This week, a number of directors and senior managers of YP 75 companies have been taking advantage of the volatility to increase their stake. Director buying is usually a good indicator of value, and those investors prepared to keep an eye on company announcements will find some managers have a lot more confidence in the outlook than the market.

On Wednesday, Leeds-based Imperial Energy Corporation released its Interim Management Statement (IMS). The company announced that it was on track to meet year-end production targets for 2008 and 2009.

While the shares have done well over the last year, they are still trading at a reasonable discount to the cash offer price of £12.50 per share, made by ONCG Videsh Limited (OVL) of India.

All preconditions for the offer have now been met and the company expects to send offer documents to shareholders by December 9. The discount implies there is still some uncertainty as to whether the deal will complete, but once shareholders have the cash in their hands they could possibly use the proceeds to take advantage of the substantial falls elsewhere in the market.

Severfield-Rowen was another constituent to produce its IMS this week and helped income investors with the news it would hold its dividend at a chunky 20p this year. Going forward, it said that it would adopt a more prudent dividend policy which it would look to increase in times of growth.

For those willing to be patient, the announcement of a 50/50 joint venture in India hints at the possibility of better returns in the future. This is a positive move by the company giving it access to a potentially vast market and shows the management are planning ahead rather than just reacting to present difficulties. If the company can successfully transfer its market-leading skills and knowledge, the rewards may be worth the wait.

While it would have been easy to pick a negative story to finish the article (there are enough of them about) it is worth highlighting the achievements of Hull-based Cranswick.

Although the last six months have hardly been plain sailing, having experienced significant raw materials inflation for much of the period, it managed to post excellent interim results.

Sales increased by 9 per cent, profit before tax by 5 per cent, earnings per share by 8 per cent and, importantly, increased the dividend by 8 per cent.

With inflationary pressures now subsiding and the successful expansion of its product range, the outlook appears reasonable if not good.

Of course, the business will not be immune to a further deterioration in the economy, but the company is cash generative and the management have shown they are adept at managing the business in adverse conditions.