<?xml version="1.0" encoding="utf-8"?>
<rss version="2.0"
    xmlns:dc="http://purl.org/dc/elements/1.1/"
    xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
    xmlns:admin="http://webns.net/mvcb/"
    xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#"
    xmlns:content="http://purl.org/rss/1.0/modules/content/">

    <channel>
    
    <title>Edison Investment Research &#45; recent research</title>
    <link>http://www.edisoninvestmentresearch.co.uk</link>
    
    <dc:language>en</dc:language>
    <dc:rights>Copyright 2012</dc:rights>
    <dc:date>2012-02-08</dc:date>



    <item>
      <title>Thales &#45; A tricky year navigated</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/thales</link>
      <headline>A tricky year navigated</headline>
      <description>Edison Investment Research - <![CDATA[Aerospace & Defence - Thales: Thales&#8217; full year revenues and order intake aptly demonstrate the dichotomy of defence spending pressures and a buoyant civil aerospace market. With its balance of businesses, the flat organic revenues and book to bill ratio of over 1x show that where others with defence exposure are struggling, Thales is holding up, reflecting its combination of niche electronics exposure and diversified geographic spread. While uncertainty continues in Europe and the US, Thales&#8217; Probasis restructuring plan is generating efficiencies that should allow the 2011 target EBIT margin of 5% to be met. <br />ISIN: FR0000121329]]></description>
      <dc:date>2012-02-08T12:13:12+00:00</dc:date>
    </item>


    <item>
      <title>Helius Energy &#45; FY11 in line</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/helius-energy</link>
      <headline>FY11 in line</headline>
      <description>Edison Investment Research - <![CDATA[Alternative Energy - Helius Energy: 2011 was a year in which Helius reshaped its business, reducing costs and strengthening the balance sheet. 2012 should see a move towards commercial operation of Rothes and the financial close of Avonmouth. If Helius successfully generates a profit relating to development fees from Avonmouth, it could translate into significant upside for the shares as this is not being valued by the market. <br />ISIN: GB00B1GF9F36]]></description>
      <dc:date>2012-02-06T14:06:45+00:00</dc:date>
    </item>


    <item>
      <title>Newmark Security &#45; International potential</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/newmark-security</link>
      <headline>International potential</headline>
      <description>Edison Investment Research - <![CDATA[Industrial Support Services - Newmark Security: Newmark continued to be affected by tough trading conditions in H1 but sees scope for a stronger second half. The long-awaited SATEON has been launched and has won its first competitive tender, and the new Grosvenor subsidiary in the US has developed partnerships with key customers, paving the way for stronger sales in FY13. A sustained revenue recovery will be the trigger for share price appreciation. <br />ISIN: GB0006596406]]></description>
      <dc:date>2012-02-03T09:22:38+00:00</dc:date>
    </item>


    <item>
      <title>Walker Greenbank &#45; Amazing year</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Walker-Greenbank</link>
      <headline>Amazing year</headline>
      <description>Edison Investment Research - <![CDATA[General Industrials - Walker Greenbank: Walker Greenbank has experienced an amazing year, with progress in all aspects of group operations despite the severe UK consumer trading climate. The record underlying profits (slightly ahead of City expectations) indicated in the year-end trading statement fully endorse the management strategy of consistent investment in quality of design, colour and, of course, the end product. The shares have performed well since our <a href= <br />ISIN: GB0003061511]]></description>
      <dc:date>2012-02-03T08:39:20+00:00</dc:date>
    </item>


    <item>
      <title>Avon Rubber &#45; Filtering opportunities</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/avon-rubber</link>
      <headline>Filtering opportunities</headline>
      <description>Edison Investment Research - <![CDATA[Aerospace & Defence - Avon Rubber: Avon&#8217;s IMS not only shows that the business continues to deliver despite the wider climate, but that the strategy to expand product lines and end markets is showing through in both divisions. With 2012 mask revenues already covered by orders, Avon is less susceptible to order delays than many, while substantial filter wins and Milk-Rite success secure the long-term future of the business. While a competitor has protested the recent filter contract, we believe this should simply result in a slight delivery delay to the first order, producing a stronger H2 weighting. <br />ISIN: GB0000667013]]></description>
      <dc:date>2012-02-03T08:21:24+00:00</dc:date>
    </item>


    <item>
      <title>Byotrol &#45; Good news beats bad</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Byotrol</link>
      <headline>Good news beats bad</headline>
      <description>Edison Investment Research - <![CDATA[Basic Industries - Byotrol: Byotrol&#8217;s trading update highlights real progress on new key business projects, overshadowing the short-term impact of revenues running some &#163;1m below our earlier projections. While current-year losses will now be above our earlier target, the delays should come as no real surprise in the current consumer trading climate. We do not propose to adjust our revenue target for the year to March 2013 and we remain optimistic that the group will be cash generative in the following year. <br />ISIN: GB00B0999995]]></description>
      <dc:date>2012-02-01T13:03:31+00:00</dc:date>
    </item>


