Member Info for mulledwine

Since the Group's last results announcement on 31 July 2012, 10 funeral locations have been acquired (for an investment of £5.6m) and nine new satellite locations have been opened. This brings the total number of funeral locations acquired to 18 (for a total investment of £10.8m) and new satellite locations opened to 18 since the start of the year. Pre-arranged funeral plan sales continue to be robust and operating profit is ahead of the prior year. We expect the pre-arranged funeral business to continue to make progress next year. The trust funds should remain fully funded despite historically low bond yields. However, any improvement in marketing profit in 2013 may be offset by a reduction in or cancellation of recoveries of surplus from the trusts. Such recoveries have been £1.5m in each of the last six years. Trading since 28 September 2012 continues to be in line with management's expectations. The Group opened its crematorium in Essex in the third quarter of 2012. This means the Group's crematorium portfolio consists of 37 locations compared to 35 at the end of 2011. There were no other significant transactions in the period to 11 November 2012.

http://www.investegate.co.uk/dignity-plc-(dty)/rns/interim-management-statement-quarter-three-2012/201211120700058086Q/

Capital expenditure for the nine months of US$135.6 million (2011: US$191.9 million) was spent principally on the expansion of Tecon Salvador, the new Guarujá shipyard and vessel construction. At 30 September 2012 Wilson Sons' borrowings (including obligations under finance leases) was US$549.1 million (31 December 2011: US$491.1 million) of which US$504.5 million is non-current. Historically the second half of the year is stronger in terms of performance and results for our Brazilian businesses. However, the uncertain economic environment and currency movements may still adversely impact the Group's full year results. These factors, combined with the Group's performance for the nine months ended 30 September 2012, means that it is likely that the outcome in terms of profit for the full year may fall significantly short of current market forecasts. Wilson Sons announced today to the São Paulo Stock exchange and Luxembourg Stock Exchange its results for the third quarter ended 30 September 2012. Their full announcement is available on the Wilson Sons website (www.wilsonsons.com.br) and at the Brazilian and Luxembourg websites. Investment Portfolio At 31 October 2012 the investment portfolio including cash under management amounted to US$233.6 million. The investment portfolio represents US$6.61 (£4.09) per Ocean Wilsons share. Wilson Sons Limited valuation At the close of business on 1 November 2012 the Wilsons Sons share price was 29.00 Brazilian Reais, resulting in a market value for the Ocean Wilsons 58.25% holding in Wilson Sons of approximately US$589 million which is equivalent to US$16.73 (£10.36) per Ocean Wilsons share. Shareholders should be aware that in addition to Wilson Sons and the investment portfolio the Group has other assets and liabilities on its balance sheet. In the opinion of the Directors the net impact of these items would not have a material effect on the valuation of the business.

CONT Revenues from port terminals were negatively impacted by currency depreciation and reduced rice and frozen cargo volumes, shipyard activities by currency depreciation, and logistics by the discontinuation of certain dedicated operations. However, revenue from our towage, offshore and ship agency businesses increased. Towage revenue benefitted from improved pricing and sales mix. Growth in our offshore business was driven by our larger vessel fleet. All the Group's sales are derived from our Brazilian operations held through Wilson Sons. Operating profit for the nine months at Wilson Sons was 29% lower at US$55.8 million (2011: US$78.5 million. Operating profit was adversely impacted by lower revenue, higher employee and depreciation expenses. Total operating costs and expenses for the nine months were 7% lower at US$412.8 million (2011: US$445.4 million) principally due to the devaluation of the Brazilian Real although depreciation and amortisation for the period increased 18% to US$49.8 million from US$42.3 million for the comparative period in 2011 reflecting the investment undertaken by the Group in recent years. Employee expenses increased US$5.3 million to US$182.3 million (2011: US$177.0 million) reflecting the higher average headcount during the period and higher share based payment expense. The Wilson Sons Limited share based payment expense for the period was US$10.0 million higher at US$2.3 million (2012 :US$7.7 million credit) EBITDA for the period at Wilson Sons was US$105.6 million (2011: US$120.9 million). Wilsons Sons adjusted EBITDA (excluding the share based payment expense) for the period was US$107.9 million (2011: US$113.2 million)

12 November 2012 Ocean Wilsons Holdings Limited Interim Management statement Ocean Wilsons Holdings Limited today announces its interim management statement in accordance with the UK Listing Authority's Disclosure and Transparency rules. Our Operations Ocean Wilsons Holdings Limited ("Ocean Wilsons") is a Bermudian investment holding company which through its subsidiaries controls a maritime services and logistics company in Brazil (Wilson Sons Limited) and an investment portfolio. Results Results for Wilson Sons Limited ("Wilson Sons") for the third quarter of 2012 demonstrate that, whilst overall revenues have been significantly negatively impacted, EBITDA and EBIT has proved very resilient and Wilson Sons continues to produce strong operating cashflow. Wilson Sons' revenue for the nine months ended 30 September 2012 at US$ 468.6 million was 10% lower than the comparative period in 2011 (US$521.2 million), principally due to the devaluation of the Brazilian Real against the US Dollar. The average exchange rate for the nine months ended 30 September 2012 was 1.92 compared with 1.63 for the comparative period in 2011. Approximately 65% of the Groups' revenue is denominated in Brazilian Real. Operating costs at our Brazilian maritime subsidiaries, where all the Groups' revenue arise, were also lower as approximately 90% of their operating costs (excluding depreciation) are denominated in Brazilian Real.

