Member Info for mulledwine

http://www.halifaxmarketwatch.co.uk/rns.cgi?username=&ac=&action=news&rns=1&view=full&story_id=4129030

CHAIRMAN'S REVIEW I last wrote to you in December 2010 when we were planning to make a further capital repayment of 45p per share. You will have received this in mid February of this year and together with the two previous capital repayments make a total of 160p since the shares were originally floated in 1995 at 15p per share. There has been little change in our portfolio since my letter on the 23rd December. We continue to hold 2.45million shares in Desire Petroleum plc (Desire), 1.5million shares in Sterling Energy Plc (Sterling) and 1.million Argos Resources Limited (Argos) and in respect of each I can advise the following. Desire Improved Prospects for the Falkland Basin. Rockhopper Exploration Plc (Rockhopper) has announced this week the result of their appraisal well drilled to investigate the reservoir presence and oil column adjacent to their Sea Lion discovery announced in 2010. The well successfully flowed oil in the well bore and the drill data is now being evaluated. Rockhopper believe the result will significantly increase the potential for a commercial discovery in the Falkland basin, and are now considering further extending their drilling campaign beyond the three additional wells already contracted for with the Ocean Guardian Rig, which was announced last week The rig will now move from the Rockhopper well to commence drilling Desire's Ninky prospect, its last remaining well to be drilled to in their present campaign. There is thus a minimum of a further six months of activity in the area and your board will be assessing its investment as further information becomes available. Sterling The drilling in Kurdistan has encountered geological problems with the result the well has been sidetracked and will re-drill to 3,300 metres. Results are expected in the second quarter of 2011. Your board continues to assess our holding and will make a decision on its future once the current drill results are announced Argos Resources Argos are currently conducting their seismic survey of their licence area and this should be completed in the second half of this year. Based on these results Argos will decide whether to contract for a rig to drill one or more exploration wells. The Future There has been no change to our agreed strategy to make disposals as and when the opportunity occurs with a view to returning further capital to our Shareholders and we will also pursue other opportunities to maximise Shareholder value. Mervyn Bradlow Chairman 23 March 2011

http://www.investegate.co.uk/Article.aspx?id=201103231145164737D

Rambler - should return to 50+ after profit takers are out

Commenting on the results, Dr. Axel Müller, Chief Executive Officer, said: "SkyePharma had a solid financial performance during 2010, finishing the year with liquidity of £29.7 million, compared with £29.3 million at the end of 2009. "Flutiform™ remains an important potential value driver for the business and we are working with our partner Mundipharma to prepare for its launch, subject to approval, in Europe later this year. Phase III studies are now underway in Japan, a large and under-served market in the treatment of asthma. We are seeing solid progress in the rest of our pipeline in significant areas including insomnia and diabetes and with external projects such as EXPAREL™, which could be approved in the US later this year. The quality of our drug delivery technology is being demonstrated every day in our broad portfolio of marketed products and we are accelerating our efforts to identify new partnerships, with a number of feasibility studies underway financed by partners."

Financial Summary · Trading in line with Board's expectations - revenues up 4% to £58.1m (2009: £55.9m), benefiting from non-recurring manufacturing revenues · Pre-exceptional operating profit up to £15.3m (2009: £15.1m) · Profit after tax of £6.3 million (2009: loss of £1.4 million) · Pre-exceptional EBITDA £18.6m (2009: £18.6m) · Sufficient cash generated to cover all operating and finance costs, with net cash and undrawn facilities of £29.7m at 31 December 2010 (2009: £29.3.m)

http://www.investegate.co.uk/Article.aspx?id=201103230700124400D

Skyepharma turns in annual profit Date: Wednesday 23 Mar 2011 LONDON (ShareCast) - Drug developer Skyepharma hit a year high Wednesday after swinging into the black in 2010. Investors welcomed a profit before tax of £6.5m compared with a £0.9m loss a year ago as revenue increased 4% to £58.1m following a large rise in manufacturing revenues. The business also expects 2011 to be a big year, with Flutiform currently under consideration by European regulators to treat asthma. A launch should follow in the second half if it’s approved. If both Flutiform and anaesthetic Exparel are approved and launched this year, total revenues for the year should be higher than 2010, Skyepharma says, though generic competition will hit royalty revenues and manufacturing revenues won’t get the benefit of 2010’s non-recurring revenues.

