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ATTRAQT Group (ATQT LN) Interims show encouraging progress | Bodycote (BOY LN) Strong H1 growth, modest upgrade to guidance | Brooks Macdonald Group (BRK LN) FuM +6.5%: Better markets in Q4, net inflows sustained at 9% annualised | Findel (FDL LN) Strong start to the year with both divisions performing | Frontier Smart Technologies Group (FST LN) Trading in line with revised expectations | Howden Joinery Group (HWDN LN) Solid H1 results given circumstances + on track to meet FY forecasts | Renis
Companies: HWDN RSW BRK BOY ATQT FST
Singer Capital Markets
Bodycote (BOY LN) Positive AGM update guiding to profit slightly ahead of consensus | Oxford Metrics (OMG LN) Continued progress versus goals | Photo-Me International (PHTM LN) Japan competition and restructuring impacts forecasts c15% | Urban&Civic (UANC LN) Buying well to sell better, more to come | Xaar (XAR LN) CFO to depart in November
Companies: XAR MEGP OMG BOY
Be Heard (BHRD LN) Win momentum maintained into 2018 | Bodycote (BOY LN) 15 year contract signed with Rolls Royce | City of London Investment Group (CLIG LN) FuM +1.6% in Q3, no material net inflows but growth in smaller strategy | IFG Group (IFP LN) All change! New leadership team | Strategy The latest ONS data shows the first real wage growth for a year | N Brown Group (BWNG LN) PREVIEW – prelims due on Thursday 26 April
Companies: CLIG BWNG BOY BHRD
Bodycote (BOY LN) Strong FY17 performance, just above consensus | Cambria Automobiles (CAMB LN) In line update and progress with its property developments | Craneware (CRW LN) Strong interims, momentum building | Findel (FDL LN) Positive update on commercial supply arrangement with Sports | Direct | UK Housing Theresa May’s Speech and (overdone) Help to Buy coverage |SDL (SDL LN) Progressing against strategic goals Yu Group (YU LN) Very strong growth and expectations increased again
Companies: CRW BOY RWS YU/
We have increased our forecasts for adjusted profits and EPS by 5% for 2017 and by 3% for 2018 and 2019, following Bodycote’s stronger than anticipated Q4 performance. Our adjusted operating profit estimate of £124.5m for 2017 is in line with updated guidance, ie towards the top of the previous market range. Our 2018 forecast assumes organic sales growth of 3.9% vs. a tough 2017 comparative, but offers potential for further upgrades given the supportive industrial backdrop. Meanwhile the group’s
Companies: Bodycote plc
Actual Experience (ACT LN) 2018 year of execution | Adept4 (AD4 LN) Asset light strategy starting to deliver | Bodycote (BOY LN) Forecasts increased following positive year end update | City of London Investment Group (CLIG LN) Q2 FuM +6%, H1 profits expected in line | Clinigen Group (CLIN LN) H1 trading update in line with expectations | Earthport (EPO LN) Board changes
Companies: EPO CLIG BOY CLCO ACT
ATTRAQT Group (ATQT LN) CEO stepping down, trading in line with October update | Bodycote (BOY LN) Good year end trading update | Carclo (CAR LN) Trading significantly behind; FD, chairman to leave | Sinclair Pharma (SPH LN) Trading update: stronger H2 as expected, EBITDA in-line |
Companies: CAR SPH BOY ATQT
Bodycote has signed a long term outsourcing agreement with Doncasters Group to provide HIP and heat treatment services in the UK. As part of the agreement thermal treatment assets, including a HIP vessel, and c.20 employees at the Doncasters site in Wales transfer to Bodycote. This will provide helpful additional HIP capacity in the UK, although we do not expect the agreement to have a material impact on our revenue and profit forecasts.
Bodycote (BOY LN) Outsourcing agreement providing additional HIP capacity | IQE (IQE LN) Photonics growth drives upgrades as expected
Companies: IQE plc (IQE:LON)Bodycote plc (BOY:LON)
Bodycote reported strong, broadly-based sales growth for H1 17, growth which accelerated within the period. Margin also advanced, leading to a 26% rise in adjusted PBT. Management expects this momentum to continue and increased guidance for the full year towards the top of the range. We have increased our low end PBT forecasts by 14% for 2017 and 15% for 2018 and also increased our target price from 690p to 995p. We believe prospects remain attractive for Bodycote. Industrial data series are sup
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Companies: SYNZENCARCRPRSCEMGAMOXIGMEGPVCTSYMIQENANOCKTBOTBBOYIKAITXGRPEFFULBIOMAUTGHDDHAYDEXOSHOECAKEMAB1SCSFEVRRBGG4MJOULVCPBUR94AHCHOFEMHMLM
Research Tree
Aberdeen Diversified Income & Growth Trust (ADIG LN) Unconstrained and flexible approach | accesso Technology (ACSO LN) Six Flags miss not a red flag | Bodycote (BOY LN) Good growth for H1 17, guidance raised to upper end of expectations | Brewin Dolphin Holdings (BRW LN) Positive Q3 update, upgraded 394p target price | Brooks Macdonald Group (BRK LN) Strong Q4 net inflows but additional cost investment planned | Burford Capital (BUR LN) Exceptionally strong first half results | Itaconix (ITX LN
Companies: ADIG BRW RSW BRK BOY ITX OXB BUR
Whether we know it or not, advanced materials are a core component in the everyday life of the everyday person. They are the key material in items we often disregard, such as printer inks and lotions, to objects which defy the laws of gravity like the Airbus A380 and London’s Shard. Furthermore, these materials are not only essential to many objects and structures, but, due to their superior qualities, are the key to the advancement of many industries. One such example is the use of carbon fibre
Companies: SYN ZEN CAR CRPR SCE MGAM OXIG VCT SYM NANO CKT BOY IKA ITX GRPEF BIOM AUTG AGM HDD HAYD EXO EMH
Hybridan
In our second edition of “Trend spotting” we note how in the last three weeks the defensive rotation trend has gathered pace and further evidence has emerged of the “relative fading” in the UK economy. However we now see early signs of the “risk on” trend starting to reassert itself in equity markets and we look at small cap laggards plus European exposure as ways to play this.
Companies: XAR CHH GNS GHH HILS LWB RPS TRI VCT DPH SYNT EKF SPH BOY INS REDD JUP KMK BCA MYSL
Research Tree provides access to ongoing research coverage, media content and regulatory news on Bodycote plc. We currently have 0 research reports from 8 professional analysts.
The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme
Companies: Renold plc
Cavendish
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
Companies: Capital Limited
Tamesis Partners
FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively
Companies: Billington Holdings Plc
Companies: BILN ELCO NXQ CUSN ATG
Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car
Companies: Plant Health Care PLC
Companies: 88E RNO TRIN KRM EXR BOOM
discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli
Companies: discoverIE Group PLC
Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear
Companies: Severfield Plc
Edison
Companies: Iofina plc
Canaccord Genuity
Companies: PLL TLG HZM SAV KAV KP2 SVML
SP Angel
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.
Progressive Equity Research
Liberum
Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Companies: ATOME PLC
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