Daily Market Report

The Munro Fund monthly fact sheet is available by clicking the following link - Latest Monthly Fact Sheet or link to our Archive of Monthly Fact Sheets .

Wednesday 19th November

Yesterday the FTSE 350 closed at 2148.3, a rise of 1.6%.

Regus said that financial performance in the year-to-date continues to be in line with expectations. Revenues for the four months to 31st October 2008 were £367m, 24.7% ahead of the same period last year.

Melrose released an interim management statement for the period 1st July 2008 to 18th November 2008 in which it said that current trading remains in line with expectations and the integration of FKI is proceeding ahead of plan. The opportunities to improve the operations and working capital of FKI are better than expected at acquisition.

IMI has maintained its revenue momentum of the first half through to the end of October and is confident of delivering expectations for 2008.

Imperial Energy said that production was on track for 35,000 bopd by the end of 2009. All the pre-conditions to the previously announced offer by Jarpeno Limited of 1,250p per share have been satisfied and formal offer documents and acceptance forms are to be posted to shareholders by 9th December.

PartyGaming reported total revenue of $117.7m for the third quarter of the year, around $0.3m behind the same period the previous year. Strong growth in casino, sports betting and bingo is being offset by a decline in Poker. The Board is confident of delivering full year EBITDA in line with expectations.

SIG said that overall trading in the second half of the year has been more challenging than the first half, with like-for-like turnover in constant currency ahead of the prior year by around 0.5% year-to-date and around 2.2% lower since the beginning of July. Accordingly the outcome for the full financial year is expected to be towards the lower end of the current range of market expectations.

British Land saw a continued decline in the value of its portfolio, down 10.8% in the six months to 30th September 2008. NAV per share is down 22% to 1043p. The dividend for the quarter to September 2008 has been increased by 7% to 9.375p, making 18.75p for the six months.

Experian reported total revenue growth of 13% at actual exchange rates to $2,017m for the six months to 30th September 2008. Benchmark profit before tax was $416m, an increase of 9% over the previous year. The interim dividend has been increased by 4% to 6.75 cents.

Tuesday 18th November

Yesterday the FTSE 350 Index closed down 2.4% at 2115.3.

Big Yellow Group reported an increase in revenue of 5% for the six months ended 30th September 2008. Adjusted profit before tax was down 12% to £6.9m as a result of increased interest costs. The Board has reviewed the dividend policy given the Group's objectives of continuing with its roll-out programme on potentially highly profitable existing London sites, whilst for the moment keeping current debt at these levels. Accordingly no interim ordinary dividend is proposed.

Rexam said that results for the four months ended 31st October, including the positive effect of currency translation, were in line with expectations, and the outlook for 2008 remains unchanged.

Enterprise Inns released final results in which it reported a decrease in EBITDA of 3% to £512m. The Board is recommending an unchanged final dividend of 10.4p giving a total dividend for the year of 16.2p, an increase of 3.8% over the prior year.

Unite Group saw rental growth for the 2008/09 academic year of between 8-11% across the portfolio on a like-for-like basis. The Board remains mindful of the uncertainty surrounding future asset valuation and the difficult banking market and has undertaken a prudent re-assessment of the development pipeline for delivery in 2010 and beyond. Accordingly, 2010 project deliveries will be scaled back by approximately 50%. The Board has also begun to implement a cost savings programme and is in line to deliver annual savings of approximately £10m during 2009.

ICAP reported record group revenue, profit and earnings per share in interim results released for the six months ended 30th September 2008. Revenue was up 22% to £764m while profit was up 8% to £174m and EPS up 5% to 13.2p. The interim dividend has been increased by 27% to 4.7p.

Premier Foods said that Group sales were up 9% in the 17 weeks ended 25th October and 8% in the year-to-date. Trading profit has improved in line with expectations. As previously announced, the Company is reviewing a range of options to accelerate the reduction of Group debt in order to establish a more appropriate long-term capital structure. As part of this review, the Company has entered into discussions with its lending banks, which are expected to continue into the first quarter of 2009. As previously stated, Premier anticipates that it would have met its covenant tests at 31 December 2008. However, with the review ongoing, Premier and its lending banks have agreed that it would be appropriate to defer the date of the next covenant test from 31 December 2008 to 31 March 2009. In consideration of this a fee of £4.9m will be paid to the lending banks. In these circumstances, the Board has determined not to pay the 2008 interim dividend that was due to be paid on 2 January 2009 and will consider the future dividend policy as part of the long term capital structure review but it is the Board's intention to resume dividend payments when debt levels permit.

Laird warned that the accelerating global economic slowdown, together with its associated credit pressures and currency volatility, is severely impacting the global electronics market. The Company has recently experienced a marked fall off in revenues across virtually all market sectors. If this trend were to accelerate further through the remainder of the fourth quarter, the Company would anticipate that revenues at constant currency in the quarter would be very significantly below those in the same period in 2007. As a result, it is anticipated that the underlying performance for 2008 would be significantly below previous expectations.

Lonmin released final results in which it said that sales were in line with guidance at 726,918 ounces of Platinum. However, overall production and cost performance was said to be "disappointing". Underlying EBIT was up 21% to $963m and underlying EPS was up 18.9% to 315.9 cents. Gearing has been reduced to 12%. The Company has also announced that it will close those portions of operations which are uneconomic and cut back on capital expenditure. Although significant profits were reported for 2008, profitability and cash flow are highly geared to PGM prices which are considerably below previous levels. As a result, profitability and cash flows will come under pressure despite the Company taking immediate measures to address its cost base. Given these difficulties the Board has decided to pass the final dividend for 2008.

Wolseley said that, as expected, there has been a further deterioration in the trading environment although the pattern and scale of the deterioration is broadly in line with expectations. As a result trading profit is down approximately 40% in constant currency terms. The Group expects the markets in which it operates to continue to deteriorate in the short term.

Burberry Group announced an increase in revenue of 20% to £539m for the six months ended 30th September 2008. Adjusted operating profit was up 3% to £98.4m. The interim dividend has been maintained at 3.35p.

British Energy Group said that nuclear output was for the first six months of the year was lower than the comparable period the previous year due to the Boiler Closure Unit outage at Hartlepool and Heysham 1. As previously announced the Boards of EDF and British Energy have agreed the terms of a recommended offer by EDF for British Energy that is subject to, amongst other things, shareholder acceptance and European Commission competition clearance.

EasyJet released preliminary results for the year ended 30th September 2008 in which it said that profits have been impacted by increased fuel costs. Reported profit before tax was £110m, down from £202m the previous year while total revenue was up 31.5% to £2,363m. No dividend has been proposed in line with previous policy.

Barclays has announced an update to the previous announced capital raising. As a result £500m of Reserve Capital Instruments will be made available to Barclays institutional investors by way of a bookbuild placing.

Carphone Warehouse reported an increase in retail revenues of 5.1% on a like-for-like basis for the 26 weeks ended 27th September 2008. Post-tax profit was down £5m at £39m. The interim dividend has been increased 8% to 1.35p.

Barratt Developments said that sales volumes for the 19 week period to 9th November 2008 has been in line with expectations. Pricing pressure has continued which will have a negative impact on margins. Private net reservations averaged 197 per week, equating to 0.36 private sales per week per site, down 23% on the same period last year.

 

Monday 17th November

On Friday the FTSE 350 Index closed up 1.3% at 2167.1.

Gem Diamonds has decided that following a review of short term objectives, focus should be on maintaining and improving long-term profitability, focusing on optimising returns from existing production sources and exploring new revenue streams. In addition it has been decided to minimise all non-essential capital and project development expenditure. Given the weakening in diamond prices and the uncertainty, performance for 2008 will be significantly lower than expectations in August, and could results in a loss for the full year 2008.

888 Holdings reported that Net Gaming Revenue was up 23% to $66m in the third quarter. Turnover since late August has been adversely affected by movements in exchange rates.

Ultra Electronics said that trading to date in the second half of the year has been in line with the Board's expectations. The Board is confident that performance for the full year will be in line with expectations.

Workspace Group released interim results in which it reported that occupancy levels have been maintained at 84.1% in the quarter and 87.6% on a like-for-like basis. Property valuation is down 12.3% at £870.9m with NAV per share at £2.32 compared to £3.11 at March 2008. The interim dividend has been maintained at 1.52p.

Friday 14th November

Yesterday the FTSE 350 Index closed at 2139.1, a fall of 0.4%.

St. Modwen has been selected by BP as the preferred developer for a 2,500 acre portfolio of brown field sites situated across South Wales, Scotland, the Midlands and South East England.

Brixton released an interim management statement in which it reported strong transactional rental growth out performance at 3.7% year to date. The Board believes the Company is well placed to face the challenging market conditions.

TUI Travel remains confident that it will meet the Board's expectations for the full year.

Thursday 13th November

Yesterday the FTSE 350 Index closed down 1.6% at 2148.5.

JKX Oil & Gas saw overall production decrease 14% to 10,978 boepd in the third quarter compared to the same period the previous year. Oil production was down 37% while gas production was up 4% with realised prices up 71% and 50% respectively.

Rotork said that its end markets continue to be robust and the order intake is strong with the order book at the end of October reaching a new record high. The Company is confident of achieving profits in excess of current market expectations for the full year.

Morgan Sindall said that it remains on track to achieve its expectations for the current year.

Galiform has reported that the business has performed well in difficult trading conditions. Since the end of the first half of the year sales were down 1.5%, declining 6.7% on a same depot basis. Gross margin for the year remains similar to last year and current net borrowings are in line with expectations. The Board expects that the profit outcome for the full year will be within the current range of market expectations.

Ultra Electronics has acquired Weed Instrument Co. for a consideration of $31.6m.

Melrose Resources continues to make good progress in all three principles areas of its operations. Total production guidance for the full year has been reduced slightly. The Board believes the Company is well positioned to provide value growth for shareholders.

BT Group reported that revenue in the second quarter was up 4% to £5,303m while profit before tax, specific items and leaver costs was down 11% to £590m. Three out of the four units, BT Retail, BT Wholesales and Openreach are delivering on or ahead of target but profits in BT Global Services are "not good enough". The interim dividend has been maintained at 5.4p.

