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Nedbank Group Limited interim results 2011 Old Mutual plc announces that its majority owned South African banking subsidiary Nedbank Group Limited ("Nedbank Group") released its interim results for the six months ended 30 June 2011 today, 1 August 2011. The full Nedbank Group interim results together with detailed financial information in HTML and PDF formats, financial results presentation to analysts and a link to a webcast of the presentation to analysts can be found on the company's website www.nedbankgroup.co.za. The following is the full text of Nedbank Group's announcement: "REVIEWED CONDENSED FINANCIAL RESULTS for the six MONTHS ended 30 June 2011 Headline earnings R2 772m up 28,8% Diluted headline earnings per share 600 cents up 26,3% Strong NIR growth R7 139m up 15,9% ROE (excluding goodwill) 13,7% and ROE 12,2% Capital adequacy further strengthened (core Tier 1: 10,7%) Interim dividend per share up 25,0%, to 265 cents

http://www.investegate.co.uk/Article.aspx?id=201108010701044293L

Kier, predominantly a construction group, is also significantly involved in support services to business and the public sector. As well, and while it is exposed to the risks facing the property market and to the contraction in public sector spending, its large infrastructure construction business stands to benefit from major Government projects under way. In fact, it is a large player in building power stations. As well, its use of long-term contracts has allowed it to secure its target turnover from construction for 2011, along with 65% of construction revenues for 2012. Furthermore, and most interesting of all, the company ended 2010 with £144m in the bank which could allow it to capitalize on the possibility, as noted by many analysts, that public bodies may turn increasingly to outside providers of services as a way to cut their costs. The Mail on Sunday says Buy.

The UK's largest listed insurance broker, Jardine Lloyd Thompson's(JLT), published a solid set of results last Friday. The Questor team at The Telegraph, however, believes that the company’s strategy has reached its limit as a driver for the share price and is now fully reflected in the same. To date JLT has pursued a strategy which combines emerging market growth with small-scale takeovers, helping the company shrug off macroeconomic concerns and continue to grow. Thus, the business experienced strong growth in Asia and Latin America, although its smaller Continental Europe unit struggled. All of the above despite the fact that the company must compete for market share in Britain with the likes of larger American rivals such as Aon and Marsh. The company, which some have come to view as a potential takeover target itself, although most rumours have so far proved to be groundless, has itself said that it has no plans to make a "transformational" acquisition in the life insurance space. It has, nonetheless, undertaken smaller acquisitions in some of its other business lines.” Questor says Sell.

Contrary to commonly held views buying into a company whose share price has fallen 60%, such as CareTech, which provides care for people with severe physical disabilities, is not necessarily savvy investing. On this occasion, however, the Questor team at The Telegraph believes that the idea may have considerably more merit. The main reason seems to be a gentleman by the name of Richard Griffiths, possibly the same one who founded city broker Evolution Securities. Griffiths has built up a 3.4% stake in the company and Questor believes that he may back a management buy-out of the firm, which would see it go private at 180p. Some of CareTech’s key drivers, such as fee rates and occupancy, do face headwinds, according to some analysts, but they also expect that the 5% dividend yield and property asset backing will support the shares. As such, Questor writes this weekend that, “for the more adventurous investors that read this column, Questor reckons following Mr Griffiths could be worth a punt.” Questor says Buy.

...... Outlook The Group entered the new year with positive momentum and the large new business opportunities currently being pitched for demonstrate the innovative offer that our companies have. There continues to be an increasing number of initiatives and client wins from working cohesively as one group and again this will add to the future growth. Similar to previous years, the Group's financial performance in the current year will be weighted towards the second half and although management is cautious over the macro economic outlook, its current expectations for the full year remain unchanged.

