Broker Upgrades and Downgrades & Key UK Corporate Snapshots 22 July 2015

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32Red Plc (TTR.L) Announced in its trading update for the six months ended 30 June 2015 that the company continues to trade strongly with total Net Gaming Revenue growth at 22% to £18.6 million (2014: £15.2 million). Strong top line growth in the underlying business continued to be driven by increased player activity levels at the flagship 32Red Casino. Active Casino customers stood at 62,214, a growth of 22%. Casino player yield stood at £380 (H1 14: £400). New Casino players stood at 26,407, growth of 12%. Casino player cost per acquisition stood at £197 (H1 14: £180). Mobile represents 42% of total Casino GGR (H1 14: 32%)

ARM Holdings Plc (ARM.L) Announced, in its quarterly results for the 3 months ended 30 June 2015, that its reported revenue stood at £228.5 million, compared to £187.1 million in the preceding period. Profit after tax was £77.1 million compared to £55.5 million. Meanwhile, it also announced in its unaudited half yearly results for the 6 months ended 30 June 2015, that its revenue stood at £456.0 million, compared to £373.7 million in the preceding period. Profit after tax was £162.1 million compared to £117.7 million.

Balfour Beatty Plc (BBY.L) Announced that its joint venture with VINCI, a global player in concessions and construction, has been selected to deliver a smart motorway package worth up to £607.4 million, the largest of Highways England’s three packages within its £1.5 billion Smart Motorway Programme.

BHP Billiton Plc (BLT.L) Announced, in its operational review for the year ended 30 June 2015, that group production increased by 9% for the 2015 financial year. Over the past two years, production from core portfolio grew by 27%. Petroleum production increased by 4% to a record 256 MMboe, supported by a 67% increase in Onshore US liquids volumes to 56 MMboe. Copper production was unchanged at 1.7 Mt as strong operating performance at Escondida offset the impact of a mill outage at Olympic Dam. Three major projects achieved first production during the 2015 financial year, including the Escondida Organic Growth Project 1 which was completed in the June 2015 quarter. Underlying attributable profit in the June 2015 half year is expected to include additional charges in a range of approximately $350 million to $650 million. Additionally, the company also announced that it republished financial information for the year ended 30 June 2014, the year ended 30 June 2013 and half year ended 31 December 2014 to restate previously published information for the effect of the application of IFRS 5/AASB 5 ‘Non-current Assets Held for Sale and Discontinued Operations’ following the demerger of South32. Supplementary financial information has been republished for the year ended 30 June 2014 and half year ended 31 December 2014. The company’s financial results for the year ended 30 June 2015 will be reported on 25 August 2015.

Carillion Plc (CLLN.L) Announced that its Joint Venture with Kier, has been awarded a contract by Highways England for a package of smart motorway works that have an estimated value of up to approximately £475 million.

Clinigen Group Plc (CLIN.L) Announced a trading update for the year ended 30 June 2015. Revenues increased in excess of 45% to not less than £183.6 million (2014: £126.6 million). Underlying EBITDA was up at least 20% to not less than £32.2 million (2014: £26.8 million). The Group expects to publish its final results for the year to 30 June 2015 on 22 September 2015.

Earthport Plc (EPO.L) Announced, in its unaudited trading update for the year ended 30 June 2015, that the company’s revenue are in excess of £19.25 million, an increase of over 78%, while on a like-for-like basis revenue grew by over 55%. Gross margin remained consistent at over 77% and the company achieved positive cash flow in multiple months during the 2nd half. Meanwhile, 31 new customers were signed in FY 2015, while 22 customers went live during FY 2015. Transacting new clients include some of the largest and most sophisticated financial Institutions – HSBC, Santander, and Standard Chartered. The company ontinued growth in business from existing clients, including Bank of America – with multiple new add-on projects underway. Additionally, it mentioned that the size and potential volume from new business is growing, reflecting the acceptance of Earthport as industry standard. Incoming demand with significant opportunities in new geographies including SE Asia, India, Africa, Middle East and Latin America.