Moneysupermarket.com said that financial results for the Group for the third quarter, and the performance of the Group in the year to date, are in line with the Board's expectations. Performance remains mixed, with the Money vertical in particular being impacted by the unprecedented conditions in the banking sector.

Hunting said that subject to the ability to catch up lost production as a result of the recent hurricane activity in the Gulf of Mexico, trading remains in line with the Board's expectations.

Investec reported that pre-tax operating profit for the six months ended 30th September was in line with the prior period at £241.8m. The interim dividend has been reduced by 30.4% to 8p.

Ladbrokes announced that Group profit excluding Telephone High Rollers for the four months ended 31st October 2008 increased by 10%. Despite a run of poor football and horse race results at the end of the period which affected performance, the Group remains within the market expectation range for 2008.

Reed Elsevier today reaffirmed that it is on track to deliver on its goals this year of good revenue growth, meaningful margin improvement and strong growth in adjusted earnings per share. The integration of ChoicePoint, which was acquired on the 19th September for £2.1b, is on track to deliver the expected cost synergy benefits.

BBA Aviation said that it anticipates performance in the second half to be broadly similar to the first half and in line with expectations.

Trinity Mirror saw trading conditions continue to deteriorate since the half year, with rates of decline accelerating in all advertising categories. Digital revenues have continued to grow although at a slower rate. In addition, the reduction in consumer discretionary spending is having a marginal impact on circulation revenues. In view of these uncertain market conditions trading is expected to remain challenging and therefore remain cautious about prospects for the remainder of 2008 and for 2009. The Board anticipates performance for the year to be in line with expectations.

Close Brothers Group said that results for the first quarter have been in line with expectations. Funds under management as at 31st October 2008 was £7.0b compared to £8.2b as at 31st July.

Premier Oil reported strong production performance in the year-to-date averaging 36,800 boepd, up 5% from the corresponding period last year. The balance sheet remains strong with cash resources of $330m and undrawn facilities of $275m.

London Stock Exchange Group announced an increase in revenue of 70% to £345.5m for the six months ended 30th September 2008. Profit before tax was up 30% to £127m. The interim dividend has been increased by 5% to 8.4p.

SABMiller saw revenue increase by 4% to $11,166m for the six months ended 30th September 2008. Adjusted profit before tax was up by 5% to $1,860m. The interim dividend has been maintained at 16 cents.

Wednesday 12th November

Yesterday the FTSE 350 Index closed at 2183.9, a fall of 3.6%.

WH Smith said that total Group sales in the first 10 weeks of the financial year were up 4% compared to the same period last year, reflecting the impact of recent acquisitions and new business wins. WH Smith High Street like-for-like sales were down 4%, in line with expectations.

AMEC announced record year-to-date trading performance and is confident of delivering a margin in excess of 6.5% for the full year. The net cash position is exceptionally strong and the Company is looking to the future with measured confidence and continues to monitor opportunities for growth through selective acquisitions.

Johnston Press said that total advertising revenues for the 44 weeks to 1st November were down 15.5% on the same period the previous year, with print advertising down 17.4% and digital advertising up 36.8%. The Group expects to deliver an operating profit for the full year at the lower end of current market expectations.

Tullow Oil has continued to perform strongly over the second half of the year. The Group has maintained its 100% exploration success record in Uganda with four further discoveries. Total production for 2008 is expected to average approximately 67,000 boepd with strong performance in Africa offsetting lower production in the UK.

Xchanging reported that revenue growth for the four month period ended 31st October 2008 was slightly ahead of the Board's expectations. Overall, the financial outlook for the year and the financial position at the year end is expected to be in line with the Board's previous expectations.

Venture Production said that as at 11th November 2008, Group average production for the year to date has been approximately 43,500 boepd. As expected, this is slightly lower than in the first half of the year due to the impact of planned annual maintenance shut-downs during the summer period. The Board remains confident in the outlook for the business.

Morgan Crucible has continued to show positive year-on-year momentum in revenues and profits in the second half of 2008. The Board expects to deliver performance for the full year in line with expectations.

Fenner released final results for the year ended 31st August 2008 in which it reported an increase in revenues of 15% to £437.8m. Pre-tax profit was up 8% to £36.3m. The dividend has been increased by 6% to 6.6p. For the longer term, the Board feels the business drivers remain highly positive.

Scottish and Southern Energy reported that adjusted profit before tax for the six months to 30th September was down 54.5% to £302.6m. However, modest growth for the full year is still expected. The interim dividend has been increased by 9.4% to 19.8p, with the full year dividend forecast to be at least 66.0p.

Chartered said that during the period from 1st July to 11th November 2008, revenue and profit were both well ahead of the comparable period of 2007, with both benefiting from currency factors. Since late October, ESAB has experienced a sales slow down and as a result the Directors now expect the underlying performance for 2008 to be marginally below previous expectations.

Eurasian Natural Resources Corporation said that production volumes across the Group increased relative to the corresponding period in 2007. The Group's financial performance for the period remained very strong, driven by significantly higher prices, in particular for ferro alloys and iron ore. The Board believes that its results for the full year 2008 will be strong and towards the lower end of management expectations.

J Sainsbury reported good first half performance with total sales up 7.6% to £10,756m. Like-for-like sales growth excluding fuel was 3.9%. Profit before tax was up £26m to £258m. An interim dividend of 3.6p has been declared, compared to 3.0p the previous year.

Tuesday 11th November

Yesterday the FTSE 350 Index closed up around 0.9% at 2265.3.

Babcock International Group published half year results stating the excellent growth trend continues. The interim dividend is 4p, up 21% from 3.3p the previous year.

Aveva Group released interim results with the interim dividend being increased by 73% to 2.86p.

Electrocomponents announced its half year results. The interim dividend is 5p, down from last year.

Venture Production today announced that following the sighting of an oil sheen near the Kittewake Platform on Thursday 6 November, an investigation into the possible sources of this sheen is being undertaken.

Yell Group released interim results and has temporarily suspended dividend payments.

Vodafone published interim results, the board has adopted a progressive dividend policy with the interim dividend up by 3.2% to 2.57p.

Cookson has released an interim management statement, stating the weaker end-market conditions are expected to prevail throughout the fourth quarter and management has initiated appropriate and decisive actions across the Group to mitigate the effects of this slowdown.

Taylor Wimpey said that as anticipated, the housing market in the UK has remained extremely challenging, with the recent events in the world financial markets further depressing customer confidence. Third quarter mortgage approvals fell by 70% year on year, and the main mortgage lender house price indices have now fallen by around 14% over the last year. The company announced that it is maintaining a policy of pricing competitively in each local market in order to maintain a steady although reduced sales rate.

Monday 10th November

On Friday the FTSE 350 Index closed up around 2% at 2244.8.

HSBC said that performance in the year-to-date has been resilient. Profit for the third quarter of 2008 was ahead of the third quarter of 2007, although for the nine months ended 2008 pre-tax profit was lower than in the equivalent period in 2007. The Tier 1 capital ratio stood at 8.9 percent as at 30th September 2008. A third interim dividend of 18 cents has been declared.

Ultra Electronics Hodings plc awarded £34m Australian contract for the supply of three integrated sonar systems for the Royal Australian Navy's new Air Warfare Destroyers.

Dairy Crest Group plc released interim results for six months ended 30 Septemember. Interim dividend remained at 7.1p, to be paid on 29th January.

Friday 7th November

Yesterday the FTSE 350 Index closed down 5.8% at 2200.1.

Rentokil Initial said that revenue in the third quarter was maintained at £562.4m, up 3.2% year to date at constant exchange rates. The outlook for 2008 is unchanged.

British Airways reported that revenue for the first six months of the year was £4,754m, compared to £4,470m the previous year. Profit before tax for the period was £52m compared to £616m the previous year. Full year fuel costs are expected to be about £3b. The Company is on track to achieve a small profit in the financial year. The Board has recommended that no dividend be paid for the period.

Thursday 6th November

Yesterday the FTSE 350 Index closed at 2327.1, a fall of 2.1%.

Wincanton reported a 16.4% increase in revenue to £1,199.2m for the six months ended 30th September 2008. The interim dividend has been increased by 5% to 4.83p. The Company also announced the acquisition of CEL Group for an initial debt-free consideration of approximately £19.5m with up to a further £4.5m payable subject to the financial performance of the Group.

Spirent Communications said that trading performance for the period since 29th June 2008 to date is in line with the Board's expectations. Revenue grew by 9 per cent, operating profit by 31 per cent and earnings per share by 44 per cent compared to the third quarter last year.  Earnings performance for the year is expected to be in line with expectations.

Tomkins saw conditions in end markets worsen considerably since the last update. The Board expects conditions in a number of the Group's markets to remain challenging for the remainder of the year and as a result performance for the full year is expected to be around the lower end of current expectations.

Mapeley said that performance in the third quarter of the year has been in line with expectations.

Millennium & Copthorn Hotels reported that revenue was up 8.3% in the third quarter, while headline profit before tax increased by 4.2% to £30.0m. The Group continues to implement the plans for cash conservation and profit protection, which, barring unforeseen circumstances, should serve to mitigate and potential decline in the Group's fourth quarter.

International Power said that it was on track to deliver another year of growth. The portfolio is performing well with First Hydro and Deeside delivering ahead of expectations, which will significantly offset the impact of the outages at Rugeley, Hazelwood and ISAB. Full year results will be released on 11th March 2008.

Old Mutual saw funds under management decline 9% from December 2007 to £254.4b. Unit Trust and Mutual fund sales declined 23% to £4,796m. The Company remains well capitalised and liquidity is in excess of needs for the foreseeable future.

3i Group said that performance for the half year ended 30th September had been resilient in the face of challenging markets. The interim dividend has been increased from 6.1p to 6.3p.

Vedanta Resources reported an increase in revenue of 2.2% to $3.9b for the first half of the year. Group EBITDA was $1.2b, a decline of 6.8%, impacted by lower zinc prices and higher input/energy costs. The interim dividend has been maintained at 16.5 cents.

Man Group said that funds under management stood at $67.6b at 30th September 2008, down 9% since 31st March 2008. Net management fee income was up 2% to $549m while net performance fee income was down 44% to $159m. Profit before tax was down 24% to $622m. The interim dividend has been maintained at 19.2 cents per share.

Invensys announced an increase in reported operating profit of 12% to £120m for the half year ended 30th September 2008. Overall, the Board expects the Group to make further progress in the second half compared with the first half of the year.

