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A very impressive chart for 2011

Mark Duffin, CEO, ServicePower said, "This has been an encouraging year for ServicePower, testament to the success of the re-engineering of the business begun in 2009. ServicePower continues to be a well-managed organisation. Our market leading technology enables us to provide valuable services to some of the world's leading businesses. "As the market for outsourced service operations continues to grow, so does our market opportunity. We have entered the current financial year with a strong pipeline of new business, both in the UK and US. We will remain focused in the year ahead on our areas of strength and look forward to capitalising on these opportunities."

Operational Highlights · Sales focused strategy resulted in high levels of new contract wins with both new and existing customers · Expansion of landmark pilot with one of UK's leading supermarkets · Established a significant partnership during the year with Syclo Inc. extending ServicePower's market reach · Significant contract signed post period end with Assurant Solutions

Financial Highlights · Revenues increased to £18,255,000 (2009: £18,108,000) · Profit before taxation of £577,000 (2009: loss £4,017,000) · Adjusted profit before taxation* £11,000 (2009: loss £1,099,000) · Cash balance at 31 December 2010 of £3,665,000 (31 December 2009: £3,543,000) *Adjusted for foreign exchange gain of £310,000 and the release of restructuring provisions £256,000 (2009: foreign exchange loss £1,196,000, the charging of restructuring costs provision of £900,000 and the impairment of an intangible asset £822,000).

http://www.investegate.co.uk/Article.aspx?id=201103240700095187D

ServicePower edges into profit Date: Thursday 24 Mar 2011 Scheduling and operations management software provider ServicePower Technologies has made its first underlying profit for 14 years and new contracts mean it should do much better in 2011. Low margin business has been shed by the AIM-quoted company and a large contract won with Assurant Solutions, which provides insurance services. The model involves ServicePower getting 50% of the 50 cents plus charge for each claim handled. Assurant handles 6m claims a year and also offers ServicePower a way in with a number of retailers. Tesco is also trialling the software. Revenues were relatively flat at £18.3m in 2010 and the underlying profit was £11,000. The release of a restructuring provision and a foreign exchange gain meant that the reported profit was £577,000, compared with a loss of £4.02m the year before. Staff numbers were reduced by one-third and overheads cut back. There is cash in the bank of £3.67m and convertible loan note of £1.45m where interest is being rolled up. The loan is convertible at 5p a share. Revenues are expected to slump to £12.5m but pre-tax profit should hit £400,000 with around £200,000 of the improvement likely to come from a lower amortisation charge as the intangibles are written off.

Commenting on the results, Chairman, John Reis, said: "I am pleased to report a significantly improved set of results for the year ended 31 December 2010, particularly given the continued challenging market conditions prevailing in the UK property and construction markets during the period." "We continue to operate through our UK-wide network of offices, creating future land, planning and development opportunities in a cost effective way and as prudent cash management allows. The construction and property investment income streams provide steady profits and cashflows, which underpin our performance, despite the reduction in the more cyclical development and land profits. Our strategic focus during the recessionary period has been to preserve asset values and reduce debt." "We have also succeeded in our previously stated aim to release capital by completing developments in progress and disposing of certain assets in the portfolio to reduce debt. We are now debt free, which gives us considerable flexibility going forward to invest in land and property development without recourse to expensive funding sources." "Furthermore, we will continue to invest in securing planning consents on our greenfield land portfolio to enable us to supply the recovering housebuilding market where, we believe, planning constraints could serve to improve the value of these long-term investments. We therefore continue to retain and add to a strong portfolio of opportunities which we will work through the challenges of the new planning regime or bring forward for development where the expected returns are commensurate with the risk." "Whilst remaining challenging, the property market has stabilised and is now showing some signs of recovery, at a level which allows the Group to make a reasonable return on its investments. However, I continue to believe that the recovery will be patchy and relatively long and drawn out."

2010 KEY FINANCIAL HIGHLIGHTS · Trading profits(*) increased to £18.0m (2009: £11.5m) · Property revaluation surplus of £0.6m (2009: deficit £22.4m) · Property investment disposal profits of £2.4m (2009: £0.9m) · Profit before tax: £18.9m (2009: loss £11.9m) · Earnings per share: 9.1p (2009: loss 5.7p) · Proposed final dividend of 2.15p per share, total for the year of 3.5p up 40% on 2009 (2.5p) · Net asset value per share increased by 7% to 145p (2009: 135p) · Further reduction in net debt to £11.4m (2009: £32.1m) and in gearing to 6% (2009: 18%) · Post year end: · Group is net cash positive after property and land disposals completed in early 2011 · Director retirement and appointment announced

23/03/2011 http://www.investegate.co.uk/Article.aspx?id=201103230700084239D

Arbuthnot reiterated its "buy" rating for Henry Boot (BHY), the property developer, with a 165p target price. Even though the Net Asset Value (NAV) is now ahead of pre-recession levels before taking account of dividends paid, the broker believes, within this, there is little recognition of the huge embedded value in the firm's strategic land bank. Moreover, given that Hallam Land could add some 40p to the group NAV after deducting tax and overheads, Arbuthnot thinks there is "significant" potential upside to meet its target price. The shares inched higher 0.5p to 116.5p.

