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Prezzo bullish as profits climb By Rory Gallivan Date: Wednesday 06 Apr 2011 LONDON (ShareCast) - The squeezed British consumer still has enough cash to spare for inexpensive meals out, judging by Italian restaurant chain Prezzo’s full-year results. Adjusted pre-tax profits in the 53 weeks to 2 January were up by 12% from the previous year to £14.4m on revenues that climbed by 15% to £104.8m. Prezzo also reported a strong start to 2011 and said it is confident for the year ahead. The final dividend payment was lifted to 0.225p from 0.2p. Prezzo opened 20 restaurants during the period, taking the number it operates to 160. It now operates as far north as Aberdeen and as far west as Cardiff. Prezzo announced last month that it has acquired six more Caffe Uno Brasseries, which will be refurbished and rebranded. “I believe that the steady trading and strong new openings of 2010 are testament to the growing stature of the Prezzo brand, a consequence of our attention to the design and detail of our stylish restaurants and the emphasis we place on menu development, service delivery and our value for money proposition,” said chairman Michael Carlton.

Full details Shire files lawsuit against Watson Pharmaceuticals Shire files lawsuit against Watson Pharmaceuticals, Inc. for infringement of ADDERALL XR® patents and for breach of contract. Dublin, Ireland and Philadelphia, US - April 6, 2011 - Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialty biopharmaceutical company, announces that its subsidiary Shire LLC has filed a lawsuit in the U.S. District Court for the Southern District of New York against Watson Pharmaceuticals, Inc. and its subsidiaries Watson Laboratories, Inc.-Florida, Watson Pharma, Inc., Andrx Corporation, and Andrx Pharmaceuticals, L.L.C. for infringement of Shire's U.S. Reissue Patent No. RE 41,148, U.S. Reissue Patent No. RE 42,096 and U.S. Patent No. 6,913,768 and also for breach of contract. The lawsuit results from an Abbreviated New Drug Application (ANDA) recently filed by Watson for generic versions of 5 mg, 10 mg, 15 mg, 20 mg, 25 mg and 30 mg ADDERALL XR, pursuant to which Watson provided notice that it would seek to market its generic products before the expiration of Shire's patents. The lawsuit alleges that all of Watson's generic strengths infringe the patents-in-suit. Pursuant to Hatch-Waxman legislation, there will be up to a 30-month stay with respect to Watson's proposed generic products. The lawsuit also alleges that Watson has violated existing settlement and license agreements between Shire and Watson, signed in November 2007, arising from an ANDA that Watson filed in 2006, which also sought approval to market generic versions of ADDERALL XR. Shire submitted a Citizen Petition (CP) to the FDA in October 2005 requesting that the FDA impose stricter bioequivalence standards before approving any ANDA for ADDERALL XR. The FDA responded that the CP raised "complex issues" and has not resolved the matter. The FDA has not approved any ANDA for ADDERALL XR.

http://www.investegate.co.uk/Article.aspx?id=20110406070000PAB34

Shire slaps US rival with a lawsuit Date: Wednesday 06 Apr 2011 LONDON (ShareCast) - Drugs firm Shire has filed a lawsuit against US rival Watson Pharmaceuticals, claiming an infringement of Shire's ADDERALL XR patents, and a breach of contract. The lawsuit results from an Abbreviated New Drug Application (ANDA) recently filed by Watson in which it indicated it would sell generic versions of ADDERALL XR before the expiration of Shire's patents. Under the terms of the US Hatch-Waxman Act, a piece of legislation dealing with generic drugs and pharmaceuticals patents, there will be up to a 30-month stay with respect to Watson's proposed generic products. The lawsuit also alleges that Watson has violated existing settlement and licence agreements between Shire and Watson, signed in November 2007, arising from an ANDA that Watson filed in 2006, which also sought approval to market generic versions of ADDERALL XR.

M&S maintains overall sales growth By Rory Gallivan Date: Wednesday 06 Apr 2011 LONDON (ShareCast) - High street stalwart Marks & Spencer saw a sharp drop in like-for-like sales of clothes and other non-food items in the 13 weeks to 2 April, though the fall wasn't as severe as expected and overall sales growth was maintained. On a day that has been dubbed “worse-off Wednesday”, kicking off the new financial year that will see the government’s austerity measures take full effect, M&S said it is experiencing “challenging trading conditions.” General merchandise sales were down by 3.4% from the same period last year, which was not as bad as some analysts' estimates of a more than 5% decline. M&S points out that this is against a backdrop of strong growth at the beginning of last year. It added that it has been seeking to deliver affordable clothes to suit shoppers’ tight budgets. Rising food sales helped M&S deliver slight like-for-like sales growth overall. Food sales were up by 3.4% on a like-for-like basis, resulting in overall like-for-like sales growth of 0.1%. Overall sales were up by 4.2%, with the UK seeing a 3.2% rise and overseas sales up by 12.6%. M&S, which announced last week that it is moving back into the French market, said strong growth in most markets was offsetting weakness in Ireland and Greece. “We expect the trading conditions to be increasingly challenging due to pressure on consumers' disposable incomes and higher commodity prices,” said chief executive Marc Bolland. “As a result we are cautious about the outlook.” M&S issued guidance of an increase in gross margins of between 0 and 25 basis points in the financial year 2011/12. Operating costs are expected to increase by about 5%.