easyJet Plc (EZJ.L) Announced, in its trading statement for the quarter ended 30 June 2015, that good commercial performance with revenue per seat down 2.8% at constant currency or by 5.4% on a reported basis to £59.08 per seat, better than the guidance issued in May The better than expected revenue per seat was driven by trading in the UK and beach routes across Europe in May and June and successful implementation of revenue management initiatives, offsetting in part the impact of the movement in Easter and the French Air Traffic Control (ATC) strikes in April which together decreased revenue per seat at constant currency by 3% points. Total revenue decreased by 1.0% to £1,228 million, capacity grew by 4.7% to 20.8 million seats, passengers carried increased by 6.2% to 19.1 million, and the load factor increased by 1.3% points to 91.7%. Cost per seat including fuel decreased by 3.3% on a reported basis. Difficult operational environment due to increased levels of disruption including French ATC strike action and the fire at Fiumicino, which together caused 1,364 of the 1,463 flights cancelled in the quarter compared to a total of 648 flights cancelled in the same period last year. This was reflected in the cost per seat excluding fuel performance which increased by 2.8% at constant currency but decreased by 2.1% on a reported basis, with the French ATC strike and the impact of the fire at Rome Fiumicino driving 1.1% points of the constant currency increase. The company lean delivered a further £7 million of sustainable savings in the quarter, £28 million year to date, the majority through airport and ground handling initiatives. Cash and money market deposits were £930 million and net cash was £421 million as at 30 June 2015 demonstrating the company’s continued strong balance sheet.

Euromoney Institutional Investor Plc (ERM.L) Announced, in its trading update for the period from April 1, 2015 to July 21, 2015, that the trading conditions have continued headline revenues fell by 1% to £105.4 million whereas underlying revenues fell by 5% largely due to recent weakness in the energy sector. The group generated approximately two thirds of its revenues (including approximately a third of its UK revenues) and profit before tax in US dollars. Net cash stood at £4.1 million while the net debt was seen at £10.6 million. The group’s strong operating cash flows for the quarter were offset by an interim dividend of £8.9 million, tax payments of £3.0 million and other non-operating cash outflows of £2.9 million. Second quarter reporting from the global investment banks suggests that the improvement in fixed income trading experienced in the first calendar quarter was not sustained, and the negative trends in bank spending on information, marketing and events are expected to continue for the foreseeable future.

Fresnillo Plc (FRES.L) Announced, in its production report for the three months ended 30 June 2015, that quarterly silver production of 11.3 moz (including Silverstream), up 2.7% vs. 2Q14 and first half silver production of 23.8 moz (including Silverstream), up 10.6% vs. 1H14, due to the increased production resulting from the start of operations at Saucito II offsetting lower production at Fresnillo, while reduction in silver production (including Silverstream) vs. 1Q15 reflected an unusually high ore grade at Saucito in 1Q15 and a decrease in ore grade at Fresnillo. Quarterly gold production of 182 koz, up 16.8% vs. 2Q14 due to higher volumes of gold recovered which resulted from an increase in irrigation areas at Herradura and Noche Buena, increased ore deposited at Noche Buena and increased ore volume processed at Saucito. First half gold production of 364 koz, up 37.0% vs. 1H14 mainly due to Herradura being fully operational post the temporary explosives permit suspension which affected 1H14 production, and the dynamic leaching plant at the mine being in operation for the full half post its start-up in March 2014, together with an increased contribution from Saucito and Noche Buena. Full year 2015 gold production guidance raised to 715-730 koz from 670-685 koz (+6.6%); full year silver production remains on track (45-47 moz, including Silverstream).

Galliford Try Plc (GFRD.L) Announced that its Infrastructure business has, in joint venture with Costain, been appointed as a delivery partner by Highways England for its Smart Motorways programme which is worth a total of £1.55 billion.

Gate Ventures Plc (GATE.L) Announced, in its trading update, that commercial terms have been agreed for participation in three further high profile investments in the entertainment industry, in line with the investment strategy and in aggregate involving the deployment of £6.1 million, this representing in excess of 53% of the £11.6 million of funds currently available to the company. As already announced, the first of these is with Infinity Creative Media Limited, of which Lord Michael Grade, a former Chairman of the BBC, is Chairman. Infinity will also take advantage of the company’ expertise and connections in China, to sell its production content to TV stations and other media distribution platforms. Despite this progress, and through no action or omission of the board, the company finds itself without the necessary Nominated Advisor (NOMAD), a requirement of AIM. This technical issue appears to be unresolvable within the restricted period of time. Therefore, further to the company’s announcement on 23rd June 2015 and pursuant to Rule 1 of the AIM Rules, the company’s admission to trading is expected to be cancelled on 23rd July 2015. In that event, the company will continue its operations and investments as an unquoted public company, with the board seeking an alternative exchange for the company’s shares. The board had agreed commercial terms in principle for an investment of £9 million by way of convertible loan notes, the drawdown of which is conditional of the company being listed on AIM. Given that the company is unlikely to be listed on AIM after 22nd July 2015 and whilst it seeks an alternative exchange, the board has therefore sought other sources of funding for future investments, the entire investment in Infinity being funded already from the company’s current cash positon. The board has secured commitments for £9 million of additional equity funding regardless of whether or not the company is listed on AIM.

