Caribbean Investment Holdings. Incorporated in Belize . CIHL primarily operates financial services businesses through its subsidiaries The Belize Bank Limited and Belize Bank International Limited, both located in Belize and international corporate services through Belize Corporate Services Limited. CIHL shares are also traded on the Bermuda Stock Exchange. Lord Ashcroft holds 75%. No capital raise. Due 28 April. £36m . 2019 net profit US$ 10.7m
Companies: G4M SNX AMYT ORPH VRS LGRS DODS BPM SIS EMH
Early Cycle Indicator, U & I, Loungers, Judges Scientific, SMID Market Highlights
Companies: UAI LGRS JDG
Loungers continues to outperform, delivering the scarce trinity of LFL sales growth (5.4%), unit growth (10 openings) and margin growth (40bps). This drove a 22% increase in Revenues and 26% increase in EBITDA in the first half of FY20E.
The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer TBA.
Companies: GUN CALL TERN JDG WEB TILS LGRS AVO UFO ANIC
Loungers’ momentum continues with LFL sales growth outperformance and new openings on track with 157 sites now trading. Total sales have grown by 22% in 1H20E with LFL sales growth of 5.4% (vs market 1.1%).
Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn. Expected 18 Oct 2019. African Export-Import Bank a supranational financial institution w hose purpose is to facilitate, prom ote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE.
Companies: DEST BOKU BOKU BOKU GTC RRL AUG ARK ARBB LGRS GOOD ASC
In these five short videos Loungers CEO, Nick Collins discusses the key highlights from Loungers maiden set of results, what makes Lounge and Cosy Club unique versus the competition, can the concept of Cosy and Lounge work everywhere, what's the headroom for growth and how's life been as a PLC.
Maiden results came in ahead of expectations underpinning forecasts and delivering on the strategy set out at IPO. Momentum has been maintained into the new financial year with eight openings bringing the total portfolio to 154, and with a strong pipeline to maintain a 25pa opening rate.
Loungers’ all-day café-bar concept has a hyper-local strategy offering hospitality, community, atmosphere, and value for money. It appeals to a broad demographic across an array of locations, perpetually evolving to stay relevant and ahead of the competition.
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FY20 results report EPS slightly ahead (4%) of our previous forecast. Net debt (pre-IFRS 16) was also slightly better than expected at £6.9m (N+1SE: £7.5m). The Group had a very strong start to FY21, achieving PBT of £6.0m in Q1 and trading is expected to be strongly ahead of budget in May. The order book for June is also encouraging. This is an impressive result against the significant challenges posed by COVID-19 for the aviation industry. Performance in H2 will likely depend upon the recovery in activity levels in Private Jets and Safety & Security, but Air Partner is already seeing some signs of recovery here. We believe the Group is well placed to achieve a strong full year result given the diversity of its model and the strength of the balance sheet.
Companies: Air Partner
We note this morning’s announcement from Boohoo Group strongly refuting several allegations made in a short-selling note published yesterday afternoon. In our opinion arguments made in the short selling note are flawed and do not disclose any new or unexpected information about the Group. The unprecedented market backdrop resulting from the COVID-19 crisis has only acted to highlight the strengths of Boohoo’s agile, pure play, e-commerce model and we see current share price weakness as offering an attractive entry point.
Unsurprisingly, the limited business progression in H1 19/20 and the pandemic outbreak towards the end of the year have resulted in a significant FY profit contraction.
However, the unprecedented pandemic crisis seems to be dragging all the industry to the same starting line, in terms of market transformation. In particular, after the group showed a better than expected cash position after additional RCF and CCFF and substantial cost-savings, this gives new hope to the market.
Companies: Marks And Spencer Group
After launching a £1bn recapitalisation by way of a rights issue at a price with a heavy discount, the UK-based restaurant and (the largest) hospitality group, Whitbread, saw its share price plummet by 13%. The market movement reflects investors’ concern about the uncertain duration of Whitbread’s business downturn.
Whitbread was on our list of issuers likely to be wrongfooted by the crisis the day before the rights issue announcement.
In FY20, prior to COVID-19, management delivered on its four key proof points, including growing group EBITDA and membership at Roadside. The business model is proving resilient during COVID-19 and we have reduced our FY21 EBITDA forecast by only 7% since the outbreak began – much less than most.
Companies: AA Plc
After communicating a depressed industry outlook and calling for a huge amount of recapitalisation of £2bn, the leading contract caterer, Compass, saw it share price fall by 3.4% yesterday. Considering the smaller rivals’ weaker profitability and the capacity of equity fundraising from the capital markets, the share prices of other sector participants are also being penalised by the news.
