samples against a large database of audio files. Zu's solutions are built through the integration of proprietary products with complementary third party hardware and software including: portable collection tools; mobile devicetracking; asset tracking and spectrum control devices used to suppress radio frequencies. Bushido supplies a range of specialist satellite communications dishes and equipment. The acquisition of Zu will be financed using Ultra's existing facilities and is expected to be earnings-enhancing in 2012 before amortisation of intangibles. Zu is a bolt-in acquisition to ProLogic, within Ultra's Information & Power Systems division. ProLogic will be the route for the exploitation of Zu's capabilities in international markets.

http://www.investegate.co.uk/Article.aspx?id=201112050700193082T

Anglo-Swedish drug maker AstraZeneca has struck a landmark deal to share potential drugs with academics for free, to aid the search for new medicines. The announcement comes on the same day that David Cameron unveils a new strategy designed to increase collaboration between industry, scientists and the NHS in a bid to aid Britain's £50bn life sciences industry. The Prime Minister will also announce plans to share the NHS patient database with private companies for medical research purposes. Drug makers are coming under pressure to seek innovative research and development models as they struggle to curb costs. Astra's pact with the Medical Research Council (MRC), the first of its kind, will offer 22 clinical compounds to academics for free, according to The Telegraph.

A little more re treadstones post... The Sunday Telegraph’s Questor team today comments on gem group Petra, which will leave AIM and move to the main board on the next 8th of December, “marking another step in its transformation into a serious global player in the diamond industry.” No less important, in Questor’s opinion, the company is now a contender for FTSE 250 entry at some point next year, which means tracker funds will have to buy the shares. The gem group has significant growth plans over the next few years, with production expected to increase from 1.1m carats in the year to June 2011 to 4m carats in the year to June 2014. Valuations across the whole sector have been hit after a fall in diamond prices over the past few months and further dented last week by upmarket jeweller Tiffany & Co's cautious outlook statement alongside its third-quarter results. Yet Questor warns that markets can be very short-sighted, not to mention the recent very quick growth seen in demand for je welry in Asia, coupled with the fact that no major new diamond mine has been discovered for decades, so that, “both sides of the supply-demand equation are supportive.” Perhaps for that reason, firms such as T. Rowe Price have recently been topping up their holdings. Petra remains Questor's favoured play on diamonds, who says Buy.

A plan by one of Britain’s biggest engineering firms to create 800 jobs in Bristol has been scuppered after losing a key contract to build parts for a new Airbus jet to a South Korean rival. GKN, the £3bn aerospace and car parts manufacturer, had been favourite to land a contract to make high-tech wing components for Airbus’s revamped A320 at its plant in Filton. Despite frantic last-ditch negotiations between GKN and Airbus over the weekend, the plane maker now looks set to hand the lucrative deal to Korean Aerospace Industries instead. The lost contract deals a heavy blow to the ambitions of the coalition government, which has pledged to boost the importance of engineering and manufacturing to the economy, says The Times.

Good figures published but looks like a challenging year ahead

CURRENT TRADING AND OUTLOOK Winter 2011/12 We are satisfied overall with the progress of trading for Winter 2011/12. Bookings have slowed since our previous update in some source markets where, as expected, we are experiencing a later booking profile, reflecting the continuing issues in North Africa and challenging consumer environment in these markets.......... Summer 2012 It is still early in the bookings cycle for Summer 2012, with most source markets outside of the Northern Region launching their main edition brochures in December. In the UK we have currently sold 19% of the programme. Bookings are 11% lower than prior year, partly reflecting a reduction in capacity, which is currently down 9%. Average selling price is up 9%, partly reflecting cost inflation of approximately 5% and the higher proportion of differentiated products sold, which currently account for 65% of sales, up eight percentage points on prior year. The Nordic region programme was launched on 20th October and as such, it is very early in the bookings cycle, with only 12% sold to date.

Peter Long, Chief Executive of TUI Travel PLC, commented "We are very pleased with our robust performance in 2011 and have delivered another year of profit growth, against a backdrop of unrest in key North African destinations and weak consumer sentiment in some source markets. The UK, Nordic region, Belgium, the Netherlands, Canada and Austria delivered record results. These achievements reflect the strength of our strategy to increase differentiated and exclusive product sales, increase controlled distribution with a focus on online to enhance our customer access and reduce distribution costs, and our delivery of the turnaround and cost efficiency programmes. "We remain focused on this successful strategy and through our new business improvement programme we have self help measures in place to help offset the difficult macro-economic environment, including clear plans in place for Germany and France. In addition, we continue to strengthen our cash flow in order to fund the dividend and growth. All of which means that, even in the current challenging market conditions, we continue to operate from a position of strength."

Highlights · Record underlying operating profits of £471m, up 18% despite the challenging geopolitical and economic environment. · Record profits delivered by the UK as a result of increased sales of differentiated and exclusive products, with online being the biggest channel. · Record profits also delivered by the Nordic region, Belgium, the Netherlands, Canada and Austria. · Record cash flow generation, with free cash flow before dividends and acquisitions of £451m and a £4m net cash position, providing balance sheet strength. · Significant reduction in net separately disclosed items to £74m (2010: £255m) contributed to a £211m improvement in statutory operating profit. · Strong underlying earnings per share growth of 24%. · Business improvement target increased by £29m to £107m, to be delivered in broadly even tranches over the next three years. · Johan Lundgren appointed as Deputy CEO with overall responsibility for Mainstream. · Final dividend of 8.0p per share, resulting in a full year dividend of 11.3p per share, up 3% on 2010, comfortably covered by both earnings and free cash flow.