"Q1 Trading (March-May) saw weaker than expected trading in Premier Inn hotels with more robust performance in Costa enabling management to reiterate ‘in line/on track’ sentiments. Overall sales growth was 8%, with LFL growth of 1.8% (PGe 2.1%) with 474 new Premier Inns opened and 94 new Costa stores. Room opening targets have been slightly ranged down to 4,000- 4,500 (from 4,500) although Costa stores and machine targets expanded 230- 250 (from 230) and 1,250 machines (1,000). We do not expect forecasts to move materially today (call at 7.45am) although hotel weakness is cause for some caution." Singer note out this morning on Research Tree
"Futura Medical is at an exciting juncture, with further CSD500 (erectogenic condom) product launches through partners expected in H2 2016 and pivotal headline Eroxon® (topical treatment of erectile dysfunction) data due in Q3 2016. Discussions are also ongoing with potential licensing partners for the group’s topical pain relief products TRP100 (diclofenac) and TIB200 (ibuprofen) and we continue to expect the submission of regulatory dossiers for both products by the year-end. We look forward to the developments in H2 2016." N+1 Singer note out this morning on research tree
N1Singer put out a note this morning on it... "The merger between Skyepharma and Vectura has created a global leader in the development of therapeutic respiratory products, with strong global partners and broad development capability across multiple formulation platforms, drug classes and delivery forms. In this report we outline the company’s three strongest valuation drivers, a selection of high-potential development programmes and the financial outlook for the enlarged group." taken from Research Tree
"We have revisited our estimates in light of the recent anaemic industrial production growth and manufacturing PMI data in the US. This has resulted in 3% reductions to sales estimates and larger, 12-13% reductions to EPS estimates for 2016 and 2017. We introduce a 2018 estimate, which shows strong EPS progress (+38%YoY) as the current strategic initiatives bear fruit. This takes account of the positive steps taken by the management team to reorganise the company and efficiently exploit the substantial medium term opportunity in LED-based industrial lighting." N1 Singer note out this morning on Research Tree
"Market Reaction: neutral. In line with last month, Genel received only a partial payment for May export at Taq Taq. Last month, the balance was received a few days later. Gross production at Taq Taq over the first two months of 2Q16 is a bit below our forecast for the full quarter." FirstEnergy Capital note out today, up on Research Tree
Hardman update: "VRP is developing first-in-class drugs to treat unmet medical needs in respiratory disease. Over the last two years’ VRP has reported positive outcomes from a five stage Phase I/IIa programme which has de-risked RPL554 significantly. This drug has been shown to have strong bronchodilatory and anti-inflammatory effects with minimal side effects. New funds will support a broad programme of Phase II trials for maintenance therapy via a nebulizer and hospital use. It will certainly attract the attention of the drug majors." taken from research tree
from an SP Angel note out this mroning on research tree... "Gemfields reports record revenues of US$44.3m from its final auction of rubies to be held this financial year. As with all but one of the previous six auctions of rubies from the company’s Montepuez mine in Mozambique, the auction was held in Singapore. This means that the sales comprised 95% of both the number of lots offered and also the total carats offered for sale, which compares favourably with previous auctions uptakes have been within a range of 66% to 98% by weight... Gemfields is developing the market for coloured gemstones with the introduction of a reliable supply of rough gemstones and a consistent grading system for quality which helps to provide customers with a level of assurance in managing the manufacturing pipeline."
"Gemfields reports record revenues of US$44.3m from its final auction of rubies to be held this financial year. As with all but one of the previous six auctions of rubies from the company’s Montepuez mine in Mozambique, the auction was held in Singapore. The company offered 75 lots totalling some 1.6m carats for sale and sold a total of 1.52m carats (71 lots) realising an average price of US$296.21/carat. This means that the sales comprised 95% of both the number of lots offered and also the total carats offered for sale, which compares favourably with previous auctions uptakes have been within a range of 66% to 98% by weight... Gemfields is developing the market for coloured gemstones with the introduction of a reliable supply of rough gemstones and a consistent grading system for quality which helps to provide customers with a level of assurance in managing the manufacturing pipeline." SP Angel note out this morning on research tree
"FinnAust has announced the appointment of specialist advisors to assist it in the metallurgical and flowsheet design work for its Pittuffik titanium heavy minerals project in Greenland. The appointment of KeyPointE and Quedtech advances the programme to produce a high quality ilmenite concentrate which will underpin the more detailed optimising and flowsheet design work which is intended to lead to “pilot scale continuous testing later in the year.†The appointment of specialist technical advisors with detailed experience of the mineral sands industry to the Pittufik project should help to move FinnAust Mining to pilot scale testing later this year." taken from research tree
"Recent commentary from peers Servelec and Kainos points to an increasingly difficult market supplying software into the NHS. Whilst EMIS is to some extent insulated given its incumbent Primary Care position, growth looks likely to be harder to come by in Community and Secondary Care. We therefore put through precautionary EPS downgrades of 3% this year and 6% next, putting us at the bottom end of consensus." N+1 Singer note out this morning on Research Tree