FY20A results have come in higher than the minimums guided in January's trading update, reflecting resilience derived from recurring revenues over a challenging year. Lockdown activity over the past 12-months has significantly impacted ability to write new Insurance policies, the impact of which will be more visible over FY21E and concurrently met with higher costs, as face-to-face sales resume from June. As such, we expect a material decline in YoY earnings, but consider this to be temporary wh
Companies: Personal Group Holdings Plc
Personal Group's trading update indicates delivery of a solid FY20E result, an outcome better than expected earlier in the COVID-19 pandemic, reflective of the group's robust recurring revenues. Strategic progress has been made in the year with new client wins, greater diversification and Sage Employee Benefits (SEB) now moving to a paid-for model. The short-term outlook for FY21 is uncertain, given reduced new Insurance sales this year, however we view this as a temporary headwind resulting fro
Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC Due mid Jan.
HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the Unit
Companies: CCS SEE ROCK PGH SWG SLN ORPH EQLS TEK AVO
Interim results demonstrate YoY growth and a resilient outcome that has exceeded management's expectations from the start of the Covid-19 pandemic. This is testament to the degree of recurring revenue generated across the business. FY21 trading looks to be more challenging, as notably lower new insurance sales post-lockdown will translate into lower premium income. A number of organic opportunities are being worked on to fill the shortfall. Rising UK redundancies and their impact on policyholder
AEX Gold (TSXV:AEV) is intending to admit its shares to AIM alongside a £45m placing. The Company, led by CEO Eldur Ólafsson, has established the largest land package of gold assets in Greenland with a current portfolio of licences covering 3,356 square kilometres, in the two known gold belts in Southern Greenland, the Nanortalik and Tartoq gold belts. Nalunaq is a highgrade gold asset with an updated Inferred Mineral Resource covering 422,770 tonnes at 18.5 grams per tonne of gold, or 250,970 o
Companies: SYM CBP GGP UKOG MTPH PGH XLM FEN EQLS DOTD
Personal Group Holdings (PGH) has produced FY19A results comfortably ahead of previous forecasts (£66.9m revenue, £10.3m adj EBITDA), reflecting growth in lower margin services beyond Insurance. However, FY20E trading will be impacted adversely by COVID-19 through a possible rise in Insurance claims, policyholder churn, as well as reduced activity levels across the group. It is too early to accurately predict the severity of impact, hence we withdraw forecasts and move our recommendation to Unde
Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. R
Companies: MJH FIPP PGH BOOM TPFG OSI D4T4 OMG SAV RMM
Personal Group's H1/19A results show robust trading so far this year, with encouraging signs in SaaS and Let's Connect. However, new sales of the group's core insurance products are beginning to soften, while SEB's launch was later than expected. FY19E adj EBITDA is thus likely to be lower than forecast, but rpt PBT, EPS and DPS are expected to be in-line.
SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segme
Companies: MCL IQE CER HAYD DHG SIS PGH ZYT CHRT JWNG
Research Tree provides access to ongoing research coverage, media content and regulatory news on Personal Group Holdings Plc.
We currently have 25 research reports from 2
What’s new: Updates in April and early May reveal:
Group consolidated Funds Under Management “FuM” of US$11.3bn at the end of April 2021 is up 4.0% year to date (Dec20: US$10.9bn).
Strong investment performance across CLIG’s investment strategies, was offset by clients rebalancing, resulting in 3Q net outflow of US$278m.
CLIG continues to maintain an active pipeline across all its major products.
