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Unilever's soap disposal keeps OFT happy By Benjamin Chiou Date: Thursday 16 Jun 2011 LONDON (ShareCast) - Despite raising concerns over the level of competition in the bar soaps market, the Office of Fair Trade (OFT) has now said that the merger between Unilever and Alberto Culver will not be referred to the Competition Commission. Unilever, owner of Dove soap, was pressured to dispose of the Cidal, Wright’s and Simple brands acquired as part of its £2.3bn takeover of consumer products group Alberto Culver announced in September. Alberto Culver also owns the TRESemmé-, Vo5- and St. Ives-branded cosmetic products. The request arose in March following an OFT investigation which found that the takeover would “have given rise to a substantial lessening of competition in respect of bar soaps in the UK”. Lornamead, which owns the Witch skincare range, has now bought the three brands: “While the Cidal and Wright's brands are to be sold outright, the divestment of the Simple brand for bar soaps is to be effected by a perpetual and royalty-free licence covering the UK, Ireland and the Channel Islands,” the OFT said. No financial information in regards to the sale was given. “Following a consultation, and having carefully assessed the financial position and commitment of the purchaser, Lornamead, we are satisfied that this divestment will ensure there continues to be effective competition in this market,” said OFT senior director and decision maker Ali Nikpay.

Global urges shareholders to reject HKN's offer Date: Thursday 16 Jun 2011 LONDON (ShareCast) - Global Energy Development's independent directors have urged the shareholders to reject a 72p per share cash offer from HKN, which values the company at £25.8m, saying the offer materially undervalues the oil company. The independent directors, who have been advised by Matrix, do not consider the terms of the offer to be fair and reasonable, the company said in a statement. Earlier in the day, Lyford acquired a beneficial interest in Global by agreeing to buy 3,565,936 Global Shares from the United States Marshals Service for approximately 59.2p a share. Lyford is a company incorporated in the British Virgin Islands and is controlled by Brean. Furthermore, Brean controls about 52.8% of HKN, a US company traded on the NYSE Amex, which in turn holds approximately 33.25% of Global's issued share capital.

Healthy product pipeline for Consort Medical Date: Thursday 16 Jun 2011 LONDON (ShareCast) - Drug inhaler maker Consort Medical reported a higher full-year pretax profit and said it expects continued revenue and profit growth, partly driven by the launch of the King Vision and growing demand in its Bespak respiratory business. For the year ended April 30, revenue rose 7% to £126.8m, while the profit before tax and special items rose only 3% to £17.4m due to increased financing charges following the routine refinancing of the company's banking facilities in April 2010. The company, which supplied inhalers for Pfizer's abandoned Exubera diabetes treatment, said profit before tax and after special items rose 21% to £12.7m from £10.5m, last year. "The launch of the important King Vision laryngoscope and our growing development portfolio of products that are due to launch over the next three years are clear evidence of that investment," chief executive officer Jon Glenn said. The company is scheduled to launch 13 new products by 2014.

Jon Glenn, Chief Executive Officer, commented: "I am very pleased with Consort's performance this year with good revenue and profit growth. Our continued investment in the business is bearing fruit. The launch of the important King Vision laryngoscope and our growing development portfolio of products that are due to launch over the next three years are clear evidence of that investment. We continue to diversify our business and our recent investment in the Atlas Genetics' point of care business together with strong progress from Bespak's new innovations team are helping us to take advantage of new opportunities. I am confident that our strategy to deliver sustainable annual earnings growth is on track. We expect that the coming year will see continued revenue and profit growth and further progress towards product launches, in particular in Bespak

Operational Highlights: · Strong performance from Bespak Respiratory, with a 27% increase in valve volumes · 500 millionth Diskus and one billionth HFA metered dose inhaler valve produced · Investment in Atlas Genetics opens Point of Care Diagnostics market to Bespak · Launch of King Vision video laryngoscope expected to deliver significant medium term opportunity · King transformation programme on track with first automation line commissioned

