Member Info for mulledwine

Operational Review North America We have been successful in gaining market share during a period that has seen US consumer confidence remain fairly static during the second half of 2010. Sales revenue increased by 11% and by improving our margin retention and reducing costs, losses in the period reduced by 70%. As reported in our trading update of 4 February 2011, we received a significant order from one of our large US based international retail customers in the last quarter of 2010 that we were not able to deliver, due to constraints with the retailer, in 2010. This should have a positive impact in the first half of 2011. South Africa For the 12 months to 31 December 2010, our South African operations continued to produce excellent results with across the board increases in sales to all of our retail customers, which was achieved against a background of reduced consumer confidence. Overall, sales revenue increased by 20%. We continued to maintain our margins and control our costs which led to an encouraging £406,000 pre-tax profit for the period, a substantial improvement over 2009. Europe Our strategic alliance with Caddie S.A., first announced on 17 December 2009, has now been in effect for a full 12 months with a positive impact on our European operations. As a result, we managed to reduce our 2009 losses of £446,000 to a near break-even position of £43,000 loss.

Financial Results Turnover of £8.91 million (2009: £7.35 million) was 21.2% higher than thecomparative period in 2009 due primarily to a strong performance in North America. Gross margins improved significantly to 18.7% (2009: 11.5%). Administrative expenses were reduced by nearly 30% to £2.00 million (2009: £2.82 million) which is in line with the cost reduction plans previously announced. The operating loss for the period was reduced to £0.30 million (2009: loss of £2.17 million), and retained losses fell to £286,000 from a loss in 2009 of £2.02 million. Following the successful Share placing and subscription which raised £1.4 million in October, the Company completed the period with cash of £1.25 million.

http://investegate.co.uk/Article.aspx?id=201103090700085740C

Strong demand for new Entertainment One shares Date: Wednesday 09 Mar 2011 LONDON (ShareCast) - Demand for new shares in Peppa Pig franchise owner Entertainment One is healthy, judging by the results of the company’s recent placing of shares, which was more than two times subscribed. Having initially planned to issue up to 8m new shares at a price of no less than 145p per share to raise up to £11.6m, the company ended up placing 10m shares at 160p per share, raising around £16m gross, and increasing the issued share capital by 5.6%. The placing price was at a 6% premium to the closing share price on the day before the results of the placing were announced. House broker Singer Capital Markets said it expected the entertainment company to issue “a confident pre-close statement” around the end of March. The broker has adjusted its earnings per share (EPS) forecasts to take into account more shares in issue and lower interest costs. “Assuming EBITDA [earnings before interest, tax, depreciation and amortisation] of c£44m for fiscal 2012 (rolling forward the previously suggested upgrade for fiscal 2011), lowering interest costs by c£0.6m and assuming fully diluted shares of 201m implies EPS of c13.4p,” Singer said. “The dilution from our pre-EBITDA upgrade and pre-fund raise EPS of 13.8p is c2.7%. This puts the shares on a P/E [price/earnings ratio] of 11.2x. The company is targeting using the funds raised for acquisitions and we anticipate that these would be accretive to EPS,” the broker added.

Martyn Williams, CEO of Ark, commented: "2010 has been a year of considerable change for Ark during which we made a number of strategic decisions to reduce the risk profile of the Company and improve its prospects for growth. We have significantly reduced our cost-base, resulting in a leaner and more focused business in 2011 and have refocused on our core strengths - an ability to innovate in areas of unmet need based on our world leading science and unrivalled biologics manufacturing expertise. We remain confident of achieving the short term objectives we have set ourselves, thereby bringing about a sustainable increase in market value."

http://investegate.co.uk/Article.aspx?id=201103090700095776C

Ark Therapeutics narrows losses Date: Wednesday 09 Mar 2011 LONDON (ShareCast) - Cost-cutting measures taken in 2010 meant that losses at specialist healthcare group Ark Therapeutics narrowed, but revenues from continuing operations declined on the back of a major restructuring. Pre-tax loss for the 12 months ended 31 December fell to £16.9m, from £20.2m in 2009, as the group reduced headcount, and ceased activity on its late-stage clinical trials, resulting in lower research and development costs. Continuing operations revenues were £0.76m, compared with £1.39m in 2009, as a result of the disposal of the majority of its wound care business. Total revenue decreased slightly to £3.17m, from £3.6m. “2010 was not a good year for the shareholders of Ark Therapeutics Group and the value of your investment was reduced significantly,” said chairman Iain Ross. “We remain confident of achieving the short term objectives we have set ourselves, thereby bringing about a sustainable increase in market value." Loss per share slipped from 9p to 8p. The company did not recommence a dividend.