Micro Focus International expects to report total revenues of approximately $135m for the half year to 31st October 2008. The Group EBITDA margin is expected to exceed 40%. Interim results will be announced on the 9th December 2008.

Wednesday 5th November

Yesterday the FTSE 350 Index closed up 4.5% at 2377.6.

Hardy Oil & Gas reported that for the three months ended 30th September, average daily production was 516 stbd, compared to 676 stbd the previous year. Sales for the three months amounted to 53,181 stb at an average selling price of $112.67 per stb, compared to 87,609 stb at $74.06 the previous year. As at 30th September the Company had cash resources of $35.6m with no long term debt.

Liberty International released an interim report for the nine months ended 30th September 2008 in which it said net rental income increased by 4.0% to £281.3m. Profit before tax fell by £19m to £78m while an overall loss of £1,059m was made due to the revaluation of properties. NAV per share fell from 1264p to 975p.

Balfour Beatty today announced contract wins in Hong Kong and the United States totaling £335m.

Redrow said that as expected the housing market has remained at a low level with a modest seasonal upturn experienced in September and October. Net reservations in the last 8 weeks averaged 38 private sales per week over 93 sales outlets. Overall net reservations in the financial year to date have been 45% lower than the prior year. The outlook for 2009 is very weak with mortgage availability still limited.

Findel reported that Group sales for the first six months of the year are up 1% on the same period last year. The Group will announce interim results on the 27th November.

Next said that sales for the fourteen week period to 1 November 2008 were in line with guidance given at the time of the interim results in September, with total sales for the period up 0.9%. Annual profits for the full year are expected to be in line with expectations.

ITV announced that for the first time in 25 years it maintained its share of UK television advertising revenues. Total Group revenue for the nine months to 30th September 2008 was £1,471m, compared to £1,484m the previous year. The financial position of the Company has had no material change since the interim results. Trading conditions across the Group are likely to remain challenging in 2009.

Hikma Pharmaceutical saw Group sales increase by 32% in the period from 1st July 2008 to date. The Group is confident of delivering sales growth above 30% for the full year. Preliminary results for the full year will be announced on the 21st March 2009.

Cobham experienced strong organic growth in the first nine months of 2008, consistent with the Board's expectations. A number of acquisitions were completed in the period which contributed to the additional growth. Preliminary results for the full year will be announced on 5th March 2009.

Tuesday 4th November

Yesterday the FTSE 350 Index closed at 2275.2, a rise of 1.6%.

JD Wetherspoon reported that like-for-like sales increased by 1.5% in the first quarter of the year. Operating margins declined by 1.3% compared to the same period a year ago, and are in line with the second half of last year. The Board remains confident about the prospects of the Company for the full year.

St James's Place announced total new business of £322.6m for the nine months ended 30th September 2008, up 2% on the same period the previous year. Funds under management stood at £16.5b at the period end, compared to £18.2b at the start of the period, mainly due to market movements.

Croda International said that the very strong trading performance seen in the first half has continued in the third quarter. Despite the uncertainty relating to global trade at present, demand remains robust in all the core markets for the Company and the Board is confident of making further progress, both in the fourth quarter and in 2009.

Punch Taverns released preliminary results for the 53 weeks to 23rd August 2008 in which it reported profit before tax of £262m, a decrease of around £20m on the previous year but in line with expectations. Since 18 August 2007 £243m (4.9%) of the Group's debt has been repaid from operating cash flows and included within this the repayment and cancellation of £68m of the Convertible Bond, which represents 24% of the issue, due to be redeemed in December 2010. As previously announced the Board does not intend to pay a final dividend.

Balfour Beatty said that trading has been continued to be in line with expectations since the half-year announcement. The balance sheet and general financial position remains strong with average net cash in the period exceeding £200m. The Board expects 2008 to be a year of strong progress for the Group.

Associated British Foods announced that Group revenue was up 21% to £8.2b for the year ended 13th September 2008, while profit before tax was up 3% to £632m. A final dividend of 13.5p is proposed, making a total dividend of 20.25p for the year, an increase of 4% on the previous year.

Marks and Spencer Group saw sales increase by 0.8% to £4.2b in the first half of the year, with UK sales down 1.1% and international sales up 23.9%. Operating profit was £372.4m for the period, compared to £488.0m last year, as a result of reduced margins. The interim dividend has been maintained at 8.3p.

BG Group delivered strong third quarter results driven by higher E&P volumes, strong LNG performance and higher prices. Group total operating profit was up 106% to £1,383m. The outlook for the business remains strong and 2009 E&P volume targets have been confirmed as 680,000 boepd.

Royal Bank of Scotland today announced plans to raise £19.7b of capital, net of expenses, by the placing and open offer of £15b new ordinary shares, underwritten by HM Treasury and an issue to HM Treasury of £5b of preference shares. After the capital raising the Core Tier 1 capital ratio will stand at 7.9% and the Tier 1 ratio 11.6%. The Group made credit market write downs of £206m in the third quarter in addition to £5.9b of write downs in the first half of 2008. The Group expects that the economic slowdown, continuing dislocation in financial markets and measures to reduce risk on the balance sheet will adversely affect fourth quarter and full year results. The Board's intention is that the UK Government's holding of Preference Shares will be repurchased as soon as it is prudent to do so. The repurchase of the Preference Shares would allow the resumption of a sustainable and progressive dividend policy for the Ordinary Shares.

Monday 3rd November

On Friday the FTSE 350 Index closed up 1.9% at 2239.0.

WSP Group released an interim management statement in which it said that the Group continues to deliver good financial results with all regions at or ahead of target. The Board is confident that performance for the year will meet expectations.

3i Infrastructure delivered returns in line with objectives for the six months to 30th September 2008. Total return for the period was £50.3m compared to £33.6m for the same period the previous year. The interim dividend has been increased by 5% to 2.1p.

Lloyds TSB Group said that the Group continues to trade well despite the challenging period for financial services Companies. However, market dislocation, insurance related volatility and higher impairments led to a substantial reduction in statutory profit before tax in the first nine months of the year. In Wholesale and International Banking, profit before tax was reduced by £270m during the third quarter. Excluding these impacts, each division has achieved revenue growth in excess of cost growth. The Board says the Group remains on track to deliver a good trading performance during 2008, notwithstanding lower statutory profits as a result of the impact of market conditions. Lloyds TSB also announced its intention to send a circular to shareholders today in connection with the recommended acquisition of HBOS and its proposed capital raising. The proposed capital raising comprises a proposed open offer to shareholders of approximately 2.6 billion ordinary shares at 173.3 pence per share. HM Treasury has agreed that, to the extent these shares are not taken up by eligible shareholders (or placed with other placees), HM Treasury will acquire such shares at the Issue Price. It is anticipated that the Placing and Open Offer will provide the Company with £4.5 billion of additional capital (before costs and expenses). In addition, HM Treasury has agreed to subscribe for approximately £1 billion of new preference shares in Lloyds TSB (the "New Preference Share Issue"). 

HBOS announced that in the nine months to the end of September 2008, profitability has been impacted by higher impairments, negative fair value adjustments to the Treasury Portfolio, the sale of BankWest and short term fluctuations in investment returns. However, despite higher funding costs, net interest income from the banking businesses has increased and the Insurance & Investment business has made a good contribution. Write-downs and losses on bad debts now stand at £5.2b for the first nine months of the year, up from £2.7b from the end of June. The capital ratios benefited from the proceeds of the rights issue and capitalisation of the interim dividend for 2008. As at 30th September 2008, the Tier 1 ratio was 8.1% and the Core Tier 1 ratio was 6.0%. The proposed acquisition of the HBOS Group by Lloyds TSB is proceeding according to plan, and the transaction is expected to complete in January 2009.

HSBC has declared a third interim dividend of 18 cents, in accordance with their intention to pay quarterly dividends in a pattern of three equal dividends with a variable fourth dividend.

Friday 31st October

Yesterday the FTSE 350 Index closed up 1.4% at 2197.6.

Forth Ports said that trading within its Ports Division is in line with expectations and continues to show good levels of growth over last year. The Company expects to make good underlying progress in the remainder of the year.

Meggitt released an interim management statement covering the period 1st July 2008 to 31st October 2008 in which it said that it has so far seen little impact from the anticipated slow down in civil aerospace. The financial position of the Group is strong and substantially unchanged since the Interim results announced on 5th August. The terms of a $500m bank facility has been successfully renegotiated, extending the maturity from May 2010 to May 2013. The Board is confident that full year results will be in line with expectations.

Spectris said that it anticipates full year results to be in line with expectations for 2008. Organic sales for the quarter have continued to grow, albeit at a rate slightly below that seen in the first half of the year.

F&C Asset Management reported that assets under management was £93.3b as at September 30th, 3% lower than levels at 30th June 2008. Revenue has been resilient with management fees 4% lower than the third quarter in the previous year, despite market conditions.

British Sky Broadcasting Group released results for the first quarter of its financial year ended 30th September 2008. New customer additions were up 2% year-on-year, with ARPU up £19 year-on-year to £430. Revenue increased by 5% to £1,249m whilst operating profit was up by 21% to £182m.

Southern Cross Healthcare Group announced that it has successfully concluded its refinancing with its banking syndicate.

Friends Provident reported that total life and pension sales in the first nine months of the year was down 14% to £701m. The capital position of the Company is strong with an estimated £1.0b IGD surplus as at 30th October 2008, with high resilience to equity and credit market movements. The Company will not change the current dividend policy.

BT Group released a trading update for the second quarter to 30th September 2008 in which it said that it expects to report that Group revenue will be ahead of expectations but that EBITDA and EPS will be slightly below expectations. It is anticipated that BT Retail, BT Wholesale, Openreach and Other activities will deliver results in line with or ahead of expectations. However, the performance of BT Global Services will be disappointing, with EBITDA of around £120m, significantly below expectations. The fall in EBITDA is due to slower than anticipated delivery of efficiency savings and the continued decline in higher margin UK business. The Board intends to declare an interim dividend of 5.4p, in line with last year.

