Member Info for mulledwine

As you were at IMI Date: Thursday 06 Oct 2011 LONDON (ShareCast) - Global engineering group IMI, which is due to make a presentation to investment analysts on Thursday to showcase its use of a number of core fluids technologies across its businesses, said current trading is much as outlined in the group's August interim results announcement. At that time, the group's chairman, Norman Askew, said that although macroeconomic indicators had weakened, and the group was seeing some slow-down in industrial demand in Southern Europe and the UK, it had not seen any material change in underlying order trends since the end of June.

http://www.investegate.co.uk/Article.aspx?id=201110060700196592P

Merchant Securities initiates Shire as a buy, target price 2364p.

Outlook The trading environment remains challenging, with consumers' disposable incomes under pressure. We will continue to respond to this by offering our customers outstanding value through targeted promotional activity, supporting some of this investment through our continuing drive to improve business efficiencies. Looking further ahead to 2012 there are signs of an easing in the rate of commodity price inflation in some areas, with the notable exception of energy. Our investment and expansion programmes are on track and the financial position of the business is strong. We remain confident in the prospects for the Group and our expectations for the year are unchanged. Further, we continue to believe that Greggs is well placed to deliver long term profitable growth for the benefit of shareholders, employees and the wider community.

Sales Total sales grew by 5.4 per cent in the third quarter of our financial year (13 weeks to 1 October 2011), including like-for-like growth of 0.8 per cent. This compares with like-for-like sales growth of 0.4 per cent during the first half. As a result, for the 39 weeks ended 1 October 2011, total sales have grown by 4.6 per cent and like-for-like sales by 0.6 per cent. In a tough environment, we have increased our investment in promotional activity, offering a range of outstanding meal deals that help our customers to make their money go further. We continue to see good growth in breakfast sales including the roll out of Fairtrade coffee to all our shops. In addition, the launch of our new 'Superstar Doughnuts' has been extremely popular, with more than 1.4 million sold in the first five weeks.

GREGGS plc INTERIM MANAGEMENT STATEMENT Greggs is the leading bakery retailer in the UK, with over 1,500 retail outlets throughout the country, serving freshly baked products to six million customers each week RESILIENT PERFORMANCE · Third quarter total sales up 5.4%, like-for-like sales up 0.8% · Year to date total sales up 4.6%, like-for-like sales up 0.6% · Net 53 new shops opened year to date; on track for record 80 net new openings · Two new bakeries operational following £21m investment

http://www.investegate.co.uk/Article.aspx?id=201110060700156547P

Exane BNP initiates Admiral Group as underperform, target price 1212p.

http://www.investegate.co.uk/Article.aspx?id=201110060700116371P

In-line with its strategy of increasing its exposure to the African markets, global media communications group WPP (WPP) has agreed to acquire a majority stake in South African consultancy, Arcay Communications. For the period to 31st March 2011 the target reported revenues of 15.6 million South African rands (1.2 million pounds), with gross assets of 8.7 million rand (0.68 million pounds). WPP shares lifted 23.5p to 612.5p

Spectris (SXS) kept is "buy" rating from Singer Capital, with a 1,900p target price. The purchase of US based Sixnet will strengthen the precision instrument supplier's industrial controls division says the broker, and will build on the previous acquisition of Omega in August. Singer calculates that the takeover could add around 2% to Spectris' sales and operating profit in 2012. The broker's earnings forecasts put the group on an earnings multiple of 9.8 times for 2011 falling to 8.1 times in 2012, a 15% discount to the sector averages of 10.7 times and 9.6 times respectively. The shares rose 49p to 1,149p.

Halfords (HFD) retained its "hold" rating from Panmure Gordon, but with a reduced target price of 300p, from 400p. The bicycle and auto-repair company expects to report pre-tax profits between 53 million pounds and 55 million pounds for the first half of the year, significantly below the broker's expectations, as bicycle sales have slowed since the first quarter. Panmure believes this performance will continue into the second half and has therefore lowered its full year pre-tax profit forecast by 6 million pounds to 94 million pounds. Shares in Halfords gained 23p to 303p.

Merchant Securities initiated coverage of Shire (SHP) with a "buy" recommendation and 2,364p target price. The broker says that the pharmaceutical company's acquisition of Advanced BioHealing has given it access to the regenerative medicine market, providing a complementary asset to its small molecules and rare diseases businesses. Merchant adds that the company is outperforming the sector and has the potential for significant earnings growth. Shire shares jumped 51p to 1,999p.

Societe Generale initiates sell on Devro, target price 215p

Societe Generale initiates buy on Britvic, target price 375p.

Societe Generale initiates sell on Dairy Crest Group, target price 315p

Numis downgrades Axis-Shield from add to hold, target price cut from 535p to 470p.

Financial position Net borrowings were lower than at the previous quarter end and in line with the 31 March 2011 level. The Group is in a sound financial position, with committed, unsecured facilities of £100 million which provide generous headroom going forward. Shortly before the period end the Company started a limited programme to repurchase 60,000 ordinary shares, to be held in treasury, to satisfy outstanding share option awards. Outlook With experienced management at all levels of the Group, a strong range of products, a well invested asset base and a robust financial position, the Board remains confident in the continued long term success and development of the business.

First half performance The market was updated in July with details of the first quarter's trading and as a consequence profit expectations for the current year were rebased. Trading since then has been as anticipated and includes the benefit of increased sales, both in the UK and overseas markets. Pig meat products continue to gain an increased share of the UK retail protein market, as evidenced by recent market data. In fact, there has been an acceleration in this gain in recent months. Both the versatility and the low relative price of pork to other proteins are key to this positive trend. The growing popularity of pork products has been a contributory factor in the increase in sales at Cranswick. Underlying sales volume growth in the first quarter was 3 per cent and in the second quarter was 7 per cent. The average volume growth across the six months was 5 per cent. Export sales grew strongly, with growth particularly strong in Far Eastern markets. Initial inroads were also made into the US market following the Hull fresh pork facility receiving USDA accreditation in April 2011. Underlying turnover in the six months to 30 September 2011 was 6 per cent ahead of the same period last year, reflecting an increase in the rate of growth during the second quarter. Total sales for the six months were 3 per cent higher after taking into account business transferred to Farmers Boy Deeside in July 2010. Following the recent substantial capital expenditure programme at the Group's primary processing plant in Hull it has been encouraging to see record production volumes achieved by this part of the business in recent weeks. Other notable features during the first half have been the growth in sales of pastry products, the development of the customer profile for the range of continental food products, further increases in sausage, ham and bacon volumes compared to a year ago and the achievement of sandwich listings with two major grocery retailers. During the period, the extension of the Group's air dried bacon facility at Sherburn-in-Elmet, near Leeds, was fully commissioned. This project was the final phase of a significant capital investment programme which has delivered a substantial uplift in capacity across the Group's fresh pork, sausage and bacon operations, together with increased operational efficiencies.

http://www.investegate.co.uk/Article.aspx?id=201110060700126446P