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Homeserve: UBS slashes target from 400p to 300p, buy rating unchanged.

IG Group (IGG) retained its "buy" rating from Singer Capital, with a 540p target price. The spread betting company is benefiting from the volatile markets says the broker and believes that the bankruptcy of MF Global offers the opportunity to boost market share. Singer draws particular attention to the August performance, when revenues were 20% higher than the previous best ever month. The shares inched up 3.5p to 420p.

23rd November 2011 Analyst: Dr. Michael Green Email: michael.green@gecr.co.uk Tel: 020 7562 3350 Hambledon Mining* - Re-initiating coverage with a recommendation of Speculative Buy at 3.625p with an 11.4p target price

CONT. In our non-UK retail businesses, we have now successfully opened a further two JD stores in France (being the conversion of an existing Chausport store in Amiens and, more recently, a new store in Marseille). We are encouraged by the potential for the Sprinter business in Spain since acquisition and we expect to open our first JD stores in Spain in the first half of 2012. The performance of Champion is still being affected by the particularly difficult economic environment in the Republic of Ireland but opportunities for future improvement exist with the right execution. Elsewhere in the Group, Canterbury has performed well in New Zealand and Australia assisted by the Rugby World Cup. However, the performance of the rest of the global Canterbury business has been mixed, and we continue to appraise the best means of realizing the full potential of this leading global brand. The result for the full year remains, as usual, substantially dependant on the performance through the Christmas period. However, at this stage the Board believes the Group remains on course to deliver earnings in line with current expectations. The Group will issue its post Christmas trading update on 12 January 2012.

INTERIM MANAGEMENT STATEMENT JD Sports Fashion Plc (the "Group"), the leading retailer and distributor of sport and athletic inspired fashion apparel, footwear and young fashion, today releases the following Interim Management Statement for the period to 19 November2011. In the announcement of the Group's interim results for the 26 week period to 30 July 2011 the Group reported an improvement in trading in the seven weeks to 17 September 2011 with gross like for like sales growth of 3.3% (Sports Fascias +2.5%; Fashion Fascias +7.4%) and net growth of 1.6% (Sports Fascias +1.0%; Fashion Fascias +5.0%). Since then, gross like for like sales growth for the second half has declined to a cumulative level of +0.2% (Sports Fascias -0.1%; Fashion Fascias +1.3%) for the sixteen weeks ended 19 November 2011, with a net decline of 1.5% after taking into account the impact of the increase in VAT to 20% (Sports Fascias -1.6%; Fashion Fascias -0.9%). Performance since 17 September has been impacted by the continuing downward pressures on all elements of discretionary consumer spending and the recent marked decline in consumer confidence. Despite experiencing adverse pressure on margins because of the trading environment, we continue to work hard to maintain them. Although we anticipate a tough Christmas trading period, our management and staff have a good track record for mobilising effectively through this key time of the year.

http://www.investegate.co.uk/Article.aspx?id=201111230700175867S

Martin Morgan, Chief Executive, said: "DMGT has delivered a solid set of results. Our international B2B companies have increased their revenues and profits* by 10% and 13% on an underlying# basis respectively. Our UK consumer businesses have been impacted by the weak advertising environment, particularly in the third quarter, and higher newsprint costs resulting in profits* down 20% for the year. Notwithstanding the challenging trading conditions, the underlying# revenues of Associated Newspapers were unchanged. Furthermore, Mail Online is now a global name in news and on course to become the world's biggest English language newspaper website. Whilst first quarter trading to date has been reasonable, we remain cautious about the medium term outlook, given continuing external uncertainties, particularly for UK advertising. Our strategy remains focused on innovation-led growth, talent development and improved operating effectiveness. We are a more focused and financially stronger Group today, which makes us confident that we can make real progress in 2012."

RESILIENT PERFORMANCE - Revenues up 1%, an underlying# increase of 3%; - Strong B2B performance with revenues up 8%, an underlying# increase of 10%; - Resilience at Associated; revenues down 2%, but stable on an underlying# basis; - Challenging year for Northcliffe; revenues down 10%; - Operating profit* of £286m, down 5%, but stable on an underlying# basis; - Underlying# operating margin* unchanged at 16%; - Profit* before tax of £237m, up 3%; - Active portfolio management: purchase of Ned Davis Research and sale of George Little Management, RMSI, Sanborn and shares in CoStar Group, Inc.; - Net debt reduced by £143 million to £719 million; net debt: EBITDA of 1.99 times; - Earnings per share* up 2% to 47.0p; full year dividend increased by 6% to 17.0p.

http://www.investegate.co.uk/Article.aspx?id=20111123070000PEB20

Proximagen's Chief Executive Officer, Kenneth Mulvany, said: "We are delighted by this agreement with Altacor, one of the UK's most respected ophthalmic specialty pharmaceutical companies, to progress the development of PRX00933 in a new indication. This deal is another example of the successful execution of Proximagen's strategy of retaining certain rights to programmes with the costs of development being funded by a partner. In this case we will be retaining rights for all indications of PRX00933 outside the field of ophthalmology." Fran Crawford, Chief Executive Officer of Altacor, added: "PRX00933 is a highly interesting molecule with the potential to deliver a novel complementary mechanism in the treatment of glaucoma. Altacor is excited to add this project to its expanding pipeline as it is synergistic with existing projects and can be fast tracked to the clinic. If the development programme fulfils its promise, this product will add significantly to the clinical armamentarium in the treatment of this increasingly common condition. This deal is a further step in building Altacor's presence in ophthalmology as a specialty pharma company with growing sales and a strong pipeline of development products."

