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Vatakuola Gold Mines* (VGM) Following a trend of disappointing production downgrades, which has ultimately seen management revise down full year production from 75,000 ounces to 55,000 ounces, Fijian focused Vatukoula Gold Mines is currently unloved by the markets. The long term plan here is for the company to deliver annualised production output of 100,000 ounces a year. But production misses and the fact that the company also recently raised funds at 125p, what we see as a depressed level, has gone a long way to help the market to see Vatukoula in a very bad light. There is the potential here for continued short-term share price weakness given the fact that sentiment is not on the company's side. But it is our view, highlighted by boardroom buying, that by December 2011 the company should be producing Gold at an annualised rate of 100,000 ounces. At 100,000 ounces cash costs are expected to fall to circa $880 which, assuming a (conservative) $1,500 gold price, will generate cash of approximately 37.7 million pounds. Currently capitalised at 80.4 million pounds Vatukoula is therefore trading on a projected multiple of just over two. We would say that five times forecast cash flow would be more appropriate. But one should also note that there is further upside here in regard to the costs of production and exploration targets as a new biomass power plant would see cash costs per ounce reduced by $140/oz and the sites surrounding the current operations are relatively unexplored. And again, this is a high cost producer so the operational gearing from rising gold prices is dramatic. Vatukoula therefore offers a further opportunity to get in before the crowd and take advantage of a depressed valuation a head of news of production ramp up due towards the end of the year. A company such as Vatukoula will either get re-rated as it delivers production in line with its guidance or a predator will look to take it out.

interims from the International Power (IPR) due next week

Huge cost increases in China have resulted in a 198,000 pound loss in 2011 for toy manufacturer Casdon (CDY), down from a 256,345 pound profit last year. The company's factory staff live on site and are provided with meals and the growing cost of food in China has significantly increased expenses for the firm. Higher raw material prices and statutory wage increases have also had an effect. Casdon will now look to open factories in more stable countries, such as India. The shares flopped 2p to 37p.

Hangar 8 (HGR8) expects to report turnover of around 18.4 million pounds for the 14 months ended 30th June, up 70% on the year to April 2010. The private passenger jet operator notes improved performance and has expanded it managed fleet to 32 planes, up from 19 at the time of IPO in November 2010. Additionally, the group has opened new bases in Europe and Africa, in order to expand their geographic presence. Shares in Hangar 8 descended 0.5p to 115p.

Shares in Avia Health Informatics* (AVIA) were suspended from trading, pending clarification of its financial position. The medical software company said it has experienced an unexpected revenue shortfall and believes it has a short term funding need. It is currently assessing the required level and suitable sources of funding, including from directors and staff. The firm notes that it currently has no borrowings. Prior to suspension, the shares were trading at 44.5p. We hear that one large shareholder has said Chairman Barry Giddings must go before the company (which still has net cash) is refinanced.

Brooks Macdonald (BRK) has agreed to buy the investment management activities of Clarke Willmott, for 1.56 million pounds in cash. Further sums will be paid after completion of the acquisition for a total consideration of 6 million pounds. The move is in-line with the financial services firm's strategy of acquiring investment management teams and increasing its product range. Chief executive Chris Macdonald commented: "This acquisition will form the nucleus of our new office, to be based in Taunton." Shares in Brooks crumbled 65p to 940p.

Hunting (HTG) kept its "add" rating from Evolution Securities, with an 800p target price. The oil services company's acquisition of gun systems group Titan, for 775 million dollars (475 million pounds), leads the broker to expect significantly enhanced earnings for the first full financial year. Evolution adds that Hunting will have the ability to expand sales of Titan's products outside the use, offering considerable growth potential. Shares in Hunting tumbled 73.5p to 646.5p.