Ideagen Plc (IDEA.L) Announced its unaudited preliminary results for the year ended 30 April 2015. Revenue for the year ended 30 April 2015 increased by 60% to £14.4 million (2014: £9.0 million). Adjusted EBITDA increased by 43% to £4.02 million (2014: £2.81 million). The Board proposes a final dividend of 0.11p per share payable on 12 November 2015 to shareholders on the register on 30 October 2015. The Group has a strong pipeline of new business opportunities and continues to develop sales levels to existing customers which provides the board with confidence for the year.

Johnson Matthey Plc (JMAT.L) Announced, in its Q1 trading update, that its sales excluding precious metals (sales) were 6% ahead at £797 million (2014/15 £749 million) and underlying profit before tax in the quarter decreased only slightly to £94.0 million (2014/15 £95.0 million), despite the absence of income from the Gold and Silver Refining business which was divested towards the end of last year. Adjusting for this, the group’s sales were 8% ahead and underlying profit before tax grew by 1%. It also announced that it had reached an agreement to divest the Research Chemicals business for £256 million in cash and the transaction is expected to be completed by the end of the calendar year. ECT continued to perform well with sales 8% ahead at £478 million (2014/15 £444 million). Operating profit was also ahead. Sales of light duty vehicle catalysts grew by 10% to £289 million, well ahead of flat global car production. Process Technologies’ sales were up 9% at £130 million (2014/15 £119 million) although operating profit was lower as a result of a less favourable mix. Meanwhile, Sales in Precious Metal Products were 15% lower at £85 million (2014/15 £101 million) and operating profit was also adversely impacted, partly as a result of the disposal of the Gold and Silver Refining business, but also due to the substantially lower average platinum group metal (pgm) prices (platinum averaged $1,134/oz, down 22% on the same period last year, and palladium averaged $765/oz, down 7%). The company’s New Businesses had a good first quarter where sales of £38 million (2014/15 £18 million) benefited from an increased contribution from Battery Technologies following the two battery materials acquisitions made in 2014/15 and good demand for battery systems.

Kalimantan Gold Corporation Li (KLG.L) Announced that in total, 36 holes and 2680.5 meters of the planned 80 hole/ 6500 meter resource evaluation drilling program planned for 2015 have been completed and three holes are currently in progress. Three drill rigs are currently active, one in the south and two in the central and northern parts of the deposit. Drill results from the current program will be incorporated into an updated, independent Mineral Resource estimate to be completed in Q3, 2015. The updated Mineral Resource estimate together with the results of ongoing metallurgical test work and mining studies planned for Q4, 2015 will form the basis of a Preliminary Economic Assessment (PEA) planned for completion in early 2016.

Kier Group Plc (KIE.L) Announced that the company has secured one of Highways England’s largest Smart Motorway Programme (SMP) contracts worth up to £475 million, in a 50/50 joint venture with Carillion. The first phase of the contract on the M6 (J16-19), worth £129.5 million, is due to begin in the autumn, with the other packages phased for delivery over the next four years. Final target costs for these tranches will be agreed with Highways England in due course.

Land Securities Group Plc (LAND.L) Announced, in its first quarter interim management statement, that the group has started the year well. In London take-up was healthy, vacancy rates were low, and rental values were rising. In Retail, the transformation of its portfolio was continuing to pay off. Adjusted net debt as at 30 June stood at £4,192 million (31 March £4,172 million). The board declared a first interim dividend of 8.15p per share.

Marston’s plc (MARS.L) Announced, in its trading update for the 41 weeks to 18 July 2015, that the company has continued to make profitable progress in line with its expectations. In Destination and Premium, like-for-like sales for the 41 week period were 1.7% ahead of last year, including like-for-like food sales growth of 1.6% and like-for-like wet sales growth of 1.6%. In Taverns, like-for-like sales for the 41 week period were 1.7% ahead of last year and in the last 10 weeks of the period, like-for-like sales were up 2.0%. In Leased, profits for the 41 week period are estimated to be in line with last year. In Brewing, own-brewed beer volumes, excluding Thwaites, were up around 4% compared to last year. Net debt and cash flow are in line with expectations.

