Member Info for mulledwine

Marks & Spencer returned to France for the first time in 10 years ­yesterday, looking to defy eurozone fears and ramp up growth in Western Europe. The retailer, which abandoned France in 2001 to turn around its then ailing UK business, has launched a French-language website offering more than 10,000 products in its clothing and homeware ranges to shoppers in the mainland, Corsica and Monaco, according to the Daily Express.

Geoff Cooper, Chief Executive, commented: "We continue to take market share against a tough market backdrop, confirming the sustainable strength of our organic growth strategy. Our positive merchanting and BSS performance is balancing the effect of a challenging consumer environment for our retail business''. Our outlook for 2012 remains unchanged from that outlined in July.

CONT In Wickes, delivered turnover for the 39 week trading period to 1 October was up 1.2% with like-for-like delivered sales down by 0.5%. Core product like-for-like sales, representing some 80% of turnover, increased by 2.7%. Kitchen and bathroom ("K&B") delivered sales were down 12.4%, reflecting continued weakening consumer confidence for major purchases. For the last thirteen weeks total (core plus K&B) like-for-like delivered sales were down 2%. The 13 Ex-Focus stores acquired earlier in the year are now all trading as Wickes stores with the final 2 sites having opened on 1 October. Total turnover for BSS for the first nine months of 2011 was up by 3.1%; like-for-like turnover per trading day was up 2.3 %. Like-for-like turnover per trading day for the three months to 30 September increased by 2.6%. Gross margins achieved in the third quarter are in line with the performance of the first six months, slightly ahead of last year in BSS and the retail division and slightly lower in merchanting. Our synergy programme arising from the acquisition of BSS remains on course to deliver the £15m of benefits for 2011 as we previously outlined, with the overall target remaining £25m by the end of next year. We have also made good progress on our BSS systems integration in the period. With our continuing focus on cash generation, net debt has reduced in the three months to 30 September, benefiting from the £27m sale of Buck and Hickman. We are on track for our net debt target of £600m at the year end. There has been no material change to the financial condition of the business.

Interim Management Statement - Trading in line with expectations Travis Perkins, the leading UK builders' merchant and DIY retailer, today issues this Interim Management Statement. Figures below are for the third quarter to the end of September 2011. Including BSS in 2010 on a proforma basis, Group turnover for the nine months to the end of September, which included 1 less trading day in our merchanting and BSS divisions than for the comparable period in 2010, was up 5.9%. Overall turnover without this proforma adjustment was ahead by 53.4%. The non-BSS revenue gains continue to be driven by relatively high product inflation and our own market outperformance. Whilst the market continues to be in slight decline, our organic development strategy has yielded further gains in like-for-like market share in both our merchanting and retail divisions. In addition, we added a further 32 branches before taking account of the sale of 29 Buck and Hickman branches in the third quarter of this year, bringing the total number trading to 1,841. For the first nine months of 2011 total turnover in our merchanting division was up 11.4%, representing an increase in like-for-like turnover per trading day of 9.6%. Like-for-like turnover per trading day for the third quarter increased by 7.7%. General merchanting total turnover was up 10.0% for the nine months, with like-for-like turnover per trading day up 9.2%, whilst our specialist merchanting business saw total turnover increase 13.8 % with like-for-like turnover per trading day up by 10.3%.

http://www.investegate.co.uk/Article.aspx?id=201110120700170021Q

Outlook It is expected that the exceptional non-cash write offs which have been a feature of recent Group results have now been completed. This, together with the imminent completion of the first of the three legacy contracts which have significantly held back the profitability of the Group and with average selling prices continuing to increase, will result in an early return to profitability for ATH. The new site at Netherton is now in full production and is producing coal at expected volumes and quality whilst work has begun at a new site at Duncanziemere with production due to commence in the first quarter of the new financial year. Muir Dean has recently secured a new extension and Glenmuckloch continues production in line with management expectations. The end of the second legacy contract in March 2013 should see a further significant lift in earnings with a commensurate step change in the Group's profitability.

Coal reserve update In line with expectations, production this year will exceed new sites entering the planning system and therefore year end proved and probable reserves will be lower at 7.9 million tonnes (2010: 8.6 million tonnes). During the next 12 months it is expected that new applications totalling around 2 million tonnes will enter the planning system. Carbon Reduction Commitment ("CRC") Scheme The Board remains of the view that the electricity consumption of its 12 kilometre conveyor should be exempt from the CRC Scheme. However, the Government is challenging the Group's decision not to opt into the Scheme and a hearing to clarify the situation is expected towards the end of the current calendar year. The potential impact to the Group if it fails to win exemption from the CRC Scheme would be an increase in its costs by a further £1.4 million per annum for each of the three years from April 2011.