David Allvey, Chairman, commented: "We have delivered another excellent performance. Once again, the Group has demonstrated its resilience in a continuing difficult economic environment. We are confident that our position in markets underpinned by strategic capital expenditure, regulatory commitment or essential maintenance requirements will continue to stand us in good stead. "Through our 'Choosing Costain' strategy, we are making good progress in achieving our vision of building Costain into one of the UK's top solutions providers, with the scale and resources to successfully meet the increasingly complex and challenging needs of major customers. "To expedite the delivery of our strategy, we said that we would look at appropriate acquisition opportunities, an example of which is Mouchel Group plc, as well as organic growth. We are actively progressing a number of opportunities ranging from bolt-on to transformational transactions, and all of which must meet a strict set of criteria in the event that they were to be concluded. "We look to the future with confidence, reinforced by our robust year-end order book, enhanced cash balance and the ongoing support of our customers committed to long-term capital investment programmes. That confidence is reflected in the Board's recommendation to increase the total dividend for the year."

· Profit from operations** increased by 41% to £29.4 million (2009: £20.8 million) · Profit before tax** increased by 54% to £27.9 million (2009: £18.1m million) · Strong net cash position at £144.3 million (2009: £120.5 million) - average month-end cash balance of £116.0 million during the year (2009: £125.3 million) · Revenue* at £1,022.5 million (2009: £1,061.1 million) · Year-end order book of £2.4 billion maintaining long-term earnings visibility (2009: £2.6 billion) - repeat order customers account for in excess of 80% of order book - includes c. £800 million of secured work for 2011 · In addition, preferred bidder positions at year-end maintained at over £400 million · Banking and bonding facilities increased in early 2010 by 20% to £345 million and extended to September 2013 · IAS 19 pension scheme deficit reduced to £28.9 million at year-end, net of deferred tax (2009: £75.4 million) - PFI assets of £22.0 million transferred into the Costain Pension Scheme during the year · Recommended final dividend of 6.25p, increasing total payout for the year by 12% to 9.25p (2009: 8.25p***) · Implementing 'Choosing Costain' strategy in order to broaden further Costain's market position across the design and engineering, construction, and operations and maintenance spectrum.

http://investegate.co.uk/Article.aspx?id=201103090700115812C

http://investegate.co.uk/Article.aspx?id=201103090700105788C

Costain confident after profits rise Date: Wednesday 09 Mar 2011 LONDON (ShareCast) - Engineering group Costain posted a sharp rise in profits in the year to 31 December and said it is confident for the future given the need for the government to invest in infrastructure even as it seeks to cut the deficit. Pre-tax profits jumped by 54% from the previous year to £27.9m on revenues that fell to £1.02bn from £1.06bn. The full-year dividend was upped to 9.25p from 8.25p the previous year. Costain said the decrease in revenues reflects a decision to reduce exposure to health and education. “Once again, the group has demonstrated its resilience in a continuing difficult economic environment,” said chairman David Allvey. “We are confident that our position in markets underpinned by strategic capital expenditure, regulatory commitment or essential maintenance requirements will continue to stand us in good stead.” Costain works on big construction projects such as the St Pancras railway station in London and Crossrail, the railway that will connect regions to the east and west of London. Costain points out that the government last year identified that the country needs £200bn of investment by 2020 and adds that, where savings need to be made, it can help to deliver these. “These pressing national needs also have to be weighed against the economic realities of uncertainty, a reduced ability of the public sector to invest, macroeconomic constraints and customers who are increasingly seeking value-driven solutions,” the company said. “Such a challenging market environment also provides major opportunity for businesses able to create and deliver those solutions.”

