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ASOS still in fashion as international sales soar Date: Wednesday 13 Apr 2011 LONDON (ShareCast) - Strong growth overseas helped the internet fashion retailer ASOS maintain its upward momentum in the fourth quarter. The firm, which sells clothes inspired by trendy celebrities (the name stands for ‘As Seen on Screen’) saw year-on-year sales growth of 70% during the quarter, with UK’s revenues up 24% to £44.9m and the international division’s soaring by 161% to £48.4m. “With International becoming an increasingly significant part of our future, I was pleased to see our International sales mix exceed that of the UK for the first time, accounting for 52% of our retail sales,” said chief executive Nick Robertson. “Profit before tax, pre exceptional, for the full year to March 2011 is likely to be towards the top end of expectations.” The EU remains ASOS’s main overseas market, but it was sales to the US and other countries that were the main drivers. EU sales rose by 77% to £21.3m, US sales were up by 222% to £7.1m and rest of the world sales rose an eye-watering 367% to £20m.

Outstanding Q4 Highlights (January - March 2011) · Retail sales accelerated + 70 % year on year (Q3 +59%) · UK retail sales + 24 % / International retail sales + 161 % · International sales mix 52% · ASOS Fashion Finder launched March 2011 Full Year Highlights (April 2010 - March 2011) · Retail sales up 58 % year on year (UK + 24 % / International + 144 %) · Profit before tax likely to be towards the top end of expectations · Small increase in retail gross margin, in line with guidance · Investment in free shipping and returns has led to a reduction in overall gross margin

http://www.investegate.co.uk/Article.aspx?id=201104130700077999E

WS Atkins to beat FY expectations Date: Wednesday 13 Apr 2011 LONDON (ShareCast) - Design and engineering consultancy WS Atkins said it expects full year results to be ahead of market expectations after a strong performance at its Middle East business. The group, which is the official engineering design services provider for the London 2012 Games, said overall it had traded well through the fourth quarter. Its UK business continues to perform in line with expectations despite challenging market conditions. WS Atkins, which earmarked hundreds of job cuts in light of UK government cuts, said it continued to adjust resources across the company to meet anticipated market demand. It expects to report a year end headcount of around 17,500. Its US acquisition, The PBSJ Corporation, which was recently rebranded Atkins, traded in line with company expectations during the first six months of its ownership. The group's operations in the Middle East were boosted by increased activity in the second half of the year, together with further recovery of client payments, WS Atkins explained. "The Group has continued to position itself for growth through targeted investment and active deployment of resources. With our focused portfolio of businesses across a number of geographic markets, the Group is well placed for the year ahead," it said in a company statement. Net funds at 31 March 2011 was in excess of £120m.

JD Sports 'extremely cautious' despite higher profits By Rory Gallivan Date: Wednesday 13 Apr 2011 LONDON (ShareCast) - Teen outfitter JD Sports Fashion hiked its dividend by about 30% after reporting a sharp rise in profits but said it is “extremely cautious” on the outlook after a tough start to the current year. The sports-themed fashion retailer posted a pre-tax profit of £78.6m in the year to 29 January, up from £61.4m the previous year, on revenues that rose to £883.7m from £769.8m. The full-year dividend is upped to 23p from 18p. The pre-tax profit figure was in line with expectations. The company’s main chain JD Sports saw total revenues rise by 8% £667.2m from £615.5m, with like-for-like sales (which strips out the impact of new openings) up by 3.8%. Gross margins rose to 51% to 50.6% due to “continued improvement in the terminal stock position.” Total revenues at JD’s Bank and Scotts fashion outlets rose to £102.4m from £82.8m as the portfolio grew to 74 shops from 65. However, things have become tougher in the current year. Net sales were down 1.2% year-on-year in the eight weeks to 26 March. “Following successive years of record results for the group, the retail environment has recently been significantly impacted by adverse fiscal changes in addition to the multiple current economic pressures. Our core business already possesses very strong sales densities and margins, being the result of continual growth in both measures for several years,” said chairman Peter Cowgill. “Against that background, therefore, it is inevitable that the board is extremely cautious in its outlook, particularly when the profits achieved for the year to 29 January 2011 are effectively rebased purely as a result of the impact of increased VAT.”

Annual pre-tax profit at Omega Diagnostics Group (ODX) is expected to be in-line with market expectations, the medical diagnostic company announced in a trading update as it saw growth in most of its key product groups. The company added that revenue for the year ended 31st March 2011 is expected to be up 27% on last year at 7.9 million pounds and 12% greater on a like-for-like basis. Omega shares advanced 0.5p to 15p.

