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Australian strength boosts Hyder Consulting Date: Wednesday 08 Jun 2011 LONDON (ShareCast) - Hyder Consulting beat expectations in the year to 31 March, after the engineering consultant’s geographical spread allowed it to focus on regions where it has particular expertise. Hyder, which has been involved in projects such as Crossrail in London as well as a host of overseas developments, said its Australian business performed particularly well. Adjusted pre-tax profit rose to £20.3m from £16.3m the previous year even as revenues fell to £290.3m from £308.6m. Broker Panmure Gordon had been predicting a profit of £19.7m. The company is proposing a final dividend of 6p a share, up from 4.5p the previous year and making for a full-year dividend of 7.75p, up from 6p. Hyder’s Asia-Pacific revenues climbed by 20% to £114m. The company said its Australian transport division benefitted from contracts with the airline Alliance which “have been completed ahead of budget and timetable, resulting in bonus payments.” Middle East revenues fell by 30% to £65.5m due to contract deferrals, but the company said there are signs that liquidity is improving in the region. In Europe, revenues fell by 8% to £110.8m. “With 71% of revenue and over 75% of operating profits earned overseas, the group is broadly based, both internationally and across market sectors,” the company said. “This diversity provides the group with considerable resilience; it should help us to adapt rapidly to variations in demand in individual regions, and will provide us with opportunities as markets recover.”

Commenting on the results Sir Alan Thomas, Chairman, said: "We've concentrated on the regions and sectors we understand well and where Hyder has distinctive expertise. As a result, earnings, cash and dividends have improved further in what have been variable, and not always helpful, economic conditions. We want to continue to grow earnings (and their quality) by further market penetration in our selected sectors of transport, utilities, property and environment. These four sectors are driven by the growing demands of urbanisation, mass transit, climate change and water and power scarcity, areas in which Hyder is internationally competitive. Hyder's geographic diversity gives us resilience and flexibility, and the Board remains confident about the Group's prospects for the year ahead."

Hyder Consulting, the multi-national advisory and design consultancy, today announces its results. Financial & Operational highlights: · Adjusted operating profit* up 13% to £20.3m (2010: £18.0m) · Net adjusted operating margins* up to 8.1% (2010: 6.7%) · Adjusted profit before tax* up 25% to £20.3m (2010: £16.3m) · Adjusted diluted earnings per share* up 23% to 43.34p (2010: 35.26p) · Full year dividend up 29% at 7.75p (2010: 6.00p) · Net cash balances of £13.1m (2010: £3.6m); unutilised facilities £46.7m · Order book of £312m (2010: £346m); strong pipeline in all regions · Good visibility of earnings, with approximately 60% of next year's revenues secured · 71% of revenues and 75% of operating profits earned overseas

http://www.investegate.co.uk/Article.aspx?id=201106080700080400I

Gooch & Housego more than doubles profit Date: Wednesday 08 Jun 2011 LONDON (ShareCast) - Half year profit more than doubled at optical components maker Gooch & Housego after robust demand for lasers used in manufacturing. Adjusted profit before tax rose to £5m for the six months ended 31 March 2011 from £2.2m before. Revenue increased to £27.2m from £20.4m previously after strong growth in devices such as smartphones. "The six month period was characterised by favourable market conditions and strong demand for Gooch & Housego's products from the Industrial, Aerospace & Defence and Life Sciences market sectors. The period was also notable for the completion of two strategically important acquisitions," the group said in a company statement. Gooch & Housego, which bought Crystal Technology and EM4, said it had a record order book going into the second half of 2011. The directors have declared an interim dividend of 2p per share.

Lenny - Howdy - I wouldnt profess to be 'clued up' ! however I do not think ISAT was over valued when it was in the 700 - 800s - I can certainly see it getting back up there in the latter part of the year. The markets have gone through a cooling off period with many shares being humped of the park. Everything looks very positive here . I have been in here before but not of late - I would definitely consider purchasing at thi slevel but I have been hit with my oillies at present so I dont have cash to throw here , unless I take a loss elsewhere which Im not prepared to do just now - that may change! Have you read this http://annualreport.inmarsat.com/chairman_and_ceo_review/strategic_perspectives.php It is very informative. Good luck with your trading.

