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Superglass in capital restructuring talks 05/09/2011 Ben Jaglom Glass fibre insulation manufacturer Superglass Holdings (SPGH) has warned that it will need a capital restructuring. In a trading update for the year to August, the fully-listed notes that 'product mix, market weakness and cost pressures' have affected margins and that as a result profits for 2010-11 will emerge 'slightly reduced' from an earlier update in June. Year end net debt stood at £17.7 million. On its banking covenants Superglass says it is in 'constructive discussions' with its banker Clydesdale Bank and that as a result it has deferred until 31 October the capital repayment due on 31 August . The company indicates there has also been a waiver of the requirement to test to financial covenants due on 31 August 2011. Superglass declares it has 'been pursuing the options for a capital restructuring' and has reached agreement on terms for addressing the debt part of the restructuring. This will include converting a proportion of its debt into convertible shares, with the restructuring likely to involve a 'substantial equity issue'. This April Growth Company Investor recommended avoiding the shares at 17.75p and they have lost 65 per cent since, currently trading at 7p. With further woes caused by its financial difficulties a distinct possibility we see little reason to invest at the current price. We therefore reiterate our avoid rating.

Citigroup downgrades Kesa Electricals from hold to sell, target price cut from 140p to 90p

Rudolf van Megen, Chief Executive Officer of SQS, commented, "In line with our stated strategy, we have continued to invest in our Managed Services business. This has been a considerable success with Managed Services revenues now accounting for 19% of total sales, up from 11% at the end of 2010. In addition, we have contracted a further €35 million of Managed Services orders in the year to date resulting in significantly improved revenue visibility. "Although investments made in staff during the first half resulted in increased costs, these consultants are fully billable in the third quarter and are expected to continue to be so going forward, resulting in improved margins. However, given the outlook for the global economy we prudently forecast revenues to remain flat in the second half and consequently expect profits to be at the lower end of expectations."

Operational Highlights: · A period of growth and continued investment into Managed Services · Gross margin of "mature" Managed Services contracts now at 36.9% of revenue · Hired and fully trained an additional 260 new consultancy staff during the period resulting in a billable staff net increase of 137 o Total staff numbers of 2,032 at period end (31 December 2010: 1,875) o Off/Nearshore staff equal to 37% of total consultancy staff at 30 June 2011 (31 Dec 2010: 37%) · Rapid growth in Managed Services representing 19% of total revenues (FY 2010: 11%) with order intake of €35 million in the year to date · Average billed days per consultant of 187 (H1 2010: 186 billed days) · Average managed services contract length of 2.5 years further improving visibility · 163 new clients signed up during the period (H1 2010: 91) including numerous blue-chip clients · Operations established in France and expanded in US

Results for the six months ended 30 June 2011 SQS Software Quality Systems AG (AIM: SQS.L), the world's largest pure play supplier of independent software testing and quality management services, today announces its results for the six months ended 30 June 2011 (the "period"). Financial Highlights: · Turnover increased by 29% to €95.3 million (H1 2010: €73.9 million), o testing services market as a whole is forecasted to grow 6.5% in 2011 (Source: PAC market study) · Gross profit up by 27% to €28.6 million (H1 2010: €22.6 million) · Gross profit margin of 30% (H1 2010: 30.5%) · Adjusted* PBT up by 20% to €2.8 million (H1 2010: €2.4 million) · Adjusted* EPS up by 50% to €0.09 per share (H1 2010: €0.06 per share) · Net debt as at 30 June 2011 was €13.8 million (30 June 2010: net debt of €6.2 million) reflecting increased receivables due to business growth and the payment of the FY 2010 dividend

Outstanding

Ashtead's chief executive, Geoff Drabble, commented: "Our end construction markets continue to behave in line with our expectations and now appear to be broadly flattening after two years of significant decline. Against this backdrop, the 21% rental revenue and 67% profit growth achieved at Sunbelt show that we are clearly benefitting from the ongoing structural change in the US rental market. Sunbelt has also now delivered 15 consecutive months of year on year rental revenue growth. These structural trends are likely to continue with further increases in rental penetration and Sunbelt's market share expected. Together with our ongoing improvement in both yield and operational efficiency, these trends resulted in a very strong quarter with pre-tax profits of £34m. August's US rental revenues continued this pattern with growth of 25%. As a result, the Board now anticipates a full year result substantially ahead of its previous expectations."

Highlights · Q1 pre-tax profits1 of £34m up 211% at constant exchange rates - More than the £31m earned in the full year ended April 2011 · Sunbelt's rental revenue up 21% driven by continuing strength in both fleet on rent and yield · Sunbelt's operating profit margin increases to 20% (2010: 15%) with RoI of 10% (2010: 6%) · A-Plant's rental revenue rises 12% · No debt maturities until 2016 · Board now anticipates a full year result substantially ahead of its previous expectations

http://www.investegate.co.uk/Article.aspx?id=201109060700116702N

HIGHLIGHTS: · Net Profit of $3.9 million (first half of 2010: $1.3 million Net Loss); · Revenue increased by 52% to $17.1 million (first half of 2010: $11.3 million); · Gross profit increased by 138% to $7.4 million (first half of 2010: $3.1 million); · Average gross production increased 15% at 244,040 barrels of oil ("bbls") (first half of 2010: 212,692 bbls); · As a result of the successful workover programme of the Tilodiran 2 and 3 wells within the Colombian Rio Verde contract, gross production for the month of June 2011 increased 86% to 68,317 bbls (month of June 2010: 36,642 bbls); · Average cash netback per barrel sold of $61 (first half of 2010: $43); · Tax credit of $1.2 million reflected in the income statement as a result of realised tax losses reported to the Colombian tax authorities and also due to favorable fluctuations in the peso-dollar exchange rate; · Capital expenditures of $3.3 million, predominantly related to the successful workover programme of the Tilodiran 2 and 3 wells and improved surface handling facilities; · Debt repayments of $1.3 million, funded out of cash flow from operations and cash available; and · Purchase and cancellation of $0.6 million in variable coupon convertible notes due 2012 plus all accrued interest in consideration for the issue of 317,000 ordinary shares of 1p each.

