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So far, the Independent has been pretty bullish on the big diversified mining groups. BHP Billiton in particular has stood out, boasting not just an enviable exposure to key commodities such as iron ore and coal, but also one of the strongest balance sheets in the sector. BHP’s balance sheet, and its still-affordable valuation of under 11 times forward earnings, argues against a “sell” stance. Hold, says the Independent. The Telegraph also takes a look at BHP. It notes shares are trading on June 2011 earning multiple of 10, falling to 8.5 next year. The prospective yield is 2.3%. The shares are still a buy for BHP’s cash-generating ability and the continuing expansion of its production, the paper says.

http://www.investegate.co.uk/Article.aspx?id=20110421070000PD14A

Earthquake to cost Lancashire about $75m Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Insurance underwriter Lancashire Holdings, which has more than recovered from the share price tumble it suffered in the wake of the Japanese earthquake, said it expects to take a $75m hit from claims arising from the natural disaster. The estimate of the net impact from the Tohoku earthquake and subsequent tsunami is based on an industry loss of $25bn, plus Lancashire's own internal assessment and the limited amount of information received to date from brokers and clients. Lancashire's estimated loss represents 68% and 37% of its “1 in 100 year” and “1 in 250 year” Japan earthquake net probable maximum losses, respectively, based on its portfolio at the beginning of 2011. The company warned that the figure could still change quite a lot. In particular, the ultimate loss incurred by Japanese co-operative mutual companies could significantly affect the industry loss, and the ultimate loss incurred by Lancashire.

In a nod towards its US-centric focus, data search software firm Autonomy will announce its first quarter results at 1:00pm, UK time, on Thursday, and although the first three months of the year do not typically set the tone for the company’s year, Singer Capital Markets thinks the announcement will nevertheless be interesting, if only to see whether “management provides any indication of upside risk to consensus estimates for the full year.” According to Singer, since Autonomy published its full year results it has announced contracts worth in excess of $93m. “Whilst these are multi-year contracts, it is indicative of positive momentum and investors would look to see how these have impacted some of the key metrics,” Singer said. The broker is expecting revenues to be in the region of $216.2m, a little above consensus of $216.2m, and has pencilled in a figure of $91.7m for adjusted earnings before interest, tax and amortisation (after share based payments). For adjusted pre-tax profit it predicts $93.3m, also after share based payments.

Ralph Topping, Chief Executive, commented: "We have seen excellent growth across our business in the first quarter, enabling us to remain confident in our expectations for the full year. It is particularly pleasing that, alongside a continuing strong performance from William Hill Online, we have seen growth in both net revenue and Operating profit(1) in Retail. We have much to look forward to in the existing business and are also excited by the land-based opportunity in the US, where we recently made our first significant investment."

The key financial highlights of the period were as follows: · Group net revenue grew by 11%; · Retail net revenue increased by 8%; · Online net revenue grew by 26%; and · Group Operating profit(1) advanced by 21%.

http://www.investegate.co.uk/Article.aspx?id=201104210700103101F

Ultra Electronics confident on defence spending Date: Thursday 21 Apr 2011 LONDON (ShareCast) - High-tech defence products supplier Ultra Electronics believes its focus on specialist products will help it withstand defence cuts. Trading has been in line with expectations. In the US, recent progress in allocating the defence budget should unblock delayed contract awards over the next few months. Delays continue in the UK due to procurement reforms and reviews of funding priorities, but the market now accounts for a small proportion of the company’s revenues. “The group has strategies for long-term growth, a resilient business model and a demonstrated ability to win new contracts and execute them effectively,” Ultra said. “These factors underpin the board's confidence that, despite short-term uncertainties in some markets, Ultra's performance will be in line with the Board's expectation and that the Group will make progress in 2011 and beyond.”

http://www.investegate.co.uk/Article.aspx?id=201104210700093004F

Outlook brightens at Persimmon Date: Thursday 21 Apr 2011 LONDON (ShareCast) - The picture has brightened at housebuilder Persimmon since the turn of the year, when bad weather and economic uncertainty were clouding the outlook. The firm started the year with a sales order book of £565m, down from £638m a year previously, with sales rates “affected by the uncertainty created by the planned austerity measures and the unusually bad weather during November and December.” However, sales rates have picked up since then with the total value of new sales reservations taken in the year to date increasing by 12% from the same period last year. “Our order book, including legal completions already achieved this year, now stands at a similar level to last year at £1.14bn, the company said. Persimmon expects its average selling prices to improve in 2011 as it shifts its mix towards its pricier Charles Church homes and family housing.