    <item>
      <title>Stobart Group &#45; Moneypenny acquisition</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Stobart-Group</link>
      <headline>Moneypenny acquisition</headline>
      <description>Edison Investment Research - <![CDATA[Industrial Support Services - Stobart Group: Stobart announced its proposed acquisition of the Moneypenny portfolio for &#163;12.35m on 17 January, as expected after the May 2011 equity fund-raising and in line with the corporate strategy. The group also released a trading update stating performance is expected to be in line with expectations. We therefore maintain our current forecasts and will update them on formal completion of the acquisition, which requires shareholder approval due to the related-party nature and sensitivities. <br />ISIN: GB00B03HDJ73]]></description>
      <dc:date>2012-02-01T10:46:55+00:00</dc:date>
    </item>


    <item>
      <title>Fiberweb &#45; Clear value attractions</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/fiberweb</link>
      <headline>Clear value attractions</headline>
      <description>Edison Investment Research - <![CDATA[Basic Industries - Fiberweb: Following a material disposal, the investment proposition is now more clearly growth oriented, although the rating for Fiberweb&#8217;s ongoing businesses is yet to reflect this.  Greater detail on trading and management&#8217;s medium-term aspirations should emerge with FY results but the current rating has clear value attractions. <br />ISIN: GB00B1FMH067]]></description>
      <dc:date>2012-02-01T09:58:05+00:00</dc:date>
    </item>


    <item>
      <title>Powerflute &#45; Savon Sellu delivers</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/powerflute</link>
      <headline>Savon Sellu delivers</headline>
      <description>Edison Investment Research - <![CDATA[Basic Industries - Powerflute: 2011 was a year of solid trading supplemented by a material business disposal, leaving Powerflute with strong net cash. Clearly the company is in a good position to add to its business portfolio, subject to the right opportunity. Ahead of this, the current rating already offers an attractive entry point. <br />ISIN: FI0009015291]]></description>
      <dc:date>2012-01-30T09:13:06+00:00</dc:date>
    </item>


    <item>
      <title>Augean &#45; Performance &amp; promise</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/augean</link>
      <headline>Performance &amp; promise</headline>
      <description>Edison Investment Research - <![CDATA[Industrial Support Services - Augean: Augean&#8217;s pre-close statement has both reassured and excited us. The core underlying performance is in line with expectations despite the economic climate and stiff competition, while the potential volumes in Low Level Waste (LLW) and the progress achieved on other strategic opportunities hint at the step-change to come. In our view, 2011 was a year full of preparation, positioning and restructuring for the future, both in organisational structure and market focus. We believe 2012 will be the year this groundwork begins to translate to a significant potential performance uplift that could well accelerate in the years beyond. <br />ISIN: GB00B02H2F76]]></description>
      <dc:date>2012-01-30T08:35:52+00:00</dc:date>
    </item>


    <item>
      <title>RPC Group &#45; Sustained progress</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/rpc-group</link>
      <headline>Sustained progress</headline>
      <description>Edison Investment Research - <![CDATA[Basic Industries - RPC Group: Q3 profit was well up on levels of a year ago and in line with management expectations as Superfos operations and associated synergies continue to feed in at healthy levels. Small portfolio adjustments are consistent with the increasing emphasis on higher value-added product areas. Such actions, together with ongoing acquisition benefits, should sustain above-market growth and a strong share price performance. <br />ISIN: GB0007197378]]></description>
      <dc:date>2012-01-27T16:07:37+00:00</dc:date>
    </item>


    <item>
      <title>PZ Cussons &#45; All in a lather</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/pz-cussons</link>
      <headline>All in a lather</headline>
      <description>Edison Investment Research - <![CDATA[Basic Industries - PZ Cussons: Management warned that recent civil unrest in Nigeria, though good for the economy in the longer term, is likely to result in performance for the full year towards the bottom end of the range of current expectations. Although mindful of the potential impact on share price if the period of unrest is prolonged, in our opinion the long-term investment case for the stock remains intact. <br />ISIN: GB00B19Z1432]]></description>
      <dc:date>2012-01-27T08:27:02+00:00</dc:date>
    </item>


    <item>
      <title>Lupus Capital &#45; Up to best estimates</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/lupus-capital</link>
      <headline>Up to best estimates</headline>
      <description>Edison Investment Research - <![CDATA[Construction & Building Materials - Lupus Capital: A year end update confirmed that FY11results are expected to be up to best estimates. Evidence of business stability in still delicate building products markets is welcome and reflects ongoing good operational control. We believe that earnings progress is likely in FY12 and possibly to a greater extent if US prospects brighten, which would provide further share price impetus. <br />ISIN: GB00B29H4253]]></description>
      <dc:date>2012-01-24T13:20:31+00:00</dc:date>
    </item>


