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Unilever yesterday announced that it is cutting costs. But it is not the only one, The Financial Times Lex column explains. Colgate Palmolive also said that it planned to cut 6 per cent of its workforce as part of an effort to save 40m dollars a year. Investors have warmed to Unilever of late, despite difficulties in its food business in Europe, where it got the price of its spreads wrong. The shares are up 11 per cent in the past year and have closed the traditional valuation discount with Procetr&Gamble. Both now trade on 18 times forecast earnings, which will be enough to put some shoppers off. But disappointments are growing in the consumer goods sector, and Unilever is one of the few companies to avoid them, so it is well worth putting some in the basket.

From **************: Thursday 25th October 2012 The Markets The UK is no longer in recession, with figures from the Office for National Statistics suggesting that third quarter Gross Domestic Product rose by 1% quarter-on-quarter, well ahead of consensus forecasts of 0.6%. Ticket sales for the London Olympics are believed to have contributed 20 basis points to the result, while the service sector grew by 1.3%, compared to a contraction of 0.1% in the prior quarter. Over in the US, initial jobless claims for the week ended 19th October fell to 369,000, from 392,000 in the prior week. The latest figure is broadly in-line with market expectations, while the unusually high result in the week before was attributed to seasonal technicalities. At the London close the Dow Jones was up by 6.52 points at 13,057.21 and the Nasdaq was up by 2.56 points at 2,653.37. In London the FTSE 100 rose by 0.27 points to 5,805.05; the FTSE 250 finished 109.49 points up at 11,972.15; the FTSE All-Share gained 4.00 points to 3,035.90; and the FTSE AIM Index declined by 6.88 points to 700.80. Broker Notes Panmure Gordon maintained its "sell" recommendation for Cineworld (CINE) with a target price of 220p. The broker emphasised disappointing industry admissions data, noting that September figures were down by 17%. Panmure believes that the firm will benefit from the release of the latest Bond film "Skyfall" but is not convinced that the last two months of the year will be enough to make up the shortfall. On the broker's forecasts, the shares trade on a prospective EV/EBIDAR multiple of 7.4 for the 2012 financial year, but the broker feels that a multiple of 7 times would be more appropriate. Cineworld shares fell 0.75p to 248.25p. N+1 Singer kept its "buy" rating for Vectura Group (VEC) with a target price of 120p. The broker said that the drug discovery company's partner Novartis filed its chronic obstructive pulmonary disease therapy, QVA149, with the European Medicines Agency, following successful Phase III trials. As a result, Singer noted that Vectura is due a 5 million dollar (3.1 million pound) milestone payment. The broker also pointed to good progress made by the company towards achieving regulatory approval for a number of its other products, such as Seebri in Europe, Canada and Japan. The shares inched up 0.5p to 90p. Northland Capital reiterated its "buy" recommendation for Bovis Homes (BVS) while increasing its target price from 560p to 600p. The broker pointed to a strong growth in sales from 82 active sites and noted that the housebuilder's margins have improved to 10.3% in the first half of its financial year, from 7.5% in 2011's comparable period, as it benefited from site openings on new land. Northland added that the firm's revenue growth rate is accelerating as it secured more forward sales and enjoyed higher average sales prices. On the broker's forecasts, the shares trad

N+1 Singer kept its "buy" rating for Vectura Group (VEC) with a target price of 120p. The broker said that the drug discovery company's partner Novartis filed its chronic obstructive pulmonary disease therapy, QVA149, with the European Medicines Agency, following successful Phase III trials. As a result, Singer noted that Vectura is due a 5 million dollar (3.1 million pound) milestone payment. The broker also pointed to good progress made by the company towards achieving regulatory approval for a number of its other products, such as Seebri in Europe, Canada and Japan

Panmure Gordon maintained its "sell" recommendation for Cineworld (CINE) with a target price of 220p. The broker emphasised disappointing industry admissions data, noting that September figures were down by 17%. Panmure believes that the firm will benefit from the release of the latest Bond film "Skyfall" but is not convinced that the last two months of the year will be enough to make up the shortfall. On the broker's forecasts, the shares trade on a prospective EV/EBIDAR multiple of 7.4 for the 2012 financial year, but the broker feels that a multiple of 7 times would be more appropriate.

It was once the dirtiest coal-fired carbon dioxode-emitting power plant in Western Europe. From next year Drax will become Britain’s biggest weapon in the race to produce renewable energy. Drax has been Britain’s single biggest electricity-producing plant for decades, providing at times as much 10% of the nation’s energy production. However, in plans unveiled yesterday, the South Yorkshire-based plant is to convert three of its six units to burning biomass rather than the black stuff. It is a move that will produce 2 gigawatts of green electricity, enough to power millions of homes a year. Dorothy Thompson, the chief executive of Drax, which is a £1.8bn stockmarket-listed company, said the leap to pushing Britain into a greener future was “enormous,” The Times explains.

