Zeus Capital note out this morning on Research Tree: "Final results from Auto Trader contain few surprises and were marginally ahead of our forecasts on most measures. Cash conversion was better, net debt was lower, which will result in a rolling share buyback programme as anticipated. Ahead of the analyst meeting, we do not anticipate significant changes to our forecasts. Our view on the stock has not changed, and we continue to view BCA Marketplace as a better alternative to play the sector with genuine structural growth opportunities on a pan European basis."
"Through the second half of last year the SCISYS business and management demonstrated a rapid recovery from the problem contract revealed in H1. Today’s AGM trading update shows that recovery continues through H1 of 2016 and, looking back exactly a year on from the issue, we have been impressed with the resilience and strength of the underlying business as it returns to former levels of profitability. Based on the FY 2016 performance to date, a strong order book, and an encouraging pipeline of new business opportunities, the management team is confident that SCISYS is well on track to meet our full-year market expectations of £37m of sales and £3.3m adj. EBITDA." scraped from Research Tree this morning, it's by finnCap
finnCap's note from this morning: "SacOil has confirmed that it has received an eight-month renewal of the Block 1 licence in Malawi, which now runs out to 12th August 2017. The company is finalising the environmental and social impact assessments for this block and continuing with its analysis of the gravity and magnetic data over the licence, which has yielded positive results. A positive update today and continues to highlight the company’s progress on the exploration side of its portfolio." taken from researchtree
finnCap published a note this morning: "Four months into FY 2017, a trading update has reaffirmed the management team’s FY earnings guidance - of £0.5m adj. PBT and 2.2p FD adj. EPs - but also flags up a more dramatic H2 weighting than seen last year, due to lengthy discussions ahead of the closure of some particularly large deals. While this naturally increases risk of slippage, we are reassured by management’s confidence in the positive progress on these deals and in delivering a strong H2 profit. It proved its ability to do so last year (FY 2016 swinging from an £0.3m H1 loss to a £0.4m profit in H2). At this relatively early stage, we acknowledge a concern but make no change in FY 2017 earnings forecasts and will review the situation once we have better visibility on the six months trading to July and the order book at the time of the Interims." taken from ResearchTree
Another note from finnCap: "Harold Evans summarises his initiation on Best of the Best (BOTB), which operates competitions to win luxury cars and other prizes, both online and at retail locations. He explains yesterday’s preliminary results, identifies the company’s differentiating qualities and outlines its growth opportunities and the implication of these to our forecasts." scraped this from Research Tree
Another note from Edison: "A good H116 from Creative Technology, particularly in the US, underpins our maintained profit forecast for the full year. Avesco’s FY14 restructuring is clearly delivering on the promise to smooth results between odd and even years, while the recent sale of Fountain Studios has realised cash to pay down debt and increase targeted investment in equipment. With a progressive dividend, a discount to net assets and a very modest multiple, the group is an attractive and coherent investment proposition." got this from Research Tree too
"Group earnings quality continues to improve as a result of restructuring, and involvement in the Rio Olympics will help H2. Post the Fountain Studios property sale, the balance sheet is strong with modest net debt. The shares are trading below NAV with earnings and dividends on an upwards trend. Strong trading, strong balance sheet. Revenue increased 10% to £73m (2015: £66m). Operating profit of £15.3m included profit from the sale of land and buildings at Fountains Studios of £9.8m (£7.7m post-tax)." finnCap wrote a note this morning, it's up on Research Tree...
Panmure note out this morning on Research Tree: "SDL’s Chairman David Clayton knows his Sun Tzu - nonetheless he seems to be getting a lot of new soldiers of late as he drives a deeper restructuring than we had expected at SDL. But change usually needs new blood – or soldiers. To be sure, we are still awaiting that asset sale, the timescale for which was not disclosed. Yesterday we had news that the well regarded Chris Humphrey (he made money for shareholders at his last gig) signed on as NED at SDL. While to the investment world Mr Clayton is shrinking SDL, his actions..."
Panmure published a new note this morning it's up on Research Tree: "We upgrade our estimates for the third time in 12 months based on continuing improved performance and exciting prospects. With a banking licence likely this year which should accelerate growth in the higher credit quality end of the book in a market with benign competition we believe the prospects for this increasingly low risk lender are outstanding."
Liberum's note out this morning, scraped from Research Tree: "Creston reported FY prelims this morning with headlines that exceeded revised expectations with the exception of revenues that were in line. Solid cash generation led to a 5% dividend increase to 4.4p and shows that the immediate actions taken by management on the back of a more challenging Q4 were fruitful."