Industrials
12 hours ago • minute(s) readAuthor Andy Chambers
Cohort (CHRT); Interims to October 19, FY guidance in line
Cohort delivered a strong H120 performance with all of its operations growing revenues and adjusted operating profit contributions with the exception of SEA which saw a modest reduction in both. Group revenues were £60.2m (H119 £39.5m), including an initial first half contribution from Chess acquired in December 2018 which augmented like-for-like basis revenues growth of 17%. Adjusted operating profit was £4.0m (H119 £1.0m), again including a full period contribution from Chess and an increase of 120% on a like for like basis, with adjusted EPS of 6.94p (H119 1.99p). The interim dividend increased by 12% to 3.20p (H119 2.85p) maintaining the group’s progressive policy. Net debt (excluding lease liabilities) of £6.8m (H119 net cash £4.7m) was slightly above the FY19 level of £6.4m. Once again the cash flow performance was better than we had expected. The strong order intake continued at £77.2m (H119 £45.6m), with a period end order backlog record of £206.7m, which provides 83% sales cover for FY20 well ahead of last year. Management expects to meet market expectations for FY20
Industrials
12 hours ago • minute(s) readAuthor Sparks Team
John Laing Group (JLG); announced underlying business health remains strong
JLG has announced that the underlying health of the business remains strong, both in terms of PPP project delivery and ongoing value enhancements. However, negative impacts from: strength in sterling in 2H (£50m – 10p share), a decline in power price forecasts (c.£40 million – 8p share) and changes in macroeconomic and tax assumptions, (c.£7m – 1p share) are expected by JLG to lead to a FY19 NAV per share for the full year, “before the impact of foreign exchange…to be marginally below market expectations.” Market consensus NAV per share is currently 355p (Edison 353p/share).
Author Sparks Team
PPHE Hotel Group (PPH); acquires a freehold site for £12m
PPHE Hotel Group has acquired freehold interest in a site in London SE from a third-party seller at a total investment of £12m. The company plans to develop the site into a hotel, subject to planning permission being obtained.
Financials & real estate
13 hours ago • minute(s) readAuthor Sparks Team
Civitas Social Housing (CSH); IFRS NAV/sh (diluted) up 1.1%
The company announced its interim results for the six-month period ended 30 September 2019. Annualised rent roll increased to £46.5m, while operating cashflow increased to £16.9m. EPRA earnings (diluted) increased to £14.3m, while EPRA EPS (diluted) rose to 2.29p. Weighted Average Unexpired Lease Term (WAULT) was 23.9 years.
Industrials
13 hours ago • 3 minute(s) readAuthor Sparks Team
Serco Group (SRP); trading update: expects strong growth in revenues and profits for 2020
The board expects continued progress and further strong growth in line with market expectations.Serco Group provided its update on trading for the 2019 financial year, together with its initial outlook for 2020. The group reported strong revenue growth in the second half. It expects FY19 revenue to grow by around 14% to £3.2bn and underlying trading profit to grow by about 30% to ~£120m.
TMT
10-12-2019 08:25:27 • minute(s) readAuthor Sparks Team
XP Power (XPP); outlook for 2020 remains unchanged
XP Power issued a trading update for the period 1 October 2019 to date. The group’s short-term disruption to shipments from the implementation of a new Enterprise Resource Planning (ERP) system will result in revenues and adjusted PBT for 2019 being below current market consensus.
Investment companies
10-12-2019 08:25:25 • minute(s) readAuthor Sparks Team
Lowland Investment Company (LWI); NAV total return at -9.6%
Lowland Investment Company announced its annual financial results for the year ended 30 September 2019. The NAV total return was -9.6% compared with the benchmark total return of 2.7%. NAV per share at the year-end stood at 1,428p. Total dividends for the year increased 10.2% to 59.5p.
Consumer
09-12-2019 08:37:46 • minute(s) readAuthor Sparks Team
National Grid (NG.): submits final RIIO-2 Business Plans
National Grid has submitted its final business plans to Ofgem for its UK Electricity and Gas Transmission businesses and the Electricity System Operator, for the 2021-2026 RIIO-2 period.