Proximagen and Altacor sign Collaborative Research and Development Agreement for Proximagen's 5HT2c programme in Glaucoma London, UK, 23 November 2011 - Proximagen Group plc (AIM: PRX), the rapidly growing company with a principal focus on the treatment of disorders of the central nervous system, and Altacor Limited ("Altacor"), a specialty ophthalmic pharmaceutical company, today announce that they have signed a Collaborative Research and Development Agreement (the "Agreement"). Under the terms of the Agreement Altacor will undertake the research and development of PRX00933, the lead compound from Proximagen's 5HT2c programme, to treat glaucoma. Altacor also gains an option for exclusive global rights to ophthalmic indications with Proximagen retaining all rights outside of ophthalmology. The financial terms of the Agreement were not disclosed. Proximagen's 5HT2c programme was acquired as part of the purchase of Cambridge Biotechnology Limited by Proximagen from Swedish Orphan Biovitrum and includes the lead compound PRX00933. This compound is an agonist at the 5HT2c receptor and has the potential to treat obesity, diabetes, epilepsy, urinary incontinence, and psychiatric and ophthalmology disorders. The compound was initially developed as a targeted approach for controlling the brain's satiety centre and thus achieving weight control. PRX00933 has been dosed in over 480 subjects, was shown to be safe and well tolerated, and in a randomised, placebo controlled, double blind phase II study demonstrated significant weight reduction in patients. 5HT2c agonists have recently shown promise as a new treatment of glaucoma by reducing intraocular pressure in industry standard models of glaucoma, a chronic condition that results in progressive loss of vision and which is the second most common cause of blindness. Altacor and Proximagen will conduct a programme of collaborative research to develop PRX00933 in glaucoma and will use the existing clinical package to facilitate the development. Altacor has expertise in the development of glaucoma products and this new mechanism is complementary to its existing pipeline. The global ophthalmology market was worth over $12bn in 2008 (Datamonitor Stakeholder Opinion: Ophthalmology 2010) of which glaucoma represented the single biggest market with sales exceeding $5bn. Currently in excess of two million people are affected by glaucoma in the USA although many of these patients are poorly treated by existing therapies and thus new treatments are still needed.

http://www.investegate.co.uk/Article.aspx?id=201111230700185905S

Commenting on the results, Neil Carson, Chief Executive of Johnson Matthey said: "Johnson Matthey continued to perform well in the first half of 2011/12 with growth across all of the group's divisions and a 29% increase in underlying earnings per share. The short term prospects for the global economy are difficult to predict. Nonetheless we believe that Johnson Matthey is well placed and we currently anticipate that the group's results in the second half will be slightly ahead of those for the first six months of the year. Notwithstanding current macroeconomic uncertainties, the drivers for our business remain robust. In addition, we continue to increase our investment in research and development to position the group for longer term growth."

Business Overview · Environmental Technologies Division made further good progress with sales up 22% and underlying operating profit 19% ahead · Emission Control Technologies' sales grew by 22%, benefiting from good growth in its heavy duty diesel business · Sales in Process Technologies were up 26%. Davy Process Technology had an excellent start to the year and Intercat is performing ahead of our expectations · Precious Metal Products Division's sales increased by 9% as its Services businesses benefited from higher average precious metal prices and its Manufacturing businesses saw continued growth in demand · Fine Chemicals Division performed well with sales up 16% driven by increasing demand for its active pharmaceutical ingredients

Johnson Matthey continues to perform well: · Revenue up 29% to £5.9 billion · Sales excluding precious metals (sales) 17% ahead at £1.3 billion with good growth across all of the group's divisions · Underlying profit before tax and underlying earnings per share up 24% and 29% respectively · Return on invested capital (ROIC) increased to 21.3%, exceeding the group's long term target · Balance sheet remains strong with net debt (including the post tax pension deficit) / EBITDA of 1.4 times · Interim dividend up 20% to 15.0 pence

http://www.investegate.co.uk/Article.aspx?id=201111230700175903S

Nice work if you can get it - and PRV did !

Ben Stocks, CEO of Porvair plc commented: "This is a significant contract for Porvair, in a market that we have been developing steadily for several years. Depending on final configuration it will generate revenues of $10-15 million. We will start manufacturing early in 2012, with first deliveries due at the end of the year and subsequent deliveries stretching out through 2013. Order books across the business are currently healthy, and this work with POSCO will go some way to underpinning our order position over the next two years."

Significant Contract Win Porvair filtration technology selected for Posco Gwangyang gasification project Porvair plc ("Porvair" or "the Group"), the specialist filtration and environmental technology group, today announces that its Microfiltration division has signed an agreement with POSCO E&C to supply char filtration equipment to POSCO's Gwangyang, South Korean coal-to-substitute natural gas (SNG) project. The project, with POSCO E&C, a division of POSCO, one of the world's largest steel makers, will generate substantial revenues over the next three years for Porvair. The Gwangyang facility, once built, will produce 500,000 metric tons of pipeline quality SNG from the gasification of approximately 1.8 million tons of coal annually. The plant will use Porvair's design for its char filtration package to remove fly ash during the gasification process. Under the agreement, Porvair will supply all designs as well as filters and ancillary equipment. Porvair will become POSCO E&C's preferred supplier for future SNG facilities. Gasification is a fast growing industrial process, with 25% capacity growth between 2009 and 2011 (source: the Gasification Technologies Council 2011), almost all of which is in Asia and the Americas. Porvair has unmatched experience in the design and manufacture of hot gas (above 300° C) filtration systems for gasification processes, such as the process utilised at Gwangyang, and has considerable proven run-time over a period of more than ten years.

http://www.investegate.co.uk/Article.aspx?id=201111230700175865S