Member Info for mulledwine

FINANCIAL HIGHLIGHTS · Profit before taxation* up 19% to £47.0m (2009 £39.6m) · Polymers operating profit* ahead by 10% · Earnings per share* up 22% at 16.2p (2009 13.3p) · Substantial reduction in net debt* to £63m (2009 £88m) · Final dividend equating to 1.3p per share (2009: nil)

http://investegate.co.uk/Article.aspx?id=201103090700095774C

Yule Catto eyes emerging markets after profits rise Date: Wednesday 09 Mar 2011 LONDON (ShareCast) - Speciality chemicals group Yule Catto posted a sharp rise in profits in the year to 31 December and plans to continue expanding its polymers division. Underlying pre-tax profits rose by 19% from the previous year to £47m and revenues rose to £626.8m from £516.7m the previous year. The polymers division now accounts for 85% of revenues and Yule wants to continue expanding it, “further increasing our presence in emerging markets, particularly in Asia, and in developing market sectors where our technology, new product development and manufacturing capabilities give us a real competitive advantage.” Yule added to the division with the purchase of Germany’s PolymerLatex for £376m, which was announced in December. Things were tougher at the pharmaceuticals business, which now accounts for just 10% of turnover. “The business started slowly, with a weak first quarter, but performance improved during the year,” Yule said. The remaining business, William Blythe, which makes metal salts used in catalysts and circuit boards, continued to improve and should see further improvement over 2011, the company said. Looking ahead, Yule said it anticipates “several years of low growth in Western markets with global growth generally driven by emerging markets.”

Commenting on outlook, Chairman Nick Brayshaw OBE said, "We remain optimistic that continued growth will be achieved from existing products and customers, and will continue to win new business to increase our market share as the key to future success. The company now has a clear focus on core electronics activities, and a strategy has been set out to continue to deliver strong organic growth. This is driven by the delivery of premium manufacturing and engineering services to a base of long term business partners. The goal is now to become acknowledged as the leading UK owned provider of electronic design and build solutions, by continuing to target new customers across the world in high growth industry sectors. The company has the financial resources available to invest in the people, processes and technology required to deliver further progress towards this goal during 2011 and beyond."

Other highlights · Disposal of non-core plastics business in June 2010 is the final stage of group reorganisation started in 2001 · New focus on core provision of electronic design and build solutions · Chief Executive, Nigel Rogers, will not stand for re-election at AGM in April · Nick Brayshaw to become Executive Chairman and acting CEO until appointment of new Chief Executive · New Chief Executive to be appointed to drive growth in the business

Financial highlights · Revenues* up by 27% to £44.81m (2009: £35.30m) · Profit before taxation* up by 95% to £2.87m (2009: £1.47m) · Underlying earnings per share* up by 60% to 6.7 pence (2009: 4.2 pence) · Balance sheet net cash of £1.67m (2009: £0.40m) · Sale of surplus freehold property (NBV £2.04m) progressing well · Total dividends (paid and proposed) up 11% to 2.50 pence per share (2009: 2.25 pence)

http://investegate.co.uk/Article.aspx?id=201103090700095769C

Stadium profits up, cautious on UK economy By Rory Gallivan Date: Wednesday 09 Mar 2011 LONDON (ShareCast) - Electronics manufacturing group Stadium posted a sharp rise in profits from continuing activities in the year to 31 December, but is cautious about economic conditions in the UK. Pre-tax profits jumped by 95% from the previous year to £2.9m and revenues were up by 27% to £44.8m. Stadium also announced the departure of chief executive Nigel Rogers, who oversaw the sale of the plastics business last year. Chairman Nick Brayshaw will act as chief executive until a replacement is found. Growth in 2010 was fastest outside Britain, with the overseas market now accounting for almost half of revenues. Sales rose by 21% to £25m in Britain, by 46% to £8m in Asia Pacific, by 32% to £6.7m in the rest of Europe and by 28% to £5.07m in the Americas. Stadium operates manufacturing facilities in Hartlepool, Rugby and China and covers sectors such as green technology and transport. Its UK manufacturing is concentrated on the domestic market. Stadium said that, while it experienced a sustained recovery during 2010, underlying demand has yet to return to previous levels. Speaking about the British market, Brayshaw said: “The after effects of the credit crisis continue to influence the spending and investment patterns of consumers, companies and indeed the public sector.” Given the public spending outlook in the UK, Stadium looks likely to struggle to repeat the growth seen in one of its fastest growing areas last year. Revenues from security, safety and lighting were up by 88% to £7.49m, but half of the growth came from a one-off lighting contract with the Highways Agency. Following the disposal of the plastics business, Stadium has firepower to make acquisitions. Speaking at the results presentation Brayshaw said the company would consider expanding manufacturing activities into an east European market such as the Czech Republic, which would give it good access to the German market.

