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Synergy Health (SYR) posted a 17.3% jump in adjusted pre-tax profit for its full-year, with good underlying growth in each of its regions, and said it anticipated a similarly strong performance in the new financial year. The healthcare outsourcing firm reported an adjusted pre-tax profit of 38.3 million pounds for the 12-months ended 3rd April 2011 on operating margins up 1.1% to 15%. Shares in Synergy, which is the UK's largest provider of decontamination and sterile services for surgical instruments, advanced 41.5p to 921.5p

Richard Steeves, Chief Executive of Synergy Health, said: "Overall Synergy is in good shape with an internationally diversified business providing high value added services on long term contracts, and a forward order book of nearly £1 billion." "Our services are mission-critical to our customers, and for this reason the demand for outsourcing is growing. Looking ahead, we expect that rising regulatory and technical standards will continue to underpin demand." "We expect to see the Group's overall revenue growth rates reach double digits over the next twelve to eighteen months. Higher revenue growth rates, supported by sustainable improved margins and strong cash generation, leave the business well positioned to continue to deliver its earnings objectives. The new financial year has started strongly." *Note: Adjusted profit before tax and Adjusted earnings per share exclude amortisation of acquired intangibles and non-recurring items, as shown in the Group's consolidated income statement and the accompanying notes.

Outlook · Focusing on the international development of sterilisation services is lifting growth rates · UK austerity measures are not impacting growth in core services · Acquisitions integrated and performing ahead of expectations · Strong start to new financial year and the Board looks forward to another positive year

Operational Highlights · Acquisitions of GSP and, post period end, BeamOne, positioned Synergy as the second largest global provider of outsourced sterilisation services · New EtO facility in Venlo operating at capacity and expansion programme underway · New Gamma facility under construction at Marcoule · c.£1.8 million p.a. of new medical device sterilisation contracts won in China, which will lead to further expansion · c.£10 million of new hospital sterilisation contracts won during the year · New hospital sterilisation facility opened in February 2011, serving three hospitals in Leicester · Three further UK hospital sterilisation facilities scheduled to open in current financial year · Suzhou, China facility now handling hospital sterilisation work for 30 customers

Financial Highlights · Underlying revenues up 4.1% before currency effects and closure of non-core businesses · Adjusted* operating profit margin up by 1.1% to 15.0% (2010: 13.9%) · Cash generated from operations increased 9.5% to £83.7 million (2010: £76.5 million) · Net debt reduced by £21.1 million to £112.3 million · Forward order book increased 8.2% to £920 million (2010: £850 million)

http://investegate.co.uk/Article.aspx?id=201106070700119584H

In line with its strategy of expanding its waste management activities, Viridor Waste Management, a subsidiary of Pennon Group (PNN), has acquired Storm Recycling, a family owned cardboard and plastics recycling business, for a cash consideration of 1.7 million pounds. "This acquisition has an excellent geographic and business fit with Viridor's existing operations in the North West of England and complements our existing recycling activities elsewhere in the UK," commented Colin Drummond, chief executive of Viridor. Pennon shares increased 5p to 662p

Commenting on the acquisition, Colin Drummond, Chief Executive of Viridor said, "The UK's waste strategy demands ever increasing levels of recycling whilst the world has an increasing demand for raw materials including recyclate. Recycling is a fast growing part of Viridor's business and accounted for around 25% of the Company's profits in 2010/11. This acquisition has an excellent geographic and business fit with Viridor's existing operations in the North West of England and complements our existing recycling activities elsewhere in the UK. The recyclate from Storm Recycling will also provide additional volumes for our international trading arm. The acquisition is expected to be earnings enhancing in its first full year."