    <item>
      <title>Augean &#45; A new chapter</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/augean</link>
      <headline>A new chapter</headline>
      <description>Edison Investment Research - <![CDATA[Industrial Support Services - Augean: The Court of Appeal has rejected the challenge of the legal process in Augean&#8217;s Environmental Impact Assessment submitted as part of the decision by the secretary of state to allow acceptance of Low Level Waste (LLW). This is a large positive for Augean and paves the way for it to commence commercial acceptance of such waste after a significant period of voluntary delay by the company, which came even as successive court rulings have been in its favour. Augean has indicated that it will seek to finalise commercial contracts and has demonstrated the acceptance process at the East Northants Resource Management Facility (ENRMF); contributions from this new revenue stream are expected to commence in H112. The focus now turns to Augean&#8217;s ability to deliver on this new market opportunity. <br />ISIN: GB00B02H2F76]]></description>
      <dc:date>2012-01-19T12:41:40+00:00</dc:date>
    </item>


    <item>
      <title>Ilika &#45; Solid, yet exciting</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/ilika</link>
      <headline>Solid, yet exciting</headline>
      <description>Edison Investment Research - <![CDATA[Alternative Energy - Ilika: Ilika&#8217;s interim results are solid and support the company&#8217;s underlying revenue streams. In addition, Ilika has generated the opportunity to monetise one of its joint development projects. By applying jointly-held IP originally developed with Toyota, it is developing a new man-portable battery system for defence applications. Supported with appropriate funding and a suitable manufacturing partner, the potential upside from this project is substantial. <br />ISIN: GB00B608Z994]]></description>
      <dc:date>2012-01-10T08:23:37+00:00</dc:date>
    </item>


    <item>
      <title>Augean &#45; Ready to rubble</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/augean</link>
      <headline>Ready to rubble</headline>
      <description>Edison Investment Research - <![CDATA[Industrial Support Services - Augean: Augean announced this morning that it has received initial consignments of Low Level Waste (LLW) in accordance with its planning permission to demonstrate its operational procedures to regulatory bodies. The final appeal on a narrow point of planning law is due in the week starting 16 January, so there remains a small risk that permission may be withdrawn, but we are encouraged by the feedback from regulatory parties on the protocols. In addition, with discussions continuing with potential customers, initial commercial acceptances could take place in Q112. However, until the final appeal is concluded and contracts begin, our forecasts will not include any LLW contribution. <br />ISIN: GB00B02H2F76]]></description>
      <dc:date>2012-01-05T12:13:05+00:00</dc:date>
    </item>


    <item>
      <title>British Polythene Industries &#45; Ahead at year end</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/British-Polythene-Industries</link>
      <headline>Ahead at year end</headline>
      <description>Edison Investment Research - <![CDATA[Basic Industries - British Polythene Industries: BPI has rounded off its trading year with an update pointing to a PBT outcome slightly above our estimate. At this stage there is no additional guidance for 2012 and we wait to see how the sector mix effects play out in the early part of the year. Although the share price is up by 36% so far this year, on our current estimates there is certainly scope for the rating to expand further. <br />ISIN: GB0007797425]]></description>
      <dc:date>2011-12-20T14:16:26+00:00</dc:date>
    </item>


    <item>
      <title>RPC Group &#45; Robustly profitable</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/rpc-group</link>
      <headline>Robustly profitable</headline>
      <description>Edison Investment Research - <![CDATA[Basic Industries - RPC Group: H1 results were sufficiently robust to justify further earnings upgrades, to a greater degree than expected. RPC Group is on track to deliver FY12-14 EPS CAGR of 13% &#8211; with a faster rate of DPS growth &#8211; as the Superfos benefits permeate further into the group, supplemented by new product growth elsewhere. RPC has been re-energised by a successful restructuring followed closely by a highly complementary acquisition and the rating has yet to catch up with the rate of earnings progress. <br />ISIN: GB0007197378]]></description>
      <dc:date>2011-12-20T12:12:50+00:00</dc:date>
    </item>


    <item>
      <title>Avingtrans &#45; Winning through</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/avingtrans</link>
      <headline>Winning through</headline>
      <description>Edison Investment Research - <![CDATA[Engineering - Avingtrans: We believe that Avingtrans&#8217; contract win and trading update demonstrate that, despite the tough economic climate, its business model offering global OEMs an internationally focused partner is providing resilience and opportunity. The fact that the contract is spread over three years highlights the desire by customers to engage with long-term partners, a key facet in the aerospace & defence market in particular. The trading update also provides confidence that expectations remain intact, so we are maintaining our forecasts and 80p/share fair value. With interim results due during the week of 20 February, we feel Avingtrans&#8217; ability to deliver has improved. <br />ISIN: GB0009188797]]></description>
      <dc:date>2011-12-15T15:38:39+00:00</dc:date>
    </item>


    <item>
      <title>Armour Group &#45; Ready to respond</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Armour-Group</link>
      <headline>Ready to respond</headline>
      <description>Edison Investment Research - <![CDATA[General Industrials - Armour Group: Armour Group has emerged from a very difficult year with a substantial cut in operating costs and a clear strategy into the future. Despite UK consumer markets being unlikely to offer encouragement in the immediate future, we are optimistic of a return towards break-even in the current year and a stabilisation of net borrowings. The group has maintained an exciting product-base and is ready to respond to any stimulus to UK consumer spending. <br />ISIN: GB0000496611]]></description>
      <dc:date>2011-12-07T10:28:24+00:00</dc:date>
    </item>

    
    </channel>
</rss>