Quite an upbeat RNS - might not be too long before this turns a corner

John Talbot, Executive Chairman of Johnson Service Group, commented: "These are strong results, especially given the difficult market conditions. We have increased revenue and profit, significantly reduced net debt and are therefore recommending a 22% increase to our interim dividend. Our Textile Rental division has had a strong first half year and has seen a return to growth from its existing customer base. Whilst the cost pressures of the first half are likely to continue, we remain confident of a satisfactory second half performance. The Drycleaning division performed well in a challenging consumer environment. We have made considerable investment in the business, underpinning the Board's confidence in the division for the future. SGP is starting to benefit from the investment that has been made in people and infrastructure over the last two years. I anticipate that new contract wins and the mobilisation of those already signed will result in continuing growth in revenue and profitability in this division. The overall financial position of the Group has continued to improve and we are confident that the Group will perform well in the second half."

Interim Results For The Half Year Ended 30 June 2011 Johnson Service Group PLC, the textile services and facilities management (FM) Group announces its interim results for the half year ended 30 June 2011. OPERATIONAL HIGHLIGHTS · All Divisions traded well in challenging market conditions, with each Division reporting an increase in adjusted operating profit · Adjusted operating profit increased to £8.4 million (H1 2010: £8.0 million)* · Increased adjusted profit before tax of £6.5 million (H1 2010: £6.2 million)* · Adjusted fully diluted earnings per share of 1.8 pence (H1 2010: 1.8 pence)* · Net debt reduced to £51.0 million (31 December 2010: £59.5 million) · Pension deficit reduced to £3.2 million (31 December 2010: £11.2 million) · 22% increase in interim dividend to 0.33p (H1 2010: 0.27p)

http://www.investegate.co.uk/Article.aspx?id=201109060700106684N

http://www.stockmarketwire.com/article/4215835/Genus-profits-jump.html

Ronald Vadas, President of Meggitt Training Systems commented: "This contract award reflects ten years supporting the ADF's training vision with innovative training and simulation systems. They will continue to be backed up by our highly experienced trainers-mostly ex-service personnel-who know how to maximise the skills, knowledge and behaviours needed for success on the modern battlefield."

Multi-million dollar operations and maintenance contract for virtual training Meggitt, a leading international company specialising in components and sub-systems for aerospace, defence and energy markets announces that Meggitt Training Systems has won an AUD$29M (USD$30.8M) contract with the Australian Defence Force (ADF) to operate and maintain the primary small and supporting arms simulation training centres known as WTSS (Weapon Training Simulation System) facilities. Created to train soldiers, sailors and airmen in the rules of engagement, judgment, marksmanship and indirect fire, the WTSS programme, which includes Indirect Fire Forward Air Control (I-FACT™) and Indirect Fire Training (IFT) systems, is provided exclusively by Meggitt Training Systems. It builds on a decade of supply to the ADF of systems, weapons, software, courseware, systems operation, maintenance and site management. Overall, Meggitt has a significant profile in Australia, with an estimated 90% share of the market in dismounted virtual weapons training. The operations and maintenance contract, running from July 2011 to June 2016, follows an original award in 1999. Coordinated from Meggitt's facility in Albury, New South Wales, Meggitt Training Systems will provide operations and maintenance for 18 sites located at major troop locations in every state and territory throughout Australia. The contract will be supported by around 70 Meggitt personnel.

http://www.investegate.co.uk/Article.aspx?id=201109060700086566N

Richard Wood, Chief Executive, commented:- 'In this my final year as Chief executive, I am pleased to report record results with adjusted pre-tax profits up 19%. In addition, good progress has been made in laying the foundations to realise the growth potential in developing markets particularly in Russia, India and China. This together with our global footprint and market leading genetics leave the Group exceptionally well placed to continue its growth in the years ahead.'

HIGHLIGHTS · Record results with strong growth in sales and adjusted profits as recovery in agricultural markets continued · Adjusted operating profit including joint ventures up 7% to £45.3m: o Bovine volumes up 11% and porcine volumes up 6% o North America and Latin America led recovery with double digit profit increases o Strategic investment in research and development increased by 8% to £25.3m · Adjusted profit before tax up 19% to £39.0m and earnings per share up 22% to 44.8 pence · Improved cash generation o £17.0m cash inflow before £7.0m swap settlement cost o Net debt reduced to £67.9m (2010: £80.0m) · Good strategic progress in developing markets: o Regional management strengthened in Far East and Latin America o Bovine stud acquired in Russia became operational in August 2011 o Production and marketing of locally produced semen started in India with encouraging initial sales · Recommended dividend increase of 10% to 13.3 pence per share to be paid in November. Board expects to declare an interim dividend for the first time commencing in 2012 · Statutory profit before tax in line with last year because of a smaller increase in the net IAS 41 valuation movement of biological assets, higher share-based payment expense and reduced exceptional gains