Barlcays announced a proposal to raise up to £7.3b of additional capital from existing and new strategic and institutional investors. The Capital Raising, which is subject to approval by Barclays shareholders, will be effected through an issue of £3 billion of Reserve Capital Instruments, with an associated issue of warrants, and an issue of up to £4.3 billion of Mandatorily Convertible Notes. As a result of the Capital Raising, Barclays expects to fully satisfy its commitment, as announced to the market on 13th October 2008, to raise new external capital as part of its overall plan to achieve the new higher capital targets set by the UK Financial Services Authority for all UK banks. The Group also reported that profit before tax for the nine months ended 30th September 2008 was slightly ahead of 2007. Excluding the impact of the capital raisins announced today, the Tier 1 Capital is expected to be around 9.1% as at 31st December.

Centirca has today announced a fully underwritten rights issue of 1,392,545,298 new shares at a price of 160p per new share on the basis of 3 new shares for every 8 existing shares held on the record date of 14th November 2008. The rights issue is intended to help fund Centrica's vertical integration strategy, either through the potential acquisition of a 25% interest in British Energy or other vertical integration opportunities. The total net proceeds of the issue are expected to be approximately £2.2b.

Thursday 30th October

Yesterday the FTSE 350 index closed at 2166.2, a gain of 7.7%

GlaxoSmithKline is to purchase Genelabs Technologies for £35m.

Kazakhmys says it expects to maintain copper production at the same level as last year but is assessing marginal operations for temporary closure during this period of price weakness. Capital expenditure is likely to be reduced at this time.

Lonmin said total sales of platinum group metals in the year to end September were 1.4 million ounces and it expects sales in its 2009 financial year to be broadly in line with these figures.

Unilever reported third quarter figures showing a 22% rise in net profits for the nine month period. An interim dividend of 20.55p has been declared, up from 17p.

Standard Life reported worldwide life and pensions inflow of £2.3b, down from £2.4b in the first nine months of the year.

British American Tobacco reported a 16% rise in earnings per share for the first nine months of the year.

WPP reported a 15% increase in revenue in its first nine months but said there was no change in operating margin.

Royal Dutch Shell reported a 27% increase in income attributable to shareholders in the first nine months of the year. The dividend has been increased by 11% to $0.40.

 

Wednesday 29th October

Yesterday the FTSE 350 Index closed at 2010.7, a rise of 1.7%.

RPS Group said the Group was well positioned to deliver results for the full year in line with expectations.

Stagecoach Group released a trading update in which it said the overall trading performance of the Group has been in line with expectations since the interim management statement released on 28th August. The outlook for the Group remains positive.

Tuesday 28th October

Yesterday the FTSE 350 Index fell 0.9% to close at 1976.67, a 52 week low.

Aegis Group said that trading in the first 9 months of the year has continued to be relatively healthy, after a strong first half. Organic revenue growth for the first 9 months was 7.3%. The current uncertainty in financial markets and the more negative outlook for the global economy make it difficult to forecast accurate levels of client spend for the fourth quarter. As a result of this reduced visibility, the outcome for the full year has become more cautious.

Kier Group has secured in excess of £110m of construction work on five schools as part of the Building Schools for the Future programme in Kent.

Carpetright today issued a pre-close trading update in which it said that Group sales decreased by 5.9% for the first 25 weeks of its financial year. Like-for-like sales in the UK were down 12.5% in the period. The Board is taking a more cautious view of prospects for the full financial year.

ARM Holdings reported its highest ever quarterly revenues at $134.4m for the third quarter ended 30th September 2008, up 7% year-on-year. The Company spent £8.6m on share buy-backs during the quarter. Dollar revenues for the fourth quarter are expected to be at least in line with expectations.

BP released third quarter results in which it announced that replacement cost profit was $10,029 million, compared with $4,043 million a year ago, an increase of 148%. For the nine months, replacement cost profit was $23,006 million compared with $14,975 million a year ago, up 54%. The quarterly dividend is 14 cents compared with 10.825 cents a year ago. For the nine months the dividend showed an increase of 30%. In sterling terms, the quarterly dividend is 8.705 pence per share, compared with 5.308 pence per share a year ago; for the nine months, the increase was 43%. The company repurchased $911m of shares during the quarter.

Schroders reported that total Group profit before tax for the third quarter was £78.0m, compared to £98.1m a year ago. Given current market conditions, Asset Management revenues are expected to decline further.

Aviva said that life and pension sales were up 12% to £25,673m for the 9 months to 30th September 2008, while Group margin was maintained at 3.8%. The Company said the capital and liquidity position remains strong with £1.9b IGD surplus as at 30th September. IGD surplus is estimated at £1.3 billion at 24th October; a further 20% drop in equities would reduce IGD by £0.4 billion. The net asset value per share on an EEV basis is 696p per share.

BG Group and Queensland Gas Company have announced that they have agreed terms of a recommended transaction under which BG Group will offer to acquire all the issued shares in QGC at AUD$5.75 per share. The all-cash offer values the entire issued share capital of QGC at approximately AUD$5.6 billion (£2.2 billion).

Abbey National released a trading statement for the 9 months to 30th September 2008 in which it said if was on track for another strong year of results, with profit before tax significantly ahead of the same period in 2007. The Company remains well capitalised and has capital resources well in excess of current regulatory requirements. The position of the combined UK businesses was further strengthened in October with the injection of £1bn of capital from Santander. The injection fulfils Santander's commitment made on the announcement of the Alliance & Leicester acquisition earlier in the year, as well as Santander's commitment to support the UK government's banking support scheme.

Standard Chartered has continued to make good progress during the third quarter of 2008, building on the excellent first half of the year. A trading update will be released in early December.

Monday 27th October

On Friday the FTSE 350 Index closed at 1994.75, a fall of 5.1%.

Spirent Communications has set the price range of the previously announced £25m tender offer at a minimum price of 36p and a maximum price of 60p.

Southern Cross Healthcare says that it continues to be in constructive discussions with its banking syndicate and will make a further statement later this week.

Persimmon anticipates that, despite worsening trading conditions, underlying trading results for the full year will be in line with expectations.

Friday 24th October

Yesterday the FTSE 350 Index closed at 2100.95, a gain of 0.8%.

National Express said in its third quarter trading update that it was on track for a year of strong earnings growth and to meet its targets for 2008.

Just Retirement says annuity sales are up 5% on the previous quarter and that applications for equity release sales are running at record levels.

Grainger today announced that it will make, and hereby offers to each Bondholder, a cash payment equal to £35,000 per £100,000 in principal amount of the Convertible Bonds due 2014. Upon conversion of their Bonds, Bondholders who have exercised their Conversion Rights will receive approximately 11,574 ordinary shares per £100,000 principal of Bonds in discharge of all obligations as set forth under such Bonds.  

Thursday 23rd October

Yesterday the FTSE 350 Index closed at 2083.6, a fall of 4.3%.

Sports Direct International released a pre-close trading update in which it said that trading conditions continue to be the hardest that the Group has faced in its history. Despite the market conditions, trading in the year to date is in line with the Group's expectations and the Board is of the view that performance for the full year will be broadly in line with current market underlying EBITDA expectations of £135m.

Informa announced that trading remains strong and as a result full year results are expected to be in line with management expectations.

Go-Ahead Group said that trading in the first quarter was in line with the Board's expectations. The financing for the Group remains secure through to 2012 and the progressive dividend policy will be maintained.

Drax Group anticipates that full year results will be modestly higher than current market EBITDA consensus. This is primarily a consequence of low reserve margins in the UK electricity market for the last quarter of 2008 leading to improvements in dark green spreads.

DSG International reported that like-for-like sales were down 7% for the 24 weeks ended 18th October 2008. Gross margins across the Group were down 0.7% year-on-year. As a result of deteriorating consumer confidence the Group is focusing on cash, cutting costs, improving margins and reducing stock. Capital expenditure will be reduced by approximately £30m this year.

Anglo American increased production of iron ore, metallurgical coal, Eskom thermal coal, South American thermal coal, manganese ore, manganese alloys and steel products in the third quarter of this year compared with the third quarter of 2007. The transaction to acquire control of the Minas-Rio and Amapa iron projects were completed in August for $3.5b. Otherwise there have been no material events, transactions or changes in the financial position of the Group since 30 June 2008.

Cattles reported trading was in-line with expectations in the three months to 30th September 2008. The Board is looking forward to the completion of another successful trading year.

Wednesday 22nd October

Yesterday the FTSE 350 Index closed down 1.0% at 2177.8.

Davis Service Group achieved double digit growth in revenue and operating profit in the first nine months of the year. The expectations for the full year remain in line with those set out in the half year report.

International Personal Finance said that it is on target to report full year results in line with expectations. The funding position of the Company has been strengthened by the extension of £410m of bank facilities to October 2011.

Provident Financial said that the Group's businesses have continued to maintain the good progress seen during the first half of the year, and market guidance for the full year remains unchanged.

Home Retail Group reported that total sales were held at £2,736m, with like-for-like sales down 3.0% at Argos and 10.3% at Homebase, for the 26 weeks ended 30th August 2008. The Group reported an operating loss of £450m after exception charges including Homebase non-cash asset write downs and onerous lease provisions of £542m. Benchmark profit before tax was down 19% to £121m. The interim dividend has been maintained at 4.7p.

BHP Billiton delivered solid performance in the first quarter of the 2009 financial year despite a challenging supply environment characterised by unexpected disruptions, including the hurricanes in the Gulf of Mexico. The Group delivered quarterly production records at Hunter Valley Coal, Mining Area C, Saraji (all Australia),Samarco (Brazil), Samancor Manganese (South Africa), Cerrejon Coal (Colombia) and Zamzama (Pakistan) operations. Shipments of iron ore was at a record level for the quarter to meet customer demand.

GlaxoSmithKline reported that total turnover in the third quarter declined 4% to £4.9b, with US turnover down 13% to £2.1b, impacted by generic competition to mature brands. Operating profit for the quarter was £1,979m, a decline of 10%. The Board has increased the third interim dividend by 8% to 14p. The Company does not expect to make significant share repurchases in 2009 to ensure that it has the flexibility to take advantage of any investment opportunities that may arise.

Tuesday 21st October

Yesterday the FTSE 350 Index closed up 4.9% at 2200.3.

Filtrona released an interim management statement in which it said that during the period from 1st July 2008 to 30th September 2008 results were consistent with the trends established during the first half of the year, with group revenue up 4.5%. Current business trends, combined with the ongoing impact of the Boeing strike, means that performance for the full year is likely to be at the lower end of the Board's previous expectations.