Certainly not as negative as forecast by some pundits

Horrendous 10% spread on a share like this! 185 - 205

Compass Group PLC further strengthens its support services capability with the acquisition of PPP-Infrastructure Management Limited Compass Group PLC is pleased to announce the acquisition of UK support services company PPP-Infrastructure Management Limited (PPP-IML) from Semperian (Holdings) Limited, a wholly owned subsidiary of Semperian PPP Investment Partners Group Limited. The annual revenue of PPP-IML was £19.7 million and the Gross Assets at 28 February 2011 were £4.0 million. The acquisition strengthens Compass Group's existing support services offer in the important sectors of Healthcare, Education and Defence.

http://www.halifaxmarketwatch.co.uk/rns.cgi?username=&ac=&action=news&rns=1&view=full&story_id=4156911

http://www.halifaxmarketwatch.co.uk/rns.cgi?username=&ac=&action=news&rns=1&view=full&story_id=4156534

Commenting on the Proposed Acquisition, Tony Brown, CEO said: "We are very pleased that we have been able to reach conditional agreement with ARCS for the acquisition of these 19 stores. This transaction is in line with our strategy to grow the Group, secures the future of the acquired stores and marks a step change in the development of Beales".

Proposed acquisition of 19 department stores from Anglia Regional Co-operative Society Limited ("ARCS") Proposed readmission of the Ordinary Shares to listing on the Official List of the UK Listing Authority and to trading on the London Stock Exchange Proposed subscription by ARCS for new redeemable preference shares and Suspension of trading The board of directors of Beale (the "Board") is pleased to announce that JE Beale plc (the principal trading subsidiary of the Company) ("JEB") has entered into a conditional agreement to acquire the trade and assets of 19 of the 23 department stores currently owned and operated by ARCS, a UK regional department store operator and co-operative society, for a total initial consideration of £7.5 million payable wholly in cash on completion of the Acquisition Agreement. The consideration payable in respect of the Proposed Acquisition will be financed entirely by ARCS through the provision by it to JEB of a £2.5 million unsecured five year term loan and ARCS' subscription for £8.5 million principal of unlisted redeemable preference shares to be issued by the Company. Due to its size in relation to Beale, the Proposed Acquisition constitutes a "reverse takeover" for the purposes of the Listing Rules. At the request of the Company, trading in Beale's ordinary shares on the Main Market of the London Stock Exchange has been suspended pending approval by the UK Listing Authority and publication of a combined circular and prospectus. Shareholder approval of the Proposed Acquisition will be sought at an extraordinary general meeting to be convened in due course, after which the Company will seek readmission of the Ordinary Shares to listing on the Official List of the UK Listing Authority and to trading on the London Stock Exchange. Further announcements will be made as appropriate.

http://www.halifaxmarketwatch.co.uk/rns.cgi?username=&ac=&action=news&rns=1&view=full&story_id=4156552

Guidance Guidance for financial year 2011/12: • Gross margin is expected to be between 0 and 25 basis points higher than last year due to a combination of measures to mitigate input cost inflation. • Operating costs are expected to increase c. 5% as a result of increased depreciation, space growth and inflation, as well as investment in growth initiatives, offset by underlying savings. • The planned opening of new footage will add c. 2% to UK and c. 10% to International space. • Group capital expenditure is expected to be around £900m. • Effective tax rate is expected to be 25% We will report our full year results for the year ended 2 April 2011 on 24 May 2011.

Outlook Looking ahead to 2011/12 we expect the trading conditions to be increasingly challenging due to pressure on consumers' disposable incomes and higher commodity prices. As a result we are cautious about the outlook. Our focus will be on remaining competitive, and offering our customers great value and quality at a time when they will be managing their budgets carefully. We are now embarking on the first phase of our plan to develop M&S into a leading international multi-channel retailer. While the short term trading conditions will be difficult, we have identified a clear path for long term growth, and will continue to focus on delivering against our plan.

Marc Bolland, Chief Executive said: "We had a good fourth quarter in a challenging trading environment. In times like these customers are increasingly turning to M&S for value, quality and innovation. Strong products backed by great advertising meant we outperformed the market and grew share in both Food and Clothing." "The plans we laid out in November continue to build momentum, demonstrated by our collaboration in Home with Sir Terence Conran, our 'bricks and clicks' return to France, and, importantly, our ability to attract best in class talent."

Trading summary General Merchandise sales were in line with our expectations given the extremely tough like for like comparatives of +9.1% in this quarter last year and the recent challenging trading conditions. In difficult times, customers continue to turn to the value and quality with which the M&S brand is synonymous. We grew market share by 30bps to 11.6%1 as we delivered affordable style across our ranges with products to suit every budget. Menswear and Lingerie performed particularly strongly and we had a good start to our new Womenswear Spring Campaign with customers responding well to our interpretation of the latest fashions. Food sales delivered another quarter of consistent improvement with market share up 10bps to 3.8%2. We launched more than 320 new products during the quarter, bringing the total of new lines launched over the last year to 1,900, over 25% of our range. Our quality continues to set us apart. We have seen a strong improvement in sales of our healthy food. 'Count on Us' and 'Simply Fuller Longer' were the UK's top healthy meal brands in January3. We offered our customers better than ever value through competitive pricing and great promotions such as the unique 'Dine In' offer on Mother's Day and Valentine's Day. International sales were up 12.6%, reflecting strong performances across most of our markets offset by difficult trading conditions in Ireland and Greece. M&S Direct sales were up 13.7% in the quarter, as we reached the full anniversary of the launch of our Shop Your Way service.

Reported results* · Group sales +2.3% · Total UK sales +1.0% General Merchandise -3.4% Food +4.9% · LFL UK sales +0.1% General Merchandise -3.9% Food +3.4% · Market Share General Merchandise +30bps1 Food +10bps2 Underlying results* · Group sales +4.2% · Total UK Sales +3.2% General Merchandise +1.2% Food +4.9% · LFL UK sales +2.2% General Merchandise +0.7% Food +3.4%

http://www.halifaxmarketwatch.co.uk/rns.cgi?username=&ac=&action=news&rns=1&view=full&story_id=4156564

and up we go again perhaps