Mi-Pay Group Plc (MPAY.L) Announced a trading update for the six months ended 30 June 2015. Progress in the first half of the year has been encouraging, with trading in line with management expectations. Total revenue for H1 2015 was £1.5 million, an increase of 10% compared to H1 2014. In addition, underlying revenue growth (excluding the impact of a client lost in late 2013) for H1 2015 versus H1 2014 was 35%. We have seen continued growth in underlying transaction value and volumes and this progress has been achieved whilst maintaining positive payment success rates, low fraud levels and delivering a £0.7 million reduction in operating costs for H1 2015 versus H1 2014. The Company’s cash position is strong following the £1.75 million placing completed in March 2015, with £3.8 million cash on the balance sheet as at 30 June 2015.

Morgan Advanced Materials Plc (MGAM.L) Announced, in its half-year results for the period ended 30 June 2015, that revenue stood at £469.2 million, compared to £448.4 million in the same period last year. Operating profit stood at £57.5 million, compared to £50.0 million. Profit after tax was £34.7 million, compared to £26.0 million. Diluted earnings per share stood at 11.3p, compared to 8.4p.

MyCelx Technologies Corporation (MYX.L) Announced in its trading update ahead of its 2015 half year results that trading conditions continued to be challenging for the oil and gas industry and the associated service sector, with many of the operators exercising stringent capital discipline. Leveraging the success of two petrochemical plant turnarounds in H1, the company aggressively pursued the market in H2 and beyond, where its technology and expertise has proven to be very effective in the application. The company states that were there to be no new contract wins and based on the current run rate, it expects total revenue would be in the range of $15 – 16.5 million, representing a 10-20% improvement on FY2014.

MySQUAR Limited (MYSQ.L) Announced an update in its user acquisition numbers which continue to grow strongly with total user numbers as at 17 July 2015 surpassing the important milestone of 1,000,000. This represents an increase of approximately 29% on total users as at 31 May 2015 being 774,636 total users as stated in the company’s AIM Admission Document and an increase of approximately 10% in total users since 30 June, as announced on 8 July 2015.

North River Resources Plc (NRRP.L) Announced the update in respect of its Namib project, and the Project’s associated financing plan that the company submitted its application for a Mining Licence in April 2014 while working through the final phase of the definitive feasibility study (“DFS”), which was announced in November 2014. The results of the DFS, in combination with a detailed Board-level review, identified key additional studies on the mine development plan and mining process flow sheet that would be required ahead of the Company being in a position to take an investment decision on the Project. The company advanced these studies during H1 2015, announcing the results of the metallurgical test work programme on 22 July 2015. The company is cognisant that this constitutes a revised timeline to project development. The requirement to complete these additional studies, alongside discussions with the Ministry of Mines and Energy on the award of the Mining Licence, have delayed the originally scheduled commencement of construction of the Namib project. Subject to timing of commencing construction and the definitive capital estimate post completion of early engineering and design, the company estimates a total funding requirement of between US$25m and US$30m through to expected project commissioning. The company also announced that the supplementary metallurgical testwork, confidence in the planned ore processing solution for the Namib Lead Zinc Project (‘Namib’ or ‘the Project’) in Namibia has been improved significantly. In January 2015, the company appointed ALS Laboratories (‘ALS’) to conduct a detailed supplementary testwork programme. ALS was selected for their relevant experience and knowledge of similar milling operations. The work was conducted to address the inconsistent grade recoveries experienced via processing routes proposed as part of the Definitive Feasibility Study (“DFS”) which referred to a ‘lack of agreement’ on the performance of different samples. The lack of a definitive processing solution in the DFS derives from the fact that the mineralisation at Namib contains the iron sulphide mineral, pyrrhotite, which responds to flotation in a similar manner to the minerals, sphalerite and marmatite which are the primary zinc ore minerals at Namib.

