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UBS initiates Hutchison China Meditech as buy, target price 540p.

AGM Statement Speaking today at the Annual General Meeting of Cyril Sweett, the international construction and property consultancy, the Chairman, Michael Henderson, will provide the following comments on current trading: "Trading conditions have been tough in the year to date. In Asia Pacific we have continued to perform strongly as the Group has delivered growth in China and commenced operations in both Vietnam and Thailand. Given the continued strong performance from our Asia Pacific operations, we will continue to invest in the region in the second half. Our UK PPP Management and Investment vehicle has also performed well and we sold our holding in the South Ayrshire Schools PFI project in the first quarter. In the Middle East, the Arab Spring has caused a number of projects to be cancelled. As a result, we now anticipate lower levels of client investment going forward than we had previously expected. In the UK, the number of trading days in April was reduced, moreover competitive pressures have continued to impact margins negatively throughout the period. While the first quarter of the financial year tends to be subdued, this trend has continued into the second quarter. In view of lower operating margins, we are taking action to reduce our UK and Middle East direct costs and administrative functions so that we can service the business with a more appropriate cost base. The costs of this restructuring will be recognised in the first half year as an exceptional item. We are now seeing an improved level of bidding activity across the Group and the order book has grown by £5m since the last year-end to stand at £83.4m. We also expect further sales from our Investment business in the second half of the year, although the precise timing of these transactions will be subject to market conditions. Although we anticipate an improved performance in the second half, as a result of these trends, the full year results are likely to be lower than previously expected."

http://www.investegate.co.uk/Article.aspx?id=201109020700094939N

Ian Sarson, Group Managing Director of Compass Group UK & Ireland, said: "We are delighted with the acquisition of Cygnet which is a great addition to our education portfolio. At a time when the public sector is coming under increasing budgetary pressures, it will enable us to offer more Local Authorities a proven cost-saving solution at the same time as delivering nutritionally balanced and healthy meals."

COMPASS GROUP ACQUIRES CYGNET FOODS HOLDINGS LIMITED We are pleased to announce today that Compass Group has acquired Cygnet Foods Holdings Limited ("Cygnet") from James Cartwright and Ian Cartwright. For the year ended 31 December 2010 Cygnet had revenues of £9.3 million and gross assets of £2.2m. Cygnet is a specialist provider of school meals to the state education sector, servicing a portfolio of over 450 schools across England. The business delivers both hot and ready to heat meals, prepared in line with the Government's health and wellbeing guidelines, to schools that do not have the necessary catering facilities onsite. The acquisition of Cygnet will further improve Compass' offering to the UK education sector.

http://www.investegate.co.uk/Article.aspx?id=201109020700094914N

Smiths Group Chief Executive Philip Bowman said: "Smiths Interconnect operates in a highly fragmented market that offers great scope for consolidation. PDI is its sixth and largest acquisition in three years, all adhering to our strategic criteria of adding complementary technologies, extending geographic reach or leveraging existing sales networks. This latest transaction expands its range of power quality technologies into new, specialised, high growth markets."

SMITHS INTERCONNECT BUYS POWER HOLDINGS FOR $235M Smiths Interconnect, a division of global technology business Smiths Group plc, today announces the purchase of Power Holdings Inc. (PDI), a leading designer and manufacturer of specialist power distribution, conditioning and monitoring systems. The purchase price of $235m will be subject to post closing adjustments with respect to working capital at completion. Based in Richmond, Virginia, PDI is the parent company for Power Distribution, Inc., Marelco Power Systems, Inc. and Onyx Power, Inc. It produces power distribution units, static transfer switches, remote power panels, power conditioning units, medium and low voltage transformers and patented power monitors used mainly in data centre and alternative energy applications. The acquisition, from private equity firm Bertram Growth Capital I, L.P., will be cash-funded and is subject to regulatory approval.

http://www.investegate.co.uk/Article.aspx?id=201109020700105119N

Ashtead (AHT) kept its "buy" rating from Panmure Gordon, with a target price of 235p, ahead of first quarter results to be announced next week. The broker says that the industrial equipment rental company has made good progress, despite a difficult trading environment in the US and believes that the share have considerably underperformed recently. Panmure also notes that the recent hurricane damage will result in work in a number of areas for a long period of time and that this could bolster Ashtead's performance. The shares lost 2.6p to 114.8p.

Healthcare software group EMIS (EMIS) retained its "buy" rating from Evolution Securities, with a 600p target price. After a strong set of interim results the broker is confident that its forecasts are well based and believes that the company shows material organic growth potential. First half operating profits of 10.1 million pounds were 10% ahead of Evolution's expectations, and 45% higher than 2010 comparable results, due to the discontinuation of its Canadian business and a contribution of 1.1 million pounds from Rx Systems. The shares gained 22.5p to 570p

Sean Riddell, Chief Executive of EMIS Group, said: "The NHS focus on the exchange and usage of information throughout all elements of primary and secondary care plays very much to EMIS Group's strengths and our strategy of delivering cross-organisational healthcare systems through EMIS Web, Healthcare Gateway and Rx Systems. The Group is well positioned to continue to support the NHS to achieve cost and time savings and improved patient outcomes. The outlook for the year as a whole remains positive and we are confident of the Group's long term growth prospects."

