Hammerson NAV up 3%
25/02/08

Hammerson NAV up 3%, Grid to appeal Ofgem fine, AB Foods in line, Stagecoach trading strong, Accuma warns of losses and third parties no longer competing for Biffa.

• AB Foods trading continues in line with expectations; first-half results to show good growth in adjusted operating profit; underlying tax rate will be 25%; Primark like-for-like sales up 4%
• Hammerson net asset value £15.45, up 3%; adjusted pre-tax profit £117.3 million vs £94.5 million, up 24.1%; dividend 27.3p, up 25.9%; net rental income £275.7 million, up 16.1%; confident of future progress despite uncertain market conditions
• Stagecoach trading since end-October strong and at top end of expectations; UK bus like-for-like revenue since end-October up 7.4%; rail up 7.4%; nine months to end-January US like-for-like revenues up 4.2%; 40 weeks to Feb 3 Virgin Rail like-for-like revenues up 12.4%; outlook remains positive
• Minerva first-half property revaluation deficit 14.4%; first-half pre-tax loss before revaluations £6.4 million vs £2.3 million; funding in place for key developments
• Accuma difficult trading conditions in 2007; consumer loan broking division impacted by credit crunch; sees substantial loss for five months to December 31; five months to December 31 results to include significant exceptional costs; sees ebitda loss £2.78 million in five months to December 31; group in much improved position for year ahead after restructure
• Biffa third parties no longer considering competing offer for company; reiterates recommendation of bid from Montagu/Global Infrastructure

• Acambis starts pre-clinical testing of Herpes vaccine
• Ultra Electronics full-year pre-tax profit pre-amortisation up 11% to £61.1 million; revenue up 10% to £412.9 million; operating profit pre-amortisation up 9% to £62.9 million; total dividend 21.2p vs 18.5p
• Tullow Oil finds oil at Odum-1 Ghana; to suspend Ngassa-1 well and re-drill from other location
• Candover Investments to move into Asian market
• CLS Holdings achieves full occupancy at Ingram House in London
• Brammer full-year pre-tax pre-exceptionals and goodwill £15.4 million vs £12 million; sales up 20.8%; final dividend 5.1p vs 4.2p; total 7.2p vs 6p
• China Biodiesel sees full-year results in line with market expectations

• Xchanging full-year adjusted pre-tax profit up 33% to £22.8m million; dividend 2p; to take advantage of BPO market conditions and expand internationally
• Robert Walters full-year pre-tax up 26% to £24.9 million; revenue up 17% to £319.8 million; lifts full-year dividend to 4.70p; despite economic uncertainty company well-placed for coming year; buys 70% interest in China's Talent Spotter for £1.4 million
• Photo-Me International names Simon Poulton interim finance director
• Xstrata full-year coal production 82.8 million tonnes vs 76.5 million; full-year copper output just under one million tonnes, down 2% from year ago; total copper cathode 802.271 tonnes vs 832,768; total mined nickel 52,108 tonnes vs 51,763; coking coal output up 21%
• Ofgem fines National Grid £41.6 million for breach of competition law; National Grid denies anti competitive behaviour and will appeal Ofgem decision

• Waterman first-half statutory pre-tax profit £3.3 million vs £2.3 million; confident of performing in line with its expectations
• Bunzl full-year adjusted pre-tax £215.5 million vs £209.6 million; total dividend up 10% to 18.7p; confident business will continue to grow successfully; completed acquisitions in Brazil, Germany and Northern Ireland
• Northacre over £100 million sales revenue secured on the Lancasters; fee income for operating subsidiaries in line with expectations; confident will maintain further growth in business activity
• Commoditrade sees full-year pre-tax profit £16 million; volatility and liquidity improving in current year
• Vedanta Resources' Hindustan Zinc raises zinc and lead prices
• BHP Billiton says 3.7-4.6 million tonnes of Australia coal output has been hit by heavy rains