Hunting raises £85.4m towards Titan takeover 5 August 2011 | 15:14pm StockMarketWire.com - Energy services group Hunting has raised £85.4m through a placing of 13,175,838 new ordinary shares at 648p apiece. The proceeds will go towards the group's $775m takeover of TSI Acquisition Holdings LLC and its specialist oil services company Titan. Titan is a leading provider of perforating gun systems, shaped charges, well logging instrumentation, perforating gun switches and other engineered hardware used in the drilling, completion and maintenance of oil and gas wells. The increasing complexity of horizontal wells drives demand for Titan's products coupled with positive sector dynamics which are driving an anticipated increase in on-shore shale oil and gas production and increases in US land drilling and completion spending. Hunting CEO Dennis Proctor said: "Titan is an excellent business and a market leader in perforating products in North America, a market which has exciting opportunities and in which we have been eager to grow. "It will fit well within Hunting's well construction and completion divisions offering complementary products and services and a strong US distribution footprint. "I believe that Hunting can provide significant additional opportunities for the business through its geographic profile and financial and operational strength in the medium to long term, which will generate significant value for our shareholders."

Simon Pryce, BBA Aviation Chief Executive Officer, commented: "In an active and successful first half, BBA Aviation performed strongly as our markets improved. Good organic revenue growth and strong operating discipline resulted in enhanced profitability in both divisions and an improving trend in the Group's return on invested capital. We have significantly improved the Group's financing structure to support the accelerated execution of our strategy and have made five acquisitions so far this year with a strong pipeline of further opportunities in our fragmented markets. Notwithstanding global economic uncertainty, we continue to expect to build on the strong results delivered in the first half with positive underlying progress for the remainder of the year. Over the longer term, the strengths of our business and our organic growth and consolidation opportunities, together with on-going operational improvement, mean that we expect to continue to deliver a strong performance and to generate superior returns."

Operational highlights Flight Support (62% of Group EBIT) · Signature continued to build on improved market conditions; further network enhancement with the acquisition of four FBOs · Further contract wins in ASIG; award of ground handling licence at Changi Airport, Singapore Aftermarket Services and Systems (38% of Group EBIT) · Expected improvement in overhaul activity in ERO delivered; expansion of field service offering and international footprint · Legacy Support's integration of GE Aviation Systems' legacy fuel measurement business proceeding according to plan · APPH focused on further operational improvement Continued strategic progress · Successful renewal of bank facilities and issue of US private placement notes providing a stable, long-term and diversified funding structure to support the growth strategy · £86m net proceeds from equity raising to fund continuing expansion · Five acquisitions in Signature and Legacy Support with annualised revenues of c. $60m

Financial highlights · Continued steady market improvement and share gains supporting organic revenue growth of 6% · Underlying operating profit up 17% on a constant currency basis to £60.0m · Adjusted earnings per share of 9.0p up 11% on a constant currency basis · Free cash flow impacted by timing difference, expected to normalise by year-end · Group return on invested capital increased by 60bps to 10.1% · Interim dividend increased by 5% to 2.52p

http://www.investegate.co.uk/Article.aspx?id=201108050700158010L

http://www.investegate.co.uk/Article.aspx?id=201108040700157079L

NicholsBUY 04/08/2011 Ben Jaglom Soft drinks group Nichols (NICL), the company behind the Vimto brand, has reported a 20.4% increase in pre-tax profits for the six months to June amid a rise in overseas sales. The AIM-50 constituent reported pre-tax profits of £7.2m on sales up 14.4% to £50.5m. EPS increased by 23.8% to 14.62p while the interim dividend rose 12.3% to 9.1p. A net cash position of £14.4m was also declared. The increases were driven by growth across its territories, with its UK business growing sales by 11% while international sales were up 13% due to a 14% rise in sales to Africa and an 11% rise in sales to the Middle East. Last year it was well publicised that Nichols had received considerable orders from the Middle East due to the popularity of its Vimto drink among Muslims fasting in the holy month of Ramadan, as it was said to provide an energy boost. Nichols added that over the period it launched the Levi Roots brand of Caribbean fruit drinks, named after the Dragon's Den contestant and entrepreneur behind the 'Reggae Reggae' brand. It noted that, while there had been 'well-documented economic challenges affecting the consumer', margins had been maintained by 'a combination of price increases, cost efficiencies, new product development and international business growth'. Following the results, analysts at house broker Brewin Dolphin increased their forecasts. The broker is pencilling in pre-tax profits of £16.6m (EPS: 33.6p) on turnover of £93.5m for the year to December 2011. Profits of £17.4m on sales of £98m are forecast for 2012. Having almost tripled its 2009 price of 200p, Nichols has grown impressively over the past few years at a time when most of its sector peers have suffered due to the reduction in consumer spending. Growing at a considerable rate in the Middle East and bolstered by its popularity amongst Muslims fasting for Ramadan (which falls in the second half of the year), the company looks set to expand on its existing overseas footprint.

