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Arden, 23 Oct
"The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector..."
Sirius Minerals (SXX)
"Sirius has entered Q4 with a strong operational tailwind having established 3 construction sites for the Woodsmith Mine project and generated momentum with its new supply agreements which both establish initial demand for its natural multinutrient fertilizer and sets a price which generates significant returns. We move now into the final phase of Stage 2 funding with Sirius looking to conclude negotiations for its $3bn senior debt funding package (expected Q1 19) and finalise an additional capital component of between $0.4-0.6bn for which Sirius sees several alternative funding solutions..."
Warpaint London (W7L)
"We believe that the share price fall following the trading statement is an overreaction. While trading on the UK high street is likely to remain challenging until there is greater clarity on Brexit, Warpaint has put in place a strong international growth strategy. We have included a better-case scenario in this report which shows a more rapid increase in profits as operational gearing kicks in vs the forecasts below. With a progressive dividend policy providing an underpinning to the share, we retain a Buy rating and a DCF-derived 250p TP..."
GVC | William Hill | Paddy Power Betfair
"Chancellor revealed in the Autumn Budget yesterday the timing of implementing the lower £2 limit on B2 machines (FOBTs), effective October 2019. Simultaneously, Remote Gaming Duty (RGD) or Point of Consumption Tax on online gambling will increase from a current 15% of gross gaming revenue to 21% of gross gaming revenue..."
Safestyle UK (SFE)
"We believe that Safestyle is well placed to see an acceleration in its recovery now that SafeGlaze, the aggressive new entrant, has been placed into Administration. We believe that SafeGlaze reached annual turnover of around £30m, almost entirely by disrupting Safestyle, and there is an opportunity for Safestyle to recover the lion’s share of this as direct and indirect employees return..."
"Post acquisition expectations of a year of cost management and delivery of synergies in FY18, before driving for revenue growth from the combined group in FY19, are on track. While the unexpected customer churn revealed in April was a setback, prelims reveal strength in profitability and underlying cash generation. With the opportunity globally to export the success of the solution set as experienced in a series of core verticals in the UK, to the US, France and Germany in particular, with increasing volumes of new business in those territories over time, encouraged by the rise of e-commerce and regulation..."
"GYG has issued a trading update this morning, which confirms trading conditions have deteriorated further since its H1 results in September. As a result, we now anticipate an EBITDA loss of €1.2m. We are also cutting our forecasts in future years as we anticipate significant near-term challenges..."
Elektron Technology (EKT)
"Elektron Technology delivered an exceptional performance in Q3, with strong sales growth from all three businesses and a significant increase in margin. Consequently management now anticipates FY19 results significantly ahead of previous market expectations..."
Elektron Technology (EKT)
"Deciding how to react during a FTSE rout is never easy, especially for smallcaps where price swings can often be extreme. Nonetheless smart investors prepare for such eventualities, hold their nerve and importantly have a shopping list of high quality names to buy amid any indiscriminate selling..."
"On the back of strong revenue growth of 42%, Distil has delivered interim profits at operating and pre-tax level of £101K, compared with last year’s loss of £21K. This represents an operating profit margin of just under 9%, with the company’s perennial cost control complemented by a welcome increase in gross margin driving this 11% swing at the operating margin level..."
Arena Events (ARE)
"Arena has announced the successful completion of the TGP acquisition in Dubai, following the company's recent capital raise (Aug-18). In completing the deal, the terms were renegotiated to include the acquisition of TGP's office and warehouse property, as opposed to a sale-and-leaseback originally..."