and another pat http://brokermandaniel.com/2011/06/07/avesco-still-going-strong/

Buy CVS Group (CVSG) at 116p Says The AIM & PLUS Newsletter Evaluation We believe that the current concerns surrounding the outlook for consumer spending and the competitive environment have led investors to underrate CVS's potential. While it is true that incomes are being squeezed, it is equally true that Britons are loath to cut back on spending on their furry friends, with the UK's cat and dog owners having increased overall spending by 4% in 2009 despite the recession. We would also argue that concerns over the competitive environment have been overdone, given that the firm's online business is performing well and has the potential to have a material impact over the medium term (broker Brewin Dolphin suggests GBP5-10 million in incremental revenues are achievable on a 2-3 year view). It is also worth stressing that CVS's market-leading position gives it unrivalled purchasing clout, which can only increase as it adds to its market share through acquisitions. The company does not currently pay a dividend, although the strong levels of cash generation suggest this could be on the agenda once net debt has been reduced. BUY.

Goldman reiterates neutral on Pearson, target price raised from 1283p to 1450p.

http://www.investegate.co.uk/Article.aspx?id=201106080700070315I

Improvement across the board at SThree Date: Wednesday 08 Jun 2011 LONDON (ShareCast) - Staffing business SThree reported a 23% increase in gross half year profit after an improved performance across all regions. The provider of permanent and contract staff said group gross profit rose to around £90m for the six month period ended 29 May 2011 from £74.3m in 2010. UK gross profit increased by 9% and non-UK gross profit increased by 34%. Non-UK now represents 63% of gross profit, up from 60% the year before. Permanent gross profit increased by 34% and contract gross profit increased by 15%. A total of 3,450 permanent placements were made during the six months compared to 2,842 a year earlier. Group sales headcount at May 29 was up 12% from the year-end and up 14% year on year. Sthree opened new offices opened in Sao Paulo, Doha and Antwerp and plans to open offices in Zurich, Luxembourg, and Chicago in the second half. The group had net cash of £47m at the period end.

Commenting on the acquisitions, Philip Leech, Chief Executive Officer of Terrace Hill, said: "These two acquisitions further underline our continued progress in the expansion of Terrace Hill's foodstore development pipeline and our expertise in this area. They are also important as they mark the first deal originated from our Manchester office, which opened last year, and our first project in Kent, as we fulfil our strategy of expanding our foodstore operations in the south of England. I anticipate announcements on further site acquisitions in the near future."

Terrace Hill acquires foodstore development sites in Prestwich, Manchester and Herne Bay, Kent Terrace Hill Group (AIM: THG), a leading UK property developer and investment group, announces that it has further expanded its foodstore development portfolio, having exchanged contracts to acquire the Longfield shopping precinct, in Prestwich, in a joint venture with Altrincham based property company Hollins Murray Group ("HMG"), and a seven acre development site in Herne Bay, Kent. Longfield Terrace Hill has acquired an option to purchase the 1960's shopping precinct with the intention of transforming the property through a foodstore led retail redevelopment scheme in joint venture with HMG, the site's current owners. The site currently has planning consent for a mixed-use redevelopment and the acquisition is subject to a change in the current planning, as well as Terrace Hill securing a pre-let for the foodstore element of the scheme. Herne Bay Terrace Hill has exchanged contracts to acquire a seven acre site next to the Altira Park industrial and office centre in Herne Bay, Kent, on which it intends to develop a foodstore. Completion of the acquisition is conditional upon the receipt of planning permission, as well as the securing of a pre-let. The projected aggregate value of both schemes once complete will be around £60 million with planning and pre-letting discussions progressing throughout the rest of this year and detailed planning applications expected early in 2012.