Canaccord Genuity reiterated its "buy" recommendation for Mears Group (MER), the provider of a range of services to social landlords, with a 389p target price. Looking ahead, driven by continued strong performance in social housing and a new focus on the higher-growth Domiciliary Care business, the broker continues to forecast double-digit organic revenue growth to 2013. The broker said that in light of this, and teamed with high cash conversion, the business seemed "undervalued." Mears shares edged back 3.75p to 259.25p.

Commenting on the results, David Kershaw, Chief Executive, said: "M&C Saatchi made excellent progress in 2010 - delivering strong growth in revenues and profitability against a backdrop of competitive markets. At the same time, we continued to invest for future growth, expanding into more geographies and taking our brands into new market segments. "That success leaves us well placed to make further progress and winning more global new business is a key focus. With the formation of a joint venture in Russia, our global network is complete - operating from 26 offices in 19 countries across six continents - meaning we are better placed than ever before to drive international revenue growth. M&C Saatchi has grown internationally by backing owner managers starting up agencies, rather than through acquisition. This ensures that our clients have the benefit of the best and most entrepreneurial operators in each market. At the same time, we are also exporting our newer businesses such as Clear, Sport & Entertainment and Mobile, across our unique international network. "2011 has started well with the good revenue momentum built through 2010 continuing into the new year. Given this backdrop, while we remain cautious about the macro environment, the Board is confident that we will continue to make progress in 2011 and beyond."

Operational highlights · Strong new business performance; UK with best levels of wins since 2004 · Three new offices opened (Cape Town, Johannesburg and Milan), in line with strategy of organic development in key markets · Acquisition of Inside Mobile, a specialist mobile marketing business · Launch of M&C Saatchi MENA in partnership with Quantum Group Developments in 2011 · Continued roll-out of higher margin growth businesses (Clear, Sport & Entertainment and Mobile) across M&C's international network · Investment in future growth: o Completion of global network with formation of 50/50 joint venture in Russia with EMCG, one of Russia's leading independent agencies o Acquisition of a 25% stake in both a start-up data business and Human Digital, a new social media insight business, in the UK · M&C Saatchi network now operating from 26 offices in 19 countries across six continents, allowing us to deliver a global offering to international clients - whilst retaining M&C Saatchi's unique entrepreneurial approach · Significant momentum from 2010 continuing into 2011

Group Highlights · Strong financial and operational results, with growing momentum throughout 2010 · Group revenues up 21% at £125.1m (2009: £103.4m); up 15.6% using constant currencies · Headline operating profit up 28.3% to £13.3m (2009: £10.4m) · Headline operating margin 10.6% (2009: 10.0%) · Statutory operating profit up 24.5% to £12.7m (2009: £10.2m) · Headline profit before tax up 29% to £13.3m (2009: £10.3m) o UK: revenues up 9% in competitive market o Europe: like-for-like revenues up 18%, despite challenging trading conditions o Asia and Australia: like-for-like revenues up 14% o Clear: operating profits up 53%, with good growth in the US and Asia · Cash at year-end of £31m (2009: £15m), of which £19m is advance 2011 client payments · Balance sheet further strengthened, with Group debt reduced to £2.3m (2009: £4.4m) · Headline basic earnings per share up 24% at 12.59p (2009: 10.15p) · Final dividend up 10.2% to 3.03p (2009: 2.75p); total dividend up 7.7% to 3.90p (2009: 3.62p)

http://www.investegate.co.uk/Article.aspx?id=201103240700105204D

Singer Capital Markets issued a "buy" rating for M&C Saatchi (SAA), the advertising agency, with a 134p target price. While the group has delivered a very strong set of results, the broker notes that the outlook is more mixed with a combination of slower than expected progress from the newer offices and general client caution offsetting some of the positive momentum of the business. With that said, Singer believes the stock is no longer very cheap and that the short term caution will probably limit near term share price progress. M&C shares moved ahead 5p to 144p.

Westhouse Securities initiated coverage on XP Power (XPP), the provider of power supplies, with an "accumulate" recommendation and 1,900p target price. Following recent results that showed revenue and margins up strongly and earnings per share more than doubling, the broker believes the group provides a genuine growth story for investors. That said, even though the share price has risen sharply from 1,000p at the start of the year, Westhouse sees further upside potential. Shares in XP lost 52.5p to 1747.5p.

Simon Moate, Chief Executive Officer, said: "Our business has been transformed from a commodity stationery supplier to the public sector to a managed services organisation serving both corporate and public sector. We are well positioned to benefit from economic recovery and excited about the emerging opportunities being presented to us."

Business highlights: · Board optimistic about Group opportunities in the longer term and recommends that the final dividend is maintained at the same level as last year · Trading for the first quarter of 2011 is in line with management expectations · TPF*, acquired in February 2010, integrated with AccessPlus and re-launched as Banner Managed Communication, providing a substantial business process outsourcing activity and a growing and increasingly significant profit contributor to the Group · Strategic "Closed Loop" opportunity strengthened through acquisition of 40% minority stake in Banner Document Services, giving 100% ownership, and a new partnership with PHS · Reduction in public sector sales volumes experienced post General Election, but has improved since year end · Private and corporate sector now represent almost two thirds of Group revenue

http://www.investegate.co.uk/Article.aspx?id=201103240700095189D