Broker Upgrades and Downgrades & Key UK Corporate Snapshots 24 March 2016

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AB Dynamics Plc (ABDP.L) Announced, in its trading update that Revenues and operating profits for the six months to 29 February 2016 are expected to be significantly ahead of the same period last year. Sales in USA, Europe and China performed exceptionally well. It is expected that revenues for the full year will be considerably ahead whilst operating profit will meet or marginally exceed market expectations.

Active Energy Group Plc (AEG.L) Announced, in its trading update for year ended 31 December 2015, that the trading in its WoodFibre division was strong in Q4 as its managed to maintain margins. However, the volumes were approximately 23,500 tonnes per month, compared to approximately 27,000 tonnes per month in the same period last year, primarily due to poor weather in January. The Board expects that the division’s new softwood production line will commence operating in Q22016 and will further enhance its operating capacity.

AFC Energy Plc (AFC.L) Announced, in its final results for the year ended 31 October 2015, that its reported revenue stood at £2.6 million, compared to £0.7 million in the preceding year. Operating loss stood at £8.6 million, compared to loss of £5.2million. loss after tax was £4.7 million compared to loss of £5.4 million. The company’s diluted loss per share was 1.66p, compared to loss of 2.42p

Amiad Water Systems Ltd (AFS.L) Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at $0.1 million, compared to $0.1 million in the preceding year. Profit after tax was $5.0K compared to $0.9K. The company’s diluted earnings per share was $0.1, compared to $0.065.

Balfour Beatty Plc (BBY.L) Announced that it has been awarded a £170 million two-year extension to its Track Partnership contract for London Underground. The company will continue to provide design, labour, plant, and materials, as well as surveying, supervision and management of the works.

BMR Group Plc (BMR.L) Announced, in its unaudited interim results for the six months ended 31 December 2015, that its loss net of tax was £0.02 million compared to £0.9 million. The company’s basic and diluted loss per share was 0.01p, compared to 0.07p.

Botswana Diamonds Plc (BOD.L) Announced, in its interim results for the six months ended 31 December 2015, that loss after tax narrowed to £0.16 million from £0.17 million recorded in the same period a year ago. No dividend is proposed in respect of the period.

BP Plc (BP..L) Confirmed the allotment and issue of 154,362,716 ordinary shares of $0.25 each (‘shares’) to shareholders who elected to receive ordinary shares (ISIN number GB0007980591) under the Scrip Dividend Programme as an alternative for the fourth quarter interim dividend for 2015, payable on 24 March 2016. Following the issue of the above shares, the number of ordinary shares in issue will be 20,263,133,689 of which 1,621,982,833 are held as treasury shares leaving a balance of 18,641,150,856 ordinary shares with voting rights.

BP Plc (BP..L) Announced the allotment and issue of 154,362,716 ordinary shares of US$0.25 each to shareholders who elected to receive ordinary shares under the Scrip Dividend Programme as an alternative for the fourth quarter interim dividend for 2015, payable on 24 March 2016. This allotment and issue includes the election made by the Depositary, JPMorgan Chase Bank in order to issue ADSs to ADS holders who elected to receive ADSs under the Scrip Dividend Programme, as outlined below. The shares rank pari passu with the existing issued ordinary shares of the company. Following the issue of the above shares, the number of ordinary shares in issue will be 20,263,133,689 of which 1,621,982,833 are held as treasury shares leaving a balance of 18,641,150,856 ordinary shares with voting rights.Application has been made to the Financial Conduct Authority for the shares to be admitted to the Official List and to the London Stock Exchange for the shares to be admitted to trading. Dealings in the shares are expected to commence on 24 March 2016.

Carnival Plc (CCL.L) Announced that it has scheduled a conference call with analysts for 10:00 a.m. (EDT); 3:00 p.m. (BST), Wednesday, March 30, 2016, to discuss the company’s first quarter financial results which are expected to be released that morning.