Current Trading Sales volumes in the second half of the year of 960,000 tonnes were significantly higher than the six months to March 2011 (706,000 tonnes). Average sales prices for the year increased by around 15% to over £50 per tonne (2010: £43.68 per tonne) and trading profits before exceptional items, but including the costs of the unsuccessful takeover talks, will be close to market expectations. Costs have increased significantly during the year, with expenditure on gas oil and tyres some £6 million higher than in the same period last year. The Board now believes that there is little likelihood that the current level of these costs will reduce in the foreseeable future and has therefore increased the provision for the future restoration of its sites by an additional £1.6 million. This additional exceptional item will increase the loss before tax indicated at the half year. The Group's cash position has been managed well, with year end debt levels reduced by some £3 million. Additionally, the Group has renegotiated its bank facilities with its existing lenders to extend the life of these facilities whilst also providing greater flexibility. However, given the continued impact of the legacy contracts and the significant increase in costs, particularly in gas oil, the Board does not anticipate reinstating the dividend payment at this time. It will however review the position at the time of next year's interim results.

http://www.investegate.co.uk/Article.aspx?id=201110120700170023Q

Very impressive

Jens Montanana, Chief Executive of Datatec, commented: "These are very good results given the current environment. Despite the difficult economic conditions around the world, we have been able to grow revenues and improve margins in all divisions. "In this economic climate many customers and suppliers are increasingly seeking to do business with large well capitalised multi-national companies. This is directly benefiting the Group as our businesses are gaining market share in many of the markets and geographies in which we operate. "Gross margins and profits are up significantly as we continue to benefit from operating leverage and an improving business mix. Based on current trading conditions and exchange rates, our forecast for the full year remains unchanged. "We are pleased to be paying our first interim capital distribution, which will result in a total of $125 million (approximately R1 billion) having been distributed to shareholders since 2006, reflecting the stability of the Group's performance."

Strong financial performance drives EBITDA up 46% Datatec Limited ("Datatec" or the "Group", JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its unaudited interim results for the six months ended 31 August 2011. FINANCIAL HIGHLIGHTS · Group revenue up 14% to $2,44 billion (H1 FY11: $2,13 billion) · Overall gross margin expanded to 14,1% (H1 FY11: 13,2%) · EBITDA up 46% to $85,4 million (H1 FY11: $58,5 million) · Underlying* earnings per share up 38% to 21,8 US cents (H1 FY11: 15,8 US cents) · First interim capital distribution per share of 7 US cents · Total capital distributions since 2006 of $125 million (approximately R1 billion) *Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition related financial instruments and unrealised foreign exchange movements. OPERATIONAL HIGHLIGHTS · Benefitting from business diversification, international scale and market share gains · Continuing strong financial performance and operational leverage · Improved business mix and growing annuity income stream · Earnings increase at more than twice revenue growth rate

http://www.investegate.co.uk/Article.aspx?id=201110120700190048Q

Croda supplies chemicals used in the agriculture and consumer care materials, notes the Scotsman. Its products are used in high-value face creams and in some high-growth healthcare markets, allowing it to share in the growth its cosmetics customers, like Estee Lauder, are seeing in China. As a group, Croda comprises many units focusing on specialty niches, rather than being a bulk or integrated chemicals business. Indeed, its management argues it should not be viewed as a single £1 billion-turnover business but instead as a group of hundreds of small entrepreneurial enterprises. Croda has proved adept at strengthening relationships with customers, focusing on product development rather than just price. Croda reported a 30 per cent rise in profits and is increasing prices to pass on higher costs of raw materials. The paper recommends to buy.

The main drivers for the RWS business are macro-economic trends, and the level of innovations coming through that clients such as Porsche and Huawei, the Chinese telecoms group, want to protect, says the Tempus column in the Times. Now the company is moving further along the production chain by buying the New York-based inovia, which provides the logistics to allow corporates to take a patent granted in one territory and register it in other countries by putting them in touch with patent lawyers. The deal is cautiously structured, with $5.8 million (£3.7 million) up front for a third and a maximum of $25.4 million for the rest heavily tied to future revenues and earnings. The deal makes sense and, those analysts say, could increase pre-tax profits by 15 per cent once it is bedded in. The shares are on about 16 times this year’s earnings. A positive trading statement today could spark some interest, but that rating looks about right for now, the paper says.