Christopher Miller, Chairman of Melrose PLC, today said: "These are excellent results from businesses well positioned to enjoy superior growth in the years to come. We are proud of the fact that overall group profits have not declined through this sharp recession and at the current share price Melrose has created over £1 billion of shareholder value since flotation in 2003. "We are considering the sale of Dynacast and looking for our next acquisition but will only proceed if we believe it creates shareholder value. Looking ahead, we are confident of further progress in 2011 and beyond."

Highlights¹ · Headline2 2010 profit before tax of £170.8 million (2009: £118.6 million), an increase of 44% · Headline2 2010 earnings per share of 25.4p (2009: 16.6p), up 53% · Headline2 operating profit margin in the second half of 2010 of 14.9% · Revenue up 6% year on year and 15% in the second half of 2010 · Profit before tax of £155.3 million (2009: £82.0 million), an increase of 89% · Basic earnings per share after exceptional items and intangible asset amortisation of 28.4p (2009: 11.0p), up 158% · Net debt of £287.4 million (2009: £321.7 million) reduced by £34.3 million. Net debt is now 1.25x EBITDA3 (2009: 1.76x) · Final dividend increased by 46% to 7p per share (2009: 4.8p) · Full year dividend increased by 43% to 11p per share (2009: 7.7p) · Since flotation over £1 billion shareholder value created at current market price · Dynacast sale process underway

http://investegate.co.uk/Article.aspx?id=201103090700095779C

Melrose plans new buy after 'outstanding' year Date: Wednesday 09 Mar 2011 LONDON (ShareCast) - Nearly doubled profits capped an ‘outstanding year’ in 2010 for engineering conglomerate Melrose, which is now looking for another sizeable acquisition. The group, which has been linked with troubled banknote printer De la Rue, saw profits jump from £89m to £155.3m, on sales up 7% to £1.38bn. Underlying profits were £171m against £119m. Melrose said revenue growth returned in the second half of the year boosting operating margins to 14.3% up from 11.5% last year. “Much of this profit growth has come from FKI businesses acquired in July 2008, but also from Dynacast, our principal early cycle business, which saw strong sales growth particularly in the first half of the year,” it said. Order books for the group remain strong going into 2011, it said. "We are well placed operationally and financially to take on another substantial acquisition. We are as selective as ever with our criteria and although it is impossible to be precise about timing we are confident of identifying a value enhancing opportunity in due course," it added. A 43% dividend hike to 11p for the year “reflects both the highly successful performance in 2010 and the board's confidence in the future,” the firm commented.

Prudential profits up a fifth Date: Wednesday 09 Mar 2011 LONDON (ShareCast) - Insurer Prudential made 20% more in 2010 than it did the year before as Asia raced ahead of the US as the UK company’s biggest earner. Group operating profit before tax on a European Embedded Value (EEV) basis jumped to £3.70bn in 2010 from £3.09bn the year before. The Pru, which failed to buy the Asian business of US firm AIG Asia last year, grew profits in Asia by 31% to £1.52bn, by 20% to £1.48bn in the US and 9% in the UK to £1.27bn. In 2009, the American unit made £1.24bn compared with £1.16bn in Asia. Paul Mumford, senior investment director at Cavendish Asset Management, said the results were “fantastic, about as strong a showing as one could have hoped for”. “Many will be talking about whether these results are enough to mollify shareholders following the bid fiasco, but in truth the management couldn’t really have done more. Thiam and co will hopefully have learned their lessons, and the whole saga may come to serve as a shining example of the importance of shareholder activism.” Group new business profit increased by 25% to £2.02bn, rising 24% to £902m in Asia, 15% to £761m in the US, and 59% to £365m in Britain. IFRS operating profit added 24% to £1.94bn. Total annual premium equivalent (APE) sales grew 23% to £3.48bn, aided by a 24% increase in Asia to £1.50bn and 28% jump in the US to £1.16bn. The UK rose 13%. Chief executive Tidjane Thiam, having survived the expensive AIG debacle, repeated his core objectives of doubling both the £465m 2009 IFRS life and asset management pre-tax operating profit and 2009’s £713m of new business profits in 2013. “Our disciplined approach to capital allocation, proactive risk management and focus on profitability are generating both growth and cash for our shareholders,” he said today. A final dividend of 17.24p a share increases the annual payout by 20% to 23.85p.