http://www.investegate.co.uk/Article.aspx?id=201106080700080371I

Production increase well worth SP rise

Industrial orders drive sales at Smiths Group By Benjamin Chiou Date: Wednesday 08 Jun 2011 LONDON (ShareCast) - Revenue growth in Smiths Group's John Crane division helped underlying sales in the first ten months push ahead of the prior year, offsetting weaker sales from Smiths Detection. Meanwhile, underlying group headline operating profit in the ten months to 28 May improved, benefiting from ongoing operational improvements and self-help initiatives, the group said. John Crane - which supplies advanced technology industrial products for the major process industries - built a strong order book during the period, which drove strong sales growth, particularly in the oil and gas markets. Margins are also ahead of last year, helped by higher volumes and cost savings. However, the company warned that the rate of sales growth may ease slightly towards the end of the year, as a result of tough comparators. Smiths Detection designs and manufactures sensors that detect and identify explosives, weapons, chemical agents, etc. The division continued to trade in line with guidance given on 3 May when the company said that trading had fallen short of expectations as a result of delays to orders. "The sales trends seen in the first half are likely to continue for the full year, although there remains some uncertainty on the timing of deliveries and sales against military orders already received," the group said. Sales at medical devices division Smiths Medical are broadly at the same level as the first half, held back by pressure on healthcare budgets and reduced health insurance levels.

CONT. Smiths Medical has improved operating margins as it continues to benefit from its self help initiatives. The year to date sales trends are at a broadly similar level to those achieved in the first half. The tough trading environment is expected to continue with pressure on healthcare budgets in many markets and reduced health insurance levels. Margins should continue to benefit from our sustained focus on operational improvements and self-help. At the same time we continue to invest more in new product development and focus on improving sales and marketing effectiveness to position the business for future growth. Smiths Detection has continued to trade in line with guidance given in the trading update on 3 May. The sales trends seen in the first half are likely to continue for the full year, although there remains some uncertainty on the timing of deliveries and sales against military orders already received. Full year margins are likely to be affected by the associated operational gearing. In the first 10 months, Smiths Interconnect delivered underlying sales growth, although the rate of growth has slowed since the first half. This was caused by sales declines to defence customers, reflecting US Department of Defense budgetary pressures, and slower sales to wireless customers, due to the timing of investment in the build-out of wireless networks. Sales to rail, medical, automation and test markets have been strong. Margins remain ahead of the prior year reflecting higher volumes and cost reduction initiatives. Reported sales have been boosted by the strong performance of IDI which was acquired in April 2010. Flex-Tek has continued to see underlying revenue growth driven primarily by higher sales of aerospace components and heating elements. Sales have also benefited from market share gains and pricing improvements. Flex-Tek is expected to deliver sales growth for the full year although the comparator will become slightly tougher and the outlook for US residential construction remains uncertain. Despite pressure on margins from input cost inflation, overall margins should benefit from the increased volumes and the associated operational gearing. Headline operating cash conversion has strengthened since the half year; net debt was £797m as at 28 May 2011, having taken account of the payment of the interim dividend in April.

SMITHS GROUP PLC INTERIM MANAGEMENT STATEMENT At reported exchange rates, Smiths Group delivered growth in sales, headline operating profit and margin improvement in the 10 months to 28 May 2011. At constant currencies and excluding the benefit from acquisitions, underlying sales were ahead of last year driven primarily by growth in John Crane offset by lower sales from Smiths Detection. Underlying Group headline operating profit is also ahead of the same period last year, benefiting from ongoing operational improvements and self-help initiatives. John Crane has continued to build a strong order book which has driven sustained underlying sales growth in the first 10 months, particularly from the oil and gas markets. Margins are also ahead of last year, benefiting from the higher volumes and from further cost savings generated by its restructuring programme. The strong order book supports continued growth in the full year, although the rate of growth may ease slightly against a strong comparator period. Full year margins should remain strong notwithstanding our continued investment in growth opportunities and some adverse mix effects.

http://www.investegate.co.uk/Article.aspx?id=201106080700070341I

Sunny spring lifts Punch Taverns By Rory Gallivan Date: Wednesday 08 Jun 2011 LONDON (ShareCast) - The spell of unusually hot weather over spring had drinkers queuing up at Punch Taverns, helping Britain’s biggest pub operator to a sharp rise in sales in the 12 weeks to the end of May. In the managed division, which comprises the pubs that are run by the company itself, like-for-like sales were up by 7.3% from the same period the previous year, with food sales particularly strong. “Whilst good weather has undoubtedly helped trading, our focus on operational excellence and continued investment in the estate has again seen us outperform the market,” the company said. Like-for-like net income in pubs that are leased to landlords was down by -3.3%, a less severe fall than the 5.8% contraction over the 40 weeks to 28 May. Punch said it continues to make progress in its demerger, which will see the separation of the managed and leased business. “Despite the challenging UK consumer environment we are on track to meet our full year expectations,” said chief executive Ian Dyson.