Member Info for mulledwine

The way the markets are then this will probably be seen initially as negative but ultimately surely its a winner - right I am off to do some pillaging across the border in Carlisle - passport and credit card at the ready. Enjoy your banter in here as usual.

John Standen, acting chief executive of Lavendon Group, can thank his lucky stars that the plant hire company he finds himself running today is not heavily involved in Greece or Portugal as well. As it is, Lavendon has taken the inevitable decision to cut its losses and run from Spain. Mr Standen wants to raise the return on capital employed, about 7 per cent, to 11 per cent, though this will take several years to achieve. Analysts were raising their forecasts for 2011, but with the shares on more than ten times earnings, further progress looks to be slow, says the Times.

There is not much point in castigating Melrose for making an opportunistic bid for stricken fellow engineer Charter International, because that is what Melrose does for a living. Analysts think an auction could push the price as high at 950p, while if Melrose walks away, the shares could be back to 600p. Investors with no compelling reason to cash out should stay in for the fun, though, says the Times.

The achievement of United Carpets, which has 86 stores, to deliver a 4% rise in pre-tax profits to £1.2m for the year to 31 March should not be under-estimated. Although it trades on a modest forward earnings multiple of 8.3 times, we think it's best to err on the side of caution and avoid this well-run carpet retailer until the wider economy, and the housing market, strengthens, says the Independent, which has a “hold” recommendation on the stock.

Commenting on the update, Chief Executive David Kovarsky said: "Industry experts are forecasting a record year for stainless steel production in 2011 and again in 2012, however the third quarter is traditionally weak and we have seen this in lower benchmark prices and reduced output of ferrochrome from the South African producers. This market backdrop, together with substantially higher winter electricity tariffs, reduces the opportunity cost of IFL's reduced production during the roof upgrades, reinforcing management's decision to undertake the work during this period. IFL's objective is to significantly reduce its costs, moving it to be among the lower cost South African producers. Good progress on the Company's four main current projects, each of which will have a positive impact on our costs and revenue, means IFL is in a much better position to take advantage of higher expected prices in Q4."

Interim Management Statement to 19 July 2011 and Production Report for the three months to 30 June 2011 Highlights: · Ferrochrome ("FeCr") production of 42,584 tonnes ("t") for the quarter to 30 June 2011, down 17% on both previous and corresponding quarters due to scheduled shut down of a furnace on 1 June 2011 for roof upgrade · Sales of 34,735t achieved in the quarter to 30 June 2011, down 28% from the previous quarter and down 37% on the corresponding period, due to softer demand · Net borrowings increased from ZAR213 million at 31 March 2011 to ZAR248 million at 30 June 2011 · Furnace roof upgrade programme on track and on budget · Construction by Anglo Platinum of chrome tailings re-treatment plant on schedule to supply UG2 chrome concentrate from January 2012 · Sky Chrome mining operations commenced in June 2011 · Benchmark European FeCr price decreased by 15¢/lb to US$1.20/lb for Q3 ending September 2011

http://www.investegate.co.uk/article.aspx?id=201107190700075999K&fe=1

Johan Dippenaar, Chief Executive Officer, said: "Petra has once again recorded significant growth in revenue, reflecting the health of the rough diamond market. Whilst production was relatively flat for the Period, we will see a further step-change in output for FY 2012 as the Finsch acquisition is expected to complete shortly. Given the outlook for the diamond industry, where demand is forecast by most industry commentators and major producers to outpace supply, Petra's exceptional growth profile will ensure the Group is in a strong position to capitalise on thesevery robust fundamentals."

