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Seymour Pierce maintains its "buy" recommendation for Surgical Innovations (SUN) amid a strong period of growth which has seen products across the board perform well and margins improve significantly. The broker feels Surgical Innovation has developed an enviable position in a fast-growing market, and a one year price-to-earnings ratio of 20x makes it an attractive mid tech company

Brewin Dolphin upgraded its stance on RSM Tenon (TNO) from "add" to "buy" with a price target of 34p, as final results came in at 27.1 million pounds, 5% ahead of the broker's expectation. In addition, net debt was slightly lower than had been predicted. Despite difficult trading conditions, and a reduction in the group's final dividend from 1.6p to 0.55p, Brewin feels the 2012 price-to-earnings ratio of 4.4 more than factors this in.

Ian Cheshire, Group Chief Executive, said: "We have delivered very strong profit growth in what are difficult times for all retailers. With around two thirds of our profit coming from outside the UK, these results clearly show the value of geographic spread and the benefits of operating our market leading international businesses in a more unified way. We delivered improvements right across the group including excellent sales and profit growth in France. Our concerted efforts over the last few years to strengthen our balance sheet are paying off dividends, reducing our financing costs and creating the flexibility to take opportunities as they arise, such as our purchase of 29 great new sites for B&Q from the administrators of Focus DIY. We continued to progress with our successful 'Delivering Value' programme and work is well under way as we continue our transition to the next phase of our self-help growth plan, called 'Creating the Leader'. "Looking ahead, economic uncertainty throughout Europe is likely to impact consumer confidence, meaning conditions will remain challenging for retailers. However, our plans already assumed little help from our markets and I am confident we will continue to outperform, benefiting from our well-established programme of self-help initiatives, international scale and breadth, and robust balance sheet."

Highlights (in constant currencies): · Self-help initiatives drove strong growth in each of the three main operating divisions in challenging consumer markets: o French retail profits up 23.9% to £201 million driven by excellent sales growth (+4.5% LFL) and continuing margin initiatives o UK & Ireland retail profits up 6.1% to £182 million benefiting from ongoing sourcing and cost initiatives. B&Q profit grew 4.5% despite the one off adverse impact of the Focus DIY stock clearance activity ahead of its closure. Screwfix profits up 25.3%, expansion to be accelerated in H2 o Other International retail profits up 24.7% to £90 million driven by good profit growth in Poland, Spain, Turkey and Germany and lower losses in Russia and China · Proactive use of balance sheet strength and flexibility: o Invested £175 million developing our capabilities and growing our footprint o Acquired 29 ex-Focus DIY stores for conversion to the B&Q format (£24 million) o Bought the freehold in two existing leased B&Q stores and a new distribution centre (£64 million, saving £5 million of annual rent) o 42 million Kingfisher shares purchased by employee share trust to match existing share incentive schemes, avoiding dilution of shareholder interests when the schemes mature (£117 million) · Interim dividend up 28.3%, automatically calculated as a fixed percentage of the prior year's total dividend in line with stated policy

http://www.investegate.co.uk/Article.aspx?id=201109150700222701O

Commenting on the Group's performance, Chief Executive Thierry Falque-Pierrotin said, "The start of the year has been tough against the strong World Cup comparatives of last year and weakening market conditions. Nevertheless, the implementation of our strategic actions helped to deliver increased gross margin, further progress on our cross channel web strategy and market share gains in France, Belgium and Turkey. "We will continue to implement our strategy of growing a cross channel, service led, specialist model, adapting our plans to meet an increasingly challenging market environment, while maintaining focus on the strength of our cash generation and balance sheet."

Kesa Electricals' First Quarter Interim Management Statement Kesa Electricals plc today announces an interim management statement for the period 1 May 2011 to date. Financial information is for the period from 1 May 2011 to 31 July 2011, based on unaudited management accounts. · In weakening market conditions and against the strong comparatives in the prior year, total revenue down by 9.8% and by 9.9% on a like-for-like basis · Strong market share gains in France, Belgium and Turkey · Group gross margin up 40 basis points · Continued successful progress of our cross channel web-generated sales strategy with strong double-digit increases at Darty France, the Other established and Developing businesses · Comet turnaround plan underway while continuing to examine other strategic alternatives

http://www.investegate.co.uk/Article.aspx?id=201109150700202681O

He may know how to take down the Daleks and the Cybermen but will Doctor Who be able to save Character Group – which makes toys of the BBC1 hero – from a Europe-wide sovereign debt crisis? The company, which also makes Bob the Builder and Peppa Pig toys, said it would meet results expectations and added the directors were pleased with the distribution of the brands for Christmas and the spring. Nonetheless, in a bid to protect itself, the company is tightening its stock control, which will protect profitability and cash flow, although it will not maximise potential sales. These measures, its stable of brands and the forward earnings multiple of under seven times make this one to buy, according to the Independent.

