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rading Update Renold, a leading international supplier of industrial chains and related power transmission products, is today issuing a trading update covering the half year ended 30 September 2011. Incremental revenues continue to deliver strong conversion to operating profit consistent with achieving the market forecasts of doubling our adjusted operating profit in the current financial year. The double digit growth rates noted when the full year results were announced in May 2011 have continued throughout the first half of the current financial year with underlying* sales 13% higher than the comparable period last year. Order intake exceeded sales during the period with the result that order books are 3% ahead of the same time last year. Forward order visibility for the third quarter is also ahead of the comparable period last year. Sales in the Chain division were 13% ahead of the comparable period in the prior year. Torque Transmission sales were 11% ahead with order books similarly increased. The major regions all saw double digit sales growth. Given the ongoing macro economic uncertainty in many of the world's major economies, the Group has accelerated a number of planned cost reduction initiatives. These actions will help to protect the full year result against unforeseen reductions in revenue growth in the second half. There have been no other significant changes in the position of the Company over the period since the publication of the full year results for the year ended 31 March 2011. The Group expects to announce its Interim Results on Tuesday 15 November 2011.

http://www.investegate.co.uk/Article.aspx?id=201110180918203612Q

CONT Sales over this year and next are expected to rise from last year's £768 million to £922 million even before the announcement of planning changes. Earnings, which were 29.7p last year, are estimated to rise 31% this year to 40p and by 32% next year to 52p. That puts the shares at 677.5p on forecast estimated price to earnings ratios of 17 times for this year (ending in three months time) falling to 13 times next year. The dividend yield is not large at an historic 1.5% but it has scope to grow strongly. I expect a helpful dividend yield of around 2% for next year (a year of more quantitative easing and suppressed interest rates) and that would be covered 3.8 times on these forecasts. At 677.5p a great value and recovery BUY. so reckons Robert Sutherland-Smith

Buy Bellway (BWY) at 677.5p I have chosen Bellway (BWY) as a share I tip from time to time. It is not the leader of the industry and could one day be a takeover target, though that is not part if the argument for buying the shares now. That is based on balance sheet value and prospects of recovery; now clearly enhanced to judge from the tone of the Conservative Party Conference. The share price is 677.5p and the assets at the last balance sheet date were worth nearly 1,150p. One hardly needs to add much more! But of course I shall. There was virtually no debt (only £100,000 to set against total assets of 1.4 billion) and there is no goodwill in this balance sheet. Last year to 31st July 2010 the dividend had been restored at a payout cost of £11 million but it was covered then by £36 million of operating cash flow. So the modest dividend looks well covered by means of payment with plenty of scope to increase as the operating cash grows. The last trading statement was issued on 5th August, covering the second half period up to 31st July. It was a story of progress and planning. Buildings completed were up 7.1% to 4,595 units. By selecting constructions carefully, the average price was increased 7.2% to £175,000. Operating margins were, we are told, set to rise from 6.7% to between, 8% to 9% for this year, reaching 10% sometime in this second half. Orders increased modestly by1.4%. There was net cash in the balance sheet of £3 million with borrowing facilities of £290 million having spent £250 million on land. The company says that it has plans to raise volume, operating margins and selling prices through well managed product mix. The government's own plans to open up the green belt fits well with is because green field sites as opposed to brown field sites incur less operating costs and good sites overlooking countryside close to cities command higher prices. The government's proposal for changing planning could have been written by the building industry and reportedly was. I do not see a massive raid on the green belt (not at the outset at any rate) because building companies on average have three years of land for development. But at this stage a little higher margin and green belt sales value and operating margins will do very nicely.

Amec, the energy services company, yesterday showed that while the corporate sector as a whole might be raising its drawbridges amid the very real prospect of a double dip recession, there is still life out there for investors. It has been appointed by BP to deliver engineering and project management services for the main platform design for Clair Ridge, the second phase of the giant Clair oil field, west of Shetland. We said buy at 891.5p last August. The shares are down on that, but in an energy hungry world, this is about as close to a safe bet as you get in today's markets. Buy, says the Independent.

