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http://www.investegate.co.uk/Article.aspx?id=201105100700122337G

Meter delays to hurt BGlobal Date: Tuesday 10 May 2011 LONDON (ShareCast) - BGlobal performed slightly ahead of market expectations in the year to 31 March, but the provider of electricity and gas meters said delays in the implementation of “smart” metering has caused some its customers to defer orders, which will hurt its performance next year. “The government announced at the end of March 2011 that the mass rollout of smart metering to the residential and SME markets will start in 2014 and this has caused some of our customers to defer their rollout strategies,” the company said. “As a result, the business has seen a marked slowdown in the volume of installations taking place in the industrial and commercial sector.” BGlobal says it has revised its installation expectations for the year, which will “significantly impact” the metering division’s contribution to revenues in the year. Metering accounts for more than half of BGlobal’s revenues.

Analyst Joe Lunn at Finncap said: "Since we initiated coverage on 1 March, the shares have fallen 21%, underperforming the nickel price which has fallen 14% in the same timeframe. But the company remains cash-rich and is continuing to focus on demonstrating a 100mt resource at Araguaia at the end of the fourth quarter. "We think that the end result will be worth riding through any market malaise in the meantime and continue to believe that 36p per share is a realistic valuation by the end of this year."

Settlement with Basic Energy Corporation Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, today announces that it has negotiated and agreed a settlement with Basic Energy Corporation ("BEC") in relation to certain of its service contracts in the NW Palawan area, offshore Philippines. In the course of an arbitration process, on 10 May 2011, BEC and Forum Energy signed a settlement agreement (the "Agreement") in relation to disputes relating to BEC's share in the historical cost recoveries arising from Service Contract 14 A and B (Nido-Matinloc Blocks), Service Contract 14-C (Galoc Block), and other blocks of Service Contract 14 and Service Contract 6, pursuant to the Sale and Purchase Agreement executed by BEC and Forum on 3 April 2006 (the "SPA"). If the terms and conditions of the Agreement are met, Forum Energy will make a cash payment to BEC of US$650,000, and cause the conveyance of (i) 50% of Forum Energy Philippines Corporation's (a wholly owned subsidiary of FEP) ("FEPC") participating interests in the foregoing service contracts, and (ii) 50% of the related recoverable costs, subject to the approval of the Department of Energy. SEE RNS FOR FULL DETAILS

http://www.investegate.co.uk/Article.aspx?id=201105101131382891G

http://www.iii.co.uk/articles/15382/horizonte-minerals-discovers-further-nickel-araguaia

http://www.iii.co.uk/articles/15371/stock-watch-trinity-mirror

BG Group's Chief Executive, Frank Chapman said: "It was a challenging quarter for our E&P operations, with civil unrest in North Africa, flooding in Australia, an increase in UK tax and a shutdown in the North Sea. We now expect modest production growth in 2011. The plans for a ramp-up in production in 2012 and 2013, as well as our 2020 goals, are unaffected and are supported by significant progress with our growth projects in Brazil, the USA and Australia, as well as further exploration and appraisal success in Brazil and Tanzania."

First Quarter Key Points · Higher UK North Sea tax reduces earnings by $265 million · LNG operating profit for 2011 expected towards upper end of $1.9 to $2.2 billion range · Significant progress on long-term growth programme · Positive appraisal results on the Guará and Iara discoveries in Brazil · LNG sales agreements signed with Tokyo Gas and Chubu Electric · Third exploration success offshore Tanzania

http://www.investegate.co.uk/Article.aspx?id=201105100700172498G

Intercontinental confident after strong quarter Date: Tuesday 10 May 2011 LONDON (ShareCast) - Intercontinental Hotels said it is confident for the full year after strong growth in the US, where it posted the biggest increase in the amount it makes for every available room since before the financial crisis, helped boost profits. Pre-tax profits before exceptional items at the Holiday Inns owner climbed to $96m from $68m on revenues that were up to $396m from $362m. RevPAR (revenue per available room, a key metric for the hotel sector) was up by 6.9%, helped by an 18.8% increase in the greater China area and an 8.4% rise in the US, the highest growth since the second quarter of 2006. Growth was more subdued in the Europe, Middle East and Africa region at 3%, with tensions in Egypt and Bahrain hitting profits. “We remain confident about the outlook for the rest of the year,” said chief executive Andrew Coslett. “Demand for our brands continues to strengthen with both guests and hotel owners

With over half of RPS‘s 2011 profits derived from its Energy division – amidst a high oil price – RBS has raised its target price for the environmental consultant from 235p to 250p, as it continues to view the group as “an undervalued energy services sector play.” RPS had a positive first quarter, according to the broker, with signs of a recovery in trading in 2011: “Encouraging trading in recent months suggests that a sustainable recovery is under way in the Energy division, with the sustained high oil price near US$100/barrel stimulating client spend, boosting RPS’s operations support and technical studies activities,” said RBS.

Cobham is the European defence company that is “best addressing a shrinking defence market”, according to UBS, which has upgraded the group’s rating to a ‘buy’, from ‘hold’. UBS highlights Cobham’s continuing disposal programme – which includes Cobham Analytics and Commercial Systems – saying that it is selling businesses at high multiples, and thus, “crystallising value”. The target price is hiked to 270, from 225p previously.

After a strong first quarter statement, Admiral has seen its target price raised by Credit Suisse to reflect upside revisions to the broker’s near-term earnings forecasts. “Few details were released in the interim management statement on Friday. However, the delta between revenue and vehicle count growth numbers shows that pricing momentum is still there and that UK motor markets remain hard,” said analyst Richard Burden. The Swiss broker has increased its target price by 4% to 1,728p, from 1,662p, to reflect its average 4% hike in earnings per share estimates for 2011-2013. A ‘neutral’ rating is maintained.

Babcock Intl initiated with buy rating at UBS, target price 770p

ASOS downgraded to neutral from overweight at HSBC, TP 2500p up from 1475p

Peter Long, Chief Executive of TUI Travel PLC, commented "I am pleased to report an improved first half operating result, particularly given the significant headwinds from political events in Egypt and Tunisia, the weak UK economic environment and the shift of the Easter peak period from Q2 to Q3 this year. This result demonstrates our continued success in turning around underperforming businesses and shows the strength of our differentiated products which have allowed us to outperform the market. Furthermore, our continued focus on cash flow has resulted in a good cash performance in the period. The flexibility of our business model has allowed us to react quickly to mitigate the impact of the events in North Africa in the upcoming summer season. We have re-shaped our programmes across all source markets to satisfy the shift in demand to alternative destinations, including Spain, Greece and Turkey. The first half performance and our current booking position for the summer season leave us well placed to deliver the Board's expectations for the year. At this stage of the booking cycle, however, we remain cautious given the uncertain economic and geopolitical outlook".

Highlights · First half underlying operating loss improved by £15m, driven by: - Excellent turnaround progress, especially in Canada; and - Stronger underlying trading, particularly in the Nordics and Corsair. · Improved operating result achieved despite the impact from North Africa and the later timing of Easter. · Trading for Summer 2011 remains satisfactory: - Differentiated product continues to outperform; - Overall booking volumes remain ahead of prior year; and - Margins are in line with expectations. · Net debt reduced by £171m following continued focus on cash flow initiatives. · Agreed measures to reduce future pension liabilities. · The Board proposes an interim dividend of 3.3p per share, an increase of 3%.

http://www.investegate.co.uk/Article.aspx?id=201105100700202505G

Yep surely way too low