http://www.investegate.co.uk/ocean-wilsons-hldgs-(ocn)/rns/interim-management-statement/201211120700058081Q/

Whilst the Financial Systems Division continues to perform satisfactorily, as advised in the interim results, the Board's expectations at that time for the Microgen Aptitude Solutions Division were dependent upon a number of sales opportunities closing in the second half of the year. Opportunities continue to progress although, due to the market environment, particularly within the financial services sector, a number of these have advanced more slowly than anticipated. As a result, the Group's revenue in the second six months of 2012 is now expected to be approximately 10% lower than the first six months of the year. However, due to the Group's conservative operational approach, earnings for the second half of 2012 are expected to be maintained at a level consistent with the first half of the year.

INTERIM MANAGEMENT STATEMENT Microgen plc ('Microgen' or 'the Group') provides its Interim Management Statement covering the period from 1 July 2012 to the date of this announcement. Microgen released its interim results for the six months ending 30 June 2012 on 23 July 2012. There have been no significant changes since 1 July 2012 in the financial position of Microgen and its balance sheet remains strong. Following payment of the interim dividend of £0.9 million in August, the Group had net cash at 31 October 2012 of £26.3 million (30 June 2012 : £27.1 million).

http://www.investegate.co.uk/microgen-plc-(mcgn)/rns/interim-management-statement/201211120700058082Q/

UBS has upgraded its recommendation for recruitment firm Michael Page (MPI) from 'neutral' to 'buy', saying that there is a more favourable risk/reward balance.

Nomura has cut its target price for gold miner Randgold Resources from 7,400p to 7,075p and retained its 'reduce' rating on the stock, saying the business needs to execute to maintain its premium rating. The broker now says that fourth-quarter figures are under pressure, following the poorly-received third-quarter results. Nomura is forecasting full-year production of 819,000 ounces of gold, below Randgold's own guidance of 825,000 ounces, saying that while its possible that the miner will meet targets, "it will be a challenge".

HORNBY RELEASES INTERIM RESULTS Hornby Plc ("Hornby"), the international hobby products group, has today announced its interim results for the period ended 30 September 2012. Hornby owns a number of model railway and slot car brands, Airfix models, Humbrol paints and Corgi die cast models. Frank Martin, Chief Executive of Hornby, commented, " The business is undoubtedly facing short-term challenges. However we have a coherent strategy to continue to drive the business forward. " I am pleased that Roger Canham is joining the group. I am sure that with his experience he will bring enthusiasm and drive that will strengthen the team."

Outlook We enter the second half of the year focussed on managing the supply chain challenge that has now come to a head. For a number of years, Group performance has been periodically constrained as a result of problems with our largest supplier in China. Our dependence on that supplier has already been significantly reduced. This process will continue as our new suppliers increase their capacities and our largest supplier continues to work through its rationalisation process. Against this background we have redoubled our efforts in innovation and product development, building on our core brand strengths and also extending our reach based on newly developed technologies. At the same time we are implementing a rigorous cost control regime in order to align overheads more closely with our future business. In conclusion, whilst we face some significant short term challenges, we are working hard to address these and in doing so, establish a base from which the Group can grow more securely in the future.

Current Trading In the UK, as indicated above, sales in the second half are expected to be below the previous year. However, we are encouraged that sales to the consumer via our chain of in-store concessions continue at a higher level than last year. The retail landscape continues to undergo a period of significant change in the UK. The swing towards e-commerce sales of our products, via the sites of specialist on-line retailers as well as the e-commerce sites of our "bricks and mortar" retailers, continues. Our own e-commerce sites are trading well and we will continue to develop this channel of distribution. Trading in Continental Europe will continue to be adversely affected by product shortages. However demand for our products in Europe continues to be strong and we expect to be able to fulfil this demand in the future as our new sources of supply continue to increase output.

