Member Info for mulledwine

Net Borrowings Net borrowings at 30 September 2011 increased from 30 June 2011 by £4m to £32m, with operational cash performance in line with our expectations. The group's new £80m revolving banking facility became effective 27 July 2011 and expires on 27 July 2015. As at 30 September 2011 the group had available £41m of undrawn committed borrowings from the facility. The group remains in a sound financial position. Keith Attwood, Chief Executive, said: "The group has performed strongly in the first half. The changing order book profile reflects the anticipated change in the mix of our businesses. The broader macro economic environment remains of concern and there are some signs of softening demand. We continue to make good progress in executing our strategic plan. We are securing early orders for our industrial processing systems business and repositioning ourselves in the value chain for key applications such as space imaging and electronic counter measures. Our outlook for the full year remains unchanged."

Order Book Our total order book as at 30 September 2011 was £146m (30 September 2010 £167m), whilst our order book for delivery in the coming 12 months as at 30 September 2011 was £120m (30 September 2010 £147m). The reduction in the order book for delivery in the coming 12 months reflects a £7m reduction in the level of 'one-off' orders and the cycle of multiyear radiotherapy orders of £9m. We are also seeing a change in mix, as European defence activity (reduced by £2m) has been replaced with more commercial and industrial business with shorter order cycles

Period end update e2v technologies plc, the specialist provider of technology solutions for high performance systems, is today providing this period end update for the six months ended 30 September 2011. Current Year trading and outlook Group trading for the first half is expected to be in line with management's expectations and ahead of the comparable period in the previous year. Underlying revenue grew by over 16%, with reported revenue growth of 9%. The difference largely reflects one off revenues of £6m. The broader macro economic environment remains of concern and there are some signs of softening demand. We continue to make good progress in executing our strategic plan and our outlook for the full year remains unchanged.

http://www.investegate.co.uk/Article.aspx?id=201110130700130892Q

Altium downgrades Aegis Group from buy to hold, target price cut from 155p to 133p.

Jeffries Intl upgrades BTG from hold to buy, target price raised from 250p to 320p.

Numis initiates buy on Perform Group, target price 260p

Merchant initiates Shire as buy, target price 2364p.

Folks - it would seem 'not' was the answer as regards whether to buy ! - its not an easy game this!

Outlook It is still very early in the financial year and the Group traditionally has an order book of a little over one month's sales value. During the first quarter order intake has exceeded revenue and the Group has an order book of £31.9m at the end of September 2011. Due to current uncertainties surrounding the global economy, the Board is closely monitoring the Group's costs and future recruitment strategy. Despite near-term challenges caused by the economic environment, we remain focused on positioning the Group for further long-term growth.

Significant events and financial position We are reviewing our healthcare business and have refocused part of the activities to a smaller number of projects, with some resources diverted to our metrology business. The purchase of the Miskin premises, close to Cardiff in South Wales, was completed on 30th September 2011 and the Group also acquired premises for its Canadian and Italian subsidiaries. The aggregate cost of these acquisitions was £9.0m. The Group continues to have a strong balance sheet with net cash balances at 30th September 2011 of £29.3m (30th June 2011 £34.6m). I should like to thank our staff for their continuing efforts and support.

Interim management statement This statement has been prepared for the Group and relates to the three months ended 30th September 2011. It contains unaudited information that covers the first quarter and the period since. Trading activity Revenue for the three months to 30th September 2011 was £70.5m, an increase of 15.0% over the £61.3m for the first quarter of the previous year but below planned-for revenue. The previous year has been restated for the inclusion of Measurement Devices Limited from July 2010, which was initially accounted for as an associate company. Geographically, Europe reported growth of 26% over the comparable period last year and the Americas a growth of 21%. The Far East, an area of significant growth last year, showed revenue for this quarter at a similar level to the corresponding quarter last year. By market sector, we have seen a slowdown in one of our product lines sold to the electronics industries. Profit before tax for the first quarter amounted to £13.6m, compared with £15.1m last year. The Group has increased its cost base compared with the comparable period last year, mainly by the addition of personnel to support its growing revenue and production demands, and investment in its research and development programmes. Headcount at the end of September 2011 was 2,745, an increase of 70 from the start of the financial year at 1st July 2011 and an increase of 538 over the 2,207 personnel at 30th September 2010.

http://www.investegate.co.uk/Article.aspx?id=201110131105581203Q

Response to announcement by Piedmont The Independent Directors of the Board of Mitchells & Butlers plc (the "Company" or "Mitchells & Butlers") note the statement made by Piedmont Inc. that it will not proceed with its possible offer for the Company. Interim Chairman, Bob Ivell, said: "The Independent Directors have been consistent in their view that an offer of 230p would substantially undervalue the Company. We will continue to focus on our growth strategy for developing Mitchells & Butlers further as the UK's leading operator of restaurants and managed pubs creating value for all shareholders."

12 October 2011 Anglo American statement re. Codelco's announcement Anglo American notes the announcement made today by Codelco in relation to financing arrangements for the option it holds over a 49% shareholding in certain of Anglo American's copper assets in Chile, together known as "Anglo American Sur". Anglo American Sur comprises the Los Bronces and El Soldado copper mines and the Chagres copper smelter. The option dates back to 1978 and was inherited by Anglo American upon acquisition of the assets in 2002. The exercise window for the option is limited to the month of January every three years until 2027; the next such window is January 2012. Anglo American will consider the implications of Codelco's announcement.

Credit Suisse has reiterated its neutral stance on mining giant Anglo American, saying that if a large share of the Los Bronces project in Chile is sold, then the group could lose part of a “key growth pillar”. The broker says that it appears that Codelco could exercise its option to acquire a 49% non-controlling interest in Los Bronces, the open pit copper and molybdenum mine. “Questions over Anglo's growth policy and overall strategy will also likely arise, in our view.”

The chief executive of SSE has turned on the other 'Big Six' energy suppliers, accusing some rivals of "predatory pricing" that keeps out small competitors. Ian Marchant, who runs the £12.5bn utility company, pledged to stay away from loss-leading tariffs that mean long-term customers are subsidising new ones, says the Telegraph.

Good figures indeed considering present world economics

Commenting on the results, Kate Swann, Group Chief Executive said: "We have delivered a good performance across the Group, despite a challenging trading environment, with further profit growth from High Street and record profit in Travel. "We have seen another year of strong cash generation from both businesses and this is reflected in a 16% increase in the full year dividend and a further return of cash to shareholders. "The economic conditions remain challenging, however we have planned accordingly. We are a resilient business with a strong and consistent record of both profit growth and cash generation and have opportunities for growth in both the UK and internationally."

http://www.investegate.co.uk/Article.aspx?id=201110130700120872Q