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Richard Law CEO said, "GB has benefited from the strength of its software and services which it has sold successfully against its competitors. Creating differentiation is something that we do well and ongoing investment is keeping our software and services at the forefront of their markets. This remains GB's principal strategy for continued, organic growth. We enter the current year with confidence in continued growth."

GB, the identity management specialist, provides the following trading update for the year to 31 March 2011, in advance of the release of its annual results which are scheduled to be announced at the start of June 2011. The Group is expected to announce profits ahead of the market consensus, which had been upgraded in October 2010. Profit for the year before interest, tax, exceptional costs and share-based payments is expected to be approximately £1.9 million (2010: £1.3 million). Further highlights for the year to 31 March 2011 are as follows: · Revenues are anticipated to be circa £24.4 million, an increase of 10% compared to the same period last year (2010: £22.2 million). · The better than expected profitability came principally from increased gross margins in the DataSolutions business. The rate of growth in the DataAuthentication business improved as the year progressed. · Net cash balances were £6.2 million at 31 March 2011 (2010: £5.7 million) after the payment of a dividend during the year of 1.2p per share (2010: 1.15p), amounting to £1.0 million, and investment in capital expenditure of £0.4 million (2010: £0.5 million). The Group will provide further details of its trading performance at the time of its annual results announcement.

http://www.investegate.co.uk/Article.aspx?id=201104210700103088F

http://www.investegate.co.uk/Article.aspx?id=201104210700103106F

Cash generation strong at Kewill Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Logistics software developer Kewill expects to be able to meet analyst consensus estimates for revenue and adjusted operating profits in the year 31 March 2011. Cash generation has remained strong, and the company's cash balance remained essentially unchanged from a year earlier at the end of March, at £16.9m, versus £17m one year ago, despite the acquisition of Minihouse in June 2010, which required an initial cash payment of £5m. Minihouse, a major component in their Kewill CustomsXchange solution, has been successfully integrated into the European business and is performing according to expectations.

Elementis to hit top end Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Elementis hit a 52-week high after the speciality chemicals company said trading in the first quarter of this year has put 2010's first quarter figures in the shade. The group has seen strong demand in its key end markets and all of its businesses have improved margins. The order book remains strong with the orders continuing to roll in at a rapid rate in April, and, as a result, the board expects earnings for the full year will be at the upper end of market expectations. Sales of Speciality Products were up 9% year on year in the first quarter, while operating margins in the division are significantly higher than in the second half of 2010. The Chromium business continues to fire on all cylinders, sustaining sales volumes at the levels seen during the same period last year. The company has succeeded in passing on raw material prices to customers and consequently operating margins are a tad ahead of levels seen in the latter part of last year. The strong sales growth and low capital intensity of the group's businesses is continuing to generate positive cash flow, leading to further reductions in debt levels, the company said.

Operating margins in Specialty Products continued to improve due to growth in higher margin products and ongoing pricing initiatives. Consequently operating margins are significantly ahead of those experienced in the second half of 2010. Our Chromium business has continued to operate at consistently high rates of capacity utilisation during the first three months of the year, sustaining sales volumes at the levels seen during the same period last year. Global demand for chromium products has continued to be robust and this is allowing the business to optimise its production and to increase the proportion of its sales into the more differentiated North American market. At the same time raw material cost increases have been successfully passed on through pricing initiatives. Consequently operating margins are slightly ahead of the second half of 2010. Going forward margins will benefit from the completion, during the second quarter, of the flexible energy project at the main US facility. This will allow the use of natural gas as well as fuel oil as the facility's energy source, with a consequent cost saving for the balance of the year of approximately $4 million. The strong sales growth and low capital intensity of the Group's businesses is continuing to generate positive cash flow, leading to further reductions in debt levels.

AGM / Interim Management Statement Elementis plc ("the Company") today issues its Interim Management Statement for the three months ended 31 March 2011 in relation to the Company and its subsidiaries ("the Group"). Trading for the first three months of the year is significantly ahead of the same period last year due to strong demand in our key end markets and improved margins in all businesses. Our order book remains strong with robust demand continuing into the second quarter. As a result, Group earnings for the full year are expected to be at the upper end of market expectations. In Specialty Products, sales in the first quarter were 9 per cent ahead of the same period last year, which is particularly notable given that the first quarter of 2010 was positively impacted by heavy customer restocking in coatings. · Sales of coatings additives have continued to grow in all geographies with underlying demand being enhanced by product innovation and market share gains. In North America signs of economic recovery helped drive an improvement in coatings sales of 12 per cent over the same period last year, while Europe and Asia Pacific recorded gains of 9 per cent and 7 per cent respectively. · Personal care continued to benefit from the product optimisation exercise undertaken as part of the integration of Fancor, leading to lower sales volumes but improved margins and profitability. · Sales to the oilfield drilling sector have also continued to show the strong growth trend exhibited throughout 2010 with an increase of 15 per cent, driven by the expansion in shale gas activity and a strong drilling season in Canada.