Financial Highlights: · Revenues from ongoing products and services up 7% at £126.8m (2010: £118.6m) · Operating profit before special items up by 10% to £20.5m (2010: £18.7m) Operating profit after special items up by 29% to £15.8m (2010: £12.2m) · EBITDA up by 15% to £25.0m (2010: £21.6m) · Profit before tax and special items up by 3% to £17.4m (2010: £16.9m) Profit before tax and after special items up by 21% to £12.7m (2010:10.5m) · Adjusted basic earnings per share up by 7% at 45.5p (2010: 42.5p) Basic earnings per share up by 29% to 36.0p (2010: 27.8p) · Final dividend maintained at 12.1p per share (2010: 12.1p per share) · Balance sheet remains strong with net debt at 1.3x EBITDA before cash special items

http://www.investegate.co.uk/Article.aspx?id=201106160700085302I

In-house products a boon for XP Date: Thursday 16 Jun 2011 LONDON (ShareCast) - Power control components manufacturer XP Power reported a strong performance in trading in the second quarter, with profits boosted by a favourable change in the product mix. For the first six months of the year the group notched up year-on-year group revenue growth of 25%, driven by continuing growth in the proportion of its own design products in its total sales volume. The company said, "new project wins with our own in-house developed products have, despite strong revenue growth, led to orders outpacing revenues by 10% in the year to May. This robust performance gives us confidence in our ability to achieve strong revenue growth for this year." XP Power said its own design products accounted for 53% of revenue in the first quarter of 2011, and this increased to 55% in the first two months of the second quarter. The company believes that this shift will have a positive impact on gross margins. In addition to the trading update, the company said construction work on its new Vietnamese factory continues to progress according to schedule and added that the facility is expected to be completed during the first quarter of 2012. AR

Energy XXI Provides Operations Update · Operatorship awarded on West Delta fields · Production exceeds 46,500 BOE/d HOUSTON - June 16, 2011 - Energy XXI (NASDAQ: EXXI) (AIM: EXXI) today provided an operational update, including results of the first recompletion at the South Pass 89 field and drilling of the Onyx prospect at the Main Pass 73 field. In addition, the company announced it has been granted operatorship of the West Delta 30 and West Delta 73 fields obtained in the ExxonMobil asset acquisition in December 2010. "Gaining control of these fields allows us to move forward with our production optimization and capital programs," Chairman and Chief Executive Officer John Schiller said. "We expect to have the last field, South Timbalier 54, under our control by the end of the month."

http://www.investegate.co.uk/Article.aspx?id=201106161331515771I

Fashion brand Ted Baker’s launch in China through a store in Beijing in the second half will be significant. This is not only because the country – where the group initially plans to open about half a dozen shops over the coming years – promises huge sales in highly populous cities such as Beijing and Shanghai, but also because Ted Baker will be operating its own stores, as opposed to using franchise partners. That said, our concern with Ted Baker is that its shares now trade on a forward earnings multiple of 18.1, which makes us cautious for now, though we would buy if they cool down. Hold, says the Independent.

Admin - thank you for sorting name and ticker issue here

Pennon is the parent of South West Water, which supplies water and sewage services in Devon and Cornwall, and Viridor, which manages waste and recycling services and burns rubbish to generate energy. The company combines the steady and predictable income stream from South West Water, the most efficient water business in the UK, with the high-earnings growth of Viridor, which has made a series of acquisitions over recent years. Buy, says the Scotsman.

Asian issues blight Premier Farnell growth Date: Thursday 16 Jun 2011 LONDON (ShareCast) - Electrical components distributor Premier Farnell said sales levels have rebounded above those it was achieving ahead of the global downturn as it posted a rise in revenues and profits. The Leeds-based company, which operates around the world, posted a pre-tax profit (adjusted to take account of a disposal) of £24.1m in the quarter to the end of April, up from £21.4m over the same period the previous year. Revenues climbed to £252.5m from £244.9m. Though sales grew above the group's targeted range of 6%-8%, initial reaction to the results was negative, with the shares falling sharply in the first hour of trading on Thursday. The overall results were marred by a 3.7% fall in sales in the company's Asia-Pacific region. Broker Singer Capital Markets said: "Action is being taken to fix the issues in Asia where revenue growth and customer focus has disappointed and this has held back Q1 profit by around £2m." “When we look back to pre-recessionary levels, adjusted group first quarter sales are up over 10% and we are now achieving structural year on year sales growth beyond the levels that we had prior to the recession,” chief executive Harriet Green said. “Although we recognise that our business model inherently provides us with limited visibility, the board expects second quarter sales growth to be in-line with our target range and remains confident that the group will continue to capitalise on the profitable growth opportunities inherent in its strategy.” Premier Farnell said that it took action to increase its inventory by £6m after the earthquake and tsunami in Japan and that £2.2m of this was received by the quarter end.