Paypoint Plc (PAY.L) Announced, in its interim management statement for the first quarter ended 30 June 2015, that overall trading for the period was in line with the company’s expectations. Transactions processed for the quarter were 201.6 million, up 6% on the 189.3 million transactions processed in the same period last year. Net revenues were £29 million, up 1% on last year with growth in retail services partially offset by a decline in Mobile and Online, mobile top-ups and bill and general. Revenues of £51 million were down 2% on last year. Meanwhile, UK and Irish bill and general transactions were in line with last year with a continuation of low levels of energy consumption. Retail services transactions (ATMs, debit/credit cards, parcels, money transfer and mobile phone SIM cards) were up 24% on last year. While mobile top-ups continue to decrease as a result of the decline in the prepaid mobile sector, other top-ups are growing. UK and Irish retail sites at 30 June numbered 28,702, up 395 since the financial year end. Collect+ volumes increased by 22% to over 4.9 million transactions in the period, from 4.0 million last year. We continue our discussions with Yodel with respect to its proposed cost increases to Collect+. There has been a small increase in Collect+ sites by 25 to 5,856 since the financial year end. Also, Mobile and Online transactions increased by 16% to 41.8 million in the period, compared to 36.1 million last year with parking transactions up 11% to 11.5 million and online payment transactions up 18% to 30.3 million.

Petroneft Resources Plc (PTR.L) Announced an update on operations at Licence 61. The T-503 well at Tungolskoye has been successfully completed with a horizontal segment of 1,000 metres in the Upper Jurassic J1-1 horizon at a depth of approximately 2,502 metres TVD. Of the 1,000 metres horizontal segment it is estimated that approximately 663 metres is in effective net pay. The well was brought online on 14 July and the average flow rate over the last five days has been over 550 bopd (750 bfpd). The well is still cleaning up the long horizontal section and the water cut is now below 20% and continuing to reduce. The well will be allowed to continue in this mode for a period to monitor its performance. Higher oil rates should be possible once the well has fully cleaned up completion and drilling fluids. The latest test rate, on 21 July 2015, was 675 bopd (755 bfpd at 10% water cut). The Tungolskoye T-51B well has also been completed. While it provided the necessary stratigraphic control for the T-503 horizontal well, the reservoir in this vertical well was tight in the J1-2 and it was not possible to produce from it. The well will ultimately be used as the water source well for pressure maintenance programme at Tungolskoye. The T-508 vertical well is now drilling ahead; the primary purpose of this well is to provide the necessary stratigraphic information for the drilling of a horizontal well in the south-east of the oil field, and will be completed as either a producer or injector. Following the success of the Sibkrayevskoye No. 373 appraisal well announced in May 2015, work on the processing and interpretation of the new 1,000 km 2D seismic acquired in the northern part of Licence 61 is well under way. Early indications are that the Sibkrayevskoye structure is significantly larger than currently mapped and extends to the southeast, including the East Sibkrayevskaya lead under one overall closed structure. A reserve update will be prepared at the end of the year incorporating the new seismic and well data and the development plan updated accordingly. The vertical pilot hole of the L-10 well has been drilled and logs show approximately 2.5 metres of excellent quality sandstone in a 4.0 m gross sandstone interval in the Upper Jurassic J1-1 reservoir at a depth of 2,367 metres TVD. While the reservoir was present, no oil was found in the secondary objective J1-2 interval. The horizontal segment of the well is now underway. The well will intercept the J1-1 reservoir about 12 m higher on the structure to the L-8 exploration well which is currently producing 50 bopd from a vertical section of the J1-1 sandstone. The well is being drilled from a surface location near the L-8 well and can immediately be tied-into the Lineynoye facilities through existing infrastructure. Current gross production at Licence 61 is about 2,400 bopd.

QinetiQ Group Plc (QQ..L) Announced a trading update covering the period from 31 March 2015 to date, prior to holding its Annual General Meeting at the Pennyhill Park Hotel, London Road, Bagshot, Surrey, GU19 5EU at 11am today. Trading during the first quarter was in line with expectations and the Group reaffirms its previous guidance for performance in the full year to 31 March 2016.

Quixant Plc (QXT.L) Announced an update on trading for the six month period ended 30 June 2015. Trading over the first six months of the year was in line with management’s expectations and we enter the second half with a strong order book. The Company’s interim results for the six months ended 30 June 2015 are expected to be announced on 16th September 2015.

Restore Plc (RST.L) Announced a trading update for the six months ended 30 June 2015. Trading in the first six months of 2015 was broadly in line with the company’s expectations. The Group’s Half Year results will be released on 15 September 2015.

SafeCharge International Group Limited (SCH.L) Announced, in its trading update ahead of its interim results for the period ending 30th June 2015, which will be announced on Wednesday 16th September 2015, that the Directors are pleased with trading in the period which has seen strong year-on-year growth. Operationally, the period saw the launch of the company acquiring services, which is now live with both VISA and MasterCard and will strengthen the group’s earnings from 2016. This is a significant milestone in the development of the business, which leverages the Principal Memberships of VISA and MasterCard. The group’s business pipeline remains strong, with many new clients, from both core and new market sectors, scheduled to go live on the company platform in the second half. The Directors remain very confident for the full year 2015.

