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Jefferies International upgrades AstraZeneca from underperform to hold, target price unchanged at 2600p.

Deutsche Bank downgrades Capital & Counties from buy to hold, target price raised from 165p to 190p.

Inmarsat at sea over maritime sector growth Date: Thursday 04 Aug 2011 LONDON (ShareCast) - Satellite operator Inmarsat reported higher second-quarter profits and revealed plans to buyback $250m of its shares, but investors were inconsolable regarding the dismal outlook for its maritime sector, its core business, sending its shares plunging 18%. Inmarsat said, “as a result of faster than expected customer migration from higher to lower priced maritime services, together with lower customer spending levels in our land mobile and aeronautical sectors, our revenue growth in the first half has slowed and is unlikely to pick up in the second half as previously expected.” For the second quarter, the company’s total revenue rose 24% to $359m, up from $289.2m, in the year ago quarter. However, it recorded flat revenue in its global maritime sector, remaining at $181.3m, compared with $181.7m, last year. Inmarsat reaffirmed that it is on course to achieving its full year outlook despite the dip in revenue from its maritime business unit and continues to expect capital expenditure in the range of $450m and $550m. Also, the communications services provider said it has raised its interim dividend by 10% to 15.4 cents a share. Shares of the British company were trading down 17.4% at 403.8p in morning session in London.

http://www.investegate.co.uk/Article.aspx?id=201108040700086926L

Collins Stewart downgrades Robert Walters from buy to hold, target price unchanged at 468p.

However the SP is holding firm despite the chaos in the Markets and drop in profit ( firm for time being anyway)

High rollers win big at Ladbrokes, profits fall By Benjamin Chiou Date: Thursday 04 Aug 2011 LONDON (ShareCast) - Operating profits at betting shops group Ladbrokes fell by nearly 17% in the first half ended 30 June, as its ‘high rollers’ customers registered big wins. Ladbrokes’s high roller activities recorded an operating loss of £4m in the period, down from a profit of £8.9m the year before, driving total operating profits down from £112.5m to £93.6m. Pre-tax profit dropped by nearly a third from £105.1m to £71.8m, as last year saw a gain of £20m in interest income on a tax settlement. However, excluding high rollers, total operating profit fell by a lesser 5.8%, and when excluding 2010’s benefit of the World Cup and a one-off VAT credit, profits actually rose by 16.9%. Total earnings per share dropped by 81.3% from 38.4p to 7.2p, due to a corporation tax settlement realised in the first half of 2010. Meanwhile, total revenues fell by 3.4% from £500.2m to £483.1m, as a result of a fall in core telephone betting and its high rollers activities. However, the company gave a positive outlook, saying that net revenues (excluding high rollers) jumped by 13.6% year-on-year in July, after adjusting for the impact of the World Cup. High rollers generated a £0.5m profit last month also. “We continue to make good progress and are on track with the delivery of operational and technology milestones. Whilst remaining mindful of tough economic conditions and continuing uncertainty affecting consumer disposable incomes, we remain in line with Board expectations for the full year,” said chief executive Richard Glynn. The dividend was raised from 3.85p to 3.90p per share. Shares were trading 1.36% higher at 149.50p by 10.51am on Thursday.

Yes not good. http://www.investegate.co.uk/Article.aspx?id=201108040700187135L

Jefferies International initiates buy on SDL, target price 785p.

Deutsche Bank upgrades F&C Asset Management from sell to hold, target price cut from 76p to 74p.

Numis downgrades Hardy Underwriting from hold to reduce, target price cut from 290p to 215p.

Numis upgrades Elementis from add to buy, target price raised from 193p to 211p.

Panmure Gordon upgrades RSA Insurance from hold to buy, target price unchanged at 150p

Numis upgrades Victrex from add to buy, target price unchanged at 1695p.

Pascal Bazin, Chief Executive, said: "We have delivered another strong performance in the period as anticipated, achieving our best interim profit before tax since 2003, building on the management actions undertaken over the past three years. We continued to experience demand recovery in all our main markets and improved both operating and pre-tax margins, together with a further increase in return on capital employed. Recent trading for the start of our key summer peak season has been strong, continuing the substantial volume growth achieved in the first half, and with some early signs of improvement in the rate per day trend. During the period, we also continued our geographical development, particularly growing our joint venture in China, and development of new mobility solutions with the full acquisition of Okigo and subsequent launch of "Avis on Demand" in France, trial of new self-service kiosks in Germany, and expansion of Home Delivery & Collection in the UK. These initiatives, together with the proposed reunification of the Avis and Budget brands globally with the recommended acquisition of the Group by Avis Budget Group, Inc., which has been strongly supported by our shareholders, position the business for a highly positive future."

