Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=201210310700079040P

Edward Bramson, Executive Chairman, commented: "Inflows and performance in our Third-Party Institutional business continue to be encouraging as we implement the strategies set out in our Strategic Review last October. We have now put in place a new management structure to implement the consumer strategy set out earlier this year. We currently anticipate initial revenues from our refocused direct-to-consumer marketing approach will occur in the first half of 2013 and look forward to growing our presence in this area."

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F&C lost another £3.7bn of mandates in the three months to September, most of it through the well-signalled withdrawal of insurers such as Friends Life. This is very low-margin business. More promisingly, the company won a net £401m of new mandates from third-party institutional investors such as pension funds. Another net £1.4bn from this category is in the pipeline, F&C says. The cost-cutting programme is all but complete, with almost all the £48.8m in promised savings now achieved. The jury is out on whether these cuts — mostly in back-office functions — have been achieved without damaging muscle. But if so, F&C should deliver 9.6p of earnings per share next year, putting it on a multiple of 10. The present yield is 3.1% and there is a strong chance of a dividend hike next year, Tempus explains.

GLIF has a stated progressive dividend policy, bearing in mind alternative uses for the cash and its preference for steady increases over time rather than a sharp increase followed by a cut. We noted with the interim results that rising revenue exceeded operating and finance costs by £3.1m, ie more than covering the dividend cost of £2.2m. The full-period effect of the management fee cut would only be seen in H212, indicating a positive outlook. In Q312, the growth in NAV announced last week was partly attributed to confirmation of this positive trend and that net cash retained had helped build net assets. Management has decided to use part of this surplus to increase the quarterly dividend by 9% to 1.25p, taking the annualised yield over 10%, but still ensuring that it continues to be more than covered by cash generation. The group is now cash generative, providing a cushion against market movements. The portfolio mix is also more balanced with more assets outside the CLO structure and a more diverse mix of assets within it. In 2008/9, even though the end loans were still paying, the CLO structure meant some cash was diverted to meet mark-to-market capital tests within the CLO and thus was not available for dividends to GLIF shareholders. Clearly the business is sensitive to extreme market stresses, but its dividend-paying capacity is much more sustainable than in 2008/9.

http://www.edisoninvestmentresearch.co.uk/researchreports/GLIFFlash291012.pdf

Valuation: First project could be strongly positive Our analysis is a first look at possible drivers for a project and we will have to wait until a deal is announced for further details. However, it is clear that overall market pricing and demand are not impediments to these projects and that the company could create significant value by supplying LNG to gas-starved markets. Our first blush analysis indicates that an NPV@15% of over $15m is possible, with an equity contribution of as little as $1-3m, with first revenues possible in 2014 if a deal is announced soon (as the company is hoping). We look forward to the company announcing a first deal, but until this is done we do not ascribe any value. We leave our forecasts and valuation unchanged

http://www.edisoninvestmentresearch.co.uk/researchreports/GasolUpdate291012.pdf

Valuation: Plenty of growth opportunity GB’s normalised EPS trend (historic and estimated) shows strong growth as the group further expands its capabilities and gains economies of scale. While the current share rating is somewhat higher than our selected peer comparators (see our Outlook report published on 30 May 2012), we believe this valuation is supported by GB being well placed to grow both its operating divisions strongly in the medium term and ahead of the comparator average. The group also continues to have the firepower to consider selective accretive acquisitions, which can add further market or product expertise, to enhance its growth prospects.

http://www.edisoninvestmentresearch.co.uk/researchreports/GBGUpdate291012.pdf

Seymour Pierce has said that oil and gas firm BG Group's third-quarter results on the whole represent a "mixed bag of contradictory statements and transactions". Whilst Seymour Pierce does not have a rating and target price for BG Group, analyst Sam Wahab said: "In view of BP’s consensus beating Q3 results this week, the market may see their shares as representing better value than BG’s going forward."

