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British Land has faced criticism of late with some shareholders worried that its management has spread itself too thin by carrying out footlingly small deals, such as last month’s £180 million purchase of 17 Virgin Active racket clubs. This is after all a property company with a £5 billion market value, a £9.9 billion portfolio, and £2 billion of committed banking facilities. Not to mention £600 million of cash. But Chris Grigg, the former Goldman Sachs banker who heads British Land, reporting first quarter results yesterday, argues that his approach will deliver good returns. Shareholders who backed the group’s £740 million rights issue in 2009 at 225p have now more than doubled their money. They should hold on for more — whatever size deals produce the goodies, recommends the Times.

Dr Chris Blackwell, Chief Executive of Vectura, commented: "VR315 has a large market opportunity in these rapidly expanding territories, where patient access to good, affordable treatments for asthma and COPD is of great importance. This agreement extends our existing relationships with Sandoz and further endorses Vectura's respiratory expertise and GyroHaler® technology." Combination therapy for asthma/COPD is the biggest and fastest growing sector of the respiratory market, with annual sales currently exceeding US$11 billion. Global annual sales in territories outside Europe and the US are estimated at US$2.5billion and are continuing to grow. Vectura exclusively licensed the European rights for VR315 to Sandoz in March 2006. In December 2007, Vectura licensed Sandoz the European rights to a second combination asthma/COPD product, VR632, delivered with the same device.

Vectura enters License Agreement for the development and marketing of VR315 in RoW territories Chippenham, UK - 5 August 2011: Vectura Group plc ("Vectura"; LSE: VEC) today announces that it has entered into an exclusive license agreement with Sandoz, the generics division of Novartis, for the development and marketing of VR315, a combination therapy for asthma/COPD, in the rest of world ("RoW") territory. RoW territory excludes the USA and those countries included in the existing VR315 European license with Sandoz. Under the terms of the VR315 RoW agreement, Vectura will receive a royalty on net sales and a margin on the commercial manufacture and supply of the dry powder inhaler device used to deliver VR315 for RoW. Vectura is also eligible for milestones and advance pre-launch royalties worth up to €8m; €2.5m of which are expected to be received by 30 September 2011. Sandoz will be solely responsible for any development work required and for obtaining marketing authorisations throughout the RoW territory, which includes Japan, Canada, South America and Australia.

http://www.investegate.co.uk/Article.aspx?id=201108050700168036L

Board Changes Alistair Leitch (57), Group Finance Director, has decided to retire from the Board on 31 January 2012. Alistair joined the Group, initially as a Divisional Accountant in Scotland in 1981. In 1986 he was appointed Finance Director of the North East Division, joining John Watson, the current Chief Executive, who was Managing Director of the division at that time. Some 10 years later he was promoted to the role of Group Chief Accountant and was subsequently elevated to the position of Group Finance Director in 2002. The Board would like to place on record its sincere gratitude for his dedicated service and highly valued contribution to the Group over the years and wishes him a long and happy retirement. Alistair will be replaced by the current Group Chief Accountant, Keith Adey (32), who will join the Board on 1 February 2012 as Group Finance Director. Keith, a graduate of Durham University and a Chartered Accountant joined Bellway from Grainger Plc in 2008. The Board look forward to working with Keith in his new role.

Trading Update & Board Changes 5 August 2011 Following the end of its financial year on 31 July, Bellway is updating the market on recent trading and forthcoming Board changes. Trading Update The Group has legally completed 4,922 homes, an increase of 7.1% compared with the previous year's total of 4,595. The average selling price of homes sold has increased by 7.2% from £163,175 to around £175,000 and this increase is mainly derived from changes in product mix. Operating margin is set to rise from 6.7% to between 8% and 9% for the full year with the second half margin being towards 10%. This performance will result in profit before tax now being modestly ahead of the current market consensus of £62 million. Following the Interim Management Statement on 10 June, reservation rates throughout the summer months, whilst traditionally a slower selling period, have been ahead of the same period last year. The Group currently has an order book of £426.8 million (2010 - £421.0 million), representing 2,497 homes, of which 2,334 should legally complete in the next twelve months. As at 31 July, the Group had net cash of £3 million with combined bank facilities of £290 million, having expended around £250 million on land and land creditors during the year. In addition, some 4,500 plots with an approximate value of £230 million currently have terms agreed. Bellway's continuing aims for 2011/2012 are to deliver incremental volume growth, repair operating margins and, through changes in product mix, improve average selling prices, all of which are largely dependent on the level of consumer confidence and the availability of mortgage finance. Notwithstanding the current global economic uncertainties, should market conditions remain stable and reservations follow their normal seasonal trends, then the Board looks forward to delivering these aims and, in so doing, further increase profit before tax.