Debenhams reported a reduction in like-for-like sales of 0.9% in preliminary results for the year ended 30th August 2008. Headline profit before tax was in line with consensus at £110.1m. The Board has proposed a final dividend of 0.5p taking the full dividend for the year to 3.0p, compared to 6.3p for the previous year. The Board has taken the decision on the total level of dividend declared during the year in light of trading through 2008 and its current view of the prospects for 2009.

Prudential saw total group insurance sales increase by 15% in the third quarter of the year. The capital position of the Company is said to be robust with the Insurance Group Directive (IGD) capital surplus of £1.2b at 30th September 2008 sufficient for the Group to remain resilient to a significant further deterioration in both market and economic conditions. The Group's liquidity position also remains "very comfortable".

Xstrata reported that ferrochrome, thermal coal, platinum, mined nickel, zinc in concentrate and lead production volumes increased in the third quarter compared to the same period in 2007. In the period from 1st July 2008 the Company's operating and financial performance continues to be strong and the company’s financial position remains robust. Preliminary results for the year ending 31st December 2008 will be announced on 3rd March 2009. 

Monday 20th October

On Friday the FTSE 350 Index closed at 2096.8, a rise of 4.5%.

JJB Sports has placed 11,944,360 shares (approximately 5% of the current issued share capital) with Sports Direct International at a price of 28.5p per share. The proceeds from the Placing, totaling approximately £3.4m, will be used for general working capital purposes and to strengthen JJB's financial position.

Amlin has estimated that the Group's estimated claims from Hurricanes Gustav and Ike are $285m, net of reinsurance and reinstatement premiums. Amlin estimates that these events will reduce its forecast 2008 profit after tax by approximately £45m.

New World Resources has accepted the offer made by its majority shareholder, RPG Industries SE, to acquire all of RPGI's shares in Ferrexpo, representing an ownership holding of 25% plus one share in Ferrexpo subject to shareholder approval and certain customary conditions. The shares will be purchased at a price of 86p per share, a total cash consideration of £126.6m.

William Hill said that total gross win increased by 9% in the 15 weeks ended 14th October 2008. The Board remains comfortable with market expectations for the Group.

Friday 17th October

Yesterday the FTSE 350 Index closed down 5.3% at 2006.9.

Bunzl said that trading has been consistent with expectations at the time of the interim results announced in August.

WPP Group has agreed to to acquire a 33% stake in Smollan Holdings Limited.

DS Smith released a pre-close trading update in which it said that overall trading performance in the first half of the financial year has been broadly in line with expectations. The Board expects robust performance in 2008/09, despite the level of demand in the markets and the trends in input costs. The priority remains to enforce tight operational discipline, focusing particularly on operating cash generation.

The Rank Group saw Group revenue decline by 8% on a like-for-like basis for the 41 week period to 12th October 2008. The Board remains positive about the outlook for the Company.

Inchape said that Group sales were down 1% in like-for-like terms in the nine months ended 30th September 2008, with operating margin in line with the previous year at 4.8%. Trading conditions are expected to remain difficult for the rest of 2008 and throughout 2009. As a consequence the underlying results for 2008 are expected to be below the consensus and for 2009 to be significantly below previous expectations.

UK Coal announced that third quarter production from all mining operations was 1.8m tonnes, making year-to-date output of 5.5m tonnes, compared to an output of 6.1m tonnes for the same period the previous year. Output in the third quarter, and in particular in September, was behind original expectations for all four deep mining operations, for unconnected reasons, with the surface mining operations being affected by wet weather. Full year sales are expected to be around 8m tonnes compared the the previous expectations of 8.7m tonnes. The changes in the production outlook for the year, coupled with the market price for coal, mean that overall results for the year are expected to be significantly below previous expectations.

Thursday 16th October

Yesterday the FTSE 350 Index closed at 2119.68, a fall of 6.95%.

TUI Travel has said that following the disposal of Hapag-Lloyd AG at an enterprise value of e4.45b, it has no intention to make an offer for the outstanding shares in TTP which it does not already own.

AVEVA Group expects the Group's interim results for the six months ended 30th September to show strong growth over the same prior year period. The Board is confident that the Group is on track to achieve results for the current year towards the top end of current analyst forecasts.

Rathbone Brothers reported that operating income from continuing operations increased 0.7% to £102.5m in the nine months ended 30th September 2008 compared to £101.8m in the comparable period in 2007. Funds under management stood at £9.9b as at 30th September 2008, down 5.7% from £10.5b as at 30th June 2008.

Britvic today reported a strong trading performance in the 52 weeks to 28th September 2008, with revenue growth of 29.3% to £926.5m. Earnings for the year are expected to be in line with expectations.

Ashmore Group saw assets under management fall 14.7% to $32b in the first quarter ended 30th September 2008.

Travis Perkins said Group turnover for the nine months to the end of September was up 3.3% compared to the equivalent period in 2007. However, in recent weeks, trading has been below earlier expectations with both the merchanting and retailing businesses experiencing more difficult conditions. Therefore, profits before tax and non-recurring charges is expected to be at the low end of analysts' expectations.

Eaga said that trading in the year to date has been in line with expectations.

Aggreko released an interim management statement in which it said that trading in the third quarter of the year has been stronger than expected, with total Group revenue in the three months to 30th September 2008 growing by 39%, and by 30% in constant currency. Overall, performance for the full year is expected to exceed current market expectations with profit before tax likely to be at least 50% higher than last year.

Wednesday 15th October

Yesterday the FTSE 350 Index closed up 2.9% at 2278.1.

Pearson continued to perform well in the third quarter with sales up 8% and operating profit up 11% for the first nine months (at constant exchange rates). Trading has been in line with expectations with full year adjusted EPS expected to be towards to top end of current market estimates.

Marston's said that trading has been resilient in difficult market conditions. Earnings before exceptional items for the year ended 4th October 2008 are expected to be in line with expectations, after benefiting from a slightly reduced tax charge.

BAE Systems reported that trading has been consistent with management expectations for the period from 1st July 2008 to 14th October 2008. Preliminary results for the year ended 31st December will be announced on 19th February 2009.

Experian saw acceleration in second quarter growth to give good overall growth in the first half of the year. Total revenue growth for the first half was 13%. The half-yearly report will be released on the 19th November 2008.

BlueBay Asset Management announced that at 30th September assets under management amounted to $20.5b, an increase of 3.2% since 30th June 2008.

Autonomy Corporation released record third quarter results ahead of expectations, with the highest revenues and profits in Autonomy's history. Revenue in the third quarter was up $127m, compared to $89.6m the previous year. Profit before tax increased by almost $30m to $53.7m, with gross profit margin up 7% to 92%.

Ferrexpo said that in the third quarter total pellet production increased by 12.4% compared to the same period last year, with the volume of total ore mined in the quarter stable. The Board remains hopeful that the Group's performance in 2008 will be broadly in line with previous guidance.

Tuesday 14th October

Yesterday the FTSE 350 Index closed at 2213, a rise of 7.7%.

Burberry Group reported that total revenue increased by 13% for the six months ended 30th September 2008. Trading conditions in the third quarter are expected to be volatile and uncertain.

Bellway completed the sales of 6,556 homes in the year ended 31st July 2008, compared to 7,636 in 2007. Profit before tax and exceptional items was around £70m lower than the previous year at £165.7m. A final dividend of 6p has been proposed making a total dividend for the year of 24.1p, 56% of last year's payment.

Connaught delivered record results with strong revenue and profit growth for the 12 months to 31st August 2008. Revenue was up 40% to £553m while profit before tax was up 73% to £35.9m. The dividend has been increased by 20% to 2.23p.

Whitbread reported that group like-for-like sales were up 7% in the six months to 28th August 2008. The interim dividend has been increased by 6.0% to 9.65p.

SABMiller said that financial performance for the first six months of the year was in line with the Group's expectations.

SSL International saw sales in the six months ended 30th September 2008 increase 22% to over £320m. The Board is confident in attaining it's target of double digit operating profit growth for the full financial year.

Monday 13th October

On Friday the FTSE 350 fell 8.4%, closing at 2055.23.

Spirent Communications announced that the tender offer has been withdrawn and a new offer has been announced. The new tender offer proposes to purchase up to £25m of ordinary shares in the Company compared to £50m in the previous offer. The terms of the offer will be largely the same.

Barclays has said that following discussions with the FSA and HM Treasury the banks is well capitalised, profitable and has access to the liquidity required to support its business. However, taking into account the new higher capital targets which the FSA has set for all UK banks, the Board has determined that it will raise in excess of £6.5b of Tier 1 Capital which would result in a pro forma Tier 1 capital ratio as at 30th June 2008 of over 11%. The Board expects that the additional capital will be raised from investors without calling on the Government funding which has been offered to the UK Banks. The Company will raise over £6b through the issue of new shares: £3b by 31st December 2008, £0.6b as announced on 17th September as part of the acquisition of Lehman Brothers assets, and a further £3b as soon as practicable after announcement of the full year 2008 results. Finally, in light of the new capital ratios agreed with the FSA and in recognition of the need to maximise capital resources in the current economic climate, the Board of Barclays has concluded that it would not be appropriate to recommend the payment of a final dividend for 2008. This dividend, amounting to c£2bn, would otherwise have been payable in April 2009. The intention is to resume dividend payments in the second half of 2009.  

Premier Foods has confirmed, in response to recent media speculation, that it continues to examine ways of accelerating the reduction of Group debt. In recent months, the group has been approached by several parties with proposals in line with this stated priority.  The group is examining these proposals amongst other options and a further statement will be made as and when appropriate.  In the meantime trading continues to be broadly in line with expectations.

Royal Bank of Scotland has announced a £20b capital raising. The Company will offer ordinary shares to raise £15b of core Tier 1 capital. The offer will be underwritten by HM Treasury at a fixed price of 65.5p per share. In addition, HM Treasury will subscribe for £5b of preference shares, further increasing RBS's Tier 1 capital ratio. No dividend will be paid on ordinary shares until the Preference Shares have been repaid. It is the Board's intention to repay the preference shares as soon as possible. Results for the second half of the year are expected to be below expectations of the Board at the time of the interim statement.