The Board of Hill & Smith announces that the Group has agreed to acquire, on a debt free cash free basis, The Paterson Group, Inc. and its related companies (together, "TPG") for US$45m in cash, to be financed from the Group's existing bank facilities.

http://investegate.co.uk/Article.aspx?id=201103090700145787C

Commenting on the results and outlook Derek Muir, Chief Executive, said: "These resilient results, in the face of challenging trading conditions, demonstrate the benefits of our ongoing strategy to reshape and grow the Group internationally and at the same time strengthen its financial position. The Group's geographical footprint has been progressively broadened with operations in the UK, France, USA, Thailand and China, and a developing position in India. In particular the benefits of investment in our US Galvanizing Services businesses are showing through with strong trading in this market. As expected, trading in the first two months of the year has continued to be challenging. However, we have recently seen a strong order intake in our utilities businesses and, therefore, our views of the overall results for the full year remain unchanged. In the medium to longer term, we remain confident that our business model and strategy for international expansion will continue to deliver attractive growth and value. We will continue to seek out profitable long term growth opportunities where we can leverage our scale and expertise. We are therefore delighted to also announce today the acquisition of a North American pipes supports business, The Paterson Group, Inc., which not only gives us a well established presence in the US nuclear and thermal power generation market but, when combined with our existing pipe supports businesses, creates a leading global player in this niche market. The Group is lean, well financed, has excellent positions in its core markets of Infrastructure Products and Galvanizing Services, and a clear focus on further expansion in international markets with clear long term growth dynamics."

Key points · Results reflect the benefits of a broader geographical footprint - 55% of underlying operating profit* now generated from non-UK operations · A weaker performance in the utilities business was off-set by a strong performance in Galvanizing Services, particularly in the final quarter · Rationalisation of operating plants in the UK flooring business, UK galvanizing and utilities fabrication in the USA, contributed to lower operating costs · Strong management of cash and working capital with net debt at the year end down to £70.6m · Dividend for the year at 12.7p, up 10.4% · Today's significant pipe supports acquisition represents a step-change in our position in the utilities market and provides immediate access to nuclear power plant projects

http://investegate.co.uk/Article.aspx?id=201103090700105785C

Hill & Smith acquisition pleases Date: Wednesday 09 Mar 2011 LONDON (ShareCast) - Shares in infrastructure and building products supplier Hill & Smith rose despite a 4% fall in revenue for 2010, after it announced the acquisition of The Paterson Group (TPG). The group acquisition of TPG, the North American pipe manufacturer, for $45m, in will help Hill & Smith create a global pipe supports business. “As well as making us a significant player in the North American market, TPG gives us an established presence in the highly regulated nuclear power industry both in the US and globally,” said chief executive Derek Muir. In a separate statement, full-year revenues fell 4% after the second half saw more challenging conditions due to the uncertainty created by government cuts in the final quarter. Turnover for the year ended 31 December fell from £389.7m to £374.2m as increased sales in galvanizing services were offset by lower sales in infrastructure products. The decline was also attributable to the disposal of Ash & Lacy Perforators in December 2009. Group pre-tax profit for the period fell to £35.3m, from £39.7m, while underlying pre-tax profit was flat at £42.2m. The infrastructure division was hit by the comprehensive spending review in October with revenues falling 5.9% to £190.5m due to delays in customer capital expenditure plans. Basic earnings per share fell 12% from 32p, while the total dividend was increased 10% to 12.7p.

Adrian Whitfield, Chief Executive, comments: "2010 was a very good year for Yule Catto, with the Group delivering a 19% improvement in underlying profit before tax, and achieving a further substantial reduction in its debt over the course of the year. These results consolidate the considerable progress we have made over the last three years. The highlight of the year was the transformational acquisition of PolymerLatex announced in December, which will substantially increase the Group's scale and growth opportunities."

OPERATIONAL HIGHLIGHTS · 46% of Group revenue now generated in Asia and other high growth developing countries · Solid new product development pipeline underpins Polymers robust market positions · Commenced construction of 15,000 tonnes of new nitrile capacity in Malaysia · Transformational acquisition of PolymerLatex announced December 2010 · Total consideration of £376m, supported by successful £225m Rights Issue · A leading global player in latex products operating in Europe and Asia · An excellent strategic fit, offering attractive returns and growth opportunities · Transaction on track to complete by end of March