Member Info for mulledwine

Tim Martin, chairman of J D Wetherspoon plc, said: "I am pleased to report a year of further progress for the company, with record sales and operating profit, although profit before tax was lower than last year as a result of higher interest charges. The biggest danger to the pub industry is the tax disparity between supermarkets and pubs, creating a serious and unsustainable competitive disadvantage. In addition, our pubs pay far higher VAT than those of our nearest neighbours, Ireland and France, as well as having the second highest rates of excise duty on beer and wine in Europe. The well documented increases in areas such as utilities and bar and food supplies, combined with ongoing pressure on consumers income continue to make this a tough trading environment. Nonetheless, given our resilient sales, profit and cash flow, together with the potential to open further new pubs, the board is aiming for a reasonable outcome in the current financial year."

Record sales and operating profit FINANCIAL HIGHLIGHTS = Revenue £1,072.0m (2010: £996.3m) +7.6% = Like-for-like sales = Free cash flow per share 59.7p (2010: 52.9p) +2.1% +12.9% Before exceptional items: = Operating profit before exceptional items £102.3m (2010: £100.0m) = Profit before tax and exceptional items £66.8m (2010: £71.0m) = Earnings per share before exceptional items 35.3p (2010: 36.0p) = Operating margin before exceptional items 9.5% (2010: 10.0%) +2.3% -5.9% -1.9% -0.5% After exceptional Items: = Operating profit after exceptional items £96.9m (2010: £89.5m) = Profit before tax after exceptional items £61.4m (2010: £60.5m) = Basic earnings per share after exceptional items 35.4p (2010: 30.2p) +8.3% +1.5% +17.2% = Operating margin after exceptional items 9.0% (2010: 9.0%) 0.0%

http://www.investegate.co.uk/Article.aspx?id=201109090700049296N

http://www.investegate.co.uk/Article.aspx?id=201109090700059301N

"We are pleased with the preliminary results of this first ever deepwater well offshore French Guiana," said Dave Lawrence, Shells executive vice president Exploration and Commercial. "We are early in the evaluation, but the initial results are encouraging for this new play. The joint venture will continue to drill ahead, evaluate the well results, and determine next steps." Shell acquired an initial equity interest of 33% in the joint venture in 2009 and increased its equity interest to 45% in 2010, subject to government approval. The joint venture is currently operated by Tullow (27.5%) with additional equity interest held by Total (25%) and Northpet (2.5%), a company owned 50% by Northern Petroleum plc and 50% by Wessex Exploration plc.

SHELL CONFIRMS DEEPWATER OIL DISCOVERY OFFSHORE FRENCH GUIANA 9 September 2011 As part of the Tullow-operated joint venture, Shell today confirms an oil discovery in the Guyane Maritime permit approximately 150-kilometers offshore French Guiana. The GM-ES-1 well is being drilled in a water depth of over 2,000 meters and to date has drilled to a depth of 5,711 meters. The well has encountered over 70-meters of net oil pay in two objectives. The joint venture plans to drill ahead to the planned target depth.

http://www.investegate.co.uk/Article.aspx?id=20110909070606P2B88

GGG's off-market takeover offer for Auzex Resources Limited - information required in accordance with ASX Listing Rule 3.4.1 Further to the announcement dated 26 August 2011, GGG Resources plc's (GGG) original off-market takeover offer for all of the ordinary shares in Auzex Resources Limited (Auzex) (the Offer) closed at 5.00pm (Perth time) on 5 September 2011. This has no effect on the all share merger between GGG and Auzex announced on 30 August 2011. The conditions set out in section 1.10(a) of Annexure A of the bidder's statement issued to Auzex security holders in relation to the Offer were not fulfilled, and GGG did not declare the Offer free from those conditions during the offer period. Accordingly, all contracts resulting from the acceptance of the Offer are void.

http://www.investegate.co.uk/Article.aspx?id=201109090700079258N

Sean Nutley, Chief Executive of Silverdell, said "These projects demonstrate the successful progression of our strategy to broaden our service offering across the full suite of Specialist Environmental Support Services, and build strong relationships with large clients in both the private and public sectors. "In addition to the contracts outlined today we are actively tendering for, and hopeful of winning, large contracts in the energy, education and nuclear sectors. "Allied with organic growth, the recent acquisitions of consultancy businesses AH Allen and RDS are further complementing our service offering, and helping us to drive forward our ambition to be a larger and more diversified scale player."