Green Compliance in equity issue 5 August 2011 | 14:51pm StockMarketWire.com - Green Compliance has issued 11 ordinary shares to enable it to effect its one-for-50 consolidation. The shares have been issued to Neville Registrars and trading is expected to become effective on 10 August. Following admission, there will be 1,820,401,200 ordinary shares in issue. At 2:51pm: (LON:GCO) share price was -0.05p at 1.18p

Martin Bralsford, Non-Executive Chairman, commented: "We continue to invest in IT systems and recruitment of key management. Growth achieved in the first half was delivered as well as ongoing investment for future growth. Prevailing economic instability, together with inflationary concerns and low interest rates globally, is expected to result in continued demand for our investment services in top quality rare collectibles as a means of diversifying, protecting and growing wealth."

Outlook · Online trading platform scheduled for launch in late 2011 · Opening a new office in Hong Kong, being the primary location for Chinese philatelic dealing, in September · Following the excellent sales performance of our investment office in Jersey, we are moving to larger premises on the Island in August. The increased gallery space available will enable us to display the range of our exceptional quality collectibles and to promote brand and our investment services more professionally · Meetings scheduled with potential trading partners in the US in September · Specialist expertise acquired in the first half enabling us to offer rare coins, commemorative medals and military medals

The Company today announces its interim results for the six months ended 30 June 2011. Key Financial Highlights · Sales of £15.0m (2010: £11.9m) up 25% · Adjusted profit before tax, before exceptional charges, of £1.8m (2010: £1.6m), up 12% · Adjusted earnings per share of 6.18p (2010: 5.58p), up 11% · Interim dividend declared of 2.50p per share (2010: 2.25p), up 11%, (payable on 26 September 2011 to all holders on the Register at the close of business on 19 August 2011) · Cash generated from operating activities of £0.9m (2010: £0.8m) after an increased investment of £0.9m (2010: £1.3m) in quality rare stamps to support second half growth

http://www.investegate.co.uk/Article.aspx?id=201108050700137911L

Nedbank drives profits at Old Mutual By Benjamin Chiou Date: Friday 05 Aug 2011 LONDON (ShareCast) - Savings, insurance and investment giant Old Mutual reported an 18% rise in operating profits, driven by strong growth at its South African unit, Nedbank. Nevertheless, shares tumbled 3.45% to 109.20p after the open on Friday, as the broad sell-off in markets around the globe continued. Adjusted pre-tax operating profits jumped 18% from £714m to £845m, driven by a 35% increase at Nedbank, which saw profits climb from £266m to £359m. Nedbank’s headline earnings jump 28.8% to ZAR2.77bn, with diluted earnings per share up 26.3% to 600 cents, within the 23-28% rise expected after the unit raised its earnings guidance in late July. These results were driven by “ongoing strong non-interest revenue growth, improving margins and lower retail impairments,” the firm said. “[Profits were] up 15% [at constant currency] on the comparative period from improved trading results and we expect the initial impact of operational improvements to provide a more significant contribution to earnings in the future,” said chief executive Julian Roberts. “This improved performance was made against a backdrop of continued economic uncertainty in a number of our markets. We continue to focus on our strategy and we remain on track to meet our 2012 targets,” Roberts said. Earnings per share rose by 15% from 8.1p to 9.3p. The dividend was raised by 36% from 1.1p to 1.5p.