The plan is to develop 14 million square feet of mixed- use scheme (a partner will assume the headache of the Dome). It has also taken on 55 acres of land and facilities next to Wembley stadium, including the conference centre, the arena and exhibition business The shares are at a big discount to net asset value Buy. Matalan Matalan seems to be doing its utmost to upset investors. Only a few months ago it rocked confidence by ousting chief executive Paul Mason. This week’s trading update showed falling sales and news of buying mistakes. Matalan’s buyers got it wrong when ordering the spring-summer ranges, paying little attention to Matalan’s core, classic, customer segment.

The punters voted with their feet and in the 13 weeks to 31 May, like-for-like sales were down by 7.5 per cent on last year. The good news is that margins are slightly up and new chief executive John King has already changed members of the buying team An interesting recovery play. Christian Salvesen It has been a dramatic few months at Christian Salvesen, the distribution group. In February the company issued a profits warning saying intense margin pressure in its UK food and consumer division had damaged trading. Last month the company said takeover talks had ended with an unnamed financial buyer. The dividend has been slashed, though the loss-making German business has been sold to its management.

But the outlook statement hardly inspired confidence with the UK industrial business remaining under pressure Avoid. NHP NHP is an owner and operator of nursing homes which has been nursing itself back to health Formerly a property group, it now runs 158 of its 370 homes. This owner-managed Highfield Homes division is loss-making but should improve after a big refurbishment programme A return to the dividend gives some confidence A decent hold. Volex Volex, which makes copper cable and components for fibre optic networks, has been cutting costs to cope with a slump in orders in the post tech-boom world. This has helped it back into profit at the operating level and its ability to generate cash despite tough trading conditions in the US, Asia and Europe has impressed the City.

Volex’s chief executive, John Corcoran, who has had his hand on the rudder for more than a year, also appears to have stabilised Volex’s margins But the outlook is still too uncertain to risk a punt. Dawson Holdings Dawson Holdings is responsible for getting this newspaper and the others to your local newsagent. It also distributes magazines and other non-perishable goods using its network of depots and white vans. Delivery of papers and magazines is carved up between three players, who do not encroach on each other’s turf: Dawson, WH Smith and Menzies. So the challenge is not competitive pressure of rivals pinching your customers, but of keeping your costs down, as the margins are wafer-thin. But Dawson is on top of the situation with a big jump in profits reported this week Attractive. Victrex During the internet boom, the chemicals company Victrex had investors foaming at the mouth with excitement after it set up a fuel-cell technology joint venture.