Financials & real estate
09-12-2019 08:35:42 • minute(s) readAuthor Sparks Team
Circle Property (CRC); unaudited estimated NAV per share at £2.78
Circle Property announced its results for the six months to 30 September 2019. Annualised contracted rental income increased 7.2% to £8.2m, with a further £598,478 of contracted rent since period end. Property portfolio valuation increased to £135.6m and interim dividend rose 10% to 3.3p, maintaining the company’s progressive dividend policy.
Healthcare
06-12-2019 09:42:37 • minute(s) readAuthor Sparks Team
ReNeuron Group (RENE); revenue at £6,030,000
ReNeuron Group announced its interim results for the six months ending 30 September 2019. The company reduced its loss and cash consumed by operations for the period to £3.90m and £5.15m, respectively. An upfront payment of £5.40m, net of withholding tax, was received pertaining to licence agreement with Fosun Pharma. Cash, cash equivalents and bank deposits stood at £21.27m as of 30 September 2019.
Investment companies
06-12-2019 09:40:00 • minute(s) readAuthor Sparks Team
Securities Tst Scot (STS); NAV total return at 12.3%
Securities Trust of Scotland announced its half-year financial report for the six months to 30 September 2019. The NAV total return was 12.3% compared with the open- and closed-ended peer group median return of 8.7%. The share price total return stood at 17.0% and revenue return per share increased 10.0% to 4.30p.
Author Sparks Team
Duke Royalty (DUKE); revenue increases 119% to £5.9m for H1 2019
The board expects the momentum to continue as it seeks to further expand and balance its portfolio.Duke Royalty announced its interim results for the six months ended 30 September 2019. Positive net cash inflow from operations grew by 195% to £3.9m. Net PBT for the period stood at £3.7m. Total comprehensive income for the period grew by 246% YoY to £3.3m.
Financials & real estate
04-12-2019 08:31:58 • minute(s) readAuthor Sparks Team
Numis Corporation (NUM); revenue decreases 18.0% to £111.6m
Numis Corporation announced its full year results for the year ended 30 September 2019. PBT and EPS decreased 60.7% and 64.9% to £12.4m and 8.8p, respectively. Cash was £84.2m as of 30 September 2019, reflecting trading book movements and cash outflows relating to dividends and share repurchases. Full year dividend was maintained at 12p.
Financials & real estate
04-12-2019 08:29:24 • minute(s) readAuthor Sparks Team
Seneca Global Income & Growth Trust (SIGT); quarterly dividend up 2.4%
Seneca Global Income & Growth Trust announced unaudited results for the six months ending 31 October 2019. The share price total return over the period was -0.8%. It also reported annualised volatility of 6.2% compared with 11.4% for the FTSE All-Share Index.The revenue return of 3.78p for each ordinary share is calculated on net revenue on ordinary activities after taxation for the year of £1,844,000 and on 48,778,099 ordinary shares being the weighted average number of ordinary shares in issue during the period.
TMT
04-12-2019 08:28:49 • minute(s) readAuthor Sparks Team
Mercia Asset Mgt (MERC); raises gross placing proceeds of £30.0m
Mercia Asset Management has conditionally placed 120,000,000 ordinary shares at the placing price of 25p per ordinary share, raising gross placing proceeds of £30.0m. The completion of the placing is subject to, inter alia, shareholder approval to enable the allotment of the new ordinary shares. The placing shares, once issued, will represent c. 39.6% of Mercia’s existing outstanding issued share capital and c. 27.3% of the enlarged share capital of the company.
TMT
03-12-2019 08:57:23 • minute(s) readAuthor Sparks Team
Solid State (SOLI); reported revenue increases of 43%
Solid State announced its interim results for the six months ended 30 September 2019. The company reported return to net cash of £0.3m, led by strong operating cash generation. Adjusted PBT increased 61% to £2.67m, while interim dividend grew 25% to 5.25p. Significant contract wins resulted in a solid group open order book of £37.8m as of 31 October 2019.
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