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Companies: SXS VLS IHP KNOS JTC
Shore Capital
Melrose (MRO LN, £10.8bn) | Trifast (TRI LN, £201m) | Spectris (SXS LN, £3.0bn) | Elementis (ELM LN, £994m) | TT Electronics (TTG LN, £401m) | Renishaw (RSW LN, £2.8bn) | Oxford Instruments (OXIG LN, £904m) | Gooch & Housego (GHH LN, £295m) | Scapa (SCPA LN, £358m) | Trifast# (TRI LN, £201m) | Dialight (DIA LN, £88m)
Companies: GHH ELM SXS OXIG RSW TTG TRI DIA MRO
Arden Partners
FTSE 250 firm reported earnings up 12% and a 5% dividend boost
Companies: Spectris plc
Research Tree
A G Barr (BAG LN) Struggling to grow the top-line | Devro (DVO LN) Interims a curate’s egg | GlobalData (DATA LN) – contains a video link Video overview
Companies: DVO SXS BAG DATA
Singer Capital Markets
Spectris has reported a slow start to 2016 with LFL sales down 4% and declines in each region apart from Asia Pacific. Despite this, management reiterated existing expectations, which were clarified as adjusted operating profit of c.£182-183m, reflecting a combination of its broad spread of end markets and self-help measures to improve profitability. We have reduced our estimates by 4% pa, to adjusted operating profit of c.£181m. With the share price almost in line with our 1765p target price an
Actual Experience (ACT LN) Poised for execution | Halfords Group (HFD LN) Accretive M&A barely alters capital return potential | Scapa Group (SCPA LN) Strong trading and accretive acquisition | Spectris (SXS LN) Forecasts reduced on slow start to 2016
Companies: SXS HFD ACT
Spectris has issued a subdued AGM trading update for the first four months of the year, with LFL sales down 4% and underlying declines in all regions apart from Asia Pacific. Given this backdrop, the group remains focused on aligning costs to sales and improving efficiency. Management has reiterated guidance for 2016 based on its self-help measures to improve profitability and the diversified nature of its business, but notes that forward visibility is limited. With trading so far weaker than th
Augean (AUG LN) Site purchase to support ANSS contract | Croda International (CRDA LN) Impressive FY results, 100p special dividend confirmed | Dotdigital Group (DOTD LN) Matching ambition with delivery | Genus (GNS LN) H1’s: strong PIC performance but ABS impacted by weak dairy trends | Oxford BioMedica (OXB LN) Proposed £8.1m placing provides cash resources into H2 2016 | Spectris (SXS LN) Bolt-on acquisition of CAS Clean Air Service
Companies: GNS SXS DOTD OXB CRDA
Spectris has acquired CAS Clean Air Service, a Swiss cleanroom services business, for an undisclosed amount. The business generates sales of approximately £7m, the majority of which from services. CAS will be integrated into Particle Measuring Systems (PMS) within the Materials Analysis division, but remain a distinct service brand. Management expects strong growth once CAS is able to leverage the expertise available within PMS. We do not expect the acquisition to have a material effect on our f
Spectris has reported 2015 adjusted operating profit of £181.1m in line with its Q3 guidance, which was for profit towards the bottom of the range at that time of £179-196m. This is in line with our forecast of £180.5m, but is materially above the bottom of the current market range, suggesting upgrades to consensus. Trading does not appear to have weakened since the Q3 trading update and the outlook appears more encouraging than when Spectris last reported, not least to the group’s own efforts t
Spectris’ Q3 update confirmed a LFL sales decline of 1% and worsening conditions through the four months to the end of October, in common with many other groups in the sector. Updated guidance is for 2015 adjusted operating profit towards the bottom of the range of c.£179-196m. We have reduced our 2015 operating profit forecast by 14% to £180.5m, with larger reductions for the following years, and our target price from 2070p to 1770p. However recent share price weakness means there is modest ups
Spectris’s Q3 trading update has confirmed a LFL decline in sales of 1% and deteriorating conditions through the four months, in line with the subdued trading reported by many other groups in the sector. Management has updated guidance and now expects full year adjusted operating profit to be towards the bottom of the range. This appears to imply a downgrade to consensus of c.5% and we expect to reduce our forecasts accordingly. However it seems likely that this level of downgrade was already re
AVON RUBBER (AVON LN) Strong FY15 results and prospects remain positive | CARADOR INCOME FUND PLC (CIFU LN) October NAV | SPECTRIS (SXS LN) Subdued trading in line with the sector
Companies: Avon Protection PLC (AVON:LON)Spectris plc (SXS:LON)
Bodycote (BOY LN) H1 decline | Centaur Media (CAU LN) Interims – profit better than expected | Findel (FDL LN) Reassuring AGM statement | Instem (INS LN) Trading in line | Minds + Machines Group (MMX LN) Domain sales growing, cash position strong | Skyepharma (SKP LN) Supportive GSK Q2 2015 results | Spectris (SXS LN) Downgrade to expectations
Companies: SXS CAU SKP BOY INS
Spectris has reported challenging trading in H1, and is guiding to FY profit at the low end of market expectations, including cost reduction measures and before FX. Taking these together we could see a downgrade to our forecasts of perhaps c.7%.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Spectris plc. We currently have 0 research reports from 9 professional analysts.
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
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
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Companies: Gattaca plc
Liberum
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
Companies: Quadrise PLC
VSA Capital
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
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
Companies: OKEA WDS GALP RHC RHC ENW EOG UJO TRIN I3E SCIR ZPHR SDX CRCL UOG TETY CEG IOX 0EVE CNE VAR TETY VLE GALP OKEA
Auctus Advisors
Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh
Companies: Jersey Electricity plc Class A
Edison
Companies: PLL TLG HZM SAV KAV KP2 SVML
Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
Companies: CPX SLP FA/ FIPP ECR ETP ORCA
Companies: FOG PEB KBT EMR TIME GETB JNEO
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
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
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