SP Angel's note is on Research Tree... "Atalaya Mining reports that “Based upon the considerable progress made during the commissioning of the Expansion, the Company anticipates that production ramp-up to the full rate of 9.5Mtpa will be achieved during Q3 2016, earlier than anticipated... Atalaya has brought the Rio Tinto operations back to production under budget and ahead of schedule. Production is ramping up and management is predicting a further decline in costs to below the US$2.20/lb achieved during the first two months of commercial production..."
Just scraped this from Research Tree... "HINT's secondary issuance, the combination with HGL and NAV performance, have more than quadrupled the fund's size since launch in 2011. With a market cap of c£191m, the fund is beginning to enjoy economies of scale and should now appear on the radar of a new group of liquidity focused investors. We also highlight next week's index review which could also create incremental demand. Manager Ben Lofthouse's focus on free cash flow and preference for mid-range (2-6%) covered dividend yields has helped HINT avoid the sir ..."
Stockdale's note from this morning is up on Research Tree: "Northbridge’s AGM statement reiterates its 18 April preliminary results in stating that market conditions in Oil & Gas remains challenging and “it is still too early to forecast any material changes to the likely full year out turnâ€. We are not changing our estimates of positive EBITDA but an underlying loss before tax of £1m for 2016. However, the statement emphasised the potential benefits of its operational gearing and strengthened balance sheet when the market does improve. ..."
Just scraped this from Research Tree: "United Utilities delivered good performance in FY 2016 despite new regulated price controls. The company performed well in the operational and environmental areas, benefitting from the systems' thinking operational approach and improved resilience of the network. United Utilities made improvements in several areas including reduction in pollution incidents, achievement of net reward for ODIs and 75% reduction in customer complaints over 2010–15. The company boasts of a robust capital structure with gearing of 61%, within its target of 55–65%. United Utilities has started the 2015–20 investment program on a positive note, with plans to accelerate the program to maintain and improve services for customers and deliver environmental benefits. Moreover, the company retained its world-class rating in the Dow Jones Sustainability Index for the eighth consecutive year, again achieving industry leading performance status in the multi-utility/water sector. United Utilities maintained its dividend policy of targeting an annual growth rate of at least RPI inflation until 2020. In light of the company's progress in FY 2016, we..."
Beaufort on Research Tree this morning: "Shareholders cheered Pets at Home's strong results for FY2016, which demonstrated good financial and resilient LFL revenue growth. The management's confidence in the Group is well reflected in the +39% hike in full year dividend, representing 50% payout ratio which it intend to maintain for the FY2017. The Group expanded its VIP club members to 4.5 million, of which, 3.3 million of them are active members (those who have used their card in last 12 months), through tailored offers of products and services along with improved club member engagement, which continued to provide support to LFL growth. Looking ahead in FY2017, the Group targets opening a further 15-20 Pets at Home superstores, 45-55 vet practices and 50-60 grooming salons. The management expect gross margins to come under pressure primarily due to direct cost impact of National Living Wage (c.+£2m) and weaker Sterling, given that the Group increasingly sources significant level of purchases in US Dollar. The guidance for capital investment of c.£45m (including exceptional investment of £5m as part of a £8m two year energy saving project) was set, while maintaining 1.5x net debt/EBITDA or 1.75x in case of acquisition/investment. Trading so far in FY2017 remains in line with expectations. The Group's ongoing strategic investments in seamless shopping to enhance its system and website, together with growing loyalty scheme, should support merchandise sales (which enjoys a higher 57% gross margin) in the medium to longer term. Recognising the Group's performance, management confidence and its ongoing investment plans, Beaufort reiterates..."
Beaufort published a note this morning, it's up on Research Tree: "The aforementioned exploration and drilling results at the Hot Maden project continue to intersect new gold–copper and zinc mineralisation. The hole HTD-52 has confirmed the presence of deeper resource extension below discovery hole HTD-04 and that holes HTD-51 and HTD-53 have showcased further potential to the south in the new discovery area. Mariana observed multiple high-grade quartz sulphide vein and veinlet zones towards the South. The company plans to target this area for exploration owing to the presence of high-grade mineralisation. We are buoyed by Mariana's exploration results and await further updates. Therefore, we maintain a..."
Just pulled this from Research Tree too... "DMGT delivered satisfactory performance in H1 2016, negatively impacted by the weak print advertising market. The first half results were positively influenced by the Gastech event and a stronger US dollar relative to sterling. The company's B2B business led the growth and generated 76% of the operating profit. Daily Mail continued its portfolio management activity throughout the period. The company acquired stake in many firms including ETSOS, PAR Framework, Exhibition Management Services and LivingSocial. The acquired companies are functioning in diversified fields and are expected to enhance Daily Mail's prospects in terms of offerings and access to a range of customers. In addition, DMGT disposed some of its non-performing segments to improve its margins. We remain concerned about DMGT's print advertising segment. Nonetheless, we are confident about the company's prospects owing to growth in other divisions and continuous initiatives to enhance its portfolio. Therefore, we..."
Beaufort published a note this morning, you can access the full note for free... "This is significant and important news for AVO. Not only does it tell us that a senior institutional lender has taken a very close look at the Group and concluded that LIGHT is viable and that its expect its first installation in Harley Street to rapidly become capable of generating strong cash flow, but also that AVO is both sufficiently confident and advanced in its planning to establish a general provision of vendor financing for its prospective international customers. Such proton beam centre financing routes are already routinely used by first generation suppliers to provide the facilities demanded by hospitals and medical practitioners around the globe, so in this respect this is a natural step forward. Moreover, given that AVO is sticking rigidly to its development schedule, whereby the first commercial sales of LIGHT should begin in 2017 whereafter they are expected ramp up in response to significant demand, this facility is likely to become actively used. As has been explained in numerous research documents, Beaufort's commercial scenario for LIGHT is that the cost, safely, operational and size advantages its brings to the world of proton therapy, will effectively render 'first generation' systems all but obsolete; its development will also very significantly expand the international market for such systems from some US$2.5bn annually right now, to a figure potentially ten-times as large as LIGHT becomes the obvious successor to the similarly-priced but now relatively antiquated X-ray radiation systems that have a global installed base in excess of 20,000 units. In this respect, LIGHT uniquely faces a giant and accelerating global opportunity. Beaufort remains a very enthusiastic supporter of Advanced Oncotherapy and repeats..."
Northland published another note, it's available on Research Tree.. "It is a good contract win for MRS which demonstrates the ability to win tenders in areas the business was not previously exposed to. As previously alluded to the acquisition of Bachmann not only provides additional scale to the business but also provides the opportunity to tender for larger more diversified projects as displayed with the plant refinery demo project..."