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IMPs puffing along steadily By John Harrington Date: Thursday 24 Mar 2011 LONDON (ShareCast) - Tobacco group Imperial (IMPs) said underlying first half tobacco net revenues are expected to increase by around 2%, as anticipated. Cigarette stick equivalent volumes since the end of September 2010 have declined by around 1%. IMPs said that, in part, this reflects a change in trade buying patterns in the UK which have become more second half weighted. Though the group is trading in line with management expectations the Spanish market remains challenging due to an increase in duty in December, the ban on smoking in public places and the continuing weakness of the Spanish economy. “We have further grown volumes of our global strategic cigarette brands Davidoff, Gauloises Blondes and West, with particularly good results in our emerging markets,” the company said. “JPS has maintained its excellent performance and we have continued to deliver strong growth in fine cut tobacco volumes,” the statement added.

http://sharecrazy.com/beta/Tips/5032/uk-re-iterate-long-term-buy-recommendation

Opsec Security Group (OSG) expects results for the full-year to be in-line with management expectations, the supplier of anti-counterfeiting technologies and services announced following a strong trading performance in the second half. The group added that it has generated strong operating cash flow which has been used to re-invest in the business and repay some of its borrowings.

Floor covering group Airea (AIEA) posted narrowed interim pre-tax profits, hit by "depressed" market conditions, and said the business continues to face a volatile trading environment with a mix of erratic demand and raw material inflation. For the half-year ended 31st December 2010, the group reported a pre-tax profit of 189 million pounds, down from 515 million pounds in the comparable period a year earlier, on revenue 9.6% lower at 15.1 million pounds. Going forward, the firm added that the trading environment remained challenging especially in the residential sector

In a bid to strengthen its UK presence, cooking equipment maker Middleby has agreed a 58 million pounds cash takeover of Lincat Group (LCT), the commercial catering and bar equipment manufacturer. Under the terms of the acquisition, Lincat shareholders will receive 1,050p in cash for each share, which is at a 37.7% premium to the share price of the last business day prior to the announcement. Separately, Lincat also revealed a 15% rise on operating profit before exceptional items to 5.6 million pounds as revenue climbed 6% to 32.7 million pounds

Shore Capital issued a "buy" recommendation for pub operator Punch Taverns (PUB) with a 77p target price. The broker notes that the group has announced the de-merger of its managed division, Spirit, from its heavily indebted tenanted business. Commenting on this, Shore believes it to be the right move as it helps unlock the value within the managed estate whilst limiting the potential cash drag from the tenanted operation.

Following the analysts' meeting, Panmure Gordon re-iterated its "buy" rating for Dolphin Capital Investors (DOLC), the real estate investment company, with a 100p target price. The broker notes that the company continues to make progress on the first phases of its four advanced projects and has a "solid" net cash position at group level. Trading at a perspective 79% discount to the current Net Asset Value, Panmure thinks this discount is anomalous and expects it to narrow as developments progress.

Sausage skin maker Devro has been mulling how to expand in potentially the richest market, China. Analysts had pointed out that a new plant there would cost 60m and would limit expansion in other growth markets, such as Russia or Latin America. Yesterday it ruled out new build, preferring “other options”, probably a joint venture. This will come as a relief, while all those other positives are there. The shares, on just short of 15 times’ this year’s earnings, look up with events, though, says the Times.

Lonrho is a pan-African conglomerate that invests in five key sectors – transportation, infrastructure, agriculture, support services and hotels. The group also operates in 17 countries, mitigating any political risk, which is common in the continent. This is a speculative play that is likely to be volatile but is expect GDP growth in Sub-Saharan Africa will be around 5% this year, which is a good backdrop in which to be operating. Buy says the Telegraph.

BitB thanks for the info - I will add it to my XAR file.