Companies: Compass Group
2019 finals are a smidgen ahead at the EBITDA level. The company executed well in expanding the estate by 10% and collaboration with food aggregator Pyszene.pl (takeaway.com) has proved positive. DPP finished the year with £3.5m of net-cash and importantly, management today signal that this provides sufficient liquidity on a 12m view. COVID-19 to date has had relatively little impact with sales holding up robustly. A strong online presence and a delivery model means the business has continued to operate through the lockdown. Recent easing of restrictions to allow restaurants to open and some cost deflation are welcome developments also. New CEO, Iwona Olbrys, has proven F&C experience, most recently at Telepizza Poland which moved into profitability under her leadership. Whilst no major strategic review type commentary today, there is reference to self-help initiatives to drive the top line, lower costs and enhance the online platform. With little 2020 visibility management has removed financial guidance. N+1 Singer currently has no formal forecasts in the market and will initiate coverage in due course Overall, looking through the current uncertainty, we feel that with a proven new CEO at the helm and an online focused business model, DPP should ultimately reward investors with a move into profitability and value creation.
Companies: DP Poland
Following last week’s trading update, in this note we revisit the progress Inchcape has made, along with the structural benefits it has gained, in focusing its business on its distribution model. Whilst there is no doubt the Group faces pressures at present, we believe it has sufficient liquidity to withstand this crisis within its current banking facilities and see scope for further significant cost savings and efficiencies that should help mitigate current pressures, which we expect hear more on at the H1 results in July.
The Fulham Shore Plc (“FUL”) released interim results for the 6m period ended 29 September 2019 in-line with expectations as strength in the Franco Manca portfolio more than offset weather-related contraction at The Real Greek. We make minimal changes to our underlying forecasts and introduce a forecast for 2021. Nine restaurants have been opened so far in this financial year (year end March 2020) and the Company is now guiding a further eight to ten in the next financial year. We note that the financials now incorporate IFRS 16 for Leases which came into effect on January 1 2019. IFRS 16 does not impact cash balances but does lead to some material changes to the presentation of the financial statements.
Companies: Fulham Shore
H1 (to end of March) adj. PBT of £1.2m is in line amidst difficult trading. COVID-19 and closing all stores has seen April’s sales decline 80% y/y. There are promising signs with online sales 3x pre-COVID levels and management is being very pro-active in adapting and re-opening stores, such that the entire estate could be open on a controlled entry basis by the end of June. Liquidity at c.£14m remains comfortable and should rise by £10m in June as additional CLBILS funding becomes available. We move to BUY and present a scenario for FY20E in this note. We will publish formal forecasts when Topps next reports in early July.
Companies: Topps Tiles
Inchcape has announced a trading update indicating impact of COVID-19 hit most markets in April, but we note the Group is now open in 25 markets vs. 14 on 7 April. Balance sheet liquidity has improved through the eligibility of the CCFF scheme. A through review of costs will now take place, and we are likely to get more colour on this at H1 results.
The travel bans and quarantines due to COVID-19 have had a significant impact on PPHE since mid-March and are likely to continue to do so. We now expect a deeper and longer downturn than previously and a slower recovery, so we reduce our forecasts for occupancy for FY20, while holding our prior EBITDA margin assumptions reflecting cost cutting and a high level of government support on key costs. We downgrade FY20 revenue by c 32% and EBITDA by c 29%. The shares are trading at a c 54% discount to the last-quoted EPRA NAV of 2,546p per share.
Companies: PPHE Hotel Group
Joules has extended its RCF by £15m, meaning that total funding, including the recent equity raise, now gives current available headroom of £43.1m. Encouragingly, spot net debt of £6.9m is better than management’s expectation, helped by a stronger online performance than envisaged when the lockdown first began. The group’s healthy financial position and the strength of the Joules brand give us confidence in its ability to navigate through the near-term uncertainty. The shares have fallen 63% the last 3-months, and trade on a Dec-22E PE of 6x (on our old estimates which may remain under review). We reinstate our BUY.
Companies: Joules Group
Boohoo Group has raised £197.7m in new equity as is readies itself to take advantage of M&A opportunities expected to emerge in the global fashion industry over the coming months. Following the fundraise we estimate the Group to have c.£500m in cash, giving it significant firepower to rapidly execute attractive brand acquisitions as they arise.
AFC Energy is a global leader in the fuel cell sector. It has a proven fuel cell technology which it is commercialising through its H-Power™ product, an off-grid electric vehicle charging system which is run on hydrogen and produces no emissions. The company's core fuel cell technology is a liquid alkaline fuel cell called HydroX-Cell(L)™. The company is also developing a solid alkaline fuel cell called HydroX-Cell(S)™ , the critical component of which is a is a solid electrolyte which upon validation will be marketed under the AlkaMem™ trademark. We expect the AlkaMem™ product to have multiple electro-chemical applications outside of fuel cells. The purpose of this note is to compare AFC Energy's products, markets and business strategy against its listed peers Ceres Power and ITM Power. The note also assesses the state and outlook of the hydrogen market in addition to the proton exchange membrane market, which is relevant for AFC Energy's AlkaMem™ product. As a reminder, we believe AFC Energy has a fair value of 27p/sh.
Companies: AFC AFC AFC