Facilities by ADF - Ramp up gaining pace

ADF has released its interim results that are in line with the August trading update and the Group remains on track to hit full-year forecasts. The H1/24A Adj EBITDA was £2.5m, which was a 57% decline YoY and a 67% increase versus the prior half, demonstrating that the period remained impacted by last year’s strikes but that the ramp up in production is evident. The Group saw a continued recovery over the summer months and expects a strong second half of the year. Its valuation remains compellin

Morning Note – 16 September 2024

Morning Note – 19 September 2024

Solid H1 performance, reiterating previous guidance

The HY update trailed the revenue number, with today’s results reporting a modest EBITDA profit marginally ahead of our expectations in absolute terms (£0.7m EBITDA vs SCM FY24e £0.3m). Trading momentum in Q2 has been sustained into Q3, with revenue to end August now flat yoy (vs -4% H1). There has been positive strategic progress against plan already. We tick up our EBITDA forecast to FY24e EBITDA £0.7m. The current market cap is underpinned by the core FXRM business with multiples of the curre

LSL Property Services (LSL LN) - Rising share of recovering market

LSL results for the six months to June 2024 show strong growth and are in line with upgraded expectations as announced in April. The Board’s expectations for the full year remain unchanged.

Zeus Industrials Round-Up - 13 September 2024

The UK industrial sector continues to show promising signs of recovery, with manufacturing PMI reaching a 26-month high of 52.5 in August as all survey indicators but one expanded. Economic data has also been encouraging, with UK pay growth cooling to a two-year low and inflation rising only slightly in July – supporting the case for further interest rate cuts this year by the BoE.

Portfolio expansion: Solar Foods goes public

PROGRESSIVE: Springfield Properties- Debt reduction strategy pays dividends

Springfield Properties has returned to paying dividends earlier than we expected as a result of its focus on debt reduction over the past year and in its confidence, as signs grow of a recovering sales market in Scotland. FY24 results, to 31 May, were slightly ahead of our estimates. The Group confirms it expects to meet expectations for FY25E, while we have introduced estimates for the following two years, which assume continued growth.

Rockwood Strategic

RKW’s high conviction approach has led to sector-leading returns…

PANMURE LIBERUM: B.P. Marsh & Partners: More of the same - Excellent performance

PANMURE LIBERUM: DF Capital: H1 in line, discount to peers should slowly unwind

Triple Point Social Housing REIT - Improving rent collection and fully covered DPS

Triple Point Social Housing REIT (SOHO) returned to full dividend cover in H124, with EPRA earnings benefiting from inflation-linked, mostly uncapped rental growth and improving rent collection. Property valuations and NAV per share were lower, but progress with the two problem tenants and falling interest rates suggest this could reverse. Meanwhile, the shares yield more than 8% with the board targeting asset sales and share repurchases to address the discount to NAV.

PANMURE LIBERUM: Specialist Lenders: Lend Me Your Ears

BlackRock Energy and Resources Income | A Trust for the 2020s and Beyond

BlackRock Energy and Resources Income Trust (BERI) has so far enjoyed a more positive start to the year after a difficult 2023. With heightened geopolitical risk underpinning oil prices, robust demand for materials amid continued supply constraints, and more attractive valuations in the energy transition space, fundamentals in all three of the trust's areas of focus look encouraging on a medium-term basis.

Return to dividends a sign of confidence in outlook

Springfield performed resiliently against a challenging backdrop, with a FY24 PBT outturn of £10.6m (FY23: £16.0m), in line with our recently upgraded forecast. Net bank debt has been reduced ahead of the £55m target to £39.9m at year end (FY23: £61.8m). The resumption of the dividend, earlier than we had expected, sends a strong signal of management's confidence in the business and opportunities. At this early stage of the year, we leave our FY25 forecasts largely unchanged, though Springfield