The rise of subsidence claims in the South East in particular is not good for householders but, as one analyst pointed out yesterday, if warm summers and wet winters are the pattern for the future and the trend continues, this would be good news for Innovation Group. The company has just signed a deal to handle all subsidence claims to Royal Bank of Scotland’s insurance division, one of the market leaders. Innovation shares sell on a chunky 16 times this year’s earnings but should have further to run long-term, the Times says

Espirito Santo downgrades Kofax from buy to neutral, target price cut from 471p to 319p.

Espirito Santo downgrades SDL from neutral to buy, target price cut from 806p to 650p

Ok off to do some reading

ow & Bonar PLC ("the Group"), the international performance materials group, today publishes its interim management statement for the period since 31 May 2011. We are pleased to be able to report that the overall demand for our key products continues to be robust, and we expect that volumes will be ahead of the second half of last year, despite strong comparatives in that period. The Civil Engineering and Flooring markets have continued to perform well with the Transport segment continuing to benefit from a recovering trailer market. Demand in Building and Industrial markets remains subdued. Volumes of artificial grass yarn are running below prior year as this market, which represents 8% of Group sales, has been affected by funding shortages within the sports fields sector in both Europe and USA. Despite this, we still expect the Yarns business to at least break even this year. Overall raw material polymer prices have stabilised, albeit at a high level. We therefore continue to expect stronger operating margins in the second half, however increasing margins in some of the more price sensitive segments of our Technical Coated Fabrics division has been more challenging than anticipated. Our joint venture in Saudi Arabia with NATPET, Bonar Natpet, is progressing and construction of the production facility is due to commence shortly and it is expected to become operational before the end of next year. The joint venture, with its technological, marketing and raw material strength, is well positioned to take full advantage of the high growth geotextile markets in the Middle East and the Indian subcontinent. Our effective tax rate for the year is likely to be circa 25%, compared to 31% last year, principally as a result of successfully securing tax benefits in the Netherlands arising from new product developments. The rate includes an adjustment in respect of prior years relating to this benefit of 2%; the estimated rate for next year is around 27%. Overall we continue to expect that the Group will deliver another year of substantial progress and that profits will be in line with expectations.

ow & Bonar PLC ("the Group"), the international performance materials group, today publishes its interim management statement for the period since 31 May 2011. We are pleased to be able to report that the overall demand for our key products continues to be robust, and we expect that volumes will be ahead of the second half of last year, despite strong comparatives in that period. The Civil Engineering and Flooring markets have continued to perform well with the Transport segment continuing to benefit from a recovering trailer market. Demand in Building and Industrial markets remains subdued. Volumes of artificial grass yarn are running below prior year as this market, which represents 8% of Group sales, has been affected by funding shortages within the sports fields sector in both Europe and USA. Despite this, we still expect the Yarns business to at least break even this year. Overall raw material polymer prices have stabilised, albeit at a high level. We therefore continue to expect stronger operating margins in the second half, however increasing margins in some of the more price sensitive segments of our Technical Coated Fabrics division has been more challenging than anticipated. Our joint venture in Saudi Arabia with NATPET, Bonar Natpet, is progressing and construction of the production facility is due to commence shortly and it is expected to become operational before the end of next year. The joint venture, with its technological, marketing and raw material strength, is well positioned to take full advantage of the high growth geotextile markets in the Middle East and the Indian subcontinent. Our effective tax rate for the year is likely to be circa 25%, compared to 31% last year, principally as a result of successfully securing tax benefits in the Netherlands arising from new product developments. The rate includes an adjustment in respect of prior years relating to this benefit of 2%; the estimated rate for next year is around 27%. Overall we continue to expect that the Group will deliver another year of substantial progress and that profits will be in line with expectations.

This wasnt posted yesterday so I take the opportunity to do so now! http://www.investegate.co.uk/Article.aspx?id=201110170700102552Q

New one to me folks - will have a read - looks interesting though

Low & Bonar makes specialist meshes and other coverings for use in civil engineering projects such as coastal defences, and also the artificial grass used in sports grounds. As such, it cannot expect to be immune to macro-economic trends. But, for now, overall demand is “robust” and the group is confident of delivering another year of “substantial” progress. The shares now sell on about eight times’ earnings, which at least merits a hold, says the Times.