Underlying its ambition to grow its data capabilities whilst strengthening its sales and engineering operations, TalkTalk Telecom Group (TALK) has acquired Executel, a provider of telephone systems, data solutions and unified communications, for an undisclosed sum. The business will now be managed by TalkTalk Business and is expected to contribute around 6.5 million pounds of incremental revenue in the current financial year. TalkTalk shares lost 2.1p to 134.6p.

Katherine Garrett-Cox, chief executive of Alliance Trust (ATST), declared that she was confident of fending off activist investors who are pushing for changes to the way the long-established investment trust is run. Announcing a 3% full-year dividend increase, Ms Garrett-Cox argued for a rejection of a resolution put forward by Alliance Trust dissidents for its annual meeting on 20th May 2011. Alliance shares pushed back 3.7p to 371.4p.

Arbuthnot retained its "buy" recommendation for Artilium (ARTA), the technology solutions provider, with a 16p target price. Having recently confirmed that the business is trading in line with market expectations, the broker said the commercial agreement to setting up a new Mobile Virtual Network Enabler in the Netherlands provides the group further reassurance over the near term financial outlook. Additionally, with management expecting to announce more contracts shortly, Arbuthnot added that it was encouraged by the welcome evidence of management's ability to commercialise its technology. Artilium shares lost 0.25p to 12.75p.

Peel Hunt issued a "buy" rating for Eros International (EROS), the media and entertainment group, with a 316p target price. The broker notes that the firm is experiencing a change in its revenue mix, targeting higher levels of investment, but harvesting better returns across the three divisions. This, together with the long-term growth drivers from the "attractive" Indian market, give Peel Hunt confidence that the shares hold "good value". Shares in Eros rose 5p to 239p.

Singer Capital Markets commented on Michael Page International (MPI). The broker notes that the expansion into overseas markets such as Brazil, India and Qatar has helped the recruitment group shrug off the effects of UK government spending cuts and boost its first quarter year-on-year gross profit by 30%. This, combined with the encouraging ISM data published recently and the Monster Employment figures, has led Singer to hold a "positive" outlook for the business going forward. Michael Page shares inched back 0.5p to 525p.

No longer my Southern Cross to bear, says chairman Date: Tuesday 12 Apr 2011 LONDON (ShareCast) - Under pressure care home operator Southern Cross Healthcare has parted ways with its chairman, Ray Miles, though the parting seems amicable. "Given that my own experience has mainly been building businesses and improving their operational performance and that the company now faces a period of intense financial restructuring, it is time to hand over to others with more experience of this,” Miles said. Current non-executive director Christopher Fisher, a former managing director of the merchant bank Lazard, will step into Miles’s shoes. Mark Cash, who joined Southern Cross as a regional director in September 2009, will be taking on the temporary role of chief operating officer with a view to relieving some of the pressure on chief executive Jamie Buchan, who will therefore have more time to focus on the group’s restructuring plans and capital needs. The group, which remains in talks with its lenders, expects to make proposals to its major landlords with a view to lessening its rent burden. “While there can be no certainty as to the success of these negotiations, the prevailing mood appears constructive,” the company said. The company said the full year profit outlook has come under additional pressure, not least because of the uncertainty caused by the restructuring announcement, but management said it remains encouraged by the supportive stance being adopted by regulators, local authorities and staff during this period. --- jh

Cont The cost of turnover for the group increased to K146, 661 million for the period to 30 September 2010 from K137, 920 million for the corresponding period to September 2009. This was largely due to an increase in NLC cost of sales of K32, 233 million attributed to the use of the rotary kiln which uses twice the amount of Heavy Fuel Oil as compared to the vertical kiln. ZCCM-IH's cost of turnover reduced to K20, 134 million for the period to 30 September 2010 from K28, 321 million for the period to September 2009. This reduction is attributed to a change in the provision of permanent employee benefits that was undertaken in the period to 30 September 2009. MCL cost of turnover only accounts for K15, 525 million for the period to 30 September 2010 compared to K30, 831 million for the period to September 2009. However, K30, 831 relates to a nine months period where as K15, 525 relates to approximately four months. The Company's share of profit from associate companies for the period 30 September 2010 is K500, 037 million compared to K125, 311 million for the period to 30 September 2009. The increase is as a result of operational improvements by some associate companies and the general increase in activity in the Mining industry. The Group achieved an operating profit for the period under review of K105, 905 million compared to K1, 058 million as at 30 September 2009. This was as a result of the increase in turnover for this period. However, share of profits as well as the depreciation of the Kwacha against the United States Dollar in the period under review resulted in a retained profit of K545, 029 million compared to a profit of K103, 942 million for the period to September 2009. The exchange movements were attributable to the Kwacha depreciating against the US$ from K4, 651.88 as of 1st January 2010 to K4, 850.00 as of 30 September 2010 resulting in an exchange loss of K42, 776 million (after the translation of foreign denominated liabilities) for the period to 30 September 2010 compared to an exchange loss of K1, 089 million for the period to 30 September 2009. By Order of the Board C Chabala