Churchill China Plc (CHH.L) Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at £46.8 million, compared to £44.5 million in the preceding year. Profit after tax was £4.1 million compared to £3.4 million. The company’s diluted earnings per ordinary share was 36.9p, compared to 30.8p.

Entertainment One Ltd (ETO.L) Announced that it has acquired a 65% controlling stake in Renegade Entertainment, LLC a reality television production company, from the Renegade 83 Sellers. The acquisition further enhances company’s reality television production capabilities, in line with the Group’s strategy. The company has acquired a 65% controlling stake in Renegade 83 for US$23.0 million, subject to an adjusting payment based upon the adjusted EBITDA performance of Renegade 83 to 31 December 2016

Galliford Try Plc (GFRD.L) Announced that its Building division has been appointed to a major framework in the north of England and two significant public sector contracts in Croydon, Greater London.

Immedia Group Plc (IME.L) Announced that BT Group plc has renewed a significant 12 month contract for the supply of an interactive, 24/7 real time digital radio channel to employees in its local network business, Openreach, using the Group’s mobile audio streaming platform. The company also announced that it intends to release its preliminary results for the year ended 31 December 2015 on Thursday 21 April 2016. The board expects to announce that results for the group will be at or around break-even at the “Profit from operations” level, for the year ended 31 December 2015.Trading for the current year has started well and we will give further details on this with preliminary results.

International Public Partnership Ld (INPP.L) Announced the declaration of distribution covering the period of 1 July 2015 – 31 December 2015. The 2015 second half year distribution of 3.225p per share is in line with the target previously outlined by the Directors and, as per previous periods, has been entirely funded through operating cash flow from the underlying projects.

International Public Partnership Limited (INPP.L) Announced, in its final results for the year ended 31 December 2015, that total income rose to £100.2 million from £90.1 million posted in the preceding year. The company’s profit before tax stood at £79.9 million, compared to a profit of £71.2 million reported in the previous year. The basic and diluted earnings per share stood at 9.54p compared to earnings of 9.49p reported in the previous year. The company further stated that the board has declared a final dividend of 6.45p per share.

MITIE Group Plc (MTO.L) Announced in its pre-closing trading update that the company’s full year profits will be within the range of current market expectations. It has seen revenue shortfalls in the second half of the financial year, as some work has been either delayed or cancelled as a result of increased economic pressures and uncertainty. As a result, revenues will be below the current range of expectations in the market. After a strong first half, growth in its Property Management business has been slower during the second half of the year due to changes in spending patterns by our local authority and housing association clients, in anticipation of the statutory one percent reduction in social housing rents coming into effect on 1 April 2016. The company has now largely completed discussions with its clients in relation to both the regular annual increase in the minimum wage and the introduction of the National Living Wage in April 2016, and remain confident that its contractual protections ensure that it will not have a material impact on its future earnings. Going forward there are broader changes to UK employment costs in addition to the National Living Wage, such as rising employer. The company has successfully extended its integrated FM contract with the Cumbrian Collaboration until 2019, in a contract valued in excess of £30 million per annum. In the last quarter of the financial year, it has also mobilised three new integrated FM contracts that were awarded earlier in the year, with Deloitte, Thales and dmg media, with a combined annual value of £25 million. It has been awarded a five-year contract with Cornerstone Telecommunications Infrastructure Limited (CTIL), a joint venture between Vodafone UK and O2 (Telefonica), to manage the network sites for both companies, and consolidate their sites to create a single grid. The contract, valued at £70m over five years, will see Mitie deliver hard FM services to the network of over 20,000 cell mast sites across the UK. In the retail sector, it has expanded our relationship with Ladbrokes, in a new contract valued at £80 million over a five year period. It will continue to deliver a range of services including hard FM, cleaning, waste, pest control and compliance across over 2,000 retail outlets and Ladbrokes head office. Due to current macroeconomic factors, it anticipates modest growth in the next financial year. Its focus remains on generating profits backed by strong cash flows, whilst maintaining a robust balance sheet and margins within our target range.