Graham Stewart, Chief Executive of Faroe Petroleum, commented: "I am very pleased to report these new licence awards in both the Atlantic Margin and the North Sea. We have secured a number of significant new leads and prospects in a variety of geological settings which compliment and further diversify our extensive exploration portfolio". "In the meantime we await the results of the two UK exploration wells currently being drilled namely the West of Shetland N.Uist well (6.25%) and the North Sea Spaniards East well (8.4%)."

Blocks 29/12 (part), 29/13 (part) & 29/14 - Faroe Petroleum 33.33% This Central North Sea traditional licence, to be operated by Endeavour Energy (U.K.) Limited, is located on the southern margin of the Central Graben. A number of leads have been identified at both Palaeocene and Jurassic levels. The licence work programme involves obtaining and reprocessing 2D seismic data and additional geotechnical studies, prior to making a drill or drop decision. Greater Perth Area Block 15/16e - Faroe Petroleum 33.33% This traditional licence, to be operated by DEO Petroleum Exploration Limited, is located in the Outer Moray Firth, north-east of the Perth oil field, in which the partners hold an interest. Prospectivity has been identified within Upper Jurassic strata and is to be de-risked through a work programme comprised of obtaining and reprocessing 3D seismic data, in addition to other geotechnical studies, prior to making a drill or drop decision. Blocks 3/28c & 9/3e - Faroe Petroleum 50% This traditional licence, to be operated by RWE Dea UK SNS Limited, is located on the western edge of the Northern North Sea Viking Graben to the north of the BP operated Bruce field. Prospectivity has been identified within the Palaeocene section in an exciting new play concept for the area. The licence work programme involves reprocessing of 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.

Dunvegan (Blocks 205/16b (part), 205/17 (part), 205/21c & 205/22b) - Faroe Petroleum 50% and operator This west of Shetland traditional licence is situated at the southern end of the Faroe-Shetland Basin. Dunvegan and the associated leads are combined structural and stratigraphic traps within Lower Cretaceous strata, associated with strong seismic amplitudes and located within a regional three-way closed structure. The licence work programme for Dunvegan involves shooting new long offset 2D seismic data and additional geotechnical studies, prior to making a drill or drop decision. Ribbon (Block 206/7b) - Faroe Petroleum 50% This west of Shetland traditional licence, to be operated by E.ON E&P UK Limited, is situated on the eastern flank of the Faroe-Shetland Basin, adjacent to the Clair oil field. Prospectivity has been identified within both Palaeocene and Cretaceous strata. The licence work programme involves reprocessing 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.

Faroe Petroleum awarded several new licences on the UK Continental Shelf Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, is pleased to announce that it has provisionally been awarded seven new exploration licences on the UK Continental Shelf in the UK's 27th Offshore Licensing Round. Grouse Extension (Blocks 217/14 & 217/15) - Faroe Petroleum 37.5% and operator This west of Shetland traditional licence is located in the North of the Faroe-Shetland Basin. The blocks contain the extension of the Company's existing Grouse prospect, a large structural and stratigraphic trap within post‐basalt strata, in a new exciting exploration play in the west of Shetland area. The licence work programme for the Grouse Extension is to be confirmed but it is anticipated that it will tie in with the programme for the existing Grouse licence. Glenfarclas (Blocks 208/21 (part), 208/26 & 214/30d) - Faroe Petroleum 33.34% and operator This west of Shetland traditional licence is situated on the south-eastern flank of the Faroe-Shetland Basin to the North of the Glenlivet gas discovery in which Faroe Petroleum has a 10% interest. The Glenfarclas Prospect is a large structural and stratigraphic trap of Palaeocene age, and exhibits an amplitude anomaly. The licence work programme for Glenfarclas involves reprocessing 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.

http://www.investegate.co.uk/Article.aspx?id=201210260700055918P

The trading trends we experienced in the first half of 2012 continued in the third quarter of the year with the performances of the business lines also broadly similar to the first half. In particular, our higher margin Facility business continued to deliver revenue growth in excess of the Group average. Our free cash flow has been strong in the period, meeting our objective of converting in excess of 100% of our adjusted profit after tax. As a result, net debt at 30 September 2012 was approximately £470 million, down from £514 million at the start of the year. The Group's funding position remains robust with approximately £800 million of private placement notes and facilities, most of which are committed to 2016 and beyond. The Board continues to expect good year on year progress for the full year 2012.