ZCCM INVESTMENTS HOLDINGS Plc And its subsidiary DIRECTORS' INTERIM SUMMARY For the nine month period ended 30th September 2010 In compliance with the requirements of the "Securities Act, Cap 354 of the Laws of Zambia" and the Listing Rules of the Lusaka Stock Exchange, ZCCM Investments Holdings Plc announces the unaudited results for the nine month period ended 30 September 2010. On 26th April, 2010 ZCCM-IH Plc divested 65% of the Maamba Collieries Limited (MCL) shares to Nava Bharat Singapore (Pte) Ltd. Consequently, only approximately four months have been consolidated in the accounts to 30 September 2010. The Group achieved a turnover of K252, 566 million during the nine month period ended 30 September 2010 which was 82% above the turnover of K138, 978 million for the nine months to 30 September 2009. This increase in turnover was mainly as a result of dividends of K107, 580 million received during the period under review compared to K29, 623 million for the nine months to September 2009. These dividends include a special dividend paid out by Kansanshi Mining Plc (KMP) of K86, 173 million ($18.1 million) for the years 2007-2009, interim dividends of K9, 349 million ($2 million) from CEC, K9, 349 million ($1.9 million) from KMP and K2, 579 million ($528, 668 million) from NFC Africa. In addition, Ndola Lime Company (NLC) turnover of K139, 314 million during the period ended 30 September 2010 was 39% above that of K100, 238 million for the corresponding period to 30 September 2009 owing to an increase in exports to DRC during the period, as well as an increase in selling price of Lime products as of June 2010 to account for increase in the cost of production such as fuel and electricity costs as well as inflation. MCL turnover for the four months period from 1st January 2010 to 26th April 2010 which is included in the consolidation was K1, 566 million whilst a turnover of K4, 755 million was achieved during the nine months to September 2009.

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Omega's Japanese losses reach $24m Date: Tuesday 12 Apr 2011 LONDON (ShareCast) - Initial estimates at Omega Insurance predict an ultimate net loss of $23.6m from the Japanese earthquake and tsunami. This is based on an estimated insured market loss of $25bn. However, the international insurance and reinsurance firm noted that assessing the impact is still at a very early stage, and will be subject to revision. The group also said that its loss estimates of $7.6m and $9.5m for the Queensland floods and New Zealand earthquake, respectively, are within the previously estimated ranges of loss.

Vernalis losses narrow Date: Tuesday 12 Apr 2011 LONDON (ShareCast) - Strong royalties from its migraine treatment Frovatriptan helped Vernalis narrow losses in the year to 31 December. Pre-tax losses before exceptional items narrowed to £5.3m from £13.4m on revenues that rose to £14.2m from £13m. Vernalis regained 100% of royalties from Frovatriptan in March 2010 following a fundraising. “This royalty stream has structurally changed the group's cash profile, as it provides a sustainable revenue stream as well as substantially cutting the annual underlying net cash burn,” the company said. “With sustained development spend at 2009 levels, but without the reliance on future milestones, the company has financial stability and cash through to the end of 2013.”

Primary Health raises £16.1m for expansion Date: Tuesday 12 Apr 2011 LONDON (ShareCast) - Healthcare property investor Primary Health Properties has raised £16.1m to expand its property portfolio. It has issued nearly 5.3m shares at 50p a time. “The company intends to use the proceeds of the placing to finance selected investment opportunities and expand its property portfolio,” it said. “The company will persist with its strict policy of maintaining appropriate headroom on its covenants. In the short term, the proceeds will be used to reduce the company's borrowings and provide the Company with further working capital and overall financing flexibility. “ Primary Health managing director Harry Hyman said the capital raising will give the company the opportunity to take advantage of current investment opportunities that current market opportunities present.

ILX wins biggest ever contract Date: Tuesday 12 Apr 2011 LONDON (ShareCast) - Shares in software group ILX jumped after it said it had won its largest contract in its history, to provide a programme for public sector bosses to manage projects. ILX did not provide financial details of the deal, but said it runs for one year, with the option to be extended for another year. Chief executive Ken Scott said that the programme will help senior civil servants get the right training to manage multi-million pound contracts. He said the contract was “by far the biggest” ILX has ever secured. “This boost for the UK team, combined with our expanding international business continuing to exceed expectations, leaves us well positioned for the financial year.”