Production · Gross production down 4% to 1,116,965 carats (FY 2010: 1,164,856 carats) · Production remained relatively flat for the Period vs. FY2010 due to: · a strategic focus (as part of Petra's core objective to maximise revenues) on 'value production' as opposed to 'volume production' which led the Company to raise the bottom-cuts in the treatment plants of the Cullinan, Koffiefontein and Kimberley Underground mines in H1 FY 2011; · the planned cessation of main pit production at Williamson (whilst the expansion plan is underway); · the planned depletion of high grade Optical Sort Plant ("OSP") material at Cullinan; · lower than expected volumes from Kimberley Underground due to initial commissioning difficulties at the Joint Shaft plant, which have now been largely overcome; and · unseasonably heavy rainfall - Petra, like many other South African mining companies, was affected by the very high rainfall levels during the Period, especially where processing wet stockpile and tailings material

This has been a year in which the Company has confirmed its position as one of the world's leading independent diamond producers. With the closure of the Finsch acquisition expected in the coming weeks, the Company remains on track to more than double production in FY 2012, and is targeting 4 million carats in FY 2014 and over 5 million carats by FY 2019. Key highlights include: · gross mine revenue up 24% to US$221 million (FY 2010: US$178 million); adjusting for the exceptional sale of the US$35 million Cullinan Heritage diamond in FY 2010, revenue would have been up by 55%; · agreement reached with De Beers in January 2011 to acquire the Finsch mine in South Africa - Finsch will more than double Petra's annual carat production and increase the Group resource base to over 300 million carats valued at circa US$56.5 billion¹; · an equity raising of US$325 million in January 2011 (primarily to finance the Finsch acquisition cost of approximately US$210 million and strengthen the Company's balance sheet); and · an increasingly positive outlook for the diamond market as evidenced by the significant strengthening of diamond prices

http://www.investegate.co.uk/Article.aspx?id=201107190700106138K

Roy Davis, CEO, commented: "We have seen continued very strong growth in our revenues in the third quarter driven largely by accelerating capital sales. We have also continued to grow the customer base as we penetrate new markets. We are pleased with the positive reception and growing demand for our 200Tx in the ophthalmology market and can report our Daytona desktop device is progressing well with launch expected in Q1 2012. In addition, we continue to build the clinical evidence of the benefits of the optomap and will be releasing further studies over the coming months."

The third quarter has seen accelerating top line growth with revenues of $44.1m, up 82% on the same period in 2010 and an increase quarter on quarter from $33.0m in Q2 and $25.0m in Q1. Our broadened product range, pricing flexibility and business models are enabling us to retain customers and expand our customer base, with a gross 378 customers added in the year to date and just 186 customers de-installing. Our rental base remains strong at 3,503 at the end of Q3 but is decreasing as an overall percentage of revenues as capital sales increase. Amounts billed to rental customers (whether accounted for as an operating lease or a finance lease) were $64.4m (a 5% decline on the same period last year) whilst outright devices sales saw a significant $20m increase plus further sales of service contracts. YTD capital sales have increased to 22% of the revenue base from 5% in the same period last year. High levels of contract renewals amongst our customers at the annual meeting of the Vision Source group contributed significantly to the finance lease revenues of $11m in the quarter. As a result of our strategy to enter new geographic and specialist markets we are continuing to build inventory of our P200C and 200Tx devices and invest in expanding our sales force. We have placed a number of devices on trial at key opinion leader sites on extended payment terms. In addition, we have improved our manufacturing capability such that we now build P200C and P200MA devices in the US as well as Scotland. This investment will enable lower service and maintenance costs in the future by delivering product from proximal locations and free up capacity in Scotland to prepare for the launch of Daytona. As a result of these factors, net debt rose marginally in the three month period from $27.9m to $29.3m, but was broadly unchanged excluding € and Canadian $ exchange fluctuations.