Pennon Group Expands its Waste Management Business Pennon Group PLC announces that its subsidiary, Viridor Waste Management Limited, has acquired Storm Recycling Limited, a family owned cardboard and plastics recycling business, with associated collection, based in Winsford, Cheshire from Mr and Mrs John Buddle for a cash consideration of £1.7m. The acquisition is in line with the Group's strategy of expanding its waste management activities, particularly in the recycling sector. The acquired company comprises a strategically located recycling depot off Junction 18 of the M6 in Cheshire where the majority of tonnage is derived from medium term (3-5 year) contracts. It handles around 20,000 - 25,000 tonnes of cardboard and plastic per annum.

http://investegate.co.uk/Article.aspx?id=201106070928519797H

Resolution (RSL), which has been sitting on more than 1 billion pounds of cash after large amounts of capital were released from the Friends Provident and Axa UK life business that it has acquired, has committed to return as much as 500 million pounds to shareholders. The UK insurance group said that the 250 million pounds share buy-bank programme will commence tomorrow, while the remaining 250 million pounds - which is subject to achieving 235 million pounds of synergies in 2011 - will be returned in the first half of 2012. Shares in Resolution added 9.5p to 309.4p

http://investegate.co.uk/Article.aspx?id=201106070705029603H

Commenting on today's announcement, Mike Biggs, Chairman of Resolution Limited said: "Today we have set out our clear and transparent capital framework for the enlarged group. This along with our strategy statements in February and our results in March have highlighted the strong value potential from the UK Life Project. We are pleased to demonstrate the delivery of this value through our cash returns announced today and from our strong dividend commitments."

Cash return to shareholders Resolution is today announcing the results of its work on the cash and capital position and policies of the Friends Life group. Key elements include: ■ a targeted return of excess cash to shareholders of £500 million via: - an on-market share buyback of £250 million commencing tomorrow; and - a further £250 million of cash to be returned in the first half of 2012, following receipt of the necessary approvals, subject to the delivery of planned capital synergies of £235 million which are being announced today which are expected to be delivered in 2011; ■ the potential to return further cash resulting from further capital synergies and potential releases under the currently proposed Solvency II regime; ■ these returns are additional to the Company's previously announced cash and dividend targets; - the Company's distributable cash target remains at £400 million per annum after interest costs from 2011 without reducing the MCEV of Friends Life; - the Board will continue to keep under review the appropriateness of the Company moving to a growing dividend toward the end of the UK Life Project; and - the £500 million cash return will not reduce the aggregate dividend capacity and therefore the Company's dividend per share is expected to increase accordingly; ■ the UK Life Project remains on track to deliver its targeted returns; and ■ the Board confirms that Resolution will be exclusively focused on the UK Life Project.

http://investegate.co.uk/Article.aspx?id=201106070700119602H

Shore Capital initiated coverage of Vectura (VEC), the pharmaceutical group. The broker notes that despite excellent execution on the firm's part, there has been a number of difficulties experienced during the year, including losing Sandoz as its US partner for the generic VR315. Nevertheless, Shore believes the business remains a highly attractive investment proposition, offering exposure to both new therapies in high-growth respiratory disorders as well as the potential genericisation of off patent blockbusters. Vectura shares were ahead 5.5p to 82p

Singer Capital Markets issued a "buy" recommendation for VP (VP.) with a 304p target price. While noting that markets have been tough for the equipment rental group, with investment in capital expenditure increasing in the second half and rates beginning to move up, the broker believes the business may be turning the corner. That said, Singer added that with the new year starting well, there could be scope for adjustments later in the year. VP shares rose 12p to 240p

Jeremy Pilkington, Chairman of Vp plc, commented: "I am delighted to report a very satisfactory set of results given the current trading environment and the continuing recessionary pressures felt in many of our markets. The Group enters the new financial year with a strong balance sheet and I have every confidence that we will continue to create opportunities and deliver satisfactory business performance over both the short and longer term."

Final Results Vp plc, the equipment rental specialist, today announces its Final Results for the year ended 31 March 2011. Highlights * Revenues increased by 5% to £141.0 million (2010: £134.2 million) * Profit before amortisation, exceptional items and tax of £13.8 million (2010: £16.0 million) * Basic earnings per share of 23.42 pence (2010: 24.68 pence) * Proposed final dividend of 7.7 pence per share to maintain last year's full year dividend of 10.8 pence * Net debt reduced by £7.8 million to £40.5 million * Solid balance sheet with strong operational cashflows

http://www.investegate.co.uk/Article.aspx?id=20110607070000H1594