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Panmure Gordon initiates buy on LSL Property Services, target price 287p

14th September 2011 Analyst: Philip Morrish Email: philip.morrish@gecr.co.uk Tel: 0207 562 3371 Avesco Group - Good 9-month Results and Favourable Outlook. Re-iterate Target Price of 235p and Recommendation of Strong Buy

Commenting on the results, Greg Fitzgerald, Chief Executive, said: "We exceeded our profit expectations during the year as growth in housebuilding accelerated in the second half, testimony to our strategic focus on southern England. We also maintained a higher than anticipated margin in construction. As a result we enter the final year of our three year transformational expansion plan for housebuilding in a strong position to deliver on the objectives we set for 2012 and to drive further growth thereafter."

http://www.investegate.co.uk/Article.aspx?id=201109140700081766O

House building and construction group Galliford Try exceeded its profit expectations last year after putting on a spurt in the second half. Underlying profit before tax rose 34% to £35.1m from £26.1m the year before, on revenue that climbed 5% to £1,284m from £1,222m.

Michael Kingshott, Chairman, comments: "Taking on the property at 22 Long Acre in Covent Garden has been a huge success for the group. This centre will be at least 80% occupied by November and will contribute positively to the group's profit within 12 months of opening. It has allowed us to demonstrate our skill at transforming office buildings into attractive business centres and the rates being achieved for work stations within the centre demonstrate that we are delivering the right product to the market. "Whilst Covent Garden has been a key focus in this period we have also had a number of other achievements including the two management contracts with BT and taking on additional space at Hanover Square. Going into the second half of the year we are in discussions with a number of landlords and look forward to being able to announce more positive news soon."

Interim Results for the six months ended 30 June 2011 and change of adviser Serviced Office Group plc ("the Group") is an AIM-listed provider of flexible office space, which now operates from 22 business centres, predominantly in the London area HIGHLIGHTS · Revenue up by 25% to £5.7 million (2010: £4.6 million). · Number of work stations increased by 21% to 5,327 (30 June 2010: 4,420). · Net assets per share of 3.70p (2010: 3.00p). · Results for the half year dominated by costs of acquiring and developing new flagship Covent Garden property, which has had a significant short-term negative impact. · Operating profit of £259,000 (2010: £414,000). Excluding Covent Garden the Group generated an operating profit of £1,046,000 (2010: £414,000). · Covent Garden expected to contribute positively to the Group's results within 12 months of opening. · Group average occupancy as at 30 June 2011 of 73% (2010: 74%). This includes Covent Garden which is now at 63% but is contracted to be 80% by November.

http://www.investegate.co.uk/Article.aspx?id=201109140700081757O

Chairman, Charlie Mayfield, said trading conditions were set to remain challenging for the rest of the year and into 2012. But he added that in the last six weeks, Partnership gross sales were 7.4% higher than last year, while Waitrose gross sales had increased by 10.0% (3.9% like-for-like) and John Lewis gross sales were 3.2% higher than last year. "There are huge changes taking place in the way people shop as a result of technology reaching every part of our lives, and there is an ever greater demand for convenience and value," he said. "We are not simply waiting for the recovery, but instead we have increased the pace of investment and innovation across the Partnership putting us in the best possible position to seize the opportunity created by a rapidly changing retail environment."

Profits slump at John Lewis By Michael Millar Date: Wednesday 14 Sep 2011 LONDON (ShareCast) - High street bellwether John Lewis reported a sharp drop in profits after six months of "extremely challenging trading conditions". Across the group, first-half pre-tax profits fell by 18% to £90.4m. The Partnership, which is owned by its 76,500 staff, reported a 55% fall in operating profits at its department stores to £15.8m, despite a 1% increase in like-for-like sales in the six months to 30 July. It said its "never knowingly undersold" promise had meant heavy discounting to match rivals. Investment in new stores also hit profits. The Waitrose supermarket arm reported sales up 8.7% to £2.6bn, but profits dropped by 13.8% to £110.2m, with the firm saying it had absorbed the majority of inflation within its prices. However, it said compared to last year, 300,000 more customers shopped at Waitrose each week and its market share had increased by 0.2% to 4.1%.

http://www.investegate.co.uk/Article.aspx?id=201104260700093992F

Numis downgrades Mitchells & Butlers from buy to hold, target price cut from 350p to 250p.

Commenting on the results, Chris Macdonald, CEO, said: "This has been another year of significant growth for the Group. We remain well-positioned to take advantage of industry change, notably the implementation of the Retail Distribution Review ('RDR'), and continue to see a number of opportunities to increase our presence in the marketplace. "Our aim is to continue to grow our discretionary funds under management, through organic investment, acquiring investment management teams, expanding our regional presence, and developing our product and service offering."

Business Highlights - 36% growth in discretionary FUM driven by growth in distribution, capacity, strategic alliances and investment capability - 'Free cash' of £13m supports continuing organic investment and acquisitions - Acquisition of Braemar and launch of new funds business - 67% increase in dividend reflecting the Group's strong dividend cover

http://www.investegate.co.uk/Article.aspx?id=201109140700091780O

Exane BNP Paribas downgrades Land Securities Group from outperform to neutral, target price cut from 840p to 770p.

u4987 - Aprreciate your insight - thanks

Charles Stanley downgrades Braemar Shipping from add to hold, target price cut from 535p to 363p.

Brewin Dolphin upgrades Abcam from reduce to hold, target price 355p.

HSBC upgrades Go-Ahead Group from underweight to neutral, target price raised from 1375p to 1420p.