Forecasts and valuation: Attractive single-digit P/E We have incorporated MM into our forecasts on the basis of flat revenues and margins in FY12 (two months) and FY13. Our FY12 revenues edges up to £44.0m (from £43.5m) while FY13 moves to £47.8m (£45.1m). Adjusted operating profit rises to £2.7m (£2.6m) and £3.5m (£3.1m) while our long-term margin target increases to 7.9% from 7.5%. We note SCISYS has a pipeline of potential acquisitions and today’s deal gives a flavour of the value-creating opportunities that are possible. The stock looks attractive, trading on c 8.2x our FY12 earnings falling to c 6.5x in FY13.

http://www.edisoninvestmentresearch.co.uk/researchreports/scisysupdate311012.pdf

Marks & Spencer is to ply its wares in Germany and Austria for the first time as it sets up dedicated local-language websites. The 128-year-old retailer, which pulled out of Europe a decade ago, is also opening websites in Belgium and Spain, the backyard of Inditex, the world’s largest fashion retailer. The company is building an internet platform to replace its Amazon-powered website, which it says has constrained its international ambitions. Laura Wade-Gery, the executive leading M&S’s online operations, said: “We think that it’s a big enough opportunity to go ahead on a separate infrastructure from the main [Amazon] platform. We have been delivering to those markets for a while from our UK site.” M&S, which releases results for the first half next week, expects its appeal to stretch beyond Britons abroad. “There are some expatriates, particularly in Spain — we already send a certain amount to the various Costas — but it’s also locals who may be familiar with us from visiting the UK or may have experienced us in a prior guise,” Ms Wade-Gery said, The Times reports.

ARM Holdings is to keep ahead of its rival, Intel, by launching processors that will power a new generation of “superphones”. The 64-bit processors will be adopted by some of the largest semiconductor makers next year before being built into smartphones and tablets that will hit the market in 2014 and 2015. Britain’s largest technology company, which is based in Cambridge, said that the superphones would be three times faster than today’s best smartphones. They will also be up to 50 per cent more power efficient, which should extend batterylife. The group has launched the products in Intel’s backyard in Silicon Valley. The ARM TechCon, an annual “geekfest”, held in Santa Clara, California, opened yesterday with 5,000 delegates having paid to take a first look at the new designs, The Times explains.

very nice figures and outlook

Summary and Outlook Tracsis has performed well in the past year, as illustrated by significantly increased levels of revenue, profit, and a resulting strong cash position. The Directors are confident of achieving further growth in the future, and our underlying organic growth should remain on a consistent trajectory given the robust nature of the UK rail industry. The industry is undergoing widespread changes which provide new opportunities for the Group: This includes the alignment of Network Rail with train operators and the general devolution from a centralised structure to planning on a route by route basis plus the large amount of refranchising work which will be undertaken in coming years. Whilst organic growth should remain buoyant, the largest challenges to the business remain in finding new investment opportunities, the timing of which are always difficult to predict. We believe the Group remains well positioned to continue its objective of becoming a leading provider of software, consultancy services and monitoring equipment to the transportation markets both within the UK and further afield. The coming year should see new client wins, new product initiatives, and Tracsis entering new overseas markets - all of which should be achievable given our credentials and existing client relationships references. As always, our thanks go out to customers, shareholders and, most of all, our employees who continue to support us as we move forward.

John McArthur, Chief Executive Officer, commented: "We are once again delighted with the performance of the Group, with strong growth in both revenue and profitability. Looking ahead, we remain well placed to address the needs of the transportation industry - primarily removing extraneous resourcing costs plus improving service delivery and network robustness. There is a significant growth opportunity available to Tracsis both in the UK market and overseas and we will address this both organically and through acquisitions as appropriate."

Operational Highlights: · Several new contract wins across the Group · Continued uptake and demand for the MPEC condition monitoring technology · First sales of TRACS-RS, a new software product which aids with the process of rolling stock vehicle planning · Sustained involvement with UK rail refranchising where Tracsis works with a variety of transport operating groups · COMPASS software product completed a major system delivery in Scandinavia · Several key projects delivered across Northern Europe and Australasia

31 October 2012 Tracsis plc ("Tracsis" or the "Company" and with its subsidiaries the "Group") (AIM: TRCS), a leading developer and consolidator of resource optimisation software, condition monitoring technology, and consultancy services to passenger transport industries, is pleased to announce its audited final results for the year ended 31 July 2012. Financial Highlights: · Revenues increased 112% to £8.7m (2011: £4.1m) · Adjusted EBITDA* increased 164% to £3.3m (2011: £1.2m) · Profit before tax increased 169% to £3.0m (2011: £1.1m) · Cash balances up by £2.9m to £7.6m (2011: £4.7m) · Early settlement of deferred consideration in respect of the MPEC acquisition · Final dividend proposed of 0.35p per share. Interim dividend of 0.2p per share paid during the year, hence full year dividend of 0.55p