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While the management reiterated its full-year guidance, the third quarter results confirmed that interest rate increases also have a negative side in the form of negative equity adjustments and a looming asset quality deterioration.
Companies: Lloyds Banking Group plc
The FDA has announced it has completed the first pre-market consultation for a food product made from cultured animal cells. The submission, made by Upside Foods, and FDA response means that the agency accepts Upside's data package and conclusion that its cultivated chicken product is safe to eat. This clearly represents a significant achievement for Upside Foods and a major milestone for the cultivated meat sector in general, marking the first significant regulatory milestone in a major jurisdi
Companies: Agronomics Limited
Marlowe has released a robust set of H1/23E results, with strong organic growth (+8% YoY), improved Adj EBITDA margins (+100bps YoY to 18.8%), and confirmation that it is trading “slightly ahead” of expectations for full year Adj EBITDA. We nudge up our FY23E Adj EBITDA by £1m to £82m, leave FY24E Adj EBITDA unchanged (at £93m), but lower Adj Diluted EPS in both years (by 9% and 11% respectively), primarily to account for higher interest rates on increased borrowings (used to fund recent M&A). D
Companies: Marlowe Plc
Companies: H&T Group plc
Companies: Alpha FX Group Plc
A solid H1 performance is evident with revenue and earnings growth. The dividend has been maintained underpinned by £100m+ net cash. Whilst H1 earnings performance comfortably covered ~55% of our prior earnings estimates, we are encouraged to note that AuM has grown by 7% to £33.5bn in the last month, benefiting from positive market performance. Flows have remained neutral. We do not assume that strong growth returns, retaining cautious assumptions, but given current AuM is already ahead of our
Companies: Liontrust Asset Management PLC
Singer Capital Markets
The UK windfall tax on older renewable generation assets has been set at 45% of profit above a power price of £75/MWh. While slightly higher than some market expectations, we do not see the impact on the NESF dividend as critical and the removal of uncertainty over the extent of the taxation is beneficial in our view.
Companies: NextEnergy Solar Fund Ltd
Augmentum Fintech has reported stable NAV per share at 155.0p during 1H23 (flat HoH, +5% YoY). The 19.3% IRR since IPO is marginally below the Group’s 20% Internal Target Return, unsurprising given a challenging market environment. Broadly stable portfolio valuations come as particularly encouraging with underlying investee performances (100% avg. revenue growth for Top 10 assets) largely offsetting multiple compression (EV/NTM Sales from 5.7x to 4.2x). Following the realisation of AUGM’s invest
Companies: Augmentum Fintech PLC
Dish of the day
Looking Glass Labs (NFTX) joins the Access Segment of the AQSE Growth Market. The company is engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams. Looking Glass Labs is currently listed on the NEO Exchange (Canada). Market Cap £18.8m.
EDX Medical Group joins the Access Segment of AQSE Growth Market. (Formerly TECC Capital plc) EDX operates a molecular biology and diagnostics laboratory
Companies: RUA WYN MOS VAST AEO MTPH TEK TLY ARK
Tatton is delivering strong organic growth, despite bear market conditions. In the 6 months to 30 September 2022 TAM attracted £907m of net inflows, and grew group revenue 15.1%, EPS by 12.9% and DPS by 12.5%.
Companies: Tatton Asset Management Plc
Companies: CLS Holdings plc
Feature article: A different kind of beat: Boyzone, 1996
Quoted company engagement with retail investors – a new world
This month's feature article has been written in collaboration with The Quoted Companies Alliance.
Retail investors used to be the second-class citizens of the stock market. The bulk of their money was held in funds or pension schemes where a professional took all the decisions and where they owned only a tiny part of the equity market directly. They also tended
Companies: OCI ICGT FAS FJV IBT APP ARBB RECI PANR TRX FCSS AVO FEV FSV STX VTA
Hardman & Co
NextEnergy Solar Fund's (NESF) interim results demonstrate a period of substantial expansion and NAV progression assisted by elevated pricing, inflation, asset growth and higher operating performance. As further support for the fund, we see the recently announced Electricity Generator Levy as having minimal impact. We also believe NESF's continued expansion into battery storage to be NAV accretive with revenue diversification benefits.
Companies: NextEnergy Solar Fund Ltd (NESF:LON)NextEnergy Solar Fund Ltd (NESF:LON)
East Imperial produces and markets premium tonics and mixers, selling to some of the world's leading hotels, bars and restaurants in APAC, the US and other countries around the world. The company was founded in New Zealand and Singapore in 2012, with a focus on building a high-quality brand to capitalise on the growing demand for premium and ultra-premium spirits and mixers. With key competitors seeking high volume growth, including through expansion into off-trade value retailers, East Imperial
Companies: East Imperial PLC