Interim Management Statement The Board of Berendsen plc ("the Group'') today issues its interim management statement for the period from 1 July 2012. This statement provides an update on the financial performance, and the financial position, of the Group based on management accounts for the three month period up to 30 September 2012 ("the period"). Trading in the period has been in line with our expectations. Revenue for our Core Growth businesses was ahead by 3% compared to the equivalent period last year on an underlying basis (excluding acquisitions and currency impacts), which was consistent with our first half growth rate. For the Group as a whole, underlying revenue was up 2% but was down 2% at the reported level after the impact of currency. We again improved our operating margin and with a lower interest charge, we delivered good growth in adjusted profit before tax.

http://www.investegate.co.uk/Article.aspx?id=201210260700065926P

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http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=20453322

Future Prospects The financial performance for the nine months has been largely defined by the expected impact of the loss of exclusivity on several products (particularly Seroquel IR), the disposals of Astra Tech and Aptium, as well as the challenges that continue to confront the pharmaceutical industry as a whole. Benefits from our restructuring programmes and continued discipline in operating expenses have provided headroom for reinvestment in the business whilst also partially mitigating the impact of declining revenue on Core operating profit and margin. As previously stated, despite continued pressures on revenues and margins, the Company will continue to invest to drive future growth and value; in sales and marketing, to support our new products and growth markets, and in Research and Development, to progress value-creating assets within our portfolio and from further business development. Based on the performance to date and the outlook for the remainder of the year, the Company continues to anticipate that revenue for the full year will decline in the range of the low to mid-teens in constant currency terms. The Company's Core EPS target for the full year also remains unchanged, in the range of $6.00 to $6.30. For the nine months 2012, Core operating profit and EPS includes one-off items totalling $0.35 per share ($0.19 from the tax settlement in the second quarter and $0.16 from the sale of OTC rights for Nexium in the third quarter). This Core EPS guidance has been based on January 2012 average exchange rates for our principal currencies, and actual results for the nine months were broadly in line with this currency assumption. The target takes no account of the likelihood that average exchange rates for the remainder of 2012 may differ materially from the rates upon which our earnings guidance is based. An estimate of the sales and earnings sensitivity to movements of our major currencies versus the US dollar was provided in conjunction with the Full Year 2011 results announcement, and can be found on the AstraZeneca website, www.astrazeneca.com/investors.

THIRD QUARTER AND NINE MONTHS RESULTS 2012 London, 25 October 2012 As expected, the revenue decline in the third quarter reflected the ongoing effect from the loss of exclusivity on several brands. Continued disciplined management of operating expenses and proceeds from the sale of Nexium OTC rights mitigated the impact of the revenue decline on Core operating profit. Financial targets for full year unchanged. Revenue for the third quarter was $6,682 million, down 15 percent at constant exchange rates (CER). -Loss of exclusivity on several brands and the disposals of Astra Tech and Aptium were the key drivers of the revenue decline. -Strong growth for Symbicort, Faslodex, Iressa and ONGLYZATM. -Emerging Markets revenue increased by 6 percent at CER. There was 23 percent revenue growth in China and in Russia in the third quarter. Continued weak performance in Mexico negatively impacted Emerging Markets revenue growth by more than 2 percentage points. Core EPS was $1.51 in the third quarter, an 8 percent decline at CER. -Core EPS benefited from the lower number of shares outstanding resulting from net share repurchases. Reported EPS in the third quarter was $1.22, a 50 percent decline at CER. -Reported EPS in the third quarter last year included $1.08 per share from the sale of Astra Tech. Expansion of the diabetes alliance with Bristol-Myers Squibb was completed on 8 August. Alliance sales teams began promotion of the Amylin diabetes product portfolio in the US in October. Year to date net share repurchases totalled $2.3 billion. Suspension of share repurchase programme announced on 1 October. Core EPS target range for the full year maintained at $6.00 to $6.30.

http://www.investegate.co.uk/Article.aspx?id=201210250700095032P

MOLINS PLC INTERIM MANAGEMENT STATEMENT Molins PLC, the international engineering and services company, today announces its interim management statement covering the period from 1 July 2012 to 24 October 2012. The Company's Half-Year results to 30 June 2012 were announced on 31 August 2012. Sales in the third quarter were at similar levels to those in the first two quarters of the year and, as in recent years, sales are expected to be heavily weighted to the last quarter. Order intake in each of the Group's three divisions remains ahead of the same period last year and in line with expectations, and each division has a strong order book for delivery in the fourth quarter. Performance in the period was broadly as expected. The board's expectation of Group performance for the year as a whole remains unchanged. There has been no significant change in the financial position of the Group since 30 June 2012.

http://www.investegate.co.uk/Article.aspx?id=201210250700074760P