Member Info for mulledwine

REVENUE CONT Gold production volumes were 125,000 ounces and sales volumes were 106,400 ounces (nine months ended 30 September 2010 - production volumes of 25,800 ounces and sales volumes of 25,800 ounces) reflecting the increased production as a result of the start-up of Esperanza. Gold sales volumes for the nine months ended 30 September 2011 were lower than production volumes due to the shipment difficulties caused by the adverse weather conditions outlined above. Molybdenum production volumes were 7,300 tonnes and sales volumes were 7,200 tonnes (nine months ended 30 September 2010 - production volumes were 6,700 tonnes and sales volumes were 6,300 tonnes), reflecting the higher plant throughput at Los Pelambres. The transport division's sales were US$132.7 million in the period, a 17.2% improvement compared with the same period in 2010. An increase in tariffs as a result of indexation due to higher oil prices and the impact of the stronger Chilean peso were the key factors in this increase. The water division's sales were US$84.8 million, a 26.4% increase compared with the same period in 2010 as a result of increased volumes, increased tariffs and the impact of the stronger Chilean peso. Further details of production and sales volumes and realised prices by mining operation are given in Note 2, and an analysis of revenue by business segment is given in Note 3. Further details of the operating performance of each mine and the rail and water division are also given in the Group's third quarter production report released on 2 November 2011.

Revenue Group revenue in the nine months ended 30 September 2011 was US$4,172.9 million compared with US$3,168.9 million in the same period in 2010. This increase mainly reflected the impact of higher realised copper prices and copper volumes compared with the same period of 2010, as well as higher volumes of gold sales. London Metal Exchange ("LME") copper prices averaged 419.8 cents per pound during the period compared with 325.2 cents per pound in the nine months ended 30 September 2010. However the copper price weakened in the third quarter of 2011, resulting in negative mark-to-market adjustments of provisional sales at the period end. The net impact of settlement and mark-to-market adjustments relating to the provisional pricing of copper sales in the nine months ended 30 September 2011 was a negative adjustment of US$390.3 million. Revenue also included a net loss of US$15.3 million on commodity derivatives, principally at Michilla, which matured during the period. As a result the average realised copper price for the nine months ended 30 September 2011 was 378.0 cents per pound (nine months ended 30 September 2010 - 329.9 cents per pound). Market molybdenum prices averaged US$16.2 per pound in the nine month period, an increase from the average price of US$15.7 per pound in the nine months ended 30 September 2010. The realised molybdenum price of US$15.7 per pound for the period was marginally lower than the average market price as a result of a decrease in the price over the period and the resulting settlement and mark-to-market adjustments relating to the provisional pricing of molybdenum sales. Market gold prices averaged US$1,534.4 per ounce in the nine month period, an increase from the average price of US$1,178.1 per ounce in the nine months ended 30 September 2010. The realised gold price of US$1,602.5 for the nine month period was marginally above the market price for the period. The volume of copper produced in the nine months ended 30 September 2011 was 453,500 tonnes, a 15.2% increase on the 393,600 tonnes produced in the nine months ended 30 September 2010, reflecting the production from Esperanza. Severe adverse weather conditions affecting Chile's coastline resulted in delays in programmed shipments at both Los Pelambres and Esperanza. As a result, copper sales volumes for the nine months ended 30 September 2011 were lower than production volumes at 433,100 tonnes, an 11.5% increase on the 388,400 tonnes sold in the nine months ended 30 September 2010. Gold production volumes were 125,000 ounces and sales volumes were 106,400 ounces (nine months ended 30 September 2010 - production volumes of 25,800 ounces and sales volumes of 25,800 ounces) reflecting the increased production as a result of the start-up of Esperanza. Gold sales volumes for the nine months ended 30 September 2011 were lower than production volumes due to the shipment difficulties caused by the adverse weather conditions outlined a

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Peel Hunt initiates buy on EMIS Group, target price 600p.

