The Industrial Revelation

UK Nov GDP and industrial output misses but construction output beats, China's Dec exports rise ahead of expectations

Ford enters electric car race, Melrose sees good aerospace growth, Spectris reports lower LFL sales in North America & China

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)

Morning Song

Elementis (ELM LN) Interims confirm FY guidance, Mondo acquisition under review | Infrastructure India (IIP LN) Proposed financing to generate $125m

Morning Song

Elementis (ELM LN) Solid Q1 update and confident outlook | Futura Medical (FUM LN) MED2002 (Eroxon®) Phase III design unveiled | N Brown Group (BWNG LN) Business plans remain on track and rating offers scope for bounce | Redde (REDD LN) Positive momentum continues, forecasts unch | SDL (SDL LN) Q1 in line and vast majority of slipped deals, by value, now signed | Senior (SNR LN) Trading in line

A year of progress and a promising outlook for FY18

Elementis’ full year results confirm a year of significant strategic progress and earnings growth, a touch ahead of expectations. The outlook for the new year is promising and, as the portfolio transformation continues, it is striking to read that Personal Care is now the largest profit contributor in the Group. We retain our P&L forecasts whilst edging up our dividend expectations alongside a newly defined dividend policy. We expect another year of good progress in FY18 and, in our view, the sh

Morning Song

boohoo.com (BOO LN) Buy into derating as brand momentum increases | Carador Income Fund (CIFU LN) Q4 dividend of 2.25c, total of 9c for full year | ECO Animal Health Group (EAH LN) Marketing authorisations for Aivlosin® in Ukraine | Elementis (ELM LN) Strategic progress not yet reflected in share price | Goals Soccer Centres (GOAL LN) 2017 falls short of expectations but turnaround green-shoots in evidence

Strategic progress not yet reflected in share price

We anticipate a positive year for Elementis in 2018. This is the first year to benefit fully from SummitReheis, last year’s transformational acquisition. Meanwhile macroeconomic and peer group-specific indicators look positive. PPG last week reporting their strongest quarterly volume growth for three years. In our view, recent strategic progress is not yet reflected in the share price, which lagged the peer group last year. We continue to see intrinsic value in excess of 330p (14x FY18 EV/EBITDA

N+1 Singer - Elementis - Sale of Surfactants for €39m

After a competitive process, Elementis has entered into an agreement to sell its Surfactants business in Delden to Kolb Distribution AG for a cash consideration of €39m. We consider this a positive conclusion to the planned disposal of this non core, loss making and capital consumptive business. As expected, Elementis enters into a supply agreement with Kolb for continued sourcing of certain products for its Specialties division from the Delden site. This will be modestly dilutive to earnings fr

N+1 Singer - Morning Song 17-11-2017

Elementis (ELM LN) Share price drift presents buying opportunity | Springfield Properties (SPR LN) Springboard to sustainable long term growth | T. Clarke (CTO LN) Positive update, order book building for FY18/19

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

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

Morning Note – 16 April 2024

Billington Holdings - Record result boosts dividend; forecasts upgraded

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

Q1 Operating Results

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

Plant Health Care - China distribution with AMVAC

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

Morning Note – 15 April 2024

Severfield - Multiple positives should excite investors

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

discoverIE - Back to organic growth

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

Warns on brine supply costs

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

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.

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

Invinity Energy Systems - Update on Strategic Investment

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.

PROGRESSIVE: Severfield: Step change in European and Indian outlook

Severfield’s full-year results to March will be ‘slightly above’ the Board’s expectations, according to today’s trading update, with net debt significantly better. We maintain our PBT estimates for both forecast years, which are ahead of consensus, but reduce our net debt for FY24E. Record orders were boosted by the steel specialist’s European operations, after last year’s Voortman acquisition, while the Indian JV has seen ‘another step up in profitability’. The group has also launched its first

Clean and competitive fertiliser