Morgan Advanced Materials Plc (MGAM.L) Announced that Kevin Dangerfield, Chief Financial Officer, is to leave the company after 16 years of service.

Next Plc (NXT.L) Announced, in its final results for the year ended 31 January 2016, that its reported revenue stood at £4,176.9 million, compared to £3,999.8 million in the preceding year. Profit after tax was £666.8 million compared to £634.9 million. The company’s diluted earnings per share was 443.0p, compared to 417.9p.

Northamber Plc (NAR.L) Announced, in its interim results for the six months to 31 December 2015, that revenue stood at £32.52 million, compared to £35.73 million in the same period last year. Operating loss stood at £0.57 million, compared to a loss of £0.32 million. Loss after tax was £0.55 million, compared to a loss of £0.29 million. Basic and diluted loss per share stood at 1.94p, compared to a loss of 1.04p. The board is proposing the interim dividend be 0.1p.

Old Mutual Plc (OML.L) Announced regarding the change to their board of directors and the appointment of Mr Errol Melville Kruger as an independent Non-Executive Director of the companies with effect from 1 August 2016.

Polymetal International Plc (POLY.L) Announced, in its Exploration update for the year ended 31 December 2015 and an update of its Ore Reserves and Mineral Resources as at 1 January 2016 in accordance with the JORC Code (2012), that in 2015 Polymetal’s gold and silver Ore Reserves decreased by 4% to 21 Moz of gold equivalent (GE) due to unfavourable movement in the gold/silver ratio. Mineral Resources (additional to Ore Reserves) decreased by 12% to 12.8 Moz of GE as material new additions at Dukat hub, Albazino, and Omolon hub did not to fully compensate for resource-to-reserve conversion at Kyzyl and resource attrition during re-evaluation at Voro hub. Average Ore Reserves grade decreased by 3% to 4.2 g/t GE. Average Mineral Resources grade increased by 15% to 4.8 g/t GE as a result of initial estimates at several high-grade resource properties. Drilling volumes decreased by 14% year-on-year to 232 km.

Progility Plc (PGY.L) Announced, in its interim results for the six months ended 31 December 2015, that its reported revenue stood at £30.4 million, compared to £24.7 million in the preceding year. loss after tax was £1.7 million compared to profit £1.7 million. The company’s diluted loss per share was 0.89p, compared to earnings of 0.87p.

Public Service Properties Investments Limited (PSPI.L) Announced, in its final results for the year ended 31 December 2015, that its operating loss amounted to £0.8 million, compared to £1.1 million in the preceding year. Loss net of tax was £1.9 million compared to £2.1 million. The company’s basic and diluted loss per ordinary share was 3.35p, compared to 2.03p.

QinetiQ Group Plc (QQ..L) Announced, in its pre-closing trading statement for the year ending 31 March 2016, that it remains on track to deliver the full year expectations. Trading performance in Global Products was as expected while the US products business won small robot and survivability orders for both US and overseas customers. Meanwhile, EMEA Services also continued to perform as per the Q3 trading update.

Renishaw Plc (RSW.L) Announced, in its trading update in respect of the current financial year ending 30th June 2016, that revenue last year benefited from a number of large orders in the Far East which have not been repeated to the same extent this year, and we have now received information that indicates we are unlikely to achieve the trading levels previously anticipated at the time of our half year results announcement in January 2016. The company is continuing to experience underlying growth and now expect full year revenue to be in the range of £420m – £440m and a profit before tax in the range of £67 million – £83 million. The company will issue a trading update in respect of its third quarter on 11th May 2016.

SimiGon Limited (SIM.L) Announced, in its trading and business update that it has continued to trade well during the year ended 31 December 2015 (the “period”) and has maintained its focus on profitability. The Company has continued to deliver on its long term contracts as a prime contractor as well as securing further contracts with new and existing clients. As a result the Company expects to report profits in line with expectations. The Company expects to report revenue for the year of approximately $6.8m which is lower than the prior year mainly as a result of timetable delays with the completion of a specific contract (as described below), while still having higher margin sales channels. The Company’s balance sheet remains strong with more than $7.0 million of liquid cash as at 31 December 2015.