Coastal Energy hurt by Thailand doubts Date: Wednesday 23 Mar 2011 LONDON (ShareCast) - Coastal Energy has tumbled below 400p for the first time since the start of the year after the Thailand-focused oil and gas company said it is still uncertain about the commerciality of the Bua Ban North A-02 exploration well. The well, next to the recent Bua Ban North A-01 discovery, was drilled down 8,100 feet and encountered 205 feet of net sand in the Eocene interval, with good reservoir characteristics and indications of an oil gradient. But log results were inconclusive and fluid samples were not obtainable, leaving Coastal uncertain of the well’s commerciality until it can be flow tested. "We will be able to determine the commerciality of this new well following testing, which will begin in early May,” boss Randy Bartley said.

Oil explorer Soco International remains on target for first oil from the Te Giac Trang (TGT) field in Vietnam, but profits fell sharply in 2010 and no new reserves were added during the year. Profit after tax sank to $12.3m from $34.8m, mainly due to the fact that entitlement barrels linked to Soco’s cost carry of Petrovietnam on the 9-2 Block had been fully recouped by the end of 2009.

Huntsworth moves into profit, buys Atomic PR Date: Wednesday 23 Mar 2011 LONDON (ShareCast) - Public relations firm Huntsworth revealed an increase in full year profit and confirmed that it has bought Atomic PR for $13.3m in cash as it beefs up its North American presence. The group, whose brands include Citigate and Grayling, said pre-tax profit rose to £26.7m for the year ended 31 December 2010 compared with £23.4m last year. Revenue increased 11.1% to £173.6m. "We remain confident that we are on target to meet management's full year expectations and achieve like-for-like growth of 7% plus during 2011," the group said in Wednesday's company statement. Huntsworth has recommended a final dividend of 2.60p, up 20.9% from the same time a year earlier.

Rising costs cloud ENRC's strong peformance Date: Wednesday 23 Mar 2011 LONDON (ShareCast) - Underlying profits more than doubled last year at Kazakhstan–based mining giant ENRC with this year also expected to see production at “at effectively full available capacity”, though it says rising costs are a worry. Record production in 2010 and higher prices in 2010 lifted revenue by 72% to $6.6bn, with like-for-like sales up 62%. Underlying operating profits rose to 118% to $3.2bn with earnings per share up 110% to 170c. Pre-tax profits rose to $3bn from $1.4bn. Cost of sales were up 46% to $2.85bn and the group warned costs would go higher this year. “2011 will require the group to maintain an intense focus on costs. Cost inflation is affecting the whole industry, but we will continue to focus on efficiency improvement initiatives. Costs growth is across materials, transportation, fuel and other inputs, as well as logistics costs, and all are expected to show significant growth in 2011; Kazakhstan labour costs will rise in line with inflation,” it said. Total gross ferrochrome production was 1.44 mt, of which 1.31 mt was high-carbon ferrochrome; total gross ferroalloys production rose to 1.86 mt. Iron ore extraction amounted to some 43.61 mt, ahead of the prior high of 40.22 mt in 2007. Alumina and Aluminium output rose as bauxite extraction reached a record 5.31 mt, exceeding the previous high in 2008. Alumina volumes rose to 1.64 mt as part of the expansion in alumina capacity. “The group's strong performance in 2010 was built on the solid foundations of the businesses in Kazakhstan which delivered record production in the year. China's economic growth and our strategic location remained key, while we also saw recovery in our traditional markets,” outgoing chief executive Felix Vulis said. “We remain positive on the group's prospects for 2011, although the control of costs growth and the development of our assets in Africa will be important issues for management, as will be the continued near-term risk of commodity market volatility,” he added. A final dividend of 18c per share makes 30.5c for the full year.

