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Tempus in The Times writes that Croda is not as recession-proof as we thought, reporting weaker than expected third-quarter results. It has reported a stronger start to the fourth quarter, although it still cautioned that it expected its performance in the final three months of the year to be similar to the third quarter. The slowing of profits growth in consumer care, allied to a two per cent fall in its performance technologies unit, which makes things like lubricant additives, initially spooked the market. Still, provided October’s sales rebound continues, there is no reason for investors to lose faith. Croda’s focus on high-value niche markets with innovative technologies gives it pricing power while its strong cash generation and minimal debt burden means it can continue to make bolt-on acquisitions while considering share buybacks.

Standard Chartered and BBVA have joined the global banks that will be required to hold extra capital because of their importance to the world financial system, the Financial Stability Board announced on Thursday. Three banks, Lloyds Banking Group, Commerzbank and Dexia, have dropped off the list of 28 “global systemically important financial institutions”. Dexia is being restructured and Lloyds and Commerzbank are shrinking. Banks on the list will be required to hold additional capital equal to between 1% and 2.5% of their assets, adjusted for risk, on top of the Basel III minimums, for a total ratio of 8% to 9.5%, starting in 2016. The Financial Stability Board, made up of regulators, central bankers and representatives of international bodies, plans to update its list of GSifis every November, and the methodology for determining which banks are systemic will also be reviewed every three years, The Financial Times reports.

CONT Following the acquisition of PacSci in April 2011, the Group remains very confident in delivering the increased cost synergy run rate of $22.5m by the end of 2014, and savings are occurring at a faster rate than initially anticipated. During the third quarter, the Group disposed of an environmental control systems business in North America which had revenues of c$20m in 2011. The financial position of the Group remains strong, driven by a good operating cashflow performance in the first half which has accelerated during the third quarter. We continue to expect revenue growth in 2012 to be circa 10% including the full year effect of PacSci and the disposal of the environmental control systems business mentioned above, with operating margins broadly in line with last year despite the ongoing aftermarket softness and the currency headwind as a result of the appreciation of the Swiss Franc. Based on current projections, and notwithstanding the uncertainty in military end markets, the Group expects to see percentage revenue growth in the mid single digits in 2013.

Interim management statement Meggitt PLC ("Meggitt" or "the Group"), a leading international company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, today issues the following Interim Management Statement. This statement covers the period from 1 July 2012 to 1 November 2012 and constitutes Meggitt's second 2012 Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. Ongoing strong growth in our energy businesses, driven by excellent levels of order intake over the last 12 months, more than offset the continued softness in civil aerospace aftermarket revenues. We are also now starting to see the anticipated effects of the drawdown from Iraq and Afghanistan impacting our military revenues. Against this backdrop we were pleased that our third quarter organic revenues (excluding M&A and at constant currency) were in line with our exceptionally strong performance in the same period last year. Civil aerospace end market indicators remain very encouraging, with large jet original equipment deliveries at record levels, and aircraft utilisation continuing to increase underpinned by strong load factors across the industry. These indicators give us confidence in a resumption of aftermarket growth during 2013.

http://www.investegate.co.uk/Article.aspx?id=201211020700051582Q

stophe73 - its been a while ! - I did have a quick look but didnt get involved with BBGI - It seems to be a share that keeps a fairly constant SP ( for most of this year anyway )

Comment from Henry Engelhardt, Chief Executive "Little has changed since the half year. The UK car insurance market is cyclical and we are in the softer part of the cycle with premium rates coming down. We believe that the sensible strategy in this part of the cycle is to slow our rate of growth. As ever, we continue to focus on the quality of our underwriting, on being a low-cost provider of car insurance, giving great service to our customers and on delivering value for our shareholders. We remain on track to meet our expectations for the full year." * Turnover is defined as Total Premiums Written (including co-insurers' share) and Other Revenue **UK other revenue per vehicle at £79 includes the change in recognition of legal cover and introduction of reinsurer vehicle commission, as disclosed at half year results on 30 August 2012

