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Bullish Shell to hit targets by 2012 By Lee Wild Date: Tuesday 15 Mar 2011 LONDON (ShareCast) - Royal Dutch Shell made “good progress” in 2010 and 2011 has started well, with the oil giant on track to hit its strategic targets by next year. Shell, which hosts its annual Investor Day in London today, is one year in to a three-year strategic plan and should increase cashflow from operations 2009-2012. “The targets are underpinned by one of the most substantial portfolios of new oil & gas projects in our industry today,” boasts the company. It has also set ambitious production targets for 2014, up to 3.7 million barrels of oil equivalent per day (boe/d) for 2014, up 12% on 2010 levels and among the highest growth rates in the sector. Output for 2010 was 1,242 million boe and the headline Reserves Replacement Ratio was 110%. Organic Reserves Replacement Ratio, excluding the impact of oil price movements, acquisitions and sales, was 133%. There was a $10bn, or 40%, improvement in operating cashflow to $33bn in 2010, lower costs, higher oil & gas production, and continued progress with Downstream restructuring. Shell has pencilled in more than $100bn of net capital investment for 2011-14 – between $25bn and $27bn a year – as flagged before “to underpin the Upstream growth profile, and Shell's Downstream strategy”. A number of big projects, including the start up of new LNG at Qatargas 4, and the restart of refinery catalytic crackers at the Port Arthur and at Pernis underpin production and financial growth targets for 2012. Start-up of Pearl gas-to-liquids in Qatar, and new oil sands upgrading capacity in Canada will also help. Underlying costs fell by $2bn last year and further “multi-billion dollar” cost cuts are likely in 2011-12. Asset sales should hit $5bn this year. Around 25 high potential exploration wells are planned for 2011 and final investment decisions on 10 new projects will be taken in 2011-12. “Our profitability is improving, and we are on track for our growth targets,” chief executive Peter Voser says. “There is more to come from Shell."

Too soon to estimate Japan losses, says Lancashire Date: Tuesday 15 Mar 2011 LONDON (ShareCast) - Insurance underwriter Lancashire Holdings said it is too early to give a meaningful estimate of costs relating to the tragic loss of life and significant property damage in Japan following the earthquake and tsunami. A further announcement will be made once information becomes available to make a more informed estimate of the expected losses, the company said. However, the company was able to give an update on losses in a first quarter which has seen the earthquake in Christchurch, New Zealand, floods in Australia, an energy loss in the UK sector of the North Sea and political unrest in Egypt. These losses are estimated to fall in the range of $45m to $55m (net of reinstatement premiums and reinsurance) at the pre-tax level, with the Australian weather related events accounting for around $15m to $25m of those losses. All figures are in US dollars.

Renew restructures building activities Date: Monday 14 Mar 2011 LONDON (ShareCast) - Renew Holdings says that its figures for the six months to March 2011 will be satisfactory and it is on course to meet expectations for the year – excluding redundancy and restructuring costs. The building and engineering company says it intends to withdraw from non-specialist public building projects once its contracts are completed. That will cost £3.5m in this financial year. Renew will concentrate its building activities in the south of England and focus on growing the specialist engineering operations. Renew acquired rail and mining engineer Amco last month. By 2011-12, Renew should generate three-fifths of its revenues and even more of its profit from specialist engineering. Renew will report its interim figures on 24 May.

http://www.investegate.co.uk/Article.aspx?id=201103100929136985C

Preben Prebensen, Chief Executive, commenting on the results said: "Close Brothers delivered a good result for the first six months of the year driven by a strong performance from the Banking division and a good performance from the Securities division, particularly Winterflood. The Asset Management division's transformation is well underway as it implements its strategy in UK wealth and asset management. Overall our businesses are well positioned for future growth opportunities."