Severe Service acquisition IMI plc ("IMI"), the global engineering group, has acquired TH Jansen Armaturen GmbH ('THJ') a business specialising in severe service valves and related flow control products, for an enterprise value of €17.5m, including approximately €5.2m of assumed debt. The consideration was paid in cash on closing. Founded in Germany in 1903, THJ designs, manufactures and sells isolation valves for the Iron & Steel, Petrochemical, Water and Power industries. Like IMI's existing Severe Service businesses, THJ's products are typically custom engineered for specific, critical, severe service applications with significant ongoing aftermarket requirements. THJ has 120 employees and a 10,000 square metre manufacturing facility near Saarbrücken in Germany. In the calendar year 2010 THJ made EBITDA of €2.3m on revenues of €16.0m. THJ is highly complementary to and will be integrated with Zimmermann & Jansen ("Z&J"), which was acquired at the end of 2010. THJ will significantly enhance Z&J's capabilities as a leading global provider of custom engineered valve, actuation, and control solutions for critical in-plant processes in the Iron & Steel and Petrochemical sectors.

http://www.investegate.co.uk/Article.aspx?id=201110180700183339Q

Anthony Habgood, Chairman of Whitbread PLC said: "This is a good set of results demonstrating the strength of our brands in tough market conditions. The strong first half performances of our two main growth engines, Premier Inn and Costa, give us confidence to continue to expand the business. As indicated with our results in April, we are rebalancing our dividend payments to reflect our earnings profile better and, as a result, our interim payment is up 55.6% to 17.50p." Andy Harrison, Chief Executive of Whitbread PLC said: "Whitbread traded well in the first half with a 10.7% growth in sales and a 15.2% increase in underlying profits. Our strong brands, supported by customer driven commercial actions, are providing winning customer propositions. We are continuing to grow our business and this year we plan to open 4,000 new Premier Inn rooms and 14 new restaurants in the UK, together with 300 Costa stores worldwide. This is another step towards our five year growth milestones which will grow Premier Inn UK by almost 50% to 65,000 rooms and increase the Costa network by 75% to 3,500 stores worldwide, together with at least 3,000 Costa Express machines. We believe this expansion, supported by like for like sales growth, should create substantial shareholder value. Our overall first half sales performance is the best guide to the Group's underlying trading, although on a month by month basis trading continues to be variable in a challenging consumer environment. The first half performance puts us on track to deliver full year results in line with expectations."

Driving organic growth Focus on building strong brands · Premier Inn grew total sales by 10.6% and like for like sales3 by 5.2%. Like for like revpar grew by 4.4% to £44.49 with an increase in London of 11.4% and the provinces of 3.0% both benefitting from dynamic pricing · Costa grew system sales by 23.3% to £383.6 million, total reported sales by 26.3% and like for like sales by 6.7% helped by the success of its Ice Cold Costa campaign and international growth Investing in growth · Whitbread Hotels and Restaurants opened 12 new hotels, 1,408 rooms and five restaurants · Costa grew its store network opening 167 new stores including the 100th store in China and has just celebrated the opening of its 2,000th store worldwide · Costa Express is progressing well with 65 new units and 135 conversions · Around 2,500 new UK jobs to be created during the year On track to achieve five year growth milestones · 65,000 Premier Inn rooms · 3,500 Costa stores worldwide and £1.3 billion system sales · 3,000 Costa Express units

HITBREAD PLC RESULTS FOR THE SIX MONTHS ENDED 1ST SEPTEMBER 2011 WHITBREAD DELIVERS STRONG GROWTH Highlights · Total revenue up 10.7% to £891.3 million (2010/11: £805.4 million) · Group like for like sales up 3.3% in the half year · Underlying profit1 before tax up 15.2% to £174.9 million (2010/11: £151.8 million) · Group return on capital2 13.6% · Whitbread Hotels and Restaurants underlying profits up 8.5% to £167.1 million delivering a return on capital of 12.5% (2010/11: 12.1%) · Costa underlying profits up 41.8% to £27.8 million delivering a return on capital of 28.5% (2010/11: 35.6%) · Underlying diluted EPS up 17.8% to 72.20p (2010/11: 61.27p) · Interim dividend up 55.6% to 17.50p (2010/11: 11.25p) consistent with our stated intent to rebalance the first half dividend Statutory · Profit after tax and exceptional items for the half year up to £159.2 million (2010/11: £116.0 million) · Total basic EPS 90.79p (2010/11: 66.29p)

http://www.investegate.co.uk/Article.aspx?id=201110180700203373Q