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F&C waves good bye to chief executive Date: Thursday 06 Oct 2011 LONDON (ShareCast) - Struggling investment company F&C Asset Management has announced its chief executive is leaving the firm. Alain Grisay's departure coincides with a 31% decline in the firm's share price since the beginning of 2011. F&C has given chairman Edward Bramson an executive role until a full time chief executive can be found. Commenting on Grisay's departure, Bramson said: "Alain has been with F&C for over 10 years, the last six of which he has served as Chief Executive. During this time Alain has led F&C to an independent stock market listing, achieved the successful acquisition of Thames River and steered the company through the most tumultuous period of market upheaval for 60 years. On behalf of the board I would like to thank Alain for his contribution during his years at F&C. He will leave with our best wishes for the future.” Shares in F&C rose nearly 3% in the morning session on the day the departure was announced.

Outlook Whilst we have made a good start to the financial year, our results for the full year will be dependent on trading in the second half of the financial year and, at this stage, we remain cautious given the uncertain macroeconomic environment. Our costs and commitments remain under control and, with our strong balance sheet, we will continue to invest in the long term development of the Ted Baker brand. We intend to make our next interim management statement, covering the period since the start of the second half of the financial year, in mid November.

Commenting, Ray Kelvin CBE, Founder and Chief Executive, said: "Ted Baker has delivered a strong performance during the first half of 2011 reflecting the continued investment in our brand and the strength and passion of our team. Our Autumn/Winter collections have been positively received and we look forward to opening our first stores in Tokyo and in Beijing early next year. We are also excited to announce that we have signed a lease for a store on the internationally renowned Fifth Avenue, New York to be opened in the middle of next year. As in previous years, results for the full year will be dependent on trading in the important second half and, at this stage, we remain understandably cautious given the uncertain economic environment, although believe that we are well placed to deal with the challenges ahead."

· Strong Group performance across all areas of our business · Retail sales up 13.0% on a 6.7% increase in average retail square footage o UK and European retail sales up 7.8% to £69.2m o US retail sales up 74.0% to $16.7m · Retail stores opened in Manchester (2), Paris and Hong Kong · Wholesale sales up 32.8% to £21.6m · Licence income up 5.5% to £3.1m

http://www.investegate.co.uk/Article.aspx?id=201110060700206597P

Philip Fellowes-Prynne, Chief Executive, commented: "During the first six months of the current financial year, we have continued to build on our strong performance in 2010/11 and have grown our forward order book to £1.5 billion. The support services market remains cost competitive as clients seek to drive more value from their front-line services and demand innovation from their outsourcing partners. As a market leader in delivering transformational essential services to 24 million people across the UK, May Gurney is well-placed in this challenging environment. Specifically, we see an increasing trend of clients looking to work together to deliver shared services across the public and regulated markets. Our long experience of collaborative working, together with our unique geographic footprint and integrated operational resources, means that we are well-placed to support this shift. May Gurney's first half performance, combined with our increased order book, new business wins, sales pipeline, and established market position, provide us with good long-term earnings visibility ".

Strong H1 trading: outlook for the full year ahead of current market expectations May Gurney, the support services company providing integrated essential maintenance and enhancement services to clients in the public and regulated markets, today reports on trading for the six months ended 30 September 2011. Trading in the first half has been strong. Our performance has been driven by an increase in highways maintenance on the back of new Government funding, activity in AMP5-related contracts and the successful integration of Turriff. In the first half, we have been named preferred bidder for two new long-term contracts. Bristol City Council's waste collection, street cleansing and winter maintenance contract is valued at around £96 million over seven years, with a potential seven-year extension and mobilises in November. Cheshire West and Chester Council's waste and recycling contract, is valued at up to £126 million for a fourteen-year period with the potential for a further seven year extension. We are pleased to report that Turriff has been fully integrated into May Gurney and, as planned, has provided us with access to the UK's £1.8 billion gas market as well as a platform to deliver growth in the Scottish market. Given this strong first-half performance, the Group expects to perform ahead of current market expectations for the year ending 31 March 2012. Our forward order book, which has increased to £1.5 billion (including framework agreements but excluding extensions), and our pipeline of sales opportunities, worth in excess of £4 billion, continue to provide us with good long-term earnings visibility.

http://www.investegate.co.uk/Article.aspx?id=201110050700145141P

Tough day here folks - hope it ends well for you Baby clothes retailer Mothercare (MTC) reported a 6.8% drop in UK like-for-like sales for the 27 weeks ended 1st October, year-on-year, with a 9.6% fall in the second quarter. The firm has seen a fall in confidence since the UK riots and trade on big ticket items was significantly reduced. The company now expects a materially worse performance in the second half of the year as conditions show little sign of improvement. The news that total group sales were up 4.9% failed to pacify investors and the shares crashed 119.9p to 190.1p.