CONT. We have continued to take action to optimise our debt portfolio given our strong liquidity and significant cash holdings. On 25 March 2011 we prepaid our remaining Senior Loan Notes with a face value of £136.4 million. The finance cost savings that will result from this action will significantly exceed the initial costs. On 1 April 2011 we arranged a new five year £300 million revolving credit facility, which replaces our existing facility which was due to mature on 31 March 2012. The financing received strong support and was substantially over subscribed. Royal Bank of Scotland Group plc, Lloyds Banking Group, Barclays Bank plc and HSBC Bank plc acted as mandated lead arrangers joined by Santander UK Ltd and Yorkshire Bank. Receiving such strong support from our long term relationship banks places us in an excellent position. Together with our continued strong liquidity and balance sheet we remain keen to invest in new development opportunities to deliver the future success of Persimmon. Gearing continues to run at low levels and was c. 6% at the end of March (31 March 2010: 17%) as we run up to the point of our peak working capital requirements. Recent Government initiatives announced in the Budget in respect of planning changes and support for first time buyers are helpful and, whilst an improvement in mortgage supply would improve market conditions, we are operating successfully at the current levels of activity. In the meantime, we continue to secure opportunities to grow our business further whilst maintaining our focus on margin growth. We will give a further update on trading on Tuesday 5 July 2011.

THURSDAY 21 APRIL 2011 Persimmon plc is holding its Annual General Meeting at 12 noon today at York Racecourse where the following comments will be made regarding current trading, financial performance and the outlook for the financial year. This statement, which supplements the update given at the time of our 2010 results, covers the period from 1 January 2011 to the date of this announcement and constitutes Persimmon plc's first Interim Management Statement in 2011. At the beginning of the year we had a sales order book of £565 million which was lower than the previous year (January 2010: £638 million). At the time we commented that sales rates had been affected by the uncertainty created by the planned austerity measures and the unusually bad weather during November and December. Since then sales rates have improved with the total value of new sales reservations taken in the year to date increasing by c. 12% when compared to the same period last year. Our order book, including legal completions already achieved this year, now stands at a similar level to last year at £1.14 billion. In line with our continuing strategy of margin improvement, these sales will generate further margin growth. Visitor levels to site remain encouraging and cancellation rates continue at a low level of c. 16%. As outlined previously, we anticipate legally completing a similar number of new home sales during 2011 when compared with 2010, but with an increase in volume over the prior year in the second half of 2011. Whilst underlying prices remain stable we expect average selling prices to show improvement due to our strategy of continued mix change with more Charles Church homes being completed and a greater proportion of traditional family housing.

http://www.investegate.co.uk/Article.aspx?id=201104210700103112F

20th April 2011 Analyst: Philip Morrish Email: philip.morrish@gecr.co.uk Tel: 020 7562 3362 020 7562 3362 @UK – Major public Sector Award. Forecasts Increased, Target Price Increased to 30p (27p). Re-iterate Buy Recommendation

http://sharecrazy.com/beta/Tips/5167/uk-re-iterate-buy-recommendation

Rotork confident for 2011 Date: Thursday 21 Apr 2011 LONDON (ShareCast) - Bath-based engineering company Rotork said it has started the year well and its record order intake and current activity levels makes it confident in making further progress in 2011. The company, which makes valves for the oil and gas, power and water industries, said its order intake in the first quarter reached a record of £108m, 18% ahead of the prior year. Rotork expects a stronger second half performance than the first half as it delivers on various projects. The group's order book has risen to £153m, 10% higher than the year end and 18% ahead of the same point last year. The group expects first half results will show margins slightly lower than the prior year, as it continues to grow the business and absorbs higher raw material costs. In Japan Rotork said the market has already started to return as it supports its customers in repairing and replacing damaged equipment.

