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Yogeshwar Sharma, Chief Executive Officer of Hardy, commented: "We are delighted with the commencement of drilling with the third exploration well on this prospective block where a number of promising prospects have been identified."

Hardy Oil and Gas plc ("Hardy" or "the Company") Commencement of Drilling Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company focused in India, is pleased to announce the commencement of drilling of the third exploration well on the D9 exploration licence. The exploration well KG-D9-A2 commenced drilling on 10 May 2011 using the Transocean drillship Dhirubhai Deepwater KG2 in a water depth of approximately 2,700 m. The target depth of the well, which aims to explore the hydrocarbon potential of Early and Late Miocene Channel Fan Complex, is 4,875 m MDRT. The D9 exploration licence is located in the Krishna Godavari basin on the East Coast of India and covers an area of approximately 8,700 km2. Hardy holds a 10 percent participating interest in the licence which is operated by Reliance Industries Limited. The licence's minimum work programme provides for the drilling of four exploration wells.

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Shares in Altitude Group (ALT) rose 1p to 24p as the marketing services group moved a step closer to off-loading its promotional marketing division after receiving a preliminary indicative offer from an un-named firm. "A sale of the promotional marketing division would be in line with our strategy to transform the group into a focused Information and Technology business under the Trade Only brand," commented Colin Cooke, chairman of Altitude.

2ergo Group (RGO), the provider of mobile business strategy and mobile marketing solutions, has signed an agreement to provide turnkey managed services for US Cellular, the wireless telecommunications network operator. Separately, the group announced a pre-tax profit of 0.1 million pounds for the half year ended 28th February 2011, which compares with a loss of 0.7 million pounds a year earlier, on revenue up 7% at 11 million pounds. Shares in 2ergo gained 1.5p to 139p.

Ahead of full-year results later this week, Evolution Securities issued an "add" recommendation for 3i Group (III) with a 370p target price. After the rather disappointing pre-close update in late March, the broker said it hopes the fund manager can use the forthcoming results to demonstrate a clear vision of how it intends to deliver shareholder value. If so, Evolution added, this could be a valuation catalyst for what has otherwise been a rather uninspiring story. 3i shares pushed ahead 2.2p to 271.2p.

Arbuthnot initiated coverage on Michelmersh Brick Holdings (MBH) with a "strong buy" rating and 64p target price. Commenting on the group following full-year results, the broker said the current share price does not reflect the potential significant upside as and when the group participates in the further consolidation/restructuring of the UK brick industry. That said, with management to date delivering both organic and acquisitional growth, Arbuthnot believes there will be a significant increase in profitability going forward. Michelmersh shares were untouched at 36p.

Outlook uncertain for DCC despite strong second half By Benjamin Chiou Date: Tuesday 10 May 2011 LONDON (ShareCast) - Despite profits at DCC jumping by 15% during the year ended 31 March, shares edged lower on Tuesday after its boss Tommy Breen warned that current-year bottom-line growth will be limited the by warmer weather and a uncertain economic environment. The sales, marketing, distribution and business support services group said that pre-tax profit increased from €164.9m to €189.6m last year, helped by a strong second half, and “excellent” third quarter, which was driven by the exceptionally cold weather condition across northern Europe, benefiting DCC Energy. DCC Energy – its oil distribution business – is the company’s largest division and accounts for over half of group revenue. The cold winter helped DCC Energy increase operating profit by 17.2% (at a constant currency), however, milder weather in the fourth quarter – relative to the same period the year before – was said to have affected trading at the division. What’s more, the warmer weather has continued into the first month of the current year, warned chief executive Breen: “In April, DCC Energy has been impacted by what has been the mildest April on record, with temperatures significantly warmer than last year and this along with the impact of the number of public holidays in the UK has resulted in group trading being well behind the prior year.” As a result, current-year operating profit and earnings per share (EPS) are expected to be in line with the prior year. “The outlook for the year to 31 March 2012 is framed against an uncertain economic environment, particularly in the UK,” said Breen. Nevertheless, the Dublin-based group reported a 29% increase in revenue to €8.68bn, from €6.72bn previously. EPS rose from 158.76 cents to 174.48 cents. The board has recommended a 10% increase in the final dividend to 48.07 cents per share, boosting the total dividend to 74.18 cents per share, from 67.44 cents previously.

http://www.investegate.co.uk/Article.aspx?id=201105100700182500G

Happy hour at Punch as it unveils two finance directors Date: Tuesday 10 May 2011 LONDON (ShareCast) - Pubs group Punch Taverns, which is preparing to spin off its Spirit division, has firmed up on the finance director roles for the two parts of the business that will exist after the demerger. Steve Dando, who has been acting finance director for Punch Taverns, gets the gig officially, with immediate effect, while Roddy Murray, formerly group finance director at BSS Group, will join Punch Taverns with a view to taking over as finance director of Spirit when it goes independent later this year. Murray was group finance director at BSS from 2006 until the time it was acquired in December 2010. At BSS, Murray played a key role in the group's strong operational and financial performance, a reduction in gearing in challenging market conditions and the eventual sale of the business, Punch said. Murray has experience of working in the drinks trade, having previously held senior positions with Guinness, United Distillers and Diageo.