Lloyds TSB has announced revised terms for the acquisition of HBOS and the raising of £5.5b of new capital. The revised terms agreed with HBOS are that HBOS shareholders will receive 0.605 Lloyds TSB shares for every 1 HBOS share. At the same time, an offer will also be made to HM Treasury to exchange HM Treasury preference shares in HBOS for equivalent preference shares in Lloyds TSB.  In addition, £17 billion of capital will be raised, of which £11.5 billion (£8.5 billion in ordinary shares and £3 billion in preference shares) will be raised by HBOS and £5.5 billion (£4.5 billion in ordinary shares and £1 billion in preference shares) by Lloyds TSB. No dividend will be paid on ordinary shares whilst any of the preference shares remain outstanding.

HBOS has announced the proposed placing of £8.5b or ordinary shares with the UK Government at 113.6p per share. In addition, HBOS will place £3b of preference shares with the UK Government. Under the terms of the preference shares, no dividend can be paid on ordinary shares whilst any preference shares issued to HM Treasury remain outstanding.

Banco Santander has agreed to inject £1b into its UK subsidiary Abbey National, fulfilling its agreed commitment to the UK government's banking support scheme. As previously announced, Santander does not intend to use the UK government's recapitalisation initiative with government funds.

Friday 10th October

Yesterday the FTSE 350 Index closed down 1.1% at 2244.72.

Petrofac said that trading performance for the year to date has been in line with expectations. Cash balances at the end of September were in excess of $650m.

Admiral Group announced that it is on track to hit or exceed analysts' consensus profit estimates for 2008. In the year-to-date turnover is up 13% to £718m with the number of customers increased by 17% to 1.71m.

RPS Group has acquired Paras for a maximum total consideration of £6.4m.

Renishaw saw revenue increase by 24% to £53.0m for the first 3 months of the current financial year. Unaudited profit before tax amounted to £9.8m, compared with £5.6m last year. The Board remains confident of the Company's prospects for the current year.

Thursday 9th October

Yesterday the FTSE 350 Index closed at 2269.64, a fall of 4.9%.

W H Smith released preliminary results for the year ended 31st August 2008 in which it reported that total Group profit before tax was £76m, unchanged from the previous year. Group total like-for-like sales was down 2% while gross margin has improved by 120 basis points year-on-year. A final dividend of 9.7p has been proposed, up 20% on the prior year. This makes a full year dividend of 14.3p, up 21% on the previous year.

Carillion said that the outlook for the Group remains unchanged with strong progress expected in 2008.

Greggs saw like-for-like sales growth of 3.9% in the 16 weeks to 4th October 2008. As a consequence of slower sales growth and temporary margin impact from higher costs, expected operating profit for the current financial year has been reduced by £3m.

Spirent Communications said that trading for the period since 29th June 2008 is in line with the Board's expectations.

Weir Group said that the Company has continued to perform strongly in the third quarter, with good growth in input, revenue and profit. The Board are confident in the full year outlook for the Company and expect an increase in profit from continuing operations before tax, intangibles amortisation and exceptional items to around £170m.

Southern Cross Healthcare Group expects the full year adjusted EBITDA to be consistent with previous guidance.

Wednesday 8th October

Yesterday the FTSE 350 Index closed up 0.2% at 2387.3.

Grainger expects total sales from its core and retirement solutions portfolio to amount to approximately £168m in the twelve month period to 30th September 2008, an increase of 17.5% over the previous year. As a result of lower margins, the volume increase will produce trading profits much in line with 2007. Acquisitions for the year have been substantially lower and amount to around £122m compared to £403m in 2007.

Speedy Hire has said that whilst current trading remains satisfactory, the forward outlook has become unusually difficult to forecast. Revenue for the first half is expected to be up approximately 22% on the comparative period last year, assisted by the £115m Hewden Tools acquisition. First half profit before tax is expected to be broadly in line with the prior year period.

The Government has announced that it is bringing forward measures to ensure the stability of the financial system and to protect ordinary savers, depositors, businesses and borrowers. The Bank of England will make at least £200b available to banks under the Special Liquidity Scheme. Until markets stabilise, the Bank will continue to conduct auctions to lend sterling for three months, and also US dollars for one week, against extended collateral.

In addition the Government is establishing a facility, which will make available Tier 1 capital in appropriate form (expected to be preference shares or PIBS) to eligible institutions. The institutions have committed to the Government that they will increase their Tier 1 capital by £25b by the end of the year. In addition to this, the Government stands ready to provide an incremental minimum of £25bn of further support for all eligible institutions, in the form of preference shares, PIBS or, at the request of an eligible institution, as assistance to an ordinary equity fund-raising. The amount to be issued per institution will be finalised following detailed discussions. If the Government is to provide the capital, the issue will carry terms and conditions that appropriately reflect the financial commitment being made by the taxpayer. In reaching agreement on capital investment the Government will need to take into account dividend policies and executive compensation practices and will require a full commitment to support lending to small businesses and home buyers.

Finally, the Government has made a commitment to take decisive action that will reopen the market for medium term funding for eligible institutions that raise appropriate amounts of Tier 1 capital. Specifically the Government will make available, for an interim period as agreed and on appropriate commercial terms, a Government guarantee of new short and medium term debt issuance to assist in refinancing maturing, wholesale funding obligations as they fall due. Subject to further discussion with eligible institutions, the proposal envisages the issue of senior unsecured debt instruments of varying terms of up to 36 months, in any of sterling, US dollars or Euros. The current expectation is that the guarantee would be issued out of a specifically designated Government-backed English incorporated company. The Government expects the take-up of the guarantee to be of the order of £250bn, and will keep this under review alongside ongoing monitoring of capital positions and lending volumes.

Lloyds TSB, Barclays and Royal Bank of Scotland have all welcomed the package of measures the Government announced this morning. Although HSBC said that it too welcomed the governments proposals, it has no current plans to utilise the recapitalisation initiative and will ensure that the bank continues to be appropriately capitalised, funded from the Group's internal resources.

Tuesday 7th October

Yesterday the FTSE 350 Index closed at 2381.66, a fall of 7.7%.

Carillion has secured two further contracts in the education sector worth in the region of £100m.

Chemring Group has conditionally agreed to acquire the entire issued stock capital of Non-Intrusive Technology for an initial cash consideration of $30m and a deferred contingent consideration of up to $10m.

British Energy said that total output for the six months ended 28th September 2008 was 22.7TWh, in line with management expectations, compared to 30.7TWh in the comparable year last year.

Kazakhyms has announced that it has signed a memorandum of understanding with Samruk-Energy JSC in which they agree to consider entering into a strategic partnership and joint ownership of the Kazakhyms Power Division.

Victrex released a trading update for the year ended 30th September 2008 in which it reported sales volume for the year grew by 5% to approximately 2,625 tonnes. Overall, profits are expected to be in line with market expectations.

Mouchel Group reported revenue growth of 46%, increasing sales to £656.7m for the year ended 31st July 2008. Underlying profit was up 27% to £41.7m. The total dividend for the year is 6.1p, compared to 5.0p for the previous year.

Michael Page International said that third quarter gross profit was up 14.6% to £141.4m, although UK gross profit was 8.3% lower at £44.9m. During the quarter Group headcount decreased by 84 to 5,452.

N Brown Group saw revenue increase by 12.6% to £322.8m in the 26 weeks to 30th August 2008. Profit before tax was up 19.6% to £40.8m. The interim dividend has been increase by 4.9% to 2.78p.

Yell has announced that it has successfully amended its future covenant levels with its lenders. The revised leverage and interest cover covenants have been set to give Yell 20% headroom against its forecasts. In consideration of this, the interest rate on the facilities will rise by 1% and a one-off amendment fee of 0.5% will be paid to consenting lenders.

Monday 6th October

On Friday the FTSE 350 Index closed up 2.0% at 2580.1.

Aegis Group has acquired Clownfish for an undisclosed amount.

W S Atkins has acquired MG Bennett & Associates Ltd from its founder shareholders for a cash consideration of £2.5m.

Xchanging has agreed to acquire 75% of the fully diluted share capital of Cambridge Solutions for a consideration of approximately £83m, comprising £45m in cash and the issue of 15,249,998 new Xchanging shares.

Friday 3rd October

Yesterday the FTSE 350 Index closed at 2,528.85, fall of 1.5%.

Filtrona has purchased Lendell Manufacturing for $35m

Thursday 2nd October

Yesterday the FTSE 350 Index closed up 1.1% at 2567.49.

Halfords Group released a trading update for the second quarter to 26th September 2008. Like-for-like sales were down by 0.5%. The Board remains confident that the business will deliver half-year profits in line with expectations.

Marks and Spencer Group reported that total group sales were up 0.4% in the second quarter of the year. UK like-for-like sales were down 6.1% with general merchandise down 6.4% and food down 5.9% while online sales were up 34% and international sales up 24.2%. Operating cost growth for the full year is expected to be in the range of 4-5%, compare to the previous guidance of 7%. Capital expenditure is expected to be £100m lower than the previous guidance of £800-900m. Interim results will be released on the 4th November 2008.

Wednesday 1st October

Yesterday the FTSE 350 closed up 1.7% at 2540.45

St Modwen Props released an interim management statement for period ending30th September 2008. They said that despite difficulties in the market they continue to operate profitably and to transact business.

British Am. Tobacco announces their scheduled closed period share buy-back from 1 October to 20 October 2008. The shares will be held in treasury and no dividends will be paid on them. The company confirms that it currently has no unpublished price sensitive information.

EMED Mining Public released a statement that it and its subsidiaries have entered into various arrangements in relation to the ownership and acquisition structure of Protyecto Rio Tinto, the Rio Tinto mine.The company has agreed to issue 39m ordinary shares. The board believes that Rio Tinto will be the largest employer into he area.

Xtrata announced that they have no intention to make an offer for Lonmin.This comes after they announced a possible offer on the 6th August. Xtrata concluded the current unprecedented uncertainty in the financial markets and the requirements in the proposed financing terms.

Spectris has signed an agreement to acquire the LDS Test and Measurement business from SPX Corporation. The Chief Executive commented that the acquisition is in line with their key strategic growth areas and is an excellent fit with their existing businesses in the Test and Measurement segment.

