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Morgan Stanley dowgrades Johnson Matthey from equal weight to underweight, target price cut from 1950p to 1650p

Morgan Stanley downgrades Victrex from equal weight to underweight, target price cut from 1590p to 1250p

Panmure Gordon maintained its "buy" recommendation for office fit out group Interior Services Group (ISG), with a target price of 220p. However, the broker has lowered its forecasts as the company continues to face difficult market conditions, including the loss of a European contract. 2012 pre tax profits are now expected to be 12 million pounds, against a previous 13 million pounds. Panmure expects Interior Services to maintain its dividend policy, with a 3% increase to 15.5p, rising to 16p in 2013.

Swallowfield (SWL) retained its "buy" rating from Merchant Securities, with a target price of 140p. The beauty product manufacturer reported pre-tax profit growth of 13% to 1.3 million pounds for the year ended 30th June, and the broker believes the scheduled new product launches will offset the expected weaker demand in the UK. Merchant also notes that the group's net asset value stands at 118p per share and the equity offers a good yield of 5.5%

Financials APIS reported a pre-tax profit for the full-year ended 31st December 2010 of £0.72 million, up slightly from £0.69 million a year earlier, on revenue 16% ahead at £1.51 million. On the balance sheet there was no debt, current assets exceeded current liabilities by £0.94 million and net assets came in at £1.01 million. For the year ended 31st December 2010, ICP delivered turnover of £1.52 million (2009: £1.54 million) – of which clients representing in excess of 75% of this have committed their cover for a three year period - and pre-tax profits of £1.32 million (2009: £1.33 million). On the balance sheet, there was no debt, with net assets at £4.88 million. While revenue and profits for the current year are expected to be lower than the comparable period a year earlier at APIS - due to investment in personnel and infrastructure - they are in-line with expectations. It is expected that the profile of admission will lead to the opportunity to win new clients. Assessment Both businesses in the group are highly efficient, only taking a few members of staff to run them. As such they are also highly profitable, delivering excellent margins. On a historical basis the two firms made combined net profits of around £1.83 million in 2010, thus, at the current market cap the earnings multiple is just 6.25 times. For a business with a solid balance sheet, extra funding from the IPO and a clear growth strategy that looks like a good price to us. Buy.

Background Allanfield Group (ALF) was admitted to trading on AIM on 18th August after raising approximately £1.2 million in a placing (£0.5 million net), as it attempts to raise its profile, drive organic growth and enable the expansion of the business through strategic acquisitions. With the shares at 67.5p the specialist real estate insurance broker is capitalised at £11.42 million. Operations The group brings together two specialist commercial real estate insurance brokers, APIS and ICP, which focus on managing the insurance needs of large, international property portfolios. The small team delivers a tailored, professional service founded on a deep understanding of commercial real estate markets developed over many years. APIS, which was established in 2007 by Gary Field together with Timothy Allan and Rold Allan of Allan Properties, operates a loyalty scheme that offers prominent potential stakeholder investors (with control over significant real estate portfolios and related insurance premiums) equity participation in a vehicle in return for committing to place insurance through the group. The APIS business model is based on having fewer large clients, with minimum premiums in excess of £100,000, supported by industry recognised technology and retaining clients through good service management. ICP, which was originally a subsidiary of Lee Baron, a major property management company, offers both UK and European insurance coverage to its predominantly high premium clients. The group has invested in industry recognised insurance broking software and it is anticipated that ICP’s data will be transferred to the group’s systems as soon as possible after completion of the acquisition.

Allanfield Group (ALF) a buy at 67.5p A report from the IPO experts at AllNewIssues.com

Surely a blue day for red on the back of these figures

Current trading Revenues for July and August 2011 are up 51% on the corresponding period in 2010 with strong active player levels and improved player yields. The Board continues to be watchful of the general economic environment but looks forward to a successful and exciting second half. Ed Ware, CEO commented: "The excellent performance in the first half of 2011 is particularly pleasing as it builds on a very strong trading year in 2010. The 32Red brand continues to flourish and increased player activity is testament to our superb customer retention, which in turn is driven by the continued excellent levels of service and entertainment provided to our players. Recruitment of new players remains strong and the launch of a new series of 32Red television advertisements allied with additional exposure from our Swansea football sponsorship will aim further to increase our market share during the second half of the year. Further to our victory over William Hill in the High Court, the judgment which was handed down in January firmly establishes our intellectual property rights and has enabled us to recover infringing domains unconditionally from other operators. The underlying growth in the business has continued into July and August with revenues up 51% on the corresponding period in 2010. We will continue to focus the 32Red brand in the UK and are encouraged by the progress a number of European countries have made towards creating their own regulatory frameworks.''