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Merchant Securities reiterated its "buy" recommendation for Lochard Energy (LHD), with an increased target price of 22p, after the oil and gas company announced that it was in takeover talks with an unnamed acquirer. The broker believes that the bidder would bay for two thirds of the upside from drilling an additional well at the Athena project and 90% of the 21.25 million Australian dollars (14 million pounds) due from the sale of the drilling fluids business. The valuation does not include exploration assets as these may be spun out if the aquirer does not want them. Shares in Lochard tumbled 1p to 15.38p.

Singer Capital has downgraded Topps Tiles (TPT) from "fair value" to "sell", with a significantly reduced target price of 22p, from 56p. With like-for-like sales down 10.4% for the first seven weeks of the fourth quarter, the broker believes that competition in the flooring and tiling industry is intensifying, with many of its competitors improving their offers and ranges. Singer notes particularly strong competition from B&Q which provides a wide range of products under one roof as well as DIY training schools. As a result the broker has reduced full year pre-tax profits forecasts by 16.1% to 13 million pounds. The shares fell 1p to 31.25p

Disappointing 48% fall in profit

CONT The Insurance Investments division performed well, delivering an operating result of £3.2m, driven by aggregate reserve releases of £4.9m and a higher than anticipated investment return in the period of 2.5%. We anticipate that the ISD and particularly the UMD, will deliver stronger second half year results with additional profit commission income expected from the managed syndicates. The Insurance Investments division should continue to benefit from further reserve releases in the non US portfolios in the second half of the year but investment income is expected to be significantly lower. We believe that we will reap the reward of our continued investment in our new underwriting management operations in years to come. However, there is likely to be a near-term drag on the Group's financial result as income streams take longer to build up than we had originally anticipated and preparations for Solvency II cause delays in the scaling up of our turnkey operations and increase costs. Nevertheless, as a result of the damages awarded and anticipated cost recoveries following the successful outcome of the Seaton & Stonewall legal case, offset in part by the first half ISD restructuring cost, we expect the full year result for the Group to be broadly in line with expectations. I am also pleased to report that positive trends continue in the availability of attractively priced run-off portfolios and insurance claims for acquisition. We have a number of opportunities which we are working on currently and are hopeful that we can conclude negotiations with a well resourced capital partner in the coming months to capitalise fully on the upsurge in acquisition activity.

Commenting on the results, Ken Randall, Chairman and Chief Executive Officer said: "The Group delivered a pre-tax profit of £3.0m for the half year ending 30 June 2011. This result was lower than in the same period in 2010 due primarily to: (i) a lower than anticipated result in the Underwriting Management division ('UMD'); (ii) restructuring costs in the Insurance Services division ('ISD').and (iii) certain timing differences in income and expense recognition. Following the recently completed share repurchase programme and the rebasing of our progressive distribution policy, we are however pleased to announce a 10% increase in per share return and distribution for the period to 3.2p per share, significantly above the 5% p.a. commitment. The UMD's result was impacted by the continued investment in new underwriting teams and the substantial costs incurred in relation to Solvency II compliance. The division also saw slower income development following certain operational delays and a poor underwriting rating environment. Our ability to attract high quality teams has however surpassed our expectations and we are building strong foundations for future growth, especially when the market turns. The restructuring costs in the ISD relate to redundancy costs associated with office rationalisation and the London office move. The timing differences include: (i) a low first half weighting of profit commission on the Group's managed syndicates (compared with a very high weighting in the same period in 2010); (ii) deferral of new business income in certain UK operating companies; (iii) a change to expense in full annual bonuses in the first half of the year when payments are made; and (iv) a natural second half weighting of income in certain of the recently acquired service companies. During the period, the litigation on Seaton & Stonewall was resolved favourably. Damages have been received and a significant share of our costs continue to be recovered, lowering the corporate overhead charge and more importantly removing a huge distraction for me and the Group. The ISD delivered an operating result of £2.0m for the period. After stripping out exceptional restructuring costs of £0.7m and a change in the treatment of bonus payments, this was broadly in line with expectations. Furthermore, we continue to focus on the integration of the businesses acquired in 2010 to grow profitable revenues and rationalise our cost base.

Interim results for the six months ended 30 June 2011 The Board of Randall & Quilter (AIM: RQIH), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to announce its Group interim results for the six months ended 30 June 2011. HIGHLIGHTS Financial: · Total Group income up 17.1% at £18.8m (2010: £16.1m) · Profit before tax of £3.0m (2010: £5.8m) · Basic earnings per share of 5.8p (2010: 6.9p) · An overall tax credit of £0.1m (2010: a charge of (£2.1m)), arising from a prior year tax credit adjustment and substantial group tax relief · Return of cash through proposed E/F share scheme equivalent to 3.2p per share (2010: 2.9p) · Undiscounted net asset value per share of 152.2p (31 Dec 2010: 147.0p)

http://www.investegate.co.uk/Article.aspx?id=201109020700094957N