Cable and Wireless Holdco declared an offer for THUS Group on 19th September, unconditional as to acceptances. C&W today announced the outstanding conditions have been satisfied or waived and declared they will consolidate the financial results of THUS from today.The offer remains open until further notice and at least 14 days' notice will be given if C&W Holdco decides to close the offer.

Tuesday 30th September

Yesterday the FTSE 350 closed down 5.4% at 2498.62

Game Group released interim results for the six months ended 31 July. The interim dividend per share was 1.79p, up 0.3p from previous six months.

Ceres Power Holdings released final results for the year ended 30 June 2008. Revenue for the period was £0.7m with an operating loss of £6.3m.

Deutsche Land has reported unaudited results for the six month period ended 30 June 2008. Basic net asset value per share down 0.6%. To conserve cash resources no interim dividend is being paid.

Tesco report interim results for 26 weeks ended 23 August 2008. Group Sales were 28.1bn a comparable growth of 14.1%. Dividend per share is 3.57p, a comparable growth of 11.6% with last years figure of 3.20p.The interim dividend will be paid on 19 December 2008.

Monday 29th September

On Friday the FTSE 350 closed at down 2% at 2640.24

Cobham complete purchase of M/A-COM, a global leader in microwave systems for US $425m.

HSBC completes open offer for public shares of IL&FS Investment Limited (Investsmart), a leading Indian brokerage. HSBC has accepted the maximum shares giving them 20.65% of Investsmart's capital.

CBG announced their preliminary results for the year ended 31 July 2008. Their profit before tax was £127.5m and basic earnings per share was 61.5p. The board is recommending a final dividend of 25.5p per share which gives a total ordinary dividend of 39p per share payable on 14 November 2008.

HM Treasury released a statement regarding Bradford and Bingley that under the Banking (Special Provisions) Act 2008, Bradford and Bingley's UK and Isle of Man retail deposit business along with its branch network has been transferred to Abbey National following a competitive auction process for this part of the business conducted by Morgan Stanley on behalf of HM Treasury. This action protects savers' money by transferring their money to Abbey. Bradford and Bingley's branches, call centre's and internet operations will be open for business as usual to provide continuity of service to customers. The remaining assets and liabilities will be taken into public ownership through the transfer to the Treasury of the company's shares.

HM Treasury stated the Financial Services Compensation Scheme has been triggered following the failure of Bradford and Bingley to meet its regulatory requirements and its declaration of default by the FSA, prior to the making of the transfer order. Under the transfer order the FSCS has paid out approximately £14bn to enable retail deposits held in B&B and covered by the FSCS to be transferred to Abbey Santander.The FSCS has financed its payout through a short-term loan from the Bank of England, which is intended to be replaced with a loan from the Government after a short period of time.

Banco Santander, £612m acquisition of Bradford and Bingley's direct channels and retail deposits including the transfer of £208m of capital relating to offshore companies. Upon completion of the transfer Santander's UK market share of retail deposits will increase to around 10% and the combined business will also have a customer base of 24m.

Friday 26th September

Yesterday the FTSE 350 Index closed up 1.8% at 2692.9.

London Stock Exchange Group said that overall trading performance remains good, despite a backdrop of testing market conditions. Since the start of the financial year the Company has bought back £51.5m shares. Interim results for the six months ended 30th September 2008 will be released on the 13th November 2008.

JJB Sports saw revenue decrease by 5.6% to £344.7m in the 26 weeks to 27th July 2008, impacted by a net reduction in the store portfolio. The Board has taken the decision not to pay an interim dividend. The Board believes that payment of a dividend does not represent an appropriate balance between providing a return to shareholders and preserving the financial flexibility necessary to support the plans and ongoing development of the business over both the short and longer term.

Thursday 25th September

Yesterday the FTSE 350 Index closed down 0.76% at 2648.65.

Wincanton said that it expects performance in the remainder of the financial year to continue to be in line with management expectations. Interim results for the six months ended 30th September will be announced on 6th November 2008.

3i Group said that investment and realisations have been broadly balanced so far this year, in line with expectations. Interim results for the six months ended 30th September 2008 will be announced on the 6th November 2008.

Wednesday 24th September

Yesterday the FTSE 350 Index closed at 2668.97, a fall of 2.1%.

Man Group has said that it does not expect that there will be any material impact for the funds or the Group from counter party exposure to Lehman Brothers or AIG.

Imperial Tobacco has confirmed that overall performance for the financial year to 30th September 2008 remains in line with management's expectations and the trading trends outlined in the interim management statement.

Smiths Group has reported strong growth in sales and profits in preliminary results for the year ended 31st July 2008. Group sales were up 6% to £2,321m while pre-tax profit was up 8% to £380m. The total dividend for the year has been maintained at 34p.

Vedanta Resources has decided not to pursue the proposed group restructuring in view of the recent changes in global financial markets and investor feedback.

EDF has agreed to buy British Energy for 774p per share, valuing the Company at around £12.5b.

Tuesday 23rd September

Yesterday the FTSE 350 Index closed down 1.6% at 2762.2.

Gem Diamonds has acquired Calibrated Diamonds for $5.9m.

Mitchells & Butlers reported that same outlet like-for-like sales were up 1.3% in the nine weeks to 20th September. Earnings for the year, before exceptional items, is expected to be in line with the Board's expectations.

Monday 22nd September

On Friday the FTSE 350 Index closed up 8.7% at 2769.4.

International Ferro Metals announced record earnings, a maiden dividend and significant resource upgrades in annual results for the year ended 30th June 2008. Revenue increased 944% to ZAR1.9b (£131m) whilst the balance sheet remains strong with £61m of cash and no debt. A maiden dividend of 1p has been declared. Strong cash flows have resulted in the Board's decision to evaluate the benefits of utilising part of the Company's existing cash resources to acquire its shares in the market. At present, however, there is no commitment to buy-back shares.

Wolseley said that revenue was up 2.0% to £16,549m for the year ended 31st July 2008. Group profit before tax was 77% lower at £145m. During the year 270 branches have been closed and headcount has been reduced by 7,100 which has contributed to cost savings of £47m per year. However, exceptional restructuring charges of £76m were incurred. No final dividend is to be paid which will conserve £150m of cash.

Gem Diamonds has announced the recovery of the 20th largest rough diamond in history, weighing 478 carats, from the Letseng Mine in Lesotho. It was determined to be a type II D colour diamond, the highest colour grading available for a white diamond. Furthermore the diamond is of outstanding clarity with no inclusions visible in its rough form.  

Friday 19th September

Yesterday the FTSE 350 Index closed down 0.5% at 2547.8.

Lloyds TSB has announced a placing of up to 5% of its issued share capital. The number of placing share and the placing price will be decided at the close of the book building period. The book will open with immediate effect.

The FSA has introduced a new provision to the code of Market Conduct to prohibit the active creation or increase of net short positions in publicly quoted financial companies from midnight tonight. In addition, the FSA will require from Tuesday 23 September daily disclosure of all net short positions in excess of 0.25 per cent of the ordinary share capital of the relevant companies held at market close on the previous working day. The FSA stands ready to extend this approach to other sectors if it judges it to be necessary.

HSBC has signed an agreement to dispose of its entire stake of 126,999,000 shares, equivalent to 18.68% of the total issued share capital, in Financiera Independcia S.A.B. The total consideration payable to HSBC will be MXP1,568m ($145m).

Providence Equity Partners, The Carlyle Group and The Blackstone Group have decided to withdraw its proposed offer for Informa.

RPS Group has acquired Mountainheath Services for a maximum total consideration for £1.9m, payable in cash.

Thursday 18th September

Yesterday the FTSE 350 Index closed at 2561.4, a fall of 2.1%.

Lloyds TSB is to acquire HBOS on the basis of 0.83 Lloyds TSB share for every one HBOS share. The final dividend of the new company will be paid in shares. In the future the company will pay out 40% of its underlying earnings.

Investec announced that current conditions are not conducive to growth. However, it expects profits for the current year will be in line with the previous year.

Kingfisher has halved its interim divided to 1.92p. It reported an adjusted post-tax profit of £146m for the period, up from £126m.

Chemring reported that its prospects are strong.

Kier Group announced a 10% increase in its dividend for the year to end June to 55p. Underlying pre-tax profits were £89.2m, up from £79.6m. It said a record order book for Construction and Support Services gave it good forward visibility.

Blue Bay Asset Management is proposing a total dividend payment of 8p for the year to end June, up from 6p the year before.

Wednesday 17th September

Yesterday the FTSE 350 Index closed at 2616.8, a fall of 3.4%.

Barclays has agreed to buy the US investment banking business of Lehman for £140m and the US HQ for market value. In addition certain shareholders have agreed to provide a further $1b of equity.

The FSA has stated it is satisfied with the capital position of HBOS.

easyJet announced that its outlook for the year to end September is unchanged at an estimated pre tax profit of £110m.

Morson has announced an interim dividend of 2p, an increase of 5.3% on last year.

Inchcape has sold five of its six Volvo franchised dealers for £3m in cash and retained ownership of the properties.

Great Portland Estates announced that its 50:50 joint venture with Scottish Widows has sold 180 Great Portland Street for £79.5m, 4% less than its June 2008 valuation.

Tuesday 16th September

Yesterday the FTSE 350 Index closed at 2709.8, a fall of 3.8%.

Ashmore Group reported that assets under management were $37.5b at 30th June 2008, up 19% in the year. Net management fees were 44% higher at £182m while profit before tax of £196.2m was up 49%. A final dividend of 8.34p has been declared, making a total dividend for the year of 12.0p compared to 9.0p the previous year.

Debenhams released a trading update in which it said that like-for-like sales were down by 0.9% for the year while gross margin was flat on last year. Profit before tax for the year and the net debt position at year end are both expected to be in line with market consensus.

Northgate said that as a result of the deteriorating economic environment the used vehicle market has experienced a sharp decline, with reductions in residual values of between 5% and 10%. The Company has also announced that it has successfully renewed and re-profiled the majority of its banking facilities. The trading outlook for the current year is lower than the Board's previous expectations.

De La Rue said that performance for the second quarter and the first half year has been in line with the Board's expectations. As previously announced the Company proposes to return approximately £460m of capital to shareholders, equivalent to 305p per share. The capital will be returned through a B share scheme accompanied by a share consolidation.

