Liberum view out this morning ahead of trading update later this week: "Seminar demonstrates high level relationships and deep technical knowledge. We expect a solid trading update on 30th June with no impact from Construction slow-down. We believe monetary finance is gaining traction medium term. There is a significant program of investment in Rail. We expect more partnering in Water. There should be a decision on Heathrow over the Summer." pulled from Research Tree
Liberum view this morning on prelim results (taken from Research Tree): "The prelim results highlight steady progress being made with the group on- track to meet its medium term targets. The Majestic Wine business has seen positive LFL sales growth for the first time in four years, and Naked Wines continues to be the key engine of sales growth. More over its highly accretive investment strategy is now contributing to group profits and with debt falling quickly the re-instatement of a dividend policy will be well received. Majestic Wine falls into a small group of companies in the retail universe which is forecast to deliver +10% earnings CAGR, as a result of strong top line and margin growth, and is now paying a dividend alongside debt deleverage."
Liberum note out this morning on Research Tree: "Despite a weaker than expected performance in the permanent business and the US, 1H16 gross profit was broadly in line with our expectations. This result reflects the continued strength of Continental Europe, where gross profit was up 18% y/y. Although we believe that majority of the issues in the US are transitory, the continued weakness in Banking and Finance, alongside uncertainties in the UK associated with Brexit, lead us to err on the side of caution and trim our FY16 EPS estimates by 1%."
Edison note out on research tree this morning: "Acal’s strategy to develop its custom electronics manufacturing business hit a major milestone in FY16, with Design & Manufacturing (D&M) now generating more than half of revenues and a much larger majority of profits. We expect this trend to continue, through organic growth and additional acquisitions, supporting further growth in operating margins."
Liberum's note out this morning on Research Tree: "Oakley's largest underlying portfolio company, Time Out Group, yesterday announced the successful completion of its IPO. £90m has been raised for Time Out Group and the IPO price implies a market cap of £195m. £92m is attributable to Oakley Capital Investments (the listed fund) which represents 24% of NAV. We calculate the transaction will add £3m (1.7p per share) to Oakley's NAV which represents a 0.9% uplift."
Northland's note out this morning on Research Tree: "2015 was a difficult year for Premier African Minerals with the ramp up of the open pit suffering from grade issues leading to the suspension of production. Added to this, issues with the processing plant led to delays in production from the underground operations. Despite the problems encountered the Company is now on the verge of building the underground operations to 9,000t per month from June 2016."
scraped a bit of panmure's note from research tree: "Allergy Therapeutics has announced the appointment of Nick Wykeman (exSkyepharma) to the Board as Finance Director with immediate effect. We view today’s appointment as a solid fit, filling the position that has been open since the announcement earlier this year, with an individual whose life sciences and wider background aligns well with the Allergy business..."
Panmure wrote a note this morning, it's on researchtree "In a pre-close FY Trading Update Eagle Eye announces that it has missed revenue estimates for the FY. The LBITDA loss is not mentioned – but it is likely that the revenue shortfall dropped straight to the bottom line. We note H2 sequential revenue growth is weak – from £3m in H1, to £3.5m in H2. Investors will think of issues in the macro, poor news from retail market, plus lack of sales execution; in truth we had expected another large deal which has not happened. We revised our numbers down in March and this marks another..."
Panmure published a note this morning: "Fuller’s has reported FY results for 52 weeks to 26 March 2016 with strong trading in the period. Total revenues increase by 9% to £350.5m, driven by managed LFL sales growth of 4.8%, PBT increase by +12% to £40.9m (PGe £39.5m) giving EPS +13% to 58.35p (PGe 55.0p). Current trading has slowed to +2.7%, beer and cider volumes -5% although this is impacted by short time period and calendar impact. Additionally, the company has purchased an addition 25% stake in The Stable post year end, bringing the total to 76%."