Interim Management Statement Rotork p.l.c, the market leading actuator manufacturer, is today publishing its first Interim Management Statement for 2011 covering the period from 1 January to 21 April 2011. The year has started well and we are pleased to report record order intake in the first quarter of £108m, 18% ahead of the prior year. Shipments are slightly down on the prior year due to the timing of delivery requests by our customers. We are anticipating a stronger second half performance than the first half as these projects are delivered. The strong order intake and level of shipments has resulted in a Group order book of £153m, 10% higher than the year end and 18% ahead of the same point last year. We anticipate the first half results will show margins slightly lower than the prior year, reflecting our continued investment in the business for growth and higher raw material costs. In Rotork Fluid Systems, margins in the first half will show a reduction, although this is expected to reverse in the second half. Management remains focused on mitigating the effect of higher raw material costs through sourcing initiatives. Overall, we anticipate Group margins for the full year will be similar to the prior year. The market in Japan has already started to return and we are supporting our Japanese customers in repairing and replacing damaged equipment. A number of nuclear power projects have been delayed while governments assess the risks. However, we expect the investment in this market to return in the medium to long term with increased maintenance activity in the short term.

http://www.investegate.co.uk/Article.aspx?id=201104210700133177F

Soggy quarter for Anglo American Date: Thursday 21 Apr 2011 LONDON (ShareCast) - It was a soggy first quarter for mining giant Anglo American which saw rainfall hinder production of iron ore, metallurgical coal and copper, though output of platinum, nickel, thermal coal and diamonds increased. Copper production decreased by 14% to 138,800 tonnes, mainly due to abnormally high rainfall and expected lower grades at the Collahuasi mine in Chile, and scheduled maintenance and expected lower grades at Los Bronces (also in Chile). Nevertheless, full year copper production is expected to be marginally higher than 2010, based on the commissioning of the Los Bronces expansion project in the fourth quarter of 2010. Iron ore production decreased by 19% to 9.9m tonnes mainly due to mining constraints caused by wet pit conditions, resulting from excessive rainfall at all of Kumba's operations. Platinum refined production increased by 19% to 532,900 ounces, while equivalent refined production decreased by 5%. Meanwhile, nickel production increased by 27% to 6,100 tonnes. The Barro Alto nickel project produced its first metal on schedule in March 2011 and is expected to produce 41,000 tonnes per annum over the first five years of full production. Thermal coal production from South Africa and Colombia increased by 2% to 16.0m tonnes. Metallurgical coal production from the Australian operations decreased by 37% to 2.1 million tonnes, due to severe flooding in Queensland.

Overview · Platinum refined production increased by 19% to 532,900 ounces, while equivalent refined production decreased by 5% · Nickel(1) production increased by 27% to 6,100 tonnes · Copper production decreased by 14% to 138,800 tonnes, mainly due to abnormally high rainfall and expected lower grades at Collahuasi, and scheduled maintenance and expected lower grades at Los Bronces o Full year production expected to be marginally higher than 2010, based on the commissioning of the Los Bronces expansion project in Q4 · Thermal coal production from South Africa and Colombia increased by 2% to 16.0 million tonnes · Metallurgical coal production from the Australian operations decreased by 37% to 2.1 million tonnes, due to severe flooding in Queensland · Iron ore production decreased by 19% to 9.9 million tonnes mainly due to mining constraints caused by wet pit conditions, resulting from excessive rainfall at all of Kumba's operations · Diamond production increased by 5% to 7.4 million carats · Barro Alto nickel project produced first metal on schedule in March 2011 o 41,000 tpa average over first five years of full production · Los Bronces expansion project on track to deliver first production in Q4 2011 o Increased production to average 400 ktpa over first 10 years (490 ktpa over first three years) · Minas-Rio iron ore project commenced civil works for the beneficiation plant o 26.5 Mtpa production, with first ore on ship expected in second half of 2013 · Sales of Lisheen and Black Mountain Mining zinc interests completed in February 2011 · Announcement to combine UK businesses of Tarmac and Lafarge to create a leading UK construction materials company