AGA Rangemaster Group Plc (LON:AGA) Group (AGA, 82.0p, £56.77m) The IMS from 1 July 2010 to 18 November 2010 confirms results for the FY will be in line with expectations of PBT of £5.0m and EPS of 5.8p. . A recovery in sales has been driven by a 25% increase in export volumes and a 5% increase sales volumes overall. Rayburn and Stanley volumes continue to suffer, but the Board believe this will reverse once the update of the range of all-in-one cooker boiler is completed. AGA’s export growth, product innovation and breadth of range of appliances provide growth opportunities for the firm. The group is well placed for a recovery in the market, which we do not anticipate in the near term. Household finances continue to suffer a backdrop of squeezed disposable income, high inflation, VAT increase and ongoing public spending cuts. With consumer confidence at weak levels, there is a risk that demand could for AGA products could soften. On an earnings basis, the stock is expensive, trading on a prospective 17x 2010 PER. However when you strip out the net cash and interest on the earnings, the stock is rated on a reasonable c.11x. Given investors sentiment towards UK consumer cyclical stocks remain fragile, we reduce our recommendation to a HOLD.  

Bioquell (LON:BQE) (BQE, 112.5p, £46.83m) The IMS statement for 1 July 2010 to 18 November 2010 reports order are ahead of the previous year and the group is trading in line with expectations of PBT of £3.11m, EPS of 4.85p, and DPS of 2.66p. Trading across all divisions with the exception of Life Sciences are performing well. The group believe there are good opportunities in the Healthcare division due to the threat posed by multi-drug resistant organisms becoming more complex and problematic. The stock is highly rated on a 2010 prospective PER of 23.2x falling to a more reasonable 12.0x in 2011. The latter combined with the 2.4% prospective yield encourages us to retain our HOLD recommendation.  

Corin Group (LON:CRG) (CRG, 49.25p, £21.07m), the leading manufacturer and supplier of orthopaedic devices, reports an IMS from 1 July 2010 to 18 November 2010. In the four months ended 31 October 2010, underlying sales on a constant currency basis…

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