Income net of third-party commissions currently accrues at circa 74 bps (i.e. c. 73 bps
Companies: City of London Investment Group PLC
Forecast beating Final Results
Companies: Palace Capital plc
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
HgCapital Trust (HGT) posted a strong NAV TR of 8.4% in Q121, driven primarily by double-digit earnings growth across the portfolio (LTM EBITDA for top 20 holdings up 30% y-o-y). After record-high transaction volumes in FY20 (investments at £403m and realisations at £364m), HGT has maintained a high transaction activity to date in 2021 (£147m and £112m, respectively). Its coverage ratio was a healthy 69% at 12 May 2021, supported by tap equity issues, which totalled c £50m to 8 June 2021 (versus
Companies: Hgcapital Trust
Hipgnosis Songs Fund (SONG LN) has today released a trading update and published an unaudited NAV of $1.6829 (122.5p) as at 31 March 2021 vs $1.5114 (116.7p) as at 31 March 2020. This is an increase of 11.3% (in US$ terms – to which the company changed its reporting currency back in October 2020), and a TR of 15.7%, giving a TR of 40.7% since inception in July 2018. The growth in the “Operative NAV” is 9.4% on like-for-like uplift in fair value catalogues which has been driven various factors: t
Companies: Hipgnosis Songs Fund Limited Shs GBP
Liontrust has delivered exceptional growth and there is much to be optimistic about, yet it continues to trade on an unexceptional 14x Mar-22e PER. We are expecting no surprises at Finals later this month after a post-period update in late May and supportive markets since. There is opportunity across the fund range (including the established Sustainable strategy) with continuing growth from flows and performance, and potential in recent acquisitions; set against compelling market dynamics. Liont
Companies: Liontrust Asset Management PLC
Avation is a lessor of 45 aircraft to a diversified airline client base of 19 commercial airlines across 15 countries. This morning, the group has provided a solid trading update to 31 March 2021, which points to a continued focus on managing the collection of customer revenue, with rent collections and overall cashflow having improved since the end of H1 2021. The remarketing of the eight returned ATR aircraft has also continued, while net debt reduced by $51.6m in Q3 FY 2021E to $988.1m, with
Companies: Avation PLC
Today's news & views, plus announcements from SSPG, PNL, SHED, TUNG, ANX, BLTG, AVAP
Trident reports that Moxico Resources Plc has recently completed a US$73m equity financing. The proceeds will be used to fast-track development of the Mimbula copper mine in Zambia over which Trident holds a royalty. Mimbula is already producing copper and is in the ramp up stage, but the cash injection will allow Moxico to produce cathode copper onsite via the construction of a new SX-EW plant and Moxico anticipates a significant increase in copper production. As a royalty holder, Trident will
Companies: Trident Royalties Plc
OCI hosted its annual Capital Markets (CM) day on 18 May 2021.With presentations from Oakley Capital and investee companies, as well as Q&A, including the OCI board, it gave a clear view of the prospects of the organisation. We have argued in previous notes that OCI’s outperformance (five-year CAGR NAV total return 16%) is driven by i) high-growth companies and sector champions enjoying structural tailwinds and often digital disruption benefits (2020 average 20% EBITDA growth), ii) repeatable an
Companies: Oakley Capital Investments
AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. In its recent technical update, the company highlighted progress made over the past three months towards a ful
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
Finsbury Growth & Income Trust (FGT) is managed by Nick Train, one of the founding partners of boutique investment firm Lindsell Train. He is optimistic on the current outlook for UK equities, all the more so given several years of relative underperformance; in particular, the manager believes that global investors are underestimating the level of technological innovation within the UK corporate sector. While FGT’s relative performance has lagged that of its peers and the UK market in recent mon
Companies: Finsbury Growth & Income Trust PLC
Urban Logistics REIT (“ULR”) has delivered a watershed year: doubling the portfolio with a disciplined approach focusing on value-add opportunity through reversion and regear. Finals show rental income doubling from acquired assets, with recurring EPS in line with our forecast. EPRA NAV was 6% ahead of N+1Se, as valuation yields tightened. The manager has secured a further c.£150m pipeline of similarly attractive assets. We make a modest upgrade to EPRA NAV on better valuation. We see sustained
Companies: Urban Logistics REIT plc
Trident Royalties Plc (AIM: TRR) has, this morning, noted progress at the Mimbula Copper Project, over which Trident holds a gross revenue royalty (GRR). Mimbula's owner and operator, Moxico Resources Plc, recently completed a US$73million equity financing which will be used to develop and build a standalone SX-EW plant. We have also updated our production assumptions for the Thacker Pass Lithium Royalty based on comments by Lithium Americas Corp. (NYSE/TSX:LAC) in their Q1 2021 results last mon
Today’s upbeat FY21 prelims from equipment rental specialist Vp provided further evidence of its industry leading status, especially in terms of earning quality, ROCE and cashflow. Posting a better than expected adjusted PBT (pre IFRS16) & diluted EPS of £23.3m & 45.9p on sales of £308m, alongside providing a “positive” outlook. Indeed in our opinion, the group’s through-cycle durability justifies a sector premium, thanks to its consistent returns, adoption of all-things digital and exposure to
Companies: Vp plc