Key points: · Record H1 Revenues, up 42% on H1 2010 and up 89% on H1 2009 · 156% increase in EBITDA before share options and exceptional items · High Court victory in trade mark dispute with William Hill · Successful action taken against numerous other infringing operators · Inaugural Final 2010 Dividend of 0.5p approved and paid in May 2011 · Inaugural Interim 2011 Dividend of 0.5p declared today · Current trading remains very strong Key performance indicators · Active casino customers in first 6 months: 21,745 up 12% on H1 2010 · Casino player yield £438, up 27% on H1 2010 · New Casino players 13,901, up 13% on H1 2010 · Casino cost per acquisition (''CPA''): £118 (H1 2010: £86, FY 2010: £119)

http://www.investegate.co.uk/Article.aspx?id=201109080700078385N

RagTag - I too like this share - been in and out a couple of times although becuase I am committed elsewhere I am presently out of here - however there must be positive mileage to be gained from the present SP level - surely !

I couldnt agree more with the CEO re the mortgage situation - its not so much that building is lagging etc its the fact they have no demand to build becuase people are struggling to get mortgages - if the Banks etc sorted this out then demand for new houses would rise sharply and thus the fortunes of the Industry

Steve Morgan, Chairman of Redrow, said: "Redrow has delivered another robust performance improving both revenue and profitability, in spite of the difficulties facing the homebuilding industry. Through decisive management action, particularly the introduction of the New Heritage Collection, we have been able to increase average selling prices and margins by changing mix and keeping costs under control. The outlook for the industry remains challenging due to the lack of mortgages, particularly for first time buyers. With five new jobs being created for every new home built, it is strongly in our country's interest to resolve the mortgage issue, which would once again enable the housing industry to provide urgently needed new homes and a major stimulus to the economy. Redrow has demonstrated over the last two years that we have been able to grow the business substantially by changing Group strategy. The nature of our land acquisitions over recent times will continue to drive the average selling price in an upwards direction. Other than a marked deterioration in the general economy and the housing market in particular, I feel confident that Redrow will make further progress during the current year."

Operational highlights · New Heritage Collection 36% of private turnover for year as a whole; H2 increased to 41% representing over 50% of reservations by value · New Heritage ASP up 11% to £201,000 · Full-year land bank of 11,190 plots, with forward land bank at just over 22,000 plots · New London Division established with five sites secured (342 plots and gross development value of approximately £200m) · Disposal of Scottish business completed · Year end private order book increased (excluding Scotland) by 17% to £114m

Financial highlights · Revenues up 14% to £452.7m · Average selling prices of private homes (87.5% of completions) up 12.5% to £174,100 (2010: £154,800) · Legal completions increased to 2,626 from 2,587 · Gross margin rose to 14.2% (2010: 10.5%) on changes to mix and tight control of build costs · Operating profit increased 146% to £31.2m, generating an operating margin of 6.9% (2010: 3.2%) in spite of significant investment and additional overhead of our new London Division · Pre-tax profit rose to £25.3m (2010: £0.7m) with adjusted EPS (excluding the impact of deferred tax rate change) of 6.0p (2010: 0.2p) · Balance sheet remains robust. Net debt increased during the year to £75.4m (2010: £47.1m) with gearing increasing to 16% (2010: 11%); increase due to investment in London and land bank · No dividend declared for full year in line with stated policy · Current trading in line with expectations

http://www.investegate.co.uk/Article.aspx?id=201109080700088400N

Canaccord Genuity upgrades Salamander Energy from hold to buy, target price raised from 249p to 305p.

Berenberg initiates buy on WPP Group, target price 740p

Citigroup upgrades Cable and Wireless Communications from hold to buy, target price raised from 42p to 50p.