Strong demand for its industrial ink-jet kit meant Xaar has raised 14m in a placing to expand its Huntingdon facility. The shares are currently valued at a heavy multiple of 26 times forward earnings, but that falls to 17.6 times on the estimates for the following year. Given the forthcoming increase in capacity at Huntingdon, buy says the Independent

23/03/2011 http://www.investegate.co.uk/Article.aspx?id=201103230700114396D

23rd March 2011 Analyst: Philip Morrish Email: philip.morrish@gecr.co.uk Tel: 020 7562 362 @UK – Good Results; Improving Prospects; Target Price Increased to 27p (21p); Re-iterate Long Term Buy Recommendation

Commenting on the results, Andy Jones, Group CEO of ClearStream said: "ClearStream has made a strong start to the current financial year and our results at the half year stage are comfortably in line with current expectations for the full year. The significant increase in production capacity engineered during the previous financial year has bedded down well; yields and gross margins continue to improve. Taken together with the recently acquired factory facility adjacent to our existing site, we now have the capacity to service production demand in excess of €30m per annum. . "It is also particularly pleasing to see the growth trends in OEM sales within the peripheral sector. This is the sub sector where innovation and new product designs are opening new channels of opportunity for the Company and gives further ground for optimism about the future prospects for the Company.

Key Points · Revenues up 56% at €9.11M - (2009: €5.85M) · Net profit of €0.12M (2009: net loss of €0.7M) · Net margins at 28% (2009: 24%) · Cash balances at period end of €1.6M (2009: €1.6m) after funding expansion from operating cash flow · Continued upward trend in demand across all three sales channels (branded devices; co-labelling; OEM) · Strong accelerating demand for peripheral product from OEM channel · Positive outlook for the second half

http://www.investegate.co.uk/Article.aspx?id=201103240700135382D

Barry Mence, Chairman, commented: "We are very pleased to show notable improvement in our performance during 2010. It is not yet clear that the effects of the global crisis on our markets are fully behind us, but we are encouraged by early indications for the coming year. We are entering 2011 with both the strategic and the financial strength to move forward with confidence and optimism."

Highlights: · Revenue for the year was ahead of market expectations at £10.5m (2009: £8.3m). Full year revenue visibility for 2011 already stands at £5.2m, compared to £4.8m at the same time last year. · EBITDA for the year was also ahead of market expectations at £1.5m (2009: loss £0.2m). · Recurring revenue base coming into 2011 grew to £3.9m from £3.7m coming into 2010. · 58 new and extension license orders secured during the year. · New customers contributed 38% (2009: 27%) of non-recurring sales during the year. · Achieved a major improvement to our working capital position by negotiating changes to the maturity profile of the Group's convertible loan stock, and the introduction of $2.7m of additional working capital from our existing corporate lenders. Cash at year end stood at £3.4m (2009: £1.6m).

http://www.halifaxmarketwatch.co.uk/rns.cgi?username=&ac=&action=news&rns=1&view=full&story_id=4129093

Plexus' Chief Executive Ben van Bilderbeek said, "I am pleased to report a strong set of results for the first six months of our financial year. Plexus has made substantial progress both in terms of organic sales activities and important strategic initiatives to expand the Group's growth potential within the oil and gas wellhead industry. This led post period end to the launch of a key project to develop and qualify a new POS-GRIP friction-grip subsea wellhead, HGSS. This is in response to recent regulatory reports and government initiatives that bring into question conventional wellhead technology and performance capabilities. Our new wellhead design will look to deliver a number of key features in relation to higher performance and testing standards that are actively being considered and pursued by various international operators. Specifically, the key capabilities will include locking down of casing and tubing hangers; effective sealing over large contact areas for the life of the well and beyond; annulus pressure monitoring with remedial capability; and the use of qualification test procedures which reflect 'true life' field conditions whilst matching accepted higher standards such as those required for casing and tubing couplings. "I believe that we are entering into an exciting phase of Plexus' development, despite current business activities taking place against an adverse backdrop of various global geo-political uncertainties. As oil and gas prices continue to increase due to current supply constraints and rising global demand, we believe substantial investment into additional exploration activities will inevitably follow. At the same time there is clear evidence of a growing awareness of the need for "better and safer technology", and I am confident that Plexus and its proprietary friction grip technology can play an increasingly important role in delivering such requirements. Whilst we are initially focusing on solutions for wellhead equipment and related seal performance, both for surface and subsea activities, in due course we will look to apply our POS-GRIP friction grip technology to more diverse new product applications such as valves, connectors, and tanker mooring systems. "During the period we have continued to enhance our reputation for the supply of rental exploration equipment which delivers a range of operational advantages including technical performance, installation time savings, reduced operating costs and enhanced safety, particularly for HP/HT applications. This has helped us extend our geographic reach with a new customer offshore Australia, and also to Suriname in South America, again with a new customer. In addition we have begun to market our technology and equipment as API Spec 6A compliant for those operators that seek such assurance even though we maintain that our technology significantly exceed current accepted standards for certain applications. &qu