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Morning Eyecatchers: Standard Life pension sales down 20%

by Phil Cozens on Apr 30, 2009 at 08:09

 * Standard Life first-quarter new life and pensions sales at £3.6 billion vs £4.5 billion; capital surplus £3.2 billion at end March; market conditions remain challenging; Canadian and Asian operations still performing well; capital position still robust

 * Munich Re cuts stake in Admiral Group to 10.2% from 15.1%; co-operation with Admiral unaffected by transaction; gain of €107 million on sales, to book in second quarter

 * UK Natonwide April house price index down 0.4% month-on-month, down 15% year-on-year; better-than-expected, but too soon to say solid revival of market has started

 * DSG International to raise £310.6 million via placing and rights issue; to place 333.3 million shares at 30p; 5-for-7 rights at 14p; has renegotiated £400 million revolving credit facility; has renegotiated £75 million letters of credit; first-half comparable revenue down 11%; continues to focus on margins; sees full-year underlying pre-tax profit £42 million; indebtedness as at March 7 £502 million

 * Anglo American platinum equivalent refined production in line with full-year target; iron ore production in line with previous quarter; coal and diamond production down due to lower demand; copper output down due to lower ore grades; balance sheet strengthened with $4.7 billion of new financing secured; $2 billion bond issued, strong demand; undrawn bank facilities and cash of over $9 billion; positioned strongly to weather economy; sees trading in line with views; platinum mining operations performed in line; refined platinum output of 404,000 ounces down 5.8%; copper production quarter was lower than first-quarter 2008; zinc production broadly in line with views; total iron ore production  increased 22%

 * Kazakhmys first-quarter copper cathode output at 82,000 tons; god output at 29,000 ounces, zinc output at 39,800 tons; nickel production for quarter lower than first-quarter 2008

 * BG Group first-quarter turnover £3.01 billion vs £3.09 billion; pre-tax profit £1.2 billion vs £1.4 billion; eps 20.9p vs 22.7p; pre-tax profit £63 million vs £56 million; operating profit £1.22 billion vs £1.32 billion; profit and cash flow resilience delivered; continued exploration success in Santos basin; Tupi flowed oil on April 25; revenue and operating income in line with 2008; lNG and T&D posted strong profits; guidance for LNG unit operating profit is unchanged

 * Petroceltic raises $40 million in placing for drilling operations; pre-tax losses $3.70 million vs $2.46 million

 * Smith & Nephew first-quarter revenue $865 million vs $911 million; trading profit $183 million vs $182 million; orthopedics revenue $508 million vs $528 million; endoscopy revenue $179 million vs $194 million; advanced wound management revenue $178 million vs $189 million; pre-tax profit $146 million vs $126 million; net profit $98 million vs profit $83 million; earnings per share 11.1 cents vs 9.3 cents; underlying revenue growth 4% excluding foreign exchange; orthopedica market slowing; endoscopy most exposed to slowdown; net debt at $1.1 billion, down $228 million; knees up 5%; hips up 2%; experienced weaker BHS performance in first-quarter; sees increase in competitive pressures at US clinical unit; advanced wound management to grow at market ratre for full year; endoscopy, hospitals are deferring capital expenditure

 * BSkyB nine months revenue £3.99 billion; third-quarter revenue £1.39 billion vs £1.25 billion; ebitda £311 million vs £269 million; operating profit £237 million vs £209 million; eps 0.2p vs 0.3p; adjusted eps 6.2p vs 7.2p; nine months cash £264 million; net debt £1.67 billion; third-quarter net customer additions 80,000 vs 56,000; average revenue per user £452 vs £424; continued focus on managing costs; full-year conditions remain challenging; financial position remains strong; no further bond redemptions until October 2015

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