Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

Ondo Insurtech Contract Win with SWW

Ondo InsurTech is developing a second route to market by entering an agreement with South West Water (SWW) to help reduce water wastage by providing LeakBots and its repair services to its customers.

Ondo Insurtech contract win

Ondo InsurTech has announced an agreement with Selective Insurance Group (Selective) a US-based Property and Casualty carrier, for it to offer Ondo's LeakBot to its eligible homeowners policyholders.

Ondo accelerates Danish deployment

Ondo InsurTech has received an order to deploy a second tranche of LeakBot units to the customers of its major Danish mutual insurance client, LB Forsikring (LBF), accelerating the rollout programme.

Ondo secures funds to drive US & Nordic rollouts

Ondo InsurTech has raised £1.08m from an ABB placing (5.3m shares at 20.5p, inside a 20-22p spread

Interims reflect outstanding progress in 2023

Ondo develops and supplies innovative household leak-detection devices and related services to reduce 17bn dollar annual home insurance claims made for water damage. These Interims show Ondo is growing rapidly; on track to meet our recent forecasts for FY Mar24

Record - AUME momentum and a sharper focus

Record’s Q424 trading update demonstrated continued growth in assets under management equivalent (AUME), which will support management fee growth into FY25. In FY24, AUME grew 17% to US$102.2bn, setting a new milestone in business scale. Net inflows for FY24 were US$6.8bn (FY23: US$9.1bn) or 8% of opening AUME. Performance fees of US$5.8m matched the record FY23 figure, and we expect this to offset the negative product mix in FY24. We have reduced our FY24e EPS by 1%, which is affected by £2.4bn

H&T Group+ (HAT, House Stock at 420p) - Record lending continues

UK REITs: Building back better

UK commercial property has been a cornerstone asset for many income-seeking investors (both retail and institutional) in recent decades, particularly since the global financial crisis of 2007/8 and the resulting ultra-low interest rate environment. However, since rates began to rise in 2022 to tackle surging inflation, meaningful returns have once more become available on lower-risk assets such as cash and government bonds, which has led to a retrenchment from alternative income assets such as p

DSW Capital + (DSW, House Stock at 55p) - Trading update

Vanquis Banking Group+ (VANQ, House Stock at 57p) - Q1 trading in line

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

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

Secure Trust Bank+ (STB, House Stock at 700p) - Steady progress, in line with plan

NextEnergy Solar Fund - Q4 Sees Capacity Over 1GW

The final quarter of the financial year has seen NESF take its total portfolio to over 1GW of operating capacity following the energising of its first stand alone battery storage project. International diversification has also grown with the energisation of two co-investments in Europe. While the NAV reflects softer short term power prices following the extreme highs of recent years, the fund remains well positioned with better terms on its debt and the Capital Recycling Programme underway.

NextEnergy Solar Fund - Q4/24 NAV and operational update, increased target dividend

NextEnergy Solar Fund has released a Q4 NAV and operational update and announced its 11th consecutive target dividend increase. NAV as at 31 March 2024 was £618.6m (31 December £636.4m), or 104.7p per share. The stand-alone 50MW energy storage asset has commenced commercial operations and two international solar co-investments (260MW) alongside NextPower III ESG have been energised. The total portfolio has increased to 103 operating assets, with a weighted average operating life of 25.9 years an

LIBERUM: Amedeo Air Four Plus: Emirates aircraft upgrade plans imply the retention of almost all A380s

Upcoming Webinar - Schroder Real Estate Investment Trust

Attend our SREI Investor Webinar, 15th May 9-10am. Nick Montgomery, Head of UK Real Estate Investment, will provide an intro to the Trust and answer live questions.

Finsbury Growth & Income Trust - Train puts his money where his mouth is

Finsbury Growth & Income Trust (FGT) has been managed by Lindsell Train since the beginning of 2001. During his long tenure, approaching a quarter of a century, lead manager Nick Train has steadily acquired a significant 2.9% personal holding in the trust, which is a considerable amount of ‘skin in the game’. From the beginning of 2001 until the end of 2023, FGT’s 9.0% annual NAV total return was comfortably ahead of the UK market’s 5.1% annual total return. However, Train and deputy manager Mad

Hardman & Co Research on NB Private Equity Partners: Wider operating company EBITDA margins in 2023

We reviewed NBPE’s business model in our initiation, Co-investments generating superior performance. We noted the high-secular-growth and downside-resilient investee companies, the value added by GPs, the good co-investing cashflow and return profile and the value added by the NB. The 2023 results confirmed all these trends. The key numbers were i) NAV p/sh $28.07 (£22.02), ii) private portfolio +5.3% in 2023 on a constant currency basis, iii) EV/LTM EBITDA 14.9x, and iv) debt/EBITDA 5.3x. The p

Asian Energy Impact Trust + (House Stock, Suspended) - Results and portfolio update

Postcard from Vodafone headquarters