Sage Group Plc (SGE.L) Announced in its trading update for the nine months ended 30 June 2015 that the group organic revenue rose by 6.6%, in which Q3 growth stood at 7.5%. Year to date growth rate slowed due to non-recurring items occurring in the H1 and a relatively weak Q3 2014 included in the prior year comparative. The company’s management is confident that the operating margin will grow 28% in 2015 and organic revenue growth of 6%. The group’s operating cash generation remains strong. During the quarter, an interim dividend of £48 million was paid to shareholders and there were no share repurchases or acquisitions. Net debt stood at £467 million (£510 million as at 31 March 2015).

SerVision Plc (SEV.L) Announced that it has entered into a partnership with GreenRoad UK (“GreenRoad”), a subsidiary of GreenRoad Technologies Inc, a global leader in fleet safety telematics and technology, to use the company’s unique live video streaming solution, with a number of its customers. The new partnership with will see GreenRoad offer, under trial initially, the addition of live video streaming upon installation of their products with new and existing customers, including retro-fitting the cameras into existing vehicles. Till now, GreenRoad has placed an order of 125 camera systems for the value of $70,000 and is trialing the combined solution with six customers. The company also announced the opening of its new UK office based in Manchester Airport. The company currently has four staff in the UK, but will employ new staff to meet the needs of its expansion plans.

Staffline Group Plc (STAF.L) Announced, in its interim results for the six months ended 30 June 2015, that revenue stood at £297.25 million, compared to £208.05 million in the same period last year. Operating profit stood at £1.62 million, compared to £2.15 million. Loss after tax was £0.55 million, compared to £1.50 million. Diluted loss per share stood at 2.2p, compared to 6.5p. Interim dividend increased by 50% to 7.5p (H1 2014: 5.0p)

TalkTalk Telecom Group Plc (TALK.L) Announced, in its trading update for the 3 months to 30 June 2015 (Q1 FY16), that the company made a good start to FY16 and is on track to deliver full year revenue growth of 5% and strong growth in EBITDA and free cashflow as we make progress towards FY17 targets. Revenues during the quarter grew by 3.5% year-on-year with strong growth in on-net (+6.5%) and corporate (+4.9%) offsetting the continuing decline in off-net revenues (-47%). Revenue generating units (RGUs) per customer on-net base grew by 15% to 1.6 compared to 1.4 a year ago, and demand for Ethernet connections in TalkTalk Business has remained firm. The launch of unlimited SIM at the beginning of the quarter has delivered strong growth in mobile with a 15% share of the new SIM only market in the quarter compared to 11% in Q4 FY15. In contrast, the broadband market was softer than has seen in recent quarters, with higher promotional activity in the sector. Against this background, the migration of Tesco broadband customers onto the company’s network has begun well and expects to complete the process over the remainder of FY16. At the end of June the company announced details of Fibre to the Premise proposition in York. The company expects to announce H1 results on 10th November 2015.

The Mission Marketing Group Plc (TMMG.L) Announced trading update ahead of its interim results for the six months ended 30 June 2015, due to be announced on 24 September. Revenue and profit for the first half of 2015 are expected to show double digit growth over the equivalent period last year. The group’s net debt fell from £9.4m at 31 December 2014 to £8.3m at 30 June 2015, and the group’s leverage ratios (the ratios of net bank debt and total debt to EBITDA) remain comfortably within the limits set by the Board for these key performance indicators. Results for the year to 31 December 2015 are again expected to have a bias towards the second half and the Board remains confident of meeting market expectations for the full year.

Tungsten Corporation Plc (TUNG.L) Announced in preliminary results for the year ended 30 April 2015 (FY15) that revenue surged to £23.1 million from £10.7 million posted in the same period preceding year. The company’s loss before tax stood at £27.2 million, compared to a loss of £11.1 million reported in the previous year. The basic and diluted loss per share stood at 26.34p compared to loss of 18.60p reported in the previous year. The company’s cash and cash equivalents stood at £32.6 million (2014: £62.6 million).

UK Commercial Property Trust Limited (UKCM.L) Announced its second interim dividend payment of 0.92p per share for the financial period from 1 April 2015 to 30 June 2015. The ex-dividend date for the same is 13 August 2015, the record date is 14 August 2015 and the pay date is 28 August 2015.