Trading update For the three months to 30 June 2011, the Group reported revenue growth of over 12 per cent. compared to the same period last year. Like-for-like revenue growth for the first quarter was 2 per cent, compared to the same period in the prior year, which achieved a very strong 11 per cent. growth year on year..........

http://www.investegate.co.uk/Article.aspx?id=201108010700083794L

PROSPECTS Ultra has for many years pursued strategies to spread risk and provide a solid base on which to grow. The Group has created a broad portfolio of differentiated offerings that are specified on an increasing list of international platforms and programmes. Ultra is positioned at multiple levels in the supply chain and has a broad customer base that includes governments and most of the world's major prime contractors. The Group has maintained its focus on areas of preferential customer spend; Ultra specialises in electronics and integrated solutions, which are attracting an increasing proportion of customer budgets, even in periods of market uncertainty. These enduring customer relationships and long-term programme positions give resilience to Ultra's business model and maintain momentum in the Group's continuing progress, despite market fluctuations. Ultra will maintain its consistent programme of reinvestment to drive further organic and acquisition growth in the medium and long term. Internally, the Group continues to reinvest in highly differentiated products and services that meet the operational needs of customers. This market-led innovation, agility and speed of response to changing market requirements provide a competitive edge that allows Ultra to succeed and to build long-term relationships with customers. The Group is increasing its exposure to specialist security and intelligence markets and has an extensive portfolio of offerings positioned on long-term new build and upgrade programmes. Ultra's strong balance sheet can support the purchase of businesses that would further enhance the Group's portfolio and to which ownership by Ultra would add value. Ultra's strategy is to have a broad range of positions in many different market sectors. Accordingly, across the Group there is a mix of businesses with firm orders for multi-year programmes as well as annual contracts and other companies that typically only have order coverage for the next few weeks or months trading. Overall, the value of Ultra's order book has grown to more than £1bn for the first time. Ultra has a broad customer base worldwide, with international sales now representing about three quarters of Group revenue. Ultra's activities in civil markets have significant potential for growth, as evidenced by the recent win in Oman for airport systems integration. Ultra's main defence markets in the US and UK have, for different reasons experienced, spending constraints that have deferred order intake. Despite this the Group has achieved underlying organic revenue growth in the period although this has been at a lower rate than in recent years. In the same period the Group's operating margin has improved. Ultra's strategies for growth provide the Group with a resilient business model that underpins its performance in 2011 and beyond.

Rakesh Sharma, Chief Executive, commented: "The results for the period reflect the success of Ultra's strategies to underpin sustainable, long-term growth of shareholder value. Even in a year of difficult market conditions, Ultra continues to reinvest in its portfolio of differentiated products and services. These are positioned on a large number of international platforms and programmes in the defence, security, transport and energy markets. This broad range of positions maintains the momentum of Ultra's performance, despite market fluctuations. Ultra has a broad customer base worldwide, with international sales now representing about three quarters of Group revenue. Ultra's activities in civil markets have significant potential for growth, as evidenced by the recent win in Oman for airport systems integration. For different reasons Ultra's main defence markets in the US and UK have experienced spending constraints that have deferred order intake. Despite this the Group has achieved underlying organic revenue growth although this has been at a lower rate than in recent years. In the same period the Group's operating margin has improved. Ultra's strategies for growth provide the Group with a resilient business model that underpins its performance in 2011 and beyond."

http://www.investegate.co.uk/Article.aspx?id=201108010700094093L

Outlook The Directors remain confident in the outlook for the remainder of the year, given the continuing strong overall trading performance. Looking further ahead, whilst recognising the global economic uncertainties and more demanding comparatives, the Group is confident of delivering "GDP-plus" levels of underlying revenue growth. To accelerate overall growth and build further value, we continue to pursue carefully selected, value-enhancing acquisitions, funded by the Group's strong balance sheet and free cash flow.

Financial Position The Group's cash flow generation has continued to be strong and, as anticipated at the Half Year, growth in working capital has now slowed and overall working capital should begin to fall in the final quarter of the year. As at 29 July 2011, the Group had moved back into a positive net cash position (31 March 2011: £0.9m net debt) and remains well funded. There have been no other material changes in the financial position of the Group in the period since the publication of the Half Year Report for the six months ended 31 March 2011.