Peel Hunt recommends buy Sportingbet, target price cut from 64p to 61p

Yes its a huge PE - Looks very expensive on that basis but its getting away with it for the time being but the Market seems to like it.

Mulberry profit strides ahead Date: Thursday 16 Jun 2011 LONDON (ShareCast) - Upmarket fashion group Mulberry defied consumer gloom to reveal better than expected full year pre-tax profit as demand for its products soared. Pre-tax profit for the year ended 31 March surged to £23.3m from £5.1m a year earlier after strong demand for luxury goods in the UK and abroad. The Bath based firm said revenue jumped 69% to £121.6m. Retail sales rose 44% to £73.5m while like-for-like bounced 43%. Autumn/Winter wholesale sales rose 38%. Chairman and chief executive Godfrey Davis said, "Strong demand in all markets has continued into the new financial year and the outlook for the Mulberry brand is positive." Sales at its New York and Paris stores more than doubled in the last year as well-heeled shoppers sought out Mulberry products. Progress at its online businesses also increased satisfactorily, the group said. "While we remain cautious about the global economic environment, we are focused on accelerating our international expansion." Mulberry has proposed a dividend of 4p, up 82% from 2010.

Southern Cross off its sick bed By John Harrington Date: Thursday 16 Jun 2011 LONDON (ShareCast) - Beleaguered care home operator Southern Cross has made a breakthrough in its fight for survival after cutting a deal with its lenders and landlords. The company and the landlords will work towards a consensual solution to the company's current financial problems which will be delivered over the next four months, a company statement said. This process will be overseen by a Restructuring Committee made up of representatives of the Landlords' Committee and Southern Cross. The business, including the delivery of care, will continue to be the responsibility of the Southern Cross board, management team and staff. "This is a most welcome development which puts an end to the recent unsettling period of uncertainty for our residents and their relatives. The company is now focused on working towards a consensual solvent restructuring. We thank our landlords and lenders for their support and look forward to working with them over the next four months to finalise the future arrangements for our homes," said Christopher Fisher, chairman of Southern Cross. The statement stressed that the Southern Cross board had the full support of both the landlords and the company's lenders, though press reports suggest that one of the reasons why the agreement took so long to arrange was because of the dissatisfaction on the part of the landlords with the performance of senior management, including chief executive officer Jamie Buchan. Southern Cross, which is Britain's largest care home operator, came unstuck as cutbacks in local authority spending meant revenue from care services did not rise as fast as the management anticipated, leaving the company struggling to pay its massive rent bill. The company adopted a sale-and-lease-back strategy in the past, to fund expansion, a decision that is now threatening the continued existence of the company.

Subsequent to quarter end, Valerie Gooding CBE succeeded Sir Peter Gershon as Chairman of the Board at the Company's AGM. We expect to be announcing the appointment and joining date of our new CFO shortly.Commenting on the results, Harriet Green, Group Chief Executive, said: "The Group's sales momentum strengthened in the first quarter, with sales up 3.0% quarter on quarter and 8.3% year on year, which is above our targeted 6%-8% range. Our operating profit grew 13.3% year on year, a performance which was led by the North American business, where first quarter operating profit grew 51.8% year on year. "We remain focused on delivering sustainable profitable growth across the economic and product cycles. When we look back to pre-recessionary levels, adjusted Group first quarter sales are up over 10% and we are now achieving structural year on year sales growth beyond the levels that we had prior to the recession. Although we recognise that our business model inherently provides us with limited visibility, the Board expects second quarter sales growth to be in-line with our target range and remains confident that the Group will continue to capitalise on the profitable growth opportunities inherent in its strategy."

http://www.investegate.co.uk/Article.aspx?id=20110616070000P0A51