Accelerating sales growth continues in Q3 LONDON, UK, 19 July 2011 - Optos plc (LSE: OPTS), the leading medical retinal imaging company, today publishes its Interim Management Statement for the third quarter of the financial year ended 30 September 2011 (Q311) and nine months to 30 June 2011 (Year To Date or YTD11). All figures are reported in US$ and are unaudited. Highlights · Total revenues for the quarter up 82% to $44.1m, (Q310: $24.2m) o Year to date revenues up 43% to $102.1m (YTD10: $71.5m) o Strong capital sales in quarter of $11.4m (Q310: $1.8m) and YTD capital sales of $23.1m (YTD10: $3.3m) o Rental business remains stable with like-for-like billings to rental customers $21.7m (Q310: $22.2m) and YTD $64.4m (YTD10: $67.6m) o Service & warranty revenues increased to $1.2m (Q310: $0.2m) in the quarter with YTD revenues of $2.7m (YTD10: $0.6m) reflecting increase in capital sales. Additionally, we saw $11m of finance lease revenues in Q3 (YTD11 $14.1m) arising on new rental placements and contract renewals · Increase of 68 net new customers in quarter to 4,104 o 192 customers (net) added in 9 months and 249 in last 12 months o Percentage of rental customer base choosing not to renew or acquire their devices reduced to 1.5% (Q310: 3%) · 200Tx device well-received in ophthalmology market o More than 40 devices sold, 15 firms orders to be delivered, strong pipeline · Daytona desktop device on track for October 2011 launch and calendar Q1 2012 volume sale · Further positive evidence of clinical importance of wide-field imaging with 4 key publications in the Retina and Ophthalmology journals within the quarter including o A study published in Retina by Dr Rick Spaide of Vitreous Retina Macula Consultants of New York, a leading international key opinion leader specialising in diseases of the retina and vitreous, which investigated the areas of perfusion abnormalities in patients treated with ranibizumab for central retinal vein occlusion. The study concluded that eyes with central retinal vein occlusion develop widespread peripheral vascular obliteration in regions that are difficult to image using conventional fundus cameras, but can be easily documented with Optos widefield technology · Opto Global business gaining traction with sales of $1.2m for the quarter (Q310 Nil) o Integration on track, sales of SmartCharts and perimeters in North America markets o Good demand for Optos devices direct in Australia and with middle-east distributors

http://www.investegate.co.uk/Article.aspx?id=201107190700106134K

CEO Fraser McGee commented: "I am very pleased to be able to announce the commencement of drilling at our first target in the Morobe JV district with our partner Newmont Ventures. Further announcements regarding the delivery of the results will follow in due course."

Project Update - Drilling Commences at Hide's Creek The Company is pleased to announce that it has received confirmation that its joint venture partner Newmont Ventures Limited has commenced drilling at the Hide's Creek development in the Morobe tenement. TPJ currently holds 49% of the Morobe tenement, which will reduce to 30% after the current work programme.

http://www.investegate.co.uk/Article.aspx?id=201107190700106128K

Second quarter production was negatively impacted by labour issues related to the illegal underground sit-in followed by an unprotected strike at CRM operations in early May. The labour issues were resolved with the signing of a two-year wage agreement with NUM (National Union of Mineworkers) and agreement on other disputed matters. With the suspension of 155 production workers, resources have been consolidated into the Zandfontein operations and the services of JIC Mining have been engaged on a fixed-term contract to restore full production at the Maroelabult section during the third quarter. Concentrator recovery was also negatively affected by the labour disruption. As reported on April 15, 2011, cement grout support packs are now being introduced into underground working panels thereby further enhancing ground support standards. Based on the actual production results for the first half of 2011, the operating history of CRM and the budgeted plan for the remainder of 2011, the Company anticipates PGM production for the full year to be approximately 105,000 ounces. Crocette is progressing well and on-reef development has commenced. Work at the 90,000 tonne-per-month Mareesburg open-pit/concentrator project on the Eastern Limb continues. Fluor, an international engineering and construction company, was awarded the project management and construction management contract and K'Enyuka, a respected engineering company based in Johannesburg, was awarded the contract for the detailed design for the concentrator and support facilities. Site capture and planning have been ongoing and earthworks will commence on site in July 2011. Production startup is scheduled for late 2012. The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P.Eng. Eastplats will release its full second quarter results on Monday, August 15, 2011.

http://www.investegate.co.uk/Article.aspx?id=20110719070003M6742