Commenting on the results, Tidjane Thiam, Group Chief Executive, said: "We have achieved a strong performance in 2010, with results significantly ahead on all key measures. Our disciplined approach to capital allocation, proactive risk management and focus on profitability are generating both growth and cash for our shareholders. "These principles have served us well during the financial crisis, allowing us to emerge from the 2008-2009 period with a stronger balance sheet, higher profits, higher cash flows and an increased dividend. Each part of the Group plays a key role in our strategy. Our flexibility and diversification have been instrumental in allowing us to navigate successfully the economic and market cycle. We have set ourselves ambitious objectives for cash generation not only from Asia but also from other parts of the Group. "The quality of our strategic options, our discipline in putting value ahead of volume and our focus on execution should allow us to continue to grow profitably and to generate significant returns for our shareholders. This is evidenced by the upwards rebasing of the dividend that we have announced today."

PRUDENTIAL CONTINUES TO DELIVER STRONG RESULTS New Business: · Total APE sales1 of £3,485 million up 23 per cent · EEV new business profit margin (% APE) of 58 per cent · EEV new business profit1 of £2,028 million up 25 per cent · Investment in new business1 of £643 million (2009: £660 million) IFRS: · Operating profit of £1,941 million up 24 per cent · Profit for the year after tax of £1,431 million up 112 per cent · Shareholders' funds of £8.0 billion up 28 per cent Embedded Value: · Operating profit of £3,696 million up 20 per cent · Shareholders' funds of £18.2 billion, up 19 per cent, equivalent to 715 pence per share Capital & Dividend: · Insurance Groups Directive ('IGD') capital surplus estimated at £4.3 billion · Underlying free surplus generation up 21 per cent to £1,714 million · 2010 full year dividend increased by 20 per cent to 23.85 pence per share

http://investegate.co.uk/Article.aspx?id=201103090815045790C

Buy AstraZeneca (AZN) at 2958.8p Says Robert Sutherland-Smith of UK350.com

OMG (OMG), the technology group providing image understanding products for the entertainment, defence, life science and engineering industries, has been awarded a four year contract to carry out visual surveys on behalf of Cheshire East & West and the Merseyside Consortium. Commenting on this, Nick Bolton, chief executive of OMG, said: "We have a good relationship with Cheshire and Merseyside so it's great to be awarded the contract for another four years." The shares gained 1.75p to 44p.

Despite market conditions remaining difficult, water treatment group Hydro International (HYD) posted widened pre-tax profits for the year ended 31st December 2010, boosted by increased revenue and improved margins. The group reported a pre-tax profit of 2.4 million pounds, up by 33% a year earlier, on revenue 3% greater at 28.2 million pounds. Looking ahead, chief executive Steve Hides said: "The building momentum of contract wins across the business divisions, both during the financial year and post year end, provides great encouragement." Hydro shares soared 21.5p to 143.5p.

Shares in 32Red (TTR) surged 3p to 23.5p after the casino operator announced doubled pre-tax profits for the year ended 31st December 2010. The company, which offers customers over 200 online casino games, posted a pre-tax profit of 1.05 million pounds for the 12-months on net gaming wins up 33% at 16.95 million pounds. "The recruitment of good numbers of new players and our improved customer retention are tribute to the strength of the 32Red brand and to the continued excellent levels of service and entertainment provided to our players," commented chief executive Ed Ware.