Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=201108090700119793L

David Bolton, Chairman of Dawson, commented, "Reported results are for the 15 month period to 2 April 2011 and include an additional first calendar quarter, which is seasonally loss-making for the Group. In this additional first quarter, continuing operations recorded sales of £1.6 million (2010: £2.6 million) and an operating loss of £1.7 million (2010: £1.5 million loss). The pre-exceptional operating profit from continuing operations was £0.1 million for the 15 month period to 2 April 2011 compared with a pre-exceptional operating profit of £2.9 million for the 12 month period to 2 January 2010. Both the UK and US Knitwear businesses performed well, returning operating profits of £0.7 million and £2.3 million respectively. These results were achieved against a background of rapidly escalating cashmere prices which increased by around 40% in 2010 and a further 20% in the first part of 2011. It is clear that our trading results for 2011/12 will be impacted by the recent increases in cashmere raw material prices discussed above, reducing margins in both of our Knitwear businesses but particularly so in the case of the US Knitwear business. Our key priority is to resolve our pension funding issues as quickly as possible in a manner which takes full account of the financial circumstances of the Company, and recognises fairly the interests of all stakeholders in the Company."

Preliminary Results for the fifteen months ended 2 April 2011 Key Points · Continuing operations: - Revenues £38.1 million (12 months ended 2 January 2010: £36.6 million) - Operating profit before exceptional items £0.1 million ( 12 months ended 2 January 2010: £2.9 million) - Pre tax profit £2.5 million (12 months ended 2 January 2010: £2.1 million) - Cashmere businesses performed well in challenging markets where raw material costs continue to rise - Central costs increased due to high pension related fees and charges · Discontinued operations: - Home Furnishings business sold in May 2011 for net proceeds of c.£6.0 million - Pre tax loss of £4.2 million includes £2.5 million estimated loss on sale · Combined operations: - Loss for the period £3.5 million (12 month period to 2 January 2010 £5.8 million) - Cash balances and deposits of £10.2 million (12 months ended 2 January 2010: £12.3 million) - Ongoing discussions to resolve long term pension funding

http://www.investegate.co.uk/Article.aspx?id=201108090700129834L

Document conversion software developer, Stilo International (STL) has received an initial order to change 20,000 pages of legacy Adobe FrameMaker content into DITA (Darwin Information Typing Framemaker) format, from Cisco Systems. Stilo operates a cloud service that allows users to upload documents over the internet and the convert them on a pay-as-you-use basis

http://www.investegate.co.uk/Article.aspx?id=201108080700118255L

Lombard Medical Technologies (LMT) remains a "buy" for Evolution Securities, with a target price of 2p. The medical device company has filed the last of six modules required for a complete regulatory dossier and the broker anticipates the group's stent graft technology to make a noticeable impression in the 1 billion dollar (0.61 billion pound) abdominal aortic aneurysm market. The product is already sold in Europe and is under review in the US.

Merchant Securities raised its recommendation for Hays (HAS) from "hold" to "buy", with a target price of 100p. The broker reports that the recent deterioration in share price has led to the dividend, currently standing at 5.8p, amounting to an attractive yield of 8.35%. This is expected to be relatively safe as Merchant notes that the recruitment agency has a progressive dividend policy, maintaining the dividend in weak trading periods and raising it in times of growth

http://www.investegate.co.uk/Article.aspx?id=201108090700129815L

John Fallon, chief executive of Pearson's International business, said: "In many countries around the world, we see growing numbers of students wanting help to prepare for important examinations and to make the transition from school to college or University. Stark is already highly respected by German teachers, students and parents; with access to Pearson's digital solutions, it can play a bigger role in helping students to learn more effectively."

PEARSON TO ACQUIRE STARK HOLDING IN GERMANY Pearson, the world's leading learning company, is today announcing the acquisition of Stark Holding ("Stark") from Syntegra Capital. Stark is a leading provider of education materials including test preparation resources for pupils and teachers. The company is widely recognised for its high quality products, particularly in Maths, German and English. In addition, Stark develops lesson preparation materials for teachers and career advice books. Stark had revenues of approximately €20m in the fiscal year ended 31 July 2010, and has gross assets estimated at €32.6 million. Pearson's expertise in learning technologies and high quality digital content combined with Stark's core business presents a significant opportunity. It also diversifies Pearson's business in Germany - which currently includes higher education textbooks and digital resources, English Language teaching material and Professional books - broadening Pearson's capabilities in line with its business elsewhere in the world. Pearson expects the acquisition to enhance adjusted EPS and to generate a return above Pearson's cost of capital from 2012, its first full year after acquisition. The acquisition is subject to regulatory approval.

http://www.halifaxmarketwatch.co.uk/rns.cgi?username=&ac=&action=news&rns=1&view=full&story_id=4423341

Total sales grew by 4.2% as we opened a record number of shops and also delivered positive like-for-like sales growth. Underlying operating profit was ahead of last year, adjusting for the impact of two additional public holidays compared with the first half of 2010. "Trading conditions have proved to be more challenging than we had expected and we do not anticipate that the second half will bring any alleviation of the tougher consumer spending environment with disposable incomes remaining under pressure. We continue to experience substantial increases in commodity prices and are continuing to work hard to mitigate the impact on customers through business efficiencies and targeted promotional activity. "Our total sales will benefit from our shop opening programme and we believe that marginally positive like-for-like sales growth over the year as a whole is achievable. Our performance to date in these difficult trading conditions confirms our confidence in Greggs' ability to deliver long term profitable growth for the benefit of shareholders, employees and the wider community." - Kennedy McMeikan, Chief Executive

Greggs is the leading bakery retailer in the UK, with over 1,500 retail outlets throughout the country, serving freshly baked products to six million customers each week SALES UP 4.2% IN TOUGHER TRADING CONDITIONS · Sales up 4.2% to £335m (2010: £321m) · Like-for-like sales up 0.4% · Operating profit excluding exceptional items down £1.2m to £17.3m (2010: £18.5m) · Underlying operating profit* up £0.8m to £19.3m before £2m impact of additional public holidays · 39 net new shops opened, on track for net 80 during year · Construction of two new bakeries completed on time and on budget · Dividend per share up 5.5% to 5.8p: 27th consecutive year of dividend growth

http://www.investegate.co.uk/Article.aspx?id=201108090700129821L

Thats a hell of a downgrade but the flow of chiefs here may very well indicate rot beneath the surface

Investec initiates sell on Mitchells & Butlers, target price 112p.

Sam - cheers - the Hungry Horse, Salisbury ! - I will have to remember that the next time I am down that way. GL

Investec initiates sell on Greene King, target price 375p.

Singer Capital Markets upgrades Schroders from fair value to buy, target price cut from 1900p to 1780p.