http://www.investegate.co.uk/Article.aspx?id=201105100700132462G

Adventis's healthcare woes hit profits By Benjamin Chiou Date: Tuesday 10 May 2011 LONDON (ShareCast) - Shares in Adventis plummeted on Tuesday after the marketing and advertising firm revealed that it expects to report a loss for the year ended 31 December, as a further downturn in trading at its health division has offset growth in technology, media and property. Adventis announced on 27 January that full-year pre-tax profit (excluding exceptional items and goodwill impairment) would be around £0.45m, under half of what it was the year before (£1.25m). However, “It is now apparent that the loss generated in the health division together with various other adjustments will impact adversely on the group's consolidated results for 2010,” the statement said. As a result, the group said it expects to incur a “small loss” for the full year (on a pre-tax basis, excluding exceptional items and goodwill impairment). “There is also likely to be a significant goodwill write down attributable to the downturn of the health division.”

Downgraded to underperform from buy at WH Ireland, target cut to 80p from 285p.

Pace cut to hold from buy at Altium, target price lowered to 130p from 235p.

AGM and Interim Management Statement Fiberweb's Annual General Meeting will take place today at Baker & McKenzie LLP, 100 New Bridge Street, London, EC4V 6JA at 11:30am. At the AGM, Malcolm Coster, Chairman will make the following comments, which constitute the Company's Interim Management Statement, covering the period from 1 January 2011 to 9 May 2011, as required by the UK Listing Authority's Disclosure and Transparency Rules. "Fiberweb has made a solid start to 2011 with volumes up 4% to-date. We have seen strong trading in our European Industrial business as well as in Hygiene spunbond, although the construction market remains challenging for the North America Industrial business. The acquisition of Boddingtons was successfully completed on 6 January 2011. The integration work to combine our existing geotextiles businesses with Boddingtons to form Fiberweb Geosynthetics is progressing well and is on-track to deliver annualised cost synergies of more than £1 million. FitesaFiberweb's new spunbond line at Simpsonville, SC has been successfully commissioned and production volumes are growing rapidly and we now expect to receive a maiden dividend from the joint venture of about £1m during the first-half, six months earlier than expected, with a further dividend expected later this year. Due to the sharp escalation in raw material costs since the start of the year and the usual contractual lag in pass-through pricing, there will be some adverse profit impact in the first-half. This will be offset to some extent by improvements in operational efficiencies, mix and cost control. The outlook for the full year remains in line with expectations as the benefits of contractual pass-through and pricing activity are realised. Following the successful rights issue and the sale and leaseback of our US utility plant, our balance sheet has strengthened significantly. The Company is now well advanced in contractual negotiations to acquire a small industrial business for around £5 million as indicated at the time of the rights issue and expects to complete the transaction within the first-half. In spite of currently elevated raw material prices, management remains confident of making progress in the second half."

http://www.investegate.co.uk/Article.aspx?id=201105100700162492G

Fiberweb upgraded to buy from add at Numis, target price 106p.

Interim Management Statement Dechra Pharmaceuticals PLC ("Dechra" or the "Group"), publishes its Interim Management Statement covering the period from 1 January 2011 to the date of this announcement. Overall trading in the third quarter of the current financial year was in line with our expectations and remained consistent with the level seen in the first half of the financial year. Group revenue for the three months ended 31 March 2011 was 4.1% ahead of last year. For the nine months ended 31 March 2011, Group revenue increased by 4.0% over the corresponding period in the prior year. In the third quarter, our European products business revenue grew by 5.1% compared to the same period last year. For the nine months to 31 March 2011 revenue was ahead of the comparable period by 5.5%. Pharmaceuticals revenue was in line with expectations but diets revenue, whilst still outperforming the market, has experienced some softness. Revenue from US Pharmaceuticals was ahead of last year by 68.1% in the third quarter and by 36.4% for the nine months ended 31 March 2011. The third quarter growth includes the benefit of the DermaPet acquisition completed in October 2010. The Services division increased revenues in the third quarter by 2.6% whilst revenue for the nine months ended 31 March 2011 was 2.9% ahead of the equivalent period last year. Other than as noted above, there have been no material events or transactions between 1 January 2011 and the date of this announcement. Current trading remains in line with the Board's expectations and we remain confident that the Group will continue to make good strategic progress throughout the remainder of the financial year.