South African Property Opportunities Plc (SAPO.L) Announced, in its interim results for six months ended 31 December 2015, that revenues fell to £0.168 million from £1.3 million posted in the same period preceding year. The company’s loss before tax stood at £2.9 million, compared to a loss of £0.258 million reported in the previous year. The basic and diluted loss per share stood at 4.63p compared to loss of 0.45p reported in the previous year.

SSE Plc (SSE.L) Announced that it will enter its close period on 31 March 2016, prior to the publication on Wednesday 18 May of its financial results for the year to 31 March 2016. It further stated in its financial outlook, it expects that it will deliver for 2015/16 an increase in the full-year dividend that is at least equal to RPI inflation1, currently expected to be around 1%; and adjusted earnings per share1 of between 117 and 119p. moreover, it also stated that the company continues to recognise that adjusted earnings per share1 is subject to significant uncertainties. It also expects that its adjusted net debt and hybrid capital will be around £8.5 billion at 31 March 2016, compared to £7.9 billion at 30 September 2015, following the acquisition and resulting investment in new gas production and plant assets acquired in October 2015, and unfavourable movements in foreign exchange rates.

Tracsis Plc (TRCS.L) Announced that it has issued 5,000 ordinary shares of 0.4p each (“Ordinary Shares”) (the “New Ordinary Shares”). Application has been made for the New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 1 April 2016. Following the issue of the New Ordinary Shares, the number of Ordinary Shares in issue will increase to 27,464,320.

Trading Emissions Plc (TRE.L) Announced, in its half year results for six months ended 31 December 2015, that operating loss widedned to £0.336 million from £0.106 million posted in the same period preceding year. The company’s loss before tax stood at £0.326 million, compared to a loss of £0.100 million reported in the previous year. The basic and diluted loss per share stood at 0.13p compared to loss of 0.04p reported in the previous year. The company separately announced that it will distribute to its shareholders an amount of 5.0p per share, amounting to £12.5 million, on 29 April 2016 by means of a capital return of share premium.

Tritax Big Box REIT Plc (BBOX.L) Tritax Big Box REIT Plc (BBOX.L) Announcde that it has acquired the distribution centre at Portbury Way, Portbury, Bristol, let to Brake Bros Ltd (“Brake Bros”), the leading food wholesalers in the UK, for a purchase price of £25.2 million (net of acquisition costs), reflecting a net initial yield of 5.15% to the Company. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term. The property is being acquired with a new unexpired lease term of approximately 30 years, which is subject to five yearly upward only rent reviews indexed to the Retail Price Index and capped at 5% p.a. compound. The next review is due in February 2021.

Venn Life Sciences Holdings Plc (VENN.L) Announced that further to the trading update provided on 8 January 2016 the company now expects revenues for full year to 31 December 2015 to be significantly more than double the previous year (2014: €4.9 million) and to exceed market expectations by at least 15%. The business is now generating free cashflows and ended the financial year with a cash position of €3.4 million. In-line with market expectations the company will report a positive EBITDA position having recorded a group EBITDA loss, before exceptionals of €1.53 million for the previous year. The company expects to announce preliminary results for the year ended 31 December 2015 on 10 May 2016.

YOLO Leisure & Technology Plc (YOLO.L) Announced, in its final results for year ended 30 September 2015, that operating loss fell to £0.245 million from £0.374 million posted in the preceding year. The company’s loss before tax stood at £0.244 million, compared to a loss of £0.638 million reported in the previous year. The basic and diluted loss per share stood at 0.19p compared to loss of 0.21p reported in the previous year. The company’s cash and cash equivalents stood at £41,901 (30 September 2014: £912,301).