HSBC downgrades Mothercare from overweight to neutral, target price cut from 655p to 155p.

Goldman Sachs downgrades Keller Group from buy to neutral, target price cut from 440p to 310p.

answer - not much as down 33%

High street giant Marks & Spencer has re-entered into the French market and opened a new store in Paris, following the closure of its 18 previous French stores a decade ago, writes the Independent. "Interest surrounding the opening of the three-storey shop in the shadow of the Arc de Triomphe underlines the scale of the mistake made by the retailer's former management in 2001," the paper says.

David Newlands, Chairman of PayPoint plc said: "Our retail network continues to perform well, processing 5% more transactions overall in the period, despite there being 5 million fewer mobile top-ups. Internet payments contributed to overall growth in transactions of 8% in the established business (the UK and Ireland retail networks and internet payments). Net revenue in the established business increased by 7%. Our developing business, consisting of our Romanian retail network, Collect+ parcel service and PayByPhone, also made good progress. In Romania, we made a small profit following 69% growth in bill payments and since the period end, we have introduced Western Union money transfer. Collect+, our award-winning parcels joint venture, has won 44 new merchants and processed nearly five times as many parcels as in the same period last year. PayByPhone has been selected by 33 new clients in the period, with a substantial number of tender decisions still awaited. For the current financial year, trading is in line with the company's expectations. Our established business is strong. We will pursue further opportunities to enhance our retail yield by introducing new technology and services, while enhanced transaction management and information services should help our internet sales in the next financial year. Continuing progress is expected in our developing business. Our Romanian retail network will focus on improving market share and further modest network growth to improve yield. PayByPhone will continue to pursue new clients and enhance its technology to grow revenue and improve customer satisfaction. Collect+ will continue its intensive marketing to new clients, to extend deliveries to its existing returns clients and to promote its consumer-to-consumer proposition. We expect PayByPhone and the Collect+ parcel service to turn to profit in the next financial year. I am pleased to announce an interim dividend of 8.7pence per share." The condensed financial statements cover the six months from 28 March 2011 to 25 September 2011, the last Sunday in the month (2010: 6 months covering the period 29 March 2010 to 26 September 2010). Net revenue is revenue less the cost of mobile top-ups and SIM cards where PayPoint is principal and costs incurred by PayPoint, which are recharged to clients and merchants. These costs include retail agent commission, merchant service charges levied by card scheme sponsors and costs for the provision of call centres for PayByPhone clients. Net revenue is a measure, which the directors believe assists with a better understanding of the underlying performance of the group.

http://www.investegate.co.uk/Article.aspx?id=20111124070026H6255

"I am pleased to report another successful half year for the Group" said Ken Harvey, Chairman. "South West Water continues its very strong operational performance and is well placed to outperform the assumptions for the current K5 regulatory period. Viridor continues to grow and its long-term profit momentum is underpinned by its developing pipeline of major Energy from Waste and PPP projects. I am delighted to say that Pennon Group has invested a further £100m in key infrastructure which supports the development of the UK economy."

FINANCIAL HIGHLIGHTS · Profit before tax up 11.6% to £107.4m - South West Water up 8.5% to £76.2m - Viridor up 7.0% to £30.6m · Underlying earnings per share(1) up 11.9% to 23.5p · Dividend - Interim dividend per share up 9.6% to 8.22p · Group capital investment up 41% to £99.9m · Strong liquidity and funding position - £251m new/refinanced facilities since 31 March 2011 - £918m cash and facilities at 30 September 2011 · Group businesses remain well positioned in current difficult economic conditions

http://www.investegate.co.uk/Article.aspx?id=201111240700266792S

The Times' Tempus column says, "If we are heading for a double-dip recession, then it is worth asking industrials such as Johnson Matthey just how they expect to cope this time around." The column notes that first-half sales rose 22% while profits increased by 19%. Meanwhile, the shares trade at almost 12 times’ earnings. "The long-term drivers, tighter environmental legislation for vehicles and demand for its process technologies division from Chinese coal and US gas industries, are still there. But the shares, after a recovery from about £15 last month, look to be about where they should be."

