When we moved to Sussex, I went to the junior school of Fonthill, a prep school, and then to Fonthill itself. My two elder brothers were at the school – one was head boy – and we Higsons were “major”, “minor” and “min” (minimus) I was in a school play, Sheridan’s The Critics. I played a woman and had only one line – “But see here your stern father comes”. He co-produced `The Fast Show’ and presents the C4 Tuesday programme, `Kiss Kiss Bang Bang’. His fourth novel, `Getting Rid of Mr Kitchen’, is just out and his first novel, `King of the Ants’, has been re-released. Charlie Higson, 40, is a comedy writer, actor and producer. He adds: “Mr Mandelson recognises that now.” At least the Trade Secretary has one fan..
If the sheep’s milk technology is shown to work with AAT, then PPL with its focused pipeline, multi-million pound potential markets and reasonably good balance sheet, could become one of the biotech successes of the next millennium If it fails, PPL will look fragile. But does it work? The answer will come in the first quarter of next year, when PPL is due to publish the results of a trial for the anti-cystic fibrosis drug AAT, its most advanced and most promising product.A positive result would also speed negotiations with two mystery pharmaceutical partners to launch AAT in 2001. The company plans to spend the bulk of the pounds 20.4m raised in the six-for- five issue to fund development of BSSL, its cystic fibrosis and pancreatitis drug, and Factor IX, a haemophilia treatment, to be launched in 2002-3. These compounds, like all PPL’s drugs, are derived from the milk of genetically engineered sheep such as Polly, Dolly’s successor.
This is an innovative technology and could lead to the development of more user-friendly and less costly medicines. CLONING DOLLY the sheep was all a bit of fun and earned PPL Therapeutics unprecedented attention from the media. But it is now time for the biotech company to turn to the serious business of developing drugs.
The price of yesterday’s heavily discounted rights issue, at 80p against the closing price of 112.5p, shows the going will be far from easy. Consolidation remains the prize but even without it there is little downside at these levels A solid hold.. All the main players are talking with each other and it surely will not be long before we get a big deal. This should suit Express, which would achieve synergies in a merger/takeover, or pick up additional business as a result of overlapping contracts it chooses to sit on the sidelines.On full-year forecasts of pounds 60m the shares trade on a forward rating of 11. This will increase efficiencies and yield valuable customer information which can be used for direct marketing purposes.With the underlying business solid, the big question for Express is when and how the milk market will consolidate.
Though margins can be tight with these powerful customers, Express has grown its market share, both at the organic level and by the acquisition of Woodgate Farms Dairy in February.
In the doorstep business, Express will start the pounds 5m introduction of handheld computers for its milkmen from January following a successful trial. Express is an uncomplicated liquid milk business with hardly any added- value branded products, bar a trial of flavoured milk called Shakey Jake aimed at the under-eights. With sales in its doorstep delivery business declining by around 7 per cent a year, Express has allied itself to the big supermarkets, which now account for half of its milk volume. But the slide owes more to stock market gyrations and the fact that Northern’s shares had become inflated ahead of the demerger than any disappointment with the company. The business has been performing solidly and yesterday’s 10 per cent rise in half-year profits to pounds 26.6m underlined the point. EXPRESS DAIRIES has not exactly been a thrilling investment since it was demerged from Northern Foods in March.

August 5th, 2010
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