Contracts Update Silverdell plc ("Silverdell"), the Specialist Environmental Support Services group, is pleased to announce the award of new waste remediation and asbestos management contracts in the aviation, housing and municipal sectors. The Company has been appointed by Cambridge County Council to the Cambridge MTC Framework. Silverdell will carry out various remediation and consultancy projects in schools and other public buildings. The Framework contract, which encompasses a number of providers, is to last three years with an approximate value of £900,000, with an option to extend by a further 12 months. Silverdell is also pleased to update the market on the following existing contracts in progress. The £600,000 contract for an asbestos removal project at a major airport in the South of England is now 50% complete. The company is currently engaged in tendering for other projects in the airports sector. Silverdell has now completed on its year-long Crossrail project, which is worth in excess of £1m and which involved refurbishment works carried in out in relation to the project at Moorgate. The Company has also just entered the final stages in its project at the Magnox North Chapelcross nuclear power plant in Scotland, which is due for completion in 2012. The contract, which has an overall value of £25m, is to remove more than 3,300 tonnes of asbestos hazard at the power plant, which is being decommissioned. Further, Silverdell is now completing on a £1.2m construction project in the South of England for a large client in the defence sector.

http://www.investegate.co.uk/Article.aspx?id=201109090700079234N

Merchant Securities reiterated is "sell" recommendation for furnishing group Carpetright (CPR) after its AGM statement failed to provide any new information. Market conditions remain weak and with poor consumer confidence the broker believes that the stock remains overvalued. Merchant's forecast earnings put the company on a 2012 earnings multiple of 34.8 times, as low housing transactions will lower the need for refurbishment

Kingfisher (KGF) kept its "buy" rating from Panmure Gordon, with a 350p target price. The broker expects the home improvement retailer to announce strong profit growth in its interim statement next week, with first half sales growth of 2.9% and pre-tax profits rising by 14% to 409 million pounds. The group has expanded in France and improved its gross margin and cash generation in all markets, notes Panmure. With a strong balance sheet and cash on hand, the broker anticipates further international expansion and the prospect of share buybacks or special dividends

Matrix - apologies - I have not been back in here for months - no not presently invested but on one of my various watch lists.

Legal and accountancy software firm Tikit (TIK) remains a "buy" for Singer Capital Markets, with a 295p target price. With adjusted pre-tax profits of 2 million pounds for the six months to June beating the broker's forecast of 1.7 million pounds, Singer believes that this shows the group's resilience and strong management. Additionally, the broker is encouraged by the company focusing more on developing its own software, rather than relying on third party technology, which is expected to develop organically and through acquisition.

James Menzies, Chief Executive, Salamander Energy, said: "We are delighted to secure a very substantial area of prospective acreage surrounding our Bualuang operations. Block G4/50 has been of growing interest to Salamander as our geological and subsurface understanding of the immediate play has developed. The region remains under-explored to date and we are looking forward to implementing our work programme, starting with an extensive 3D seismic campaign of over 2,900 sq. km on G4/50 in the fourth quarter of this year."

Farm-in to G4/50, Gulf of Thailand Salamander Energy plc announces that its fully owned subsidiary, Salamander Energy (Bualuang) Ltd has agreed to farm-in to Block G4/50 in the Gulf of Thailand, earning equity in the acreage from Mitsui Oil Exploration Co Ltd ("MOECO"). Following the completion of the transaction, Salamander will hold a 100% working interest in and operatorship of the acreage, while MOECO will retain certain commercial options in the case of a future discovery. Block G4/50 is located in the western Gulf of Thailand and surrounds the Company's B8/38 licence that contains the Bualuang oil field and Bualuang East Terrace oil discovery. The farm-in is subject to Thai government and regulatory approval. Key Points: · G4/50, at over 11,650 sq km, is one of the largest blocks of prospective acreage offshore Thailand. The block surrounds the Salamander-operated B8/38 licence in the western Gulf of Thailand · It consolidates Salamander's acreage position in an area where it has extensive operating experience and geological knowledge · Major programme of 3D seismic in 2H 2011 will be followed by a multiple well exploration programme · As part of the farm-in agreement MOECO will retain certain commercial options in the case of a future discovery · Exploration expenditures incurred in G4/50 are deductible against tax payable on production revenue from the Bualuang oil field in B8/38

http://www.investegate.co.uk/Article.aspx?id=201109090700069198N

Russell Clements, Chief Executive Officer, commented: "Seen in the context of strengthening comparatives and the fact that macroeconomic sentiment deteriorated over the quarter, the Group delivered a positive performance. "We feel that the Group's resources are appropriate, both in terms of scale and the markets in which they are deployed. Our current deal pipeline reflects a healthy level of demand in most of our markets but we remain mindful of the state of the broader economic backdrop as we enter our final and traditionally, most important quarter. "Our business remains highly cash generative, allowing us to continue to invest in the Group's excellent medium term potential and to maintain our robust attitude towards dividends."