KeywordCompanyEPIC/TIDMSEDOL/ISINNews Price Announcements Fundamentals News Article RSS Admiral Group PLC (ADM) Add to Alerts list Print Mail a friend Annual reports Friday 02 November, 2012 Admiral Group PLC Admiral Group PLC : Interim Management Statement Admiral Group plc Interim Management Statement 2 November 2012 Admiral Group plc ('Admiral' or 'the Group') today releases its Interim Management Statement covering the period 1 July to 2 November 2012. Unless otherwise stated, figures quoted are for the quarter ended 30 September 2012, with comparatives reflecting the position compared against the same quarter in 2011. Group highlights Group vehicle count up 8% to 3.55 million (Q3 2011: 3.28 million) Year-to-date annualised UK car insurance vehicle growth of 3% Year-to-date Group turnover* increased 3% to £1,740 million (YTD Q3 2011: £1,686 million); UK car insurance turnover* flat at £1,532 million (YTD Q3 2011: £1,526 million) Third quarter Group turnover* decreased by 2% to £570 million (Q3 2011: £582 million); UK car insurance turnover* decreased by 5% to £502 million (Q3 2011: £527 million) UK other revenue per vehicle at £79** UK claims trends continue to be encouraging On track to meet our expectations for 2012 Financial position remains strong

http://www.investegate.co.uk/Article.aspx?id=20121102070027H4389

Update on Fuss Feed The Company remains in discussion with Wisehand Planning Co. Ltd regarding the sale of the animal feed business and will update shareholders as soon as material progress is made. Construction of the Company's new state of the art 300,000 tonne feeds factory is now practically complete. The final pieces of machinery are currently being installed and it is anticipated that production will commence in December 2012. The new factory is an integral part of the sale of Fuss Feed. Its completion on schedule ensures that the risk element associated with building, completing and commissioning a new facility has been removed. Images of the new facility are available to view on the Company's website (www.chinafoodcompany.com). This compares to the China Food's existing factory with capacity of just 75,000 tonnes, which produced an operating profit of £2 million for the year to 31 December 2011. Other matters In terms of the China Food's condiments business, the Board is encouraged by the increased level of activity in respect of both Hao Tai Tai and Xaka for the autumn season.

CONT If the Loan Notes are not redeemed by 31 December 2012, the price at which the Loan Notes are convertible will be re-set to the lower of the average mid market price for the period of 20-31 December 2012 and 19p per ordinary share being the closing mid price on the day preceding this announcement. The total amount of Loan Notes currently in issue is £4.323 million. The Company continues to examine alternatives for the remittance of funds from the PRC to enable the redemption of the Loan Notes and payment of semi-annual interest obligations. The Company had a gross cash balance in the PRC of approximately £6 million as at 31 August 2012. The Company will appoint an independent advisor to evaluate the future strategic direction of China Food with a view to maximising shareholder value. In addition, the Loan Note holders have been granted the right to appoint a non-executive director to the Company's board in the event the Loan Notes and accrued interest are not repaid before 31 January 2013.

Amendment to Loan Notes and Update on Fuss Feed China Food Company plc (AIM: CFC), a leading Chinese manufacturer of cooking and dipping sauces, announces that, following approval by the majority of A, B & C Loan Note holders, the terms of the A, B & C Loan Notes ("Loan Notes") have been amended as detailed below. The Loan Notes have been initially extended to 31 January 2013 to accommodate the delay in Korean regulatory approvals required to consummate the disposal of the Fuss Feed subsidiary ("Disposal") announced in July 2012. If the Disposal has not been completed by 31 January 2013 then the Loan Note holders have agreed to further extend the redemption date to 3 November 2014. A redemption premium of 1% of the Loan Note holder's original holding will be payable on redemption. The Company and the Loan Note holders have agreed that interest will be charged at a rate of 12.5% p.a. from 3 November 2012 to 31 January 2013; from 1 February 2013 to 30 June 2013, the rate of interest will rise to 15% p.a.; from 1 July to 30 September 2013 to 17.5% p.a.; from 1 October to 31 December 2013 to 20% p.a. and 25% p.a. thereafter until redemption. The Loan Note holders retain the right not to redeem their holding until maturity of the Loan Notes on 3 November 2014, in which case the interest rate will be fixed at the rate prevailing on the date of the Company's proposed redemption. In the event the Company is unable to transfer funds from the PRC to pay interest when due, the A, B, & C Loan Note holders have agreed that interest charged will be rolled up and compounded semi-annually to maturity.

http://www.investegate.co.uk/Article.aspx?id=201211020700071641Q

Outlook The UK personal lines market remains competitive. In this environment, the Group will continue to focus on its strategy of maintaining margin over volume. With the recent announcement relating to further delivery against its £100 million gross annual cost saving target and continued benefits arising from its claims transformation plan, the Group continues to make progress towards its 98% combined operating ratio target for ongoing business in 2013.