Connaught announced the acquisition of two compliance businesses, MSF Ltd and Lowe Group Ltd, for a combined net cost, in cash, of £14m.

Standard Life has made a recommended cash offer for the entire issued and to be issued share capital of Vebnet. The offer will be made at a price of 260p in cash for each Vebnet share, valuing the entire existing issued share capital of Vebnet at approximately £24.2m.

Barclays has confirmed that it is discussing with Lehman Brothers the possible acquisition of certain Lehman Brothers assets on terms that would be attractive to Barclays shareholders. There can be no assurance that the discussions will result in an agreement. A further announcement will be made in due course.

Adecco S.A. has said that it is no longer considering making an offer for Michael Page International.

Monday 15th September

Yesterday the FTSE 350 Index closed up 1.76% at 2817.1.

Spirent Communications previously announced that it intends to return up to £50m of capital to shareholders by way of on-market share repurchases or a tender offer. Spirent today confirmed that this will be effected by way of a tender offer, in the range of 70p to 85p and in increments of 1p only. The tender is being structured using a strike price mechanism where all successfully tendered shares will be acquired at the strike price.

Friday 12th September

Yesterday the FTSE 350 Index closed at 2768.3, a decline of 0.9%

Maintel Holdings declared an interim dividend of 2.5p, the same as last year.

Thursday 11th September

Yesterday the FTSE 350 Index closed at 2793.7, a fall of 1%.

Morrison Supermarkets reported an interim profit before tax of £309m and declared an interim dividend of 0.8p a share, up 18% on last year.The company says it is well set to meet its target of growing sales ahead of the market this year.

Home Retail said the performance of Argos and Homebase reflect the difficult consumer environment. However, it said benchmark profits for the interim period should be in line with expectations.

Bateman Engineering announced that its full year dividend is maintained at 4.79p after reporting a profit for the year of $16.3m.

 

Wednesday 10th September

Yesterday the FTSE 350 Index closed at 2822.9, a fall of 1.7%

Sports Direct reported that trading conditions have not improved since it last reported.

Kesa reported that sales had risen 14.4% in the last 3 months, but fallen 4.7% on a like for like basis. It said trading conditions had deteriorated in all markets, especially the UK.

Town Centre Securities announced a final dividend of 5.4p, the same as last year, making the full dividend of 8.15p up from 7.5p. It said it faced challenging times and its property valuations were down 15.7%.

Barratt Development reported final results of a net profit of £86.4m and said there was little prospect of an improvement in the housing market. It is not paying a final dividend and said its net debt was £1,652m.

Next declared an interim dividend of 18p, the same as last year, and said conditions are set to remain tough. It repurchased 1.8% of its shares at a cost of £52m at an average price of 1379p.

Old Mutual announced it would take a charge equivalent to 2.9p a share as a result of increased capital requirements from a rising dollar and impairments arising from the corporate restructure of Fannie Mae and Freddie Mac.

Thursday 4th September

Yesterday the FTSE 350 Index closed down 2.11% at 2870.3.

Whitbread today reported a continuation of its positive start to the year with total like-for-like sales up 7.0% for the 24 weeks to 14th August 2008. The Company will announce its half year results on 14th October 2008.

Providence Equity Partners and The Carlyle Group note the recent press speculation regarding the composition of a consortium in which they are currently participating in connection with a possible acquisition of Informa, and confirm that investment funds advised by Blackstone Management Partners or their affiliates are also participating in the Consortium. For the avoidance of doubt, Hellman & Friedman is no longer part of the Consortium at the current time and accordingly the Consortium members are currently Providence, Carlyle and Blackstone.  Hellman & Friedman reserves the right to participate in the Consortium or to make an offer for Informa in the event (a) of a material change of circumstances (b) that any offer by the Consortium for Informa lapses or is withdrawn (c) that a third party announces an intention to make an offer for Informa or (d) that the board or independent directors of Informa otherwise consents. There can be no certainty that an offer will be made, nor the terms on which any offer would be made.

Southern Cross Healthcare Group has announced the sale and long-term leaseback of the freehold interests of a further seven care homes. The homes have been acquired by three separate companies, Kirkhollow Limited, Keybank Limited and Kenplaid Limited, for a total cash consideration of £20.7m.

Smiths Group has sold an eight acre former operational site it Basingstoke, Hampshire for £16m.

Wednesday 3rd September

Yesterday the FTSE 350 Index closed at 2899.6, a fall of around 0.6%.

Punch Taverns completed its 53 week financial year on 23 August 2008 and expects to announce full year results on Tuesday, 4 November 2008. In the leased estate, comprising 7,560 pubs as at 23 August 2008, like for like pub contribution is down 3.4% over the year to 23 August 2008, this compares to a decline of 3.4% reported for the 44 weeks to 21 June 2008. The Board considers it prudent not to propose a final dividend for the year end 23 August 2008.

Smith (DS) released an interim management statement in respect of the period since 1 May 2008.Overall trading in the first quarter has been in line with management's expectations. The Group's total operating result in the quarter was also in line with that of the same period in the previous year. The board state the operating performance is being impacted by slowing demand and higher input costs, particularly in their UK businesses and the effect of this has been offset by better results from their continental European businesses.

DSG International released an interim management statement for the 16 weeks ended 23 August 2008. Total Group sales up 4% in sterling, down 2% in local currency and like for like sales down 7%. Gross margins across the Group were down 0.75% year on year. A £50m cost reduction programme has been delivered and additional cost savings targeted at £25m this year.

Tuesday 2nd September

Yesterday the FTSE 350 Index closed at 2918.7, a fall of around 0.5%.

Big Yellow Group has announced the signing of a £325m revolving, 5 year core banking facility with HSH Nordbank AG as Sole Arranger and Underwriter.

Eaga released results for the year ended 31st May 2008 in which it reported an increase in revenue of 32% to £639.0m, while EBITDA increased by 22% to £38.0m. A final dividend of 2p has been declared, giving a total dividend for the year of 3p. No dividend was paid the previous year.

Greene King said that market conditions remain challenging as consumer confidence continues to weaken and consumer expenditure continues to contract. In the 16 weeks to 24th August 2008 like-for-like sales were down 1.6%. To date, the company's cashflow performance and balance sheet position remain "healthy" and in line with forecasts. Following the successful debt refinancing, interest rates are 100% fixed and no further refinancing is required until 2012. The Board anticipates meeting its expectations for the year.

Monday 1st September

On Friday the FTSE 350 Index closed up 0.7% at 2933.0.

Ultra Electronics has acquired AudioSoft for an initial consideration of £5m.

Headlam Group reported an increase in revenue of 6.6% to £276m in the six months ended 30th June 2008. Profit before tax was up marginally to £20.9m. The interim dividend has been increased by 4.7% to 5.60p.

Taylor Nelson Sofres has noted the announcement by WPP Group of the low level of acceptances received in relation to its offer announced on 9th July 2008, representing 8.6% of the issued ordinary share capital of TNS. The Board of TNS continues to recommend that TNS shareholders reject the WPP Offer.

Friday 29th August

Yesterday the FTSE 350 Index closed at 2912.5, a rise of 1.34%.

Davis Service Group reported good growth in revenue of 21% to £467.1m for the six months ended 30th June 2008. Profit before tax was down 18% to £29.9m. The interim dividend has been increased by 7% to 6.5p.

Marshalls saw a marginal increase in revenue of 0.6% to £211.1m in the first half of 2008, while profit before tax fell 17.1% to £22.7m. The interim dividend has been maintained at 4.55p.

Petrofac has acquired Caltec Limited for an initial consideration of £15m payable in cash. A further consideration of up to £15m in cash is payable over the next five years dependant on performance.

JKX Oil & Gas released interim results in which it reported an increase in revenue of 38% to $116.8m and an increase in operating profit of 54% to $82.2m. The Board has recommended an increase in the interim dividend of 10% to 2.2p.

PartyGaming saw total revenue increase by $37.4m to $254.8m for the six months ended 30th June 2008, with growth in all product verticals. Trading since 30 June 2008 has been in line with management’s expectations except for poker which continues to be slightly softer than expected. Total gross revenue in the 8 weeks to 25 August 2008 averaged $1.6m per day.

Gem Diamonds announced strong financial results for the first half of the year, supported by rising diamond prices across all top quality goods. Revenue was up 138% to $166.8m, while EBITDA was up 68% to $56.5m. No interim dividend has been declared.

Regus Group reported an increase in revenue of 23.3% to £507.5m in the first six months ended 30th June 2008. Profit before tax increased by 39.0% to £74.4m. The Board has declared a maiden interim dividend of 0.6p.

Melrose saw a slight increase in revenue in the first half of the year of around £5m to £177.7m. Operating profit was £12.3m, compared to £11.3m the previous year. The interim dividend has been increased by 0.25p to 2.75p.

Derwent London announced continued good progress across all areas of its activity, with particular success in its leasing programme and securing of key planning consents. Adjusted NAV per share was 1,637p, a decline of 9.1%. The Company has successfully completed refinancing of the Company's £128m of bank facilities maturing in 2008. The interim dividend has been increased by 8.7% to 8.15p.

Bradford & Bingley announced a loss of £26.7m for the six months ended 30th June 2008. As previously indicated, net interest margin was down to 0.98% in the period. Credit impairment charges for the six months rose to £74.6m, up from £5.3m in the same period last year. Approval was given by shareholders at the EGM on 17th July 2008 for the interim dividend to be paid in shares. The Board has approved an interim dividend amount of £43.4m, currently equivalent to 3.0p per share. Regarding the final 2008 dividend, as previously announced the Board will take a decision closer to the date, taking into account trading and economic conditions at that point.

Dana Petroleum reported record levels of production, profits and cash flow in the first half of the year. Production was up 67% to 43,147 boepd while pre-tax profit increased by 138% to £133.1m. No dividend has been proposed.

Imperial Energy achieved a gross profit of $8.3m for the first time in the first half of 2008. Oil sales increased by 1,494% to $67.5m. As previously reported, Imperial's Directors have now reached agreement with OVL on the terms of a recommended pre-conditional offer for the Company and intend unanimously to recommend shareholders accept the proposed offer, which reflects a premium of 62 per cent to the closing price on July 11 2008. The Board has not recommended the payment of a final dividend.

Thursday 28th Aug