http://www.investegate.co.uk/Article.aspx?id=20110805070000P2617

http://www.investegate.co.uk/Article.aspx?id=201108050700108020L

http://www.halifaxmarketwatch.co.uk/rns.cgi?username=&ac=&action=news&rns=1&view=full&story_id=4415652

Northland Capital Partners will purchase up to 1.5 million shares, around 5.55%, in PSG Solutions (PGS) as part of a share buy-back scheme, returning up to 3 million pounds to investors. PSG will subsequently repurchase the ordinary shares from the broker for cancellation, at a price of 200p per share. The plan is subject to shareholder approval which will take place on 31st August. After initially climbing as high as 130p, the shares finished up 11.5p at 95.5p.

riddler - yes could be good from here - but the world factors will obviously dictate for a while

Half year revenues at MTI Wireless Edge (MWE) were up 21%, year-on-year at 7.4 million dollars (4.52 million pounds) and the group has reduced pre-tax losses to 10 million dollars (6.11 million pounds) from 522 million dollars (319.10 million pounds). The company acquired a new office in the second half of 2010 and says that it has greatly benefited from the purchase. Chief executive Dov Feiner commented: "The Company's order book remains strong, and present indications are that MTI's revenue in second half of 2011 will exceed the first half of 2011." The shares spiked up 1p to 10.25p.

As growth trends seen at the end of last year continue, Spirent Communications (SPT) reported revenues of 260.4 million dollars (159.3 million pounds) for the six months ended 3rd July, up 15% year-on-year. The testing and service management company has received increased demand for more rigorous and complex testing capabilities in the new fields of cloud computing and smartphones. The group expects momentum to continue but at a slower rate in the second half, in-line with previous expectations. Shares in Spirent declined down 1.8p to 124.1p.

Ladbrokes (LAD) remains a "buy" for Evolution Securities, with a 175p target price. The broker notes that while revenues were slightly behind estimates in its interims, the book-maker EBITA was ahead at 97.6 million pounds, equating to a margin of 20%, compared to forecasts of 19.5%. Additionally, EBIT from online revenues was 31 million pounds, compared to Evolution's expectation of 28.3 million pounds. The broker also notes that the company has low leverage, with a debt/EBITDA ration of 2x for 2011, and offers an attractive 5.2% expected dividend yield for 2011. The shares fell 5.7p to 141.8p.

Ahead of its second quarter announcement tomorrow, Seymour Pierce has maintained its "buy" rating for Smith and Nephew (SN.), with a target price of 800p. The broker expects the medical device manufacturer to report a steady set of results with revenues of 1.06 billion dollars (0.65 billion pounds), and will be looking out for comments from chief executive Olivier Bohuon. Additionally, with an expected price to earnings ratio of 11x for 2012, Seymour notes that company is trading in-line with under-performing peers such as Zimmer (10.9x), but at a discount to Stryker (12.6x). The shares crumbled 34p to 564p.

Enterprise Inns (ETI) retained its "buy" rating from Panmure Gordon, with a 110p target price. With average profit per pub growing and reduced debt levels the broker believes the company is on the way to a recovery. Panmure approves of the group's sale of 335 non-core pubs for 69 million pounds and expects a total disposal of 500 by the end of the year. Trading on an adjusted EV/EBITDA of 8.7x the broker believes this is undervalued, with a target of 9.5x. Shares in Enterprise dropped 2.31p to 44.18p.

Evolution Securities downgrades Misys from neutral to sell, target price 280p.

Grey Group agrees to acquire a majority stake in Campaigns and Grey in the Philippines WPP announces that its wholly-owned operating company Grey, the global advertising network of Grey Group, has agreed to acquire further shares in the capital of Campaigns and Grey Inc. ("C&G"), one of the Philippines' leading advertising agencies. Grey has held a minority stake in C&G since 1994 and on completion will hold a majority of the shares. Founded in 1986 and based in Manila, C&G is a full service communications agency with capabilities including strategic planning, advertising, digital marketing, activation, public relations and advocacy communications. It employs 93 people and major clients include AXA, Boehringer Ingelheim, Electrolux, GlaxoSmithKline, Procter & Gamble, Sara Lee, Sun Cellular and Wyeth Philippines. C&G's unaudited revenues for the year ended 31 December 2010 were PHP 254 million, with gross assets at the same date of PHP 225 million. This investment is a further step towards WPP's declared goal of developing its businesses in the fast growing economies of Asia Pacific, as well as Latin America, Africa and the Middle East, Central and Eastern Europe. Collectively, including associates, the Group employs more than 40,000 people in the Asia Pacific region, generating revenues of more than $4 billion. In the Philippines, the Group employs nearly 1,000 people with revenues of $60 million.

http://www.investegate.co.uk/Article.aspx?id=201108040700096965L

Panmure Gordon initiates hold on BTG, target price 318p.