Paul Geddes, CEO of Direct Line Group, commented "These are our first quarterly results as a listed company and we are pleased to report continued progress on our strategy. Against the backdrop of a competitive market and subdued investment returns, we continue to focus on disciplined pricing and underwriting, delivering claims improvements and lowering our expenses through our cost savings initiatives. This together with the improved capital structure and performance helped to increase our proforma return on tangible equity to 13.5% for the first nine months of 2012. We continue to make good progress on the initiatives that will deliver our previously announced target of reducing gross annual costs by £100 million in 2014. As part of these initiatives, we have undertaken a significant simplification of our head office, including the loss of around 70 senior leadership roles. These changes, combined with previous actions, mean we have now announced approximately 50% of our 2014 cost saving target."

Business highlights · Successful separation from RBS Group and subsequent IPO of Direct Line Group in early October · Steps announced to deliver approximately 50% of the 2014 target of £100 million gross annual cost savings5 · Continued rollout of claims transformation plan with over 400,000 Motor and Home claims now on the new claims system. Benefits from plan contributing to prior year reserve releases.

Interim management statement for Direct Line Insurance Group plc for the three months and nine months to 30 September 2012 2 November 2012 Financial highlights · Operating profit from ongoing operations1 of £347.9 million for the nine months to 30 September 2012, up 3% (nine months to 30 September 2011: £337.8 million) · In-force policies of 20.1 million, up 4% since the beginning of the year (31 December 2011: 19.4 million) with Motor and Home broadly stable and growth in Rescue and other personal lines · Combined operating ratio2 for ongoing operations of 99.7% for the nine months to 30 September 2012, an improvement against the nine months to 30 September 2011 (101.9%) driven principally by a significant improvement in the loss ratio · Annualised return on tangible equity3 ("RoTE") from ongoing operations of 10.6% for the nine months to 30 September (proforma RoTE: 13.5%4) · Operating profit from ongoing operations for third quarter 2012 of £123.7 million, down 4% compared with third quarter 2011 reflecting lower investment returns partially offset by a better underwriting result; the third quarter 2012 combined operating ratio of 96.9% compared with 100.5% for third quarter 2011, driven by improvements in both the loss and expense ratios · Net asset value per share of 187.2 pence and tangible net asset value per share of 159.7 pence per share (31 December 2011: 240.9 pence and 216.5 pence, respectively)

http://www.investegate.co.uk/Article.aspx?id=201211020707361862Q

Financial information The Company's unaudited net asset value at 30 September 2012 was £232.8 million a 3% decline from 30 June, which principally reflects the weakening of the US dollar against £ sterling in the quarter. There was also a slight decline in overall fund values reported by general partners. The Company's financial position at the end of October was substantially unchanged. The carrying value of the portfolio at 30 September 2012 is based on the valuation of the Company's investment portfolio as at 30 June 2012 with adjustments for transactions in the three months ended 30 September 2012 including price movements on quoted securities, movements in foreign currency exchange rates, cash calls and distributions from funds and sales of quoted and unquoted securities. The next full valuation of the portfolio will be for our full year results as at 31 December 2012.

Consolidated portfolio subsidiaries The latest available trading results for our portfolio subsidiaries are to 30 September: · Updata grew revenues by 6% in the first nine months of the year compared to 2011 and revenues from rental contracts in the same period were approximately 16% ahead of the previous year; · Nationwide Energy Partners continues to perform well with revenues for the first nine months 22% ahead of the same period last year and a large pipeline of potential new accounts; · Wesupply's revenues were 13% ahead of the corresponding period last year resulting in a significantly improved EBITDA performance; · Entuity has continued its improving trend after difficult trading conditions in the second half of 2011 - revenues are 4% ahead of 2011 for the nine months and in the third quarter were 37% ahead of the same period last year; · 365iTMS is performing in line with our expectations at the time of our investment a year ago.