The Questor column in the Telegraph has marked water company United Utilities out as a buy, saying "take a dip in for the income". The firm plans to up its payout to shareholders by two percentage points above the retail price index until 2015. Questor says that while the shares are trading at 17 times current year earnings, it reflects the security of the income. "Questor recommended buying the shares on May 29 2009 at 538½p, and they are now 12pc ahead of that compared with a market up 17pc. However, the shares are an income play. Buy," the column says.

In May 2010 QinetiQ started a two-year turnaround programme that would see the UK workforce cut by 10-15%, but contract delays in the British and US defence markets have continued since then, writes the Tempus column in the Times. "Yesterday’s halfway figures, though sharply ahead of market expectations, managed to coincide with the stalemate on Capitol Hill over the US budget deficit that could well put further downward pressure on American defence spending," Martin Waller says. Tempus says that the shares are trading on an "undemanding" rating of less than eight times’ this year’s earnings. "Next year and beyond, though, markets will continue to be challenging….That two-year self-help programme is well on track and the company is better placed and more equipped to meet more difficult markets. But, given the uncertainty, there seems no reason to pile in yet."

This should consolidate the recent SP movement

Christopher Pearce, Chief Executive of Proteome Sciences, commented: "Although we came relatively late to the Sens-it-iv project, we have made a considerable contribution in a short period of time. Using the PS Biomarker Services™ platform, we identified and filed patents for over 100 biomarkers from cells in the immune system and more than 100 more from skin cells. We selected eight of these and developed TMT-SRM assays in just four weeks and these have shown excellent results. "The Sens-it-iv programme demonstrates the output and performance of our biomarker services capabilities in a complex and groundbreaking application. Most importantly, the biomarker assays developed provide an 'in-vitro' alternative to animal testing that will become mandatory across the EU. This opens up major new commercial opportunities for our biomarker content and assays."

Novel In-Vitro Assays Developed for Mandatory EU-wide Allergen Testing Significant progress towards goal of replacing animal testing for key allergens 24 November 2011 - Proteome Sciences today announces that it has developed a number of novel in-vitro tests for chemical compounds and substances that induce allergies when they come into contact with the skin or the respiratory system. Testing for these allergens in products including chemicals, pharmaceuticals, cosmetics and detergents will become mandatory under EU legislation. Proteome Sciences are presenting data from eight assays at the Sens-it-iv Scientific Congress in Brussels, 24-25 November 2011, showing excellent performance. Sens-it-iv is a European Commission project which began in 2005 and brings together companies and academic institutions with the aim of developing in vitro alternatives to animal tests, which are currently used for the risk assessment of potential skin or lung sensitizers. As well as reducing the use of animal testing, the programme is aimed at improving consumer safety and benefiting the environment. Proteome Sciences was invited to join the Sens-it-iv project in 2009 to introduce a new proteomic biomarker approach to allergy testing. Progress has been rapid, with over 200 novel biomarkers discovered and patents filed for allergy testing in the immune system and skin cells. Development of the first eight TMT-SRM assays was completed in November 2011 in only four weeks. The assays have shown excellent performance and correlation with the discovery data. The Sens-it-iv project has delivered outstanding results, with important commercial implications for Proteome Sciences. The Company has started to implement a full development process in accordance with the new European regulatory requirements. TMT-SRM assays will be made initially for the most important biomarkers for allergies to the skin and respiratory system and will be marketed to industrial manufacturers producing a wide range of products and substances to confirm the safety of their products. Proteome Sciences expects the biomarkers it has identified to lead to a range of novel industrial testing products and service contracts with potential future revenues for PS Biomarker Services™ using TMT-SRM assays for industrial applications and routine testing.

http://www.investegate.co.uk/Article.aspx?id=201111240700206721S