Interim results for six months ended 30 June 2011 Avis Europe plc, a leading car rental company in Europe, Africa, the Middle East and Asia, announces unaudited interim results for the six months ended 30 June 2011. As anticipated, a strong underlying1 profit before tax first half performance, the highest since 2003, supported by the overall economic recovery and benefitting from both the substantial transformation that has been undertaken in the business, strict cost and capital control, and the drive for profitable growth. Since the period end, shareholders have voted to accept the recommended offer made by Avis Budget Group, Inc. on 14 June 2011. Highlights · Underlying1 profit before tax substantially increased to €11.5 million (2010: €0.3 million) and total profit before tax also €11.5 million (2010: €7.0m loss), with both operating and pre-tax margins2 ahead, driven by: o Volumes up 10.7%, including 2.4% higher rental length o Rental revenue per day reduced by 5.3% on a constant currency basis, reflecting the longer rental length, geographical and customer group mix, and the ash cloud benefit in the comparative period o Fleet costs improved on good gain on sale performance, lower maintenance costs on reduced age of fleet, and utilisation 1.7% pts better largely due to the ash cloud effect in the comparative period o Net finance costs reduced following the July 2010 Rights Issue and continued focus on capital management · Underlying1 return on capital employed3 further increased to 12.9% · Underlying1 and total earnings per share at 4.1 euro cents reflects both the improvement in profits and substantially lower tax rate · Exceptional charge of €2.1 million relates to the offer from Avis Budget Group, Inc. and was fully offset by a gain on re-measurement items · Net debt was €655 million, €131 million lower than June 2010 following the €181 million Rights Issue partially offset by the effects of volume growth and early fleet sourcing actions following the Japan tsunami · Profitable growth strategy on-track; offer from Avis Budget Group, Inc. approved by the Company's shareholders on 1 August 2011

http://www.investegate.co.uk/Article.aspx?id=201108040700177128L

Stephen Catlin, Chief Executive of Catlin Group Limited, said: "The unprecedented series of natural catastrophes during the first half of 2011 caused the Group to report a loss before tax of US$201 million. However, Catlin's underlying performance during the period was strong. "The attritional loss ratio - which excludes catastrophe and large single-risk losses - decreased to 50 per cent, the lowest in five years, reflecting Catlin's portfolio management skills during a period of rate competition for most classes of business. In addition, our US and International underwriting hubs continued to grow significantly and produced positive underwriting contributions. Rates for Property Treaty reinsurance increased significantly during 1 June and 1 July renewals, and we are already seeing evidence that rates for primary Property insurance are hardening. "Our multiple hub structure, diversified portfolio and disciplined approach to underwriting will allow Catlin to prosper in the current market environment and put us in a good position to take advantage of opportunities whenever and wherever they occur worldwide. Those factors, together with the protection provided by our Catastrophe Aggregate reinsurance programme, give us confidence for the second half of 2011 and beyond. "Accordingly, we have increased the interim dividend by 5 per cent to 9.0 pence per share. "We are also announcing today that Sir Graham Hearne will be retiring as Chairman at the Annual General Meeting in May 2012. He will be succeeded by John Barton, who will join the Board as an Independent Non-Executive Director on 1 December 2011. John's wide experience in the insurance industry and commercial sector will greatly benefit the Group. "Sir Graham has served as Chairman of the Board since 2003 during a period of substantial growth in the Group's worldwide operations. On behalf of the Board, I would like to thank Sir Graham for his leadership and tireless efforts on behalf of the Company."

CATLIN GROUP LIMITED ANNOUNCES FINANCIAL RESULTS FOR SIX MONTHS ENDED 30 JUNE 2011 HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), the international specialty property/casualty insurer and reinsurer, announces its financial results for the six-month period ended 30 June 2011. Financial Highlights · US$534 million in losses from catastrophe events during the period, net of reinsurance and reinstatement premiums (30 June 2010: US$135 million) · Negative net underwriting contribution1 of US$91 million (30 June 2010: US$227 million net underwriting contribution) · 50 per cent attritional loss ratio (30 June 2010: 51 per cent) · 9 per cent increase in gross premiums written to US$2.7 billion (30 June 2010: US$2.5 billion); 4 per cent decrease for London/UK underwriting hub, 26 per cent aggregate increase for all other hubs · 12 per cent increase in net premiums earned to US$1.8 billion (30 June 2010: US$1.6 billion) · Prior year loss reserves stable (30 June 2010: US$29 million release) · 117 per cent combined ratio; 32 percentage points relate to catastrophe losses (30 June 2010: 98 per cent combined ratio; 9 percentage points related to catastrophe losses) · US$201 million loss before tax (30 June 2010: US$86 million profit) · 9.8 per cent negative return on net tangible assets for period (30 June 2010: 2.8 per cent return on net tangible assets) · 7.7 per cent negative return on equity for period (30 June 2010: 2.1 per cent return on equity) · 1.5 per cent total investment return for period (30 June 2010: 1.8 per cent) · 5 per cent increase in interim dividend to 9.0 pence per share (30 June 2010: 8.6 pence)

http://www.investegate.co.uk/Article.aspx?id=201108040700177126L