Close Brothers reports a good result for the first six months of the year · Adjusted operating profit from continuing operations increased 5% to £65.4 million and adjusted EPS from continuing operations increased 6% to 34.1p · Strong performance in the Banking division with 33% increase in adjusted operating profit and 9% loan book growth to £3.2 billion since 31 July 2010 · Good performance from the Securities division with £31.1 million adjusted operating profit, 9% down on very strong prior year period · The Asset Management division increased Funds under Management 20% to £8.3 billion1 but made a small loss as it invests in its wealth and asset management strategy · On 10 March 2011, the group announced the sale of its UK offshore business, in line with its strategy of focusing on its core businesses in Banking, Securities and Asset Management, resulting in an estimated loss on disposal of £24.7 million · Ordinary interim dividend maintained at 13.5p per share · The group remains strongly capitalised with a core tier 1 capital ratio of 13.1%

http://www.investegate.co.uk/Article.aspx?id=201103150700119297C

Banking the engine of growth at Close Brothers Date: Tuesday 15 Mar 2011 LONDON (ShareCast) - A strong showing by the banking division was not enough to offset weaker performance in other parts of the business at merchant bank Close Brothers. Operating profit before tax in the six months to 31 January 2011 dipped to £55.8m from £61.8m in the corresponding period the year before. Adjusted operating profit before tax, which excludes one off items, rose to £65.4m from £62.0m, however. The Banking division saw a 33% year on year increase in operating profit to £48.6m, helped by a reduction in impairment losses, while the Securities division saw operating profit dip 9% from a year earlier to £31.1m. The Asset Management division made a small loss but saw funds under management rise 20% to £8.3bn thanks in part to the Chartwell Group acquisition. However, the division continues to invest in implementing its new strategy and, as such, is expected to register a small loss in the second half of the financial year as well. The Banking division’s loan book has seen organic growth of 9% since the end of July 2010 to £3,170m, and has seen an improvement in margins to 10.0% from 9.7%. “Given the Banking division's loan book growth in the first half, it expects a good performance in the second half of the year with a modest improvement in bad debts for the financial year as a whole,” the company said. The interim dividend has been maintained at 13.5p.

Nick Buckles, Chief Executive Officer, commented: "Today we have announced our sixth consecutive year of underlying revenue, profit and dividend growth since G4S was formed in 2004. The excellent performance in 2010 has been achieved despite continued uncertainties with the global economic downturn, which is testament to the efforts of our global workforce of 625,000 employees. We have delivered further strong organic growth of 6.6% in New Markets, which now account for 29% of revenue and 33% of profits, and we are encouraged by signs of economic recovery in our larger developed markets of the US and the UK. In addition, our differentiated "integrated solutions" strategy is helping us to build market share with global customers. We will continue to build on our successes and remain confident about the outlook for 2011 when we expect to deliver an improved organic revenue growth performance whilst continuing to maintain our discipline on margins and cash generation."

RESULTS HIGHLIGHTS * Organic turnover growth* of 2.1% (2009: 3.7%) * Group turnover* up 4.1% to £7,397 million (2009: £7,105m) * PBITA* up 4.2% to £527 million (2009: £506m) * Margin* maintained at 7.1% (2009: 7.1%) through tight cost control * Strong cash flow generation of £442 million, 85% of PBITA (2009: 90%) * Adjusted earnings per share increased by 7% to 21.6p (2009: 20.2p) and by 6% at constant exchange rates * Recommended final dividend up 14% to 4.73 pence per share DKK 0.4082 (2009: 4.16p/DKK 0.3408) Recommended total dividend up 10% to 7.90 pence per share DKK 0.6959 (2009: 7.18p/DKK 0.5624) * Invested £65 million in a number of acquisitions to consolidate our positions in Latin America, primarily entering the thriving Brazilian market

http://www.investegate.co.uk/Article.aspx?id=20110315070000H6809

G4S seeing signs of recovery in US and UK Date: Tuesday 15 Mar 2011 LONDON (ShareCast) - Security firm G4S notched up its sixth successive year of underlying revenue, profit and dividend growth since the group took on its current incarnation in 2004. Profit before interest, tax and amortisation rose 4.2% to £527m in 2010 from £506m in 2009, in line with turnover, which grew 4.1% to £7.4bn from £7.1bn the year before. Like for like growth in turnover eased to 2.1% from 3.7% in 2009, as the Cash Solutions side of the business went ex-growth. The Secure Solutions side of the business saw organic turnover growth of 2.8%, while Cash Solutions saw like for like revenue dip 1.1%. Margins in the Secure Solutions business improved to 6.9% from 6.8% in 2009 but the Cash Solutions division saw margins fall to 11.0% from 11.3%. The final dividend has been hiked by 14% to 4.73p, making the total dividend for the year 7.90p, up 10% on 2009’s pay-out. “The excellent performance in 2010 has been achieved despite continued uncertainties with the global economic downturn,” noted G4S chief executive Nick Buckles. “We have delivered further strong organic growth of 6.6% in New Markets, which now account for 29% of revenue and 33% of profits, and we are encouraged by signs of economic recovery in our larger developed markets of the US and the UK,” Buckles added. “We will continue to build on our successes and remain confident about the outlook for 2011 when we expect to deliver an improved organic revenue growth performance whilst continuing to maintain our discipline on margins and cash generation,” Buckles said.