When it comes to mergers and acquisitions Ladbrokes is starting to look a bit like the Grand Old Duke of York; the bookmaker marches its way to the top of the hill then marches back down again, according to the Investment Column in the Independent. First it was 888 Holdings and more recently Sportingbet. Now management has a job on its hands; shares have not exactly been singing and investors must be convinced that the company has a solid strategy in place, particularly given the relative health of its chief rival, William Hill. That said, the forthcoming third-quarter results should look reasonably good, with fixed-odds betting terminals still filling the coffers (notwithstanding increases in VAT and duty) and sporting results looking favourable. In February we said hold at 139.5p. Take the price fall as a buying opportunity, recommends the paper

Cadogan Petroleum Plc ("Cadogan" or "the Company") Operational Update Cadogan announces the following update on the ongoing drilling and well testing program on the Pokrovska and Zagoryanska gas fields in eastern Ukraine. The Pokrovska 1 well was deepened to 5,762.5 meters into the Lower Visean V26 interval where logging of the V26 indicated it to be water bearing. As a result the zone was plugged off to enable testing of the overlying V24/V25 interval, which log data indicates is gas bearing. The equipment required to undertake a full well test on Pokrovska 1 will be moved into location during October in order to comprehensively evaluate the V24/V25 interval. The Saipem drilling rig has been moved on to the Pokrovska 2a location, where drilling is planned to commence this month. The primary objective for this well is the Upper Visean section in a different part of the Pokrovska licence. On the Zagoryanska licence, a work over rig has completed the intervention program at the Zagoryanska 1 well and is now being moved to the Zagoryanska 2 well location to carry out further work over operations. At Zagoryanska 1, testing of the secondary target V23/V24 proved to be non-productive. The well was recompleted in the primary V18/V19 target and perforated. A coiled tubing unit is being mobilised to Zagoryanska 1 to continue the testing program on the V18/V19 interval. This interval is currently producing at the Zagoryanska 3 well, located about 800 meters from Zagoryanska 1. An extensive work over and testing program on the other wells on the Zagoryanska license will continue into 2012. In addition, the work program includes a new well, Zagoryanska 9, which is targeted at the upper and lower Visean section.

http://www.investegate.co.uk/Article.aspx?id=201110120700139799P

INFRASTRUCTURE Construction of tailings dam No. 3 is complete and the dam has been commissioned. Construction of tailings dam No. 4 has commenced with topsoil removal complete, clay removal 25% complete and construction of the rock embankment 12% complete. Open pit waste is being used to construct the tailings dam No. 4 embankment which will reduce mining operating costs, minimise land disturbance and decrease the long term rehabilitation liability of the business. The design of this impoundment raise has been completed in accordance with the revised waste management strategy. This will eliminate the need for ongoing construction once tailings dam No.4 and the tailings dam complex raise is complete. The expansion of the engineering workshops is well advanced with completion scheduled for December 2011. Tim Daffern, Chief Executive Officer of Hambledon, commented today: “The Q3 results mark a pleasing return to more regular operating performance levels. We are continually striving to enhance the efficiency of our business. The decision to advance the removal of open pit material in order to optimise the performance of the open pit is essentially complete, with a commensurate reduction in operating costs per ounce in quarter three. Over the next quarter, we look forward to updating shareholders with further results from our underground drill campaign and progress of the main transport decline and preparatory works associated with extraction of ores from the underground ore bodies.’’

OPEN PIT AND PROCESSING OPERATIONS The extraction of excess open pit waste material is nearing completion. During the quarter ended 30 September 2011, the Sekisovskoye mining operation averaged 450,000t of material movement each month, totalling 1.368Mt. This increase of 35%, compares with the 1.015Mt excavated in Q3 2010. Substantial improvements to the operations have been achieved over the past six months and once the excessive waste quantities have been removed, the mining operations at Sekisovskoye will be well placed for 2012. The focus on waste extraction during July meant that less ore was mined. As a result, a significant proportion of ore from the low grade stockpile was treated, resulting in the exceptionally low overall gold grade in that month. In August and September, more regular mining activities resumed so that less ore from the low grade stockpile was treated, resulting in an improved grade of feed to the process plant. The process plant treated 216,491 tonnes of material and produced a total of 6,026 ounces of gold and 10,887 ounces of silver. UNDERGROUND The decline access to the underground deposit advanced according to plan during the quarter with no safety incidents. The development of the underground project remains on target for extraction commencing in Q4 2011. Two separate underground tunnels were completed to provide drill chamber access for the ore zones. DRILLING As part of Hambledon’s 25,000m drill programme, the results from some forty-seven holes have been announced, totalling approximately 8,000 metres. The drill results released to date have been above expectations. There has been an expansion of resources from all ore zones, notably from Ore Body 11 which will be the first zone to be mined. The next set of drill results will be announced shortly.