http://www.investegate.co.uk/Article.aspx?id=201104210700133174F

n Commenting on the Offer, Malcolm Walker, W2D2 Limited's Chairman said: "IRC is a business which Tarsem Dhaliwal, Steven Walker, Paul Dawes and I have been involved with over many years. We feel that the best option for the business is to take the Company private in order to help take IRC back to growth. "Tarsem Dhaliwal, Steven Walker, Paul Dawes and I all believe that we as individuals and as a team are well placed to give the business the best chance of positive growth in the future." Commenting on the Offer, Robert Breare, IRC's Chairman said: "Whilst we are unable to give a firm recommendation on the Offer, we believe that IRC Shareholders should be given the opportunity to consider the Offer in light of their own circumstances as the cash offer represents a premium to the market price and, given the controlling stake already held by the Consortium, such a liquidity event might not be available in the future on similar terms. In addition, the Independent IRC Directors have secured an agreement from W2D2 Limited that shareholders who retain their investment will be afforded certain important protections. "

http://www.investegate.co.uk/Article.aspx?id=201104210700133172F

Individual Restaurant jumps after offer Date: Thursday 21 Apr 2011 LONDON (ShareCast) - A consortium including the chief executive of Individual Restaurant Company (IRC) have made an offer for the upmarket restaurant chain operator. Chief executive Steven Walker, together with Malcolm Walker, Tarsem Dhaliwal and Paul Dawes, who between them own more than half of IRC’s shares, announced an offer of 9.5p a share for IRC. The shares jumped after the announcement, but the company’s independent directors are not recommending that shareholders accept the offer. “Whilst we are unable to give a firm recommendation on the offer, we believe that IRC Shareholders should be given the opportunity to consider the offer,” said IRC chairman Robert Breare. Malcolm Walker, who is best known as the founder of the frozen food chain Iceland and who is chairing W2D2, the company set up to buy Individual Restaurant, said: “IRC is a business which Tarsem Dhaliwal, Steven Walker, Paul Dawes and I have been involved with over many years. “We feel that the best option for the business is to take the company private in order to help take IRC back to growth.” IRC operates the Piccolino and Restaurant Bar & Grill chains. Revenues and profits fell in 2010 as tough trading conditions and bad weather kept diners away from its restaurants.

Asia-Pacific disasters to cost Beazley $154m Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Specialist insurer and reinsurer Beazley is crossing its fingers that there will be no more catastrophes this year after a series of disasters in the first quarter struck the Asia-Pacific region. "The first quarter of 2011 has seen catastrophe losses in Australia, New Zealand and Japan. As a result of Beazley's diversified portfolio we nevertheless anticipate achieving a combined ratio for 2011 in the mid ninety percent range, provided we experience no further significant catastrophe events during the remainder of 2011,” said Beazley's chief executive officer, Andrew Horton. The net cost of catastrophes in Australia, New Zealand and Japan is estimated to be $154m, the company said. The overall level of claims is developing in line with management expectations in other areas of the business. “We had good support from our reinsurers for the annual renewal of our catastrophe reinsurance programmes and on 1 April they were successfully renewed for our property and reinsurance businesses," Horton added. Premium rates on renewal business decreased by 1%. Gross premiums written in the first quarter eased 3% to $426m from $438m the year before. The first three months of 2011 saw premiums fall by 3%, when compared with the equivalent period of 2010. This has been driven by reductions across all of Beazley's divisions with the exception of speciality lines. Investments and cash increased by 11% to $3,969m at the end of March 2011 from $3,581m a year earlier. The annualised investment return was 0.9% compared to 0.6% in the first quarter of 2010

But with 2010 characterised by a marked increase in revenue from non-phone devices, CSR has just launched a new Bluetooth audio platform for mass market devices such as headsets, speakerphones and car-kits. It is timely to keep an eye on this situation, as to whether the growth opportunity - and merger to thoroughly exploit it - beats market scepticism. First-quarter 2010 results will be announced on Tuesday 10 May with the analysts' presentation webcasted.

http://www.iii.co.uk/articles/15213/stock-watch-csr

Andrew Horton, Chief Executive Officer, said: "The first quarter of 2011 has seen catastrophe losses in Australia, New Zealand and Japan. As a result of Beazley's diversified portfolio we nevertheless anticipate achieving a combined ratio for 2011 in the mid ninety percent range, provided we experience no further significant catastrophe events during the remainder of 2011. We had good support from our reinsurers for the annual renewal of our catastrophe reinsurance programmes and on 1 April they were successfully renewed for our property and reinsurance businesses."

Beazley plc Interim management statement for the 3 months ended 31 March 2011 Dublin, 21 April 2011 Overview · Resilient performance in difficult market conditions · Premiums reduced by 3% to $426m (2010 $438m) · Premium rates on renewal business decreased by 1% · The net cost of catastrophes in Australia, New Zealand and Japan is estimated to be $154m · Annualised investment yield of 0.9%

http://www.investegate.co.uk/Article.aspx?id=201104210700113141F

In a statement short of numbers, the trading platform supplier and consultancy Fidessa said it was winning “significant new orders” despite the regulatory and economic uncertainty hanging over its financial-institution customers. The Independent thinks the market is right to award Fidessa’s cash generation (with regular special dividends), growth prospects, lack of debt, and restraint on acquisitions. Buy, the paper recommends.

RWS provides intellectual property (IP) support services for a wide range of industries. Moves to introduce a European Union-wide patent regime seem to have fallen foul of EU law, which removes what might have been something of a hurdle to the company. Supported by a strong balance sheet and an attractive yield, RWS’s shares appear an interesting commitment to a somewhat arcane dimension of the industrial and investment universe. Buy, says the Scotsman.