Salamander taking Dao Ruang-2 deeper By Lee Wild Date: Tuesday 15 Mar 2011 LONDON (ShareCast) - Oil company Salamander Energy is drilling the Dao Ruang-2 appraisal well in Thailand down an extra 525 metres following strong gas shows, though problems with equipment have held up progress elsewhere. Dao Ruang-2 in Block L15/50, onshore Northeast Thailand, reached a total vertical depth of 1,915 m sub-sea, penetrating a number of fracture zones associated with an increase in gas. Drilling will begin again as soon as the current logging programme is finished and take about 8 days to complete. But a technical hitch with the Ocean Sovereign jack-up rig has caused the suspension of drilling in Block B8/38, Gulf of Thailand. Repairs are being made and things are expected to get going again by 7 April.

Payment of Dividends Record and payment dates Given the sustainable improvement in the performance of the Group and the Board's confidence in Bovis' growth strategy, the Group announced yesterday that it would resume the payment of dividends. The Board therefore intends to pay a final dividend of 3p per share on 27 May 2011 to those shareholders on the register on 1 April 2011. The Board intends to offer a scrip dividend alternative. Shareholders will be able to choose between new ordinary shares or cash, for some or all of their dividend under this programme.

http://www.investegate.co.uk/Article.aspx?id=201103150700139322C

Commenting on the Preliminary Results, Ian Gilham, Chief Executive of Axis-Shield, said: "This was a landmark year for the Group with revenues exceeding £100 million for the first time, Afinion™ revenues increasing by more than 50% and the declaration of a maiden dividend. We look forward to the year ahead with optimism as Axis-Shield's core businesses remain strong and well positioned for growth."

Operating Highlights · Point-of-Care Division revenues increased by 15.5% to £49.2 million (2009: £42.6 million) o 46% increase in the Afinion™ installed base to 9,600 by year-end o Afinion™ revenues increased by 52.7% to £22.6 million (2009: £14.8 million) o Afinion™ menu extension programme on track o 4,000 new NycoCard® instrument placements in 2010, global installed base in excess of 40,000 units o NycoCard® revenues down 5.7% to £21.6 million (2009: £22.9 million) · Laboratory Division revenues £21.7 million (2009: £22.5 million**) o Acquisition of Catch Inc's homocysteine business significantly increases homocysteine franchise in clinical chemistry going forward o Novel marker programme continues to attract interest from global laboratory instrument providers · Total HbA1c testing franchise increased by 32.1% to £22.6 million (2009: £17.1 million)

Financial Highlights · Revenues increased by 5.1% to £101.7 million (2009: £96.7 million) · Revenues from Axis-Shield products increased by 9.0%* to £71.0 million (2009: £65.1 million) · Underlying profit before tax of £7.1 million (2009: £8.1 million), slightly reduced by the acceleration of Afinion™ commercialisation in March 2010 · Statutory profit before tax of £7.5 million (2009: £11.0 million, which included £3.1 million in unrealised currency and disposal gains) · Underlying EBITDA £13.8 million (2009: £15.7 million) · Underlying EPS 10.45p (2009: 12.60p) and basic EPS 11.03p (2009: 16.53p) · Net debt £9.4 million (2009: £4.9 million) despite expenditure of £9.7 million on acquisitions as cash generated from operations increased to £13.2million (2009: £7.9 million) · Maiden dividend of 1p per share proposed

http://www.investegate.co.uk/Article.aspx?id=201103150700109294C

Could you get a more Scottish name ! -Angus MacSween