In September, International Consolidated Airlines (IAG) measured a 4.3% increase in revenue passenger kilometres on the 2010 comparable period. The British Airways owner noted a 9.3% rise in premium traffic and 3.5% growth in non-premium. Separately, the company has bought six daily slop pairs at London Heathrow from British Midland International, as part of a plan to expand its long and short-haul networks. The shares flew 7.9p to 157.2p.

http://www.investegate.co.uk/Article.aspx?id=201110051501486289P

Peel Hunt maintained its "buy" recommendation for Telecom Plus (TEP), with an 850p target price. During its second quarter, the telecommunications and energy company achieved 10% growth in customer numbers on last year, with more customers taking multiple services, reports the broker. Peel adds that the group has significantly improved its balance sheet, with net cash of 5 million pounds, against a net debt position of 13 million pounds at the end of 2010. The shares grew 9p to 719p

Merchant Securities reiterated its "sell" recommendation for Thorntons (THT) after the confectioner issued a weak trading statement, with total sales down 7.6% year-on-year, for the 14 weeks ended 1st October. The broker notes that retailers are delaying their Christmas orders into the group's second quarter. Merchant believes that the group will face a difficult trading environment, having reduced the number of its own stores and increased competition over the winter period. Additionally the broker voices concern over the company's high level of gearing, with net debt standing at 24.5 million pounds. Thorntons shares melted by 2.5p to 43.5p.

makinhay - yes that July 2009 , 80p support level is now mighty close - I may well have a dabble if we reach it - if I have some recovery elsewhere and thus free up some cash !

Marston's (MARS) retained its "buy" rating from Panmure Gordon, with a target price of 130p. The pub group had a strong finish to the year says the broker, with like-for-like sales growth of 2.9% in managed pubs during the last 10 weeks. Panmure notes that the group has opened 19 new managed pubs, with one more to be completed in November, and a further 25 scheduled in the 2012 financial year. The shares dropped 5.75p to 84p.

Someone else plainly taking a positive view of the Arab Spring is Hikma Pharmaceuticals, which already has a strong position in the Middle East and North Africa, known by the acronym MENA, write the Tempus column in the Times. Last year the company bought an American maker of a range of injectable pharmaceuticals in a move that apparently lessened its dependence on the region. Now Hikma, which already manufactures under licence in Egypt, Tunisia and Algeria, is buying the ninth-biggest pharmaceuticals maker in Morocco. This is one of the more stable regimes; there is the prospect of introducing some of its existing range to a market where the Government has prioritised healthcare. It also may provide a springboard to expansion in to western Africa. We all hope the countries of North Africa develop economically and generate a prosperous middle class and a decent heathcare system. But there is no guarantee, while Hikma’s shares, on 15 times this year’s earnings, enjoy a high rating, writes the Times.

The story of Walker Greenbank's recent revival is a familiar one in the corporate world, according to the Investment Column in the Independent. Not only does the furnishings group operate at the luxury end of the market, which has been more resilient of late, but it is also benefiting from strong demand for its brands overseas, in the Russian, Japanese and Chinese markets. Its growing international reach helped Walker, which sells its products through department stores and licensees in more than 75 countries, boost pre-tax profits by 14 per cent to £2.35m for the six months to July. Revenues were up 11 per cent to £37.4m, with all four of its brands making a positive contribution. Overall, as the business celebrates its 150th birthday this year, we think its heritage brands have growth ahead of them, particularly overseas. And with its shares trading on a forward earnings multiple of just 6.1, we think the luxury group is worth a punt, says the Independent, who suggests to buy.

The fact that Hamworthy's shares were slightly higher despite the market rout last night tells you just how much City liked the marine engineer's latest acquisition, says the Investment Column in the Independent. The company, which makes fluid handling systems for the shipping, oil and gas and industrial sectors, said it was buying AW Flow, which makes specialist valves for the oil and gas industry. We bought in back in April, when Hamworthy was changing hands for around 524p. The subsequent months were positive, with stock rising as high 705p in July. But then they began giving way, even though Hamworthy issued a confident update alongside its annual meeting in July. Still, the company has not put out any warnings that would spark concern about its business. Adding to the attraction is the fact that, at around 16 times earnings on the estimates for next year, falling to around 12 times on the figures for the year after, the stock is affordable. We would keep backing ahead of what we expect to be another upswing in the shares. Buy, says the Independent.

Royal Dutch Shell will not honour contracts for gasoline and other products from its largest refinery after a fire forced it to close the Singapore-based plant. The fire affected only the diesel fuel unit but Shell had to close the plant, forcing a declaration of force majeure. It means the company does not have to honour agreements when it is affected by an incident beyond its ­control. , writes the Daily Express.

BTG hikes half-year sales guidance By Benjamin Chiou Date: Wednesday 05 Oct 2011 LONDON (ShareCast) - FTSE 250 specialist healthcare firm BTG revealed on Wednesday that its overall financial performance in the first half has been "well ahead of expectations", helped by its Licensing & Biotechnology division. The Licensing & Biotechnology business reported a strong performance, driven by the regulatory approvals for its ZYTIGA drug (a treatment for the treatment of men with metastatic castration-resistant prostate cancer) and a good showing by BeneFIX (used for the control and prevention of bleeding). Meanwhile, the Specialty Pharmaceuticals and Interventional Medicine businesses traded in line with expectations, which was helped by sales of DigiFab (digoxin toxicity treatment), a first season of sales of CroFab (snakebite antidote) and the acquisition of stent specialist Biocompatibles acquired in January for £177m. As a result, BTG now expects sales in the six months ended 30 September to total between £160m and £165m, significantly higher than the current consensus forecast of £139.6m. "We have had a strong financial performance in the first half of this year, boosted by first revenues from ZYTIGA™ and a strong contribution from BeneFIX®. Our strong performance also reflects the successful transition to selling our acute care products directly in the US, which in turn gives us confidence as we prepare to take over direct sales of the LC Bead™ in the US from January 2012," said chief executive officer Louise Makin.