Underlying profits more than doubled last year at Kazakhstan based mining giant ENRC with this year also expected to see production at “at effectively full available capacity”, though it says rising costs are a worry. Record production in 2010 and higher prices in 2010 lifted revenue by 72% to $6.6bn, with like-for-like sales up 62%.

"These figures demonstrate the benefit of our self-help initiatives and operational improvements across the Group. The business has performed well against a tough but steadily improving economic environment. First half margins have reached new highs as a result of volume leverage, better pricing and our focus on operational improvement and restructuring. Sales benefited from organic growth and recent acquisitions, despite order delays in Smiths Detection, a tougher trading environment and SKU rationalisation holding back Smiths Medical. Cash conversion has remained strong apart from the investment in Smiths Detection working capital to support second half deliveries. Return on capital employed increased 240 basis points to 17.3%. "Looking ahead, we are enhancing our focus on top-line growth through increased investment in new product development, improved sales and marketing effectiveness, building our footprint in emerging markets, and targeted acquisitions. At the same time, we remain focused on delivering further savings from our restructuring and other initiatives. Cash conversion and improving returns continue to be key priorities and we remain confident of meeting expectations for the full year." Philip Bowman Chief Executive Smiths Group plc

Highlights · Strong financial performance with sales up 7% and headline operating profit up 15% · Headline operating margin up 120 basis points to 17.4% · Company funded R&D increased by 14% to £49m · Restructuring programme generated savings of £6m; £45m to date from £70m target · Cash generation strong - apart from £32m working capital investment for Detection · Dividend returns to growth, up 7% · Return on capital employed up 240 basis points to 17.3%

http://www.investegate.co.uk/Article.aspx?id=201103230700094307D

Smiths Group profits leap By Lee Wild Date: Wednesday 23 Mar 2011 LONDON (ShareCast) - Medical devices and airport scanners maker Smiths Group has reported a healthy increase in half-year profits, up around a quarter. The company grew profit before tax for the six months to 29 January to £188.6m from £148.2m a year ago, and headline profit, which excludes lots of one-off items, by 25% to £224m. Revenue was up by 7%, or 2% on an underlying basis, to £1.37bn from £1.28bn last time. Over a third of the increase was attributed to currency gains on overseas sales. The firm rejected a £2.45bn approach in January for its biggest division, Smiths Medical, where sales fell 2% during the period, but headline operating profit rose 5%. Cost savings and restructuring helped improve margins. A 9% slide in sales and 11% fall in profit at Smiths Detection was blamed on “variable order flow in military and ports & borders”. Thecompany’s restructuring programme has generated another £6m of savings, taking the total since its implementation in 2008 to £45m. Smiths wants £70m by 2012/13. “The business has performed well against a tough but steadily improving economic environment,” chief executive Philip Bowman said. "Looking ahead, we are enhancing our focus on top-line growth through increased investment in new product development, improved sales and marketing effectiveness, building our footprint in emerging markets, and targeted acquisitions.” There’s an interim dividend of 11.25p a share, up 7%.

I think you are right folks - this needs a bomb underneath it to get it to move

Finsbury Food cautiously optimistic By Caroline Jouan Date: Wednesday 23 Mar 2011 LONDON (ShareCast) - Cake and bread maker Finsbury Food reported a 3% rise in half year pre-tax profit helped by a strong performance from its Bread and 'Free From' and a return to profit at its cake division. Pre-tax profit rose to £1.9m for the six months ended 1 January 2011 from £1.8m before. Group revenue increased to £87.8m from £82.9m. Sales in the Cake division increased to £64.2m from £62.2m. Sales in the Bread and Free From division increased 14% to £23.6m. Net debt was down 9% to £36.8m. Chief executive John Duffy commented, "Although we are adopting a cautious approach with the trading environment as it is, we look forward to exploiting the growth opportunities available to us in both the Bread and Free From market, and also the Cake market, in the coming year." "We continue to drive the business forward through what have been difficult markets, and lay the foundations in preparation for a more positive trading environment, which we are confident will arrive over time," he added.

http://www.investegate.co.uk/Article.aspx?id=201103230700124398D