People are shopping more carefully and wasting less meat. This is good news generally, but not so good for Hilton Food Group. First-half sales for this supplier of Tesco and supermarkets on the Continent were up 10.3 per cent, but 6 per cent came from food price inflation and 2% from favourable currency movements. Only 2.3% was a genuine rise in volumes sold and this came from countries such as Sweden. The outturn in the UK was flat. For this year, the shares sell on about 11.5 times’ earnings, which does not suggest an immediate reason to buy, says the Times.

BNP Paribas upgrades BSkyB from neutral to outperform, target price raised from 720p to 830p

http://www.investegate.co.uk/Article.aspx?id=201109141100112188O

wobbs - I am very tempted - been in here a couple of times but not just now - however Im tied up elsewhere - not so sure that their equipment or procedures will be much different to other Companies when searching for a 'hit' - I suspect it may be the interpretation of the results or just plain unlucky that results dont match expectations - their day will come - obviously its world economics that are equally responsible for surpressing SP just now - I will be in soon if it drops to 200 or indeed if I see the tides turning then I will also be in to take the rise here that will accompany sentiment returning - I may miss the bottom but there will be plenty of scope for some profit. GL

RBS upgrades Salamander Energy from hold to buy

Toledo Mining Corporation plc ("Toledo" or the "Company") (AIM:TMC) Berong Update Toledo is pleased to announce that on Tuesday 12th September, the MV Vinalines Queen sailed for China with 53,600 wet metric tonnes ("wmt") of nickel ore thereby completing the first shipment of high grade, 1.8% nickel grade material from the Berong mine. This shipment provisionally generates approximately US$3,500,000 for Berong Nickel Corporation ("BNC"), in which Toledo has a 56.1% economic interest. The shipment was sold to Shaanxi Energy Metals & Minerals Resources Co. Ltd on a spot basis taking advantage of the current high spot prices for nickel ore. The price of $65 per wet metric tonne is $10 to $20 per tonne higher than BNC has been offered recently for one to two year supply contracts. Whilst it remains BNC's intention to tie up longer term supply arrangements, it is considered prudent to benefit from current spot prices ahead of the closure of the shipping window. Also on Tuesday, a ship arrived to load the third and final shipment from the original, lower grade, stockpiled ore after which BNC is targeting, subject to sea conditions, to make a further 2-3 shipments of 1.8% material before this year's shipping window closes in October. As detailed in our Annual Report, Toledo and its JV Partners in BNC developed a plan to mine 1.8% nickel consistent with the growing demand by ferro nickel producers, particularly in China, for this ore type. To date, BNC has produced 207,163 wmt of 1.8% nickel grade ore. In some of the areas being mined for this higher grade material, more saprolite ore has been found at depth than previously recorded in calculating the JORC compliant resource. This has benefited mining costs. It is not possible to know if this experience will be repeated as mining moves to other areas but it is consistent with the results of last year's drilling programme in selected areas within the existing mine site.

http://www.investegate.co.uk/Article.aspx?id=20110914120000H6463

Highlights: · Petra will assume management (including production, revenues and cashflow) at the mine with immediate effect. · Finsch is one of the world's major diamond mines and is expected to more than double Petra's annual production (steady state), contributing ca. 1.5 million carats per annum ("Mctpa") to Group production, rising to nearly 2 Mctpa by FY 2018. The addition of Finsch to Petra's portfolio accelerates the Group's exceptional growth profile - it is expected that Group production (including Finsch) will increase to ca. 4 Mctpa by the 2014 financial year ("FY") and to over 5 Mctpa by FY 2019. · The addition of Finsch's major reserves and resources base of 43.3 million carats ("Mcts"), including 25.8 Mcts in the reserve category, has increased the gross Group reserves and resources to over 300 Mcts, with a gross attributable in-situ value of ca. US$56 billion¹. · Petra has expanded its diamond marketing team to manage the increased carat production and tender activity - in FY 2012 Finsch is expected to add ca. 125,000 carats per month to Petra's output after an initial three month bedding down period, adding at least 1 Mcts for the financial year. · Finsch is expected to be immediately accretive to NAV and operating cashflow per share in FY 2012. Petra has a proven track record of extracting value from similar acquisitions, with a plan to mirror the successful strategy (including its block caving expertise) applied at Cullinan. · The purchase consideration of R1.425 billion has been funded from Petra's US$ treasury account following the successful equity placing in January 2011 which raised ca. US$325 million. As at 21 January 2011, when the transaction was announced, an exchange rate of R6.8:US$1 was applied. The final US$ acquisition consideration of US$192 million equates to an exchange rate of R7.4:US$1. · Finsch adds an eighth producing mine to the Group, consolidating Petra's position as London's largest quoted diamond mining group and providing a strong platform for the Company's proposed move to the Main Market of the London Stock Exchange.

http://www.investegate.co.uk/Article.aspx?id=201109141130042239O

Peel Hunt initiates buy on MP Evans Group, target price 500p

Societe Generale downgrades Segro from buy to sell, target price cut from 320p to 220p