Financials During the period, turnover was £27.0 million, a decrease of 5% compared to the corresponding period last year. Our European businesses were heavily constrained as a result of the supply chain disruption mentioned above, and sales fell by 30%. This was particularly frustrating as demand for our products in Europe continues to be encouraging. Sales in the UK business increased by 3% over the corresponding period last year, although this year sales benefitted from £3.5 million relating to London 2012 products. Stripping out London 2012 sales from both years, sales fell by 15% compared to the corresponding period last year. Gross margins fell as a result of product and market mix as sales of model railway products in Europe decreased. Lower margins were realised on sales of London 2012 products and we have made provisions against remaining London 2012 inventory. A pre-tax loss of £0.3 million was incurred (2011 - profit £1.2 million) before amortisation of intangibles and net foreign exchange adjustments on intercompany loans (hereafter referred to as underlying pre-tax losses). Statutory pre-tax loss was £0.5 million (2011-profit £1.0 million). The Group has banking facilities of £16.0 million in the UK. These facilities comprise a £6.0 million term loan which expires in July 2014 and a £10.0 million Secured Money Market Loan which expires in August 2015. The Group also has additional facilities of £2.5 million in place in its European subsidiaries. Net debt as at 30 September 2012 was £6.5 million compared to £12.8 million as at September 2011. The significant reduction in net debt year on year reflects cash generated from a planned programme of working capital reduction. The Group is currently operating within its banking covenants. To ensure that management's expected borrowing requirements continue to deliver sufficient operating headroom within covenants for the duration of the current facilities, the Group has been offered amended UK facility terms by its principal banker Barclays Bank Plc, which the Board expects to approve shortly.

INTERIM MANAGEMENT REPORT The Group issued a trading update on 25 September 2012, which specified three major factors that would constrain Group performance in the current financial year: 1) Very substantial disruption to supplies caused by a major rationalisation programme being implemented by one of our largest suppliers in China. 2) Disappointing sales of London 2012 merchandise. 3) General weakness in demand in our major markets - particularly the UK. Our broad spread of categories and brands provide a solid basis from which to work through the current challenges and secure a long term future. However, as previously announced, the result for this financial year is likely to be approximately break-even, primarily due to the supply chain disruption mentioned above.

http://www.investegate.co.uk/hornby-plc-(hrn)/rns/half-yearly-report/201211090700046906Q/

Commenting on the new joint venture, Rob Reiskin, co-head of Europe at Heitman, said: "We are very happy to partner with best-in-class operator Grainger in the German rented residential market where we view the fundamentals as particularly attractive. Moreover, with most of the assets located in high barrier to entry premier markets, Bavaria and Baden Württemberg, the JV provides a rare opportunity for institutional investment where it has formerly been difficult to gain exposure." Andrew Cunningham, chief executive of Grainger plc, said: "This new partnership with Heitman and its institutional client represents a strong endorsement of Grainger's operational platform and the prospects for the German residential investment market. This deal supports our on-going programme of generating greater fee income from third parties, balancing our trading income with other recurring income - a key aim for the Company, and our process of deleveraging. "Grainger has established a strong track record of creating co-investment vehicles and we are extremely pleased to be partnering with such major international institutional investors in Germany. There is a strong interest among many other global real estate investors in the residential market at the moment which allows us to align our interests closely and provide our operational platform and expert management services to those investors wishing to access the residential market in the UK as well as Germany."

CONT The JV will acquire a portfolio of German residential assets currently wholly owned by Grainger, representing €232m of Grainger's total €474m German portfolio as at 31 March 2012. The portfolio comprises 2,985 residential units across six regions in Germany and produces an approximate annualised profit of €5.2m, including revaluation gains. The transaction will give rise to a one-off post tax charge currently estimated at £5.2m (€6.5m) including costs. This will be taken into account in the income statement for the year ended 30 September 2012 as a non-recurring item. This equates to a reduction in Grainger's NNNAV of c.1.3 pence. Grainger has arranged €152m of debt which will also be transferred to the JV, resulting in a JV LTV of 65%. The consideration payable to Grainger for the 75% stake is €54m, subject to a normal completion balance sheet process. Consequently, Grainger's debt will reduce by c.€206m. Grainger will provide management services to the new JV for which it will receive standard management and incentive fees. Grainger continues to directly own a further 3,400 assets in Germany. German residential property investment is an attractive sector offering strong income generation characteristics, with limited new supply coming into the market, and offers the potential for significant rental and value growth in the medium to long term.

HEITMAN PARTNERS WITH GRAINGER PLC IN GERMAN RESIDENTIAL INVESTMENT Grainger plc and global real estate investment firm Heitman today announce that they have signed an agreement to create a joint venture (JV), "MH Grainger JV Sarl", to invest in a c.3,000 unit German rented residential portfolio currently wholly owned by Grainger. The JV will be 75:25 owned by Heitman, on behalf of a global institutional investor, and Grainger, respectively. The JV's long-term strategy is aimed at maximising returns through income growth and active asset management. The completion of the deal is subject to a set of Conditions Precedent and is expected to complete soon. Today's agreement is in line with Grainger's previously stated strategy to align itself with third party institutional capital to make more efficient use of its balance sheet and operational platform. The transaction will allow Grainger to leverage its management platform, acting as the JV's expert partner in German residential property investment. Grainger will receive fee income for its services to the JV and also retain a strategic stake in the portfolio. For Heitman the JV represents a further step in its growth in Europe and the continuation of the firm's successful global strategy of identifying promising trends ahead of the overall market and aligning itself with strong local property firms in order to deliver results for its investors.