SECOND INTERIM MANAGEMENT STATEMENT IN RESPECT OF YEAR ENDING 30 SEPTEMBER 2011 Diploma PLC, the international group of businesses supplying specialised technical products and services, is today issuing its second Interim Management Statement which relates to the period from 1 April 2011 to date. Group Trading Summary The strong underlying revenue and profit performance experienced in the first half of the year has continued into the second half of the year. Revenues for the nine months to 30 June 2011 were 28% ahead of the comparable period in 2010. After adjusting for currency effects and acquisitions, underlying revenues for the nine month period increased by ca. 18%; the underlying increase in third quarter revenues was 14% against a stronger prior year comparative. Operating margins have remained at similar levels to those experienced in the first half of the year, despite further incremental investment being made in headcount and operating resources to meet the significant increase in activity. Sector Trading Trading conditions remain consistent with those reported in the Interim Report in May 2011. In Life Sciences, year to date revenues are 37% ahead of the prior year comparable period. Good organic revenue growth has been boosted by currency benefits on translation and by the acquisitions of BGS and CMI in July and December 2010, respectively. In Seals, year to date revenues are 36% ahead of the prior year comparable period. Strong organic growth, in both the Aftermarket and Industrial OEM businesses, has been augmented by the acquisition of All Seals in September 2010. In Controls, year to date revenues are 14% ahead of the prior year comparable period with good organic growth, unaffected by currency or acquisitions.

http://www.investegate.co.uk/Article.aspx?id=201108010700094184L

Outlook " As is the case every year, consumer confidence in the pre-Christmas period will be an important factor in determining the overall result for the financial year. The effect of pent-up demand in Europe, now being satisfied by improved supplies from China, and the positive impact of incremental sales of London 2012 merchandise gives us confidence in the out-turn for the year. " In conclusion, the Group is trading well. We have laid the foundations for growth in both the short and medium term and we look forward to the future with confidence."

Financial position " There have been no significant changes in the financial position of the Group as at 30 June 2011 since the publication of the Report and Accounts in respect of the financial year ended 31 March 2011. " The Group continues to have access to secured banking facilities of £19.0 million in the UK maturing between 2012 and 2014. Net debt at 30 June 2011 was £9.3 million (31 March 2011 £6.1 million).

Business performance " Over the past ten years our strategy has been to build a broadly based hobby business, spanning a number of product categories and geographical markets. This strategy now provides us with a strong platform from which to leverage our brand strength in order to continue to grow our business. " Our businesses in the UK, mainland Europe and the USA have made a good start to the new financial year. Against a challenging economic background, demand for our products remains strong. Since the beginning of the financial year shipments from our principal supplier in China have been in line with our requirements, supplemented by increased shipments from our broader supply base. This has enabled us to achieve year on year sales growth in the UK and Continental Europe. "In the UK, all of our brands are performing well and we are encouraged by the sales momentum that is building in our London 2012 Olympic ranges. We expect this momentum to continue to gather pace as the Olympics draw nearer. The new channels of distribution that we have opened as a result of our London 2012 ranges will provide a solid platform for additional sales growth following the Games. " In Europe, we are delighted that improved supplies of model railway products from China have enabled us to begin to tap the large market potential for our products. We are also pleased that in France, three of our new Jouef locomotives received "Model of the Year" awards at the recent Paris Model Show. This demonstrates that our products, designed in Europe and manufactured in China are gaining recognition as "state of the art" in their sector. " We are very pleased to have secured the worldwide licence for a range of Star Wars Scalextric products. We are confident that this license, applied across a range of 1:32 Scalextric products and 1:64 Micro Scalextric products, will build our presence globally and particularly in the USA.

http://www.investegate.co.uk/Article.aspx?id=201108010700083759L

Ken Lever, Chief Executive Officer of Xchanging, said: "I am delighted to announce the contract with L'Oréal. It is a prestigious win for Xchanging, underscoring our ability to work with the world's largest companies internationally, and bolstering our position in the procurement services market."