R&Q’s latest transaction, the creation of Gibson Re as a ‘sidecar’ for future legacy deals should progressively smooth contributions from the Legacy Insurance division and create a new, equally substantial but far more visible, source of profitable revenue. R&Q referred to planned sidecar creation previously and the structure will reduce opportunities for earnings surprises caused by unpredictable legacy deal timings. As its portfolio scales, Gibson Re should help transform R&Q’s Legacy division
Companies: Randall & Quilter Investment Holdings Ltd.
R&Q's interim results announced the swift transformation of the Legacy Insurance business into one that can manage some $2bn of reserves on behalf of external capital through a new vehicle, Gibson Re. This marks the next (and biggest) step in its transition to a recurring-revenue business, generating a 4.25% annual management fee – management expects it to contribute to growing group EBIT to $90m by 2023. Somewhat overshadowed by this announcement was another stunning performance from Program M
The recent update on its Program Management activities confirmed that RQIH is enjoying the fruits of prior investment and, importantly, seeing further acceleration in the division. We expect that Accredited Program Management will become an increasingly valuable source of visible, recurring, fee-based income and progressively balance the Group’s highly successful, but more opaque - from a forecast perspective - Legacy operation.
Management has released a trading update for the high-growth Program Management business, covering the half year to 30th June – as well as a quick note on July trading. During this period, Program Management has demonstrated astounding growth.
FY20 results confirmed the rapid momentum building behind both group divisions. Legacy made particularly strong progress, on the back of more urgent need for owners of legacy assets to free up capital during 2020. Program Management is firmly on track, reporting strong growth in contracted GWP in FY20 and to the end of Q1 2021.
Regardless of the share price action on their release, this was a strong set of results, with a record number of Legacy Insurance transactions and Program Management turning profitable for the first time. Group operating profit, which is a close representation of cashflow, more than doubled to £16m, and operating EPS was up 38% to 5.9p/share. The company is in growth mode and as such plans to retain more capital to fund this, but promises a growing dividend over time as Program Management genera
Today's news & views, plus announcements from HICL, SOLG, OTMP, RQIH
Companies: HICL OTMP RQIH SOLG
Today's news & views, plus announcements from AZN, CBG, INVP, TPK, SEIT, RQIH, YEW
Companies: YEW RQIH SEIT TPK
Today's news & views, plus announcements from EXPN, SVT, JLG, FUTR, DNLM, MAB, RQIH
Today's news & views, plus announcements from CPG, DGE, FLTR, MSLH, PHP, TUI, UDG, ULE, RQIH, VTU
Companies: Primary Health Properties PLC (PHP:LON)Randall & Quilter Investment Holdings Ltd. (RQIH:LON)
Today's news & views, plus announcements from BHP, LMP, LRE, INCE, RQIH, XPD
Companies: Randall & Quilter Investment Holdings Ltd. (RQIH:LON)Ince Group plc (INCE:LON)
Today's news & views, plus announcements from NXT, QLT, HBR, GFRD, EQN, RQIH, BREE, DXRX
Companies: GFRD HBR RQIH
Today's news & views, plus announcements from OCDO, NG, NEX, PMO, SEPL, RQIH
Companies: HBR RQIH SEPL
The group’s recent trading update confirms that growth in the Program Management division, Accredited, is firmly on track. In the twelve months to 31 Dec 2020, it recorded a 46% increase in Gross Written Premium (GWP) and 76% higher Economic Commission Revenue (ECR) at $22.7m. That reflected 18 new programs contracted (48 active programs at the year-end) and 52% higher Contracted Premium at $1,281m.
Today's news & views, plus announcements from RIO, IAG, MAB, OTMP, RQIH, SHOE
Companies: OTMP RQIH RIO
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Revolution Beauty is a multi-brand, multi-category, multi-channel, mass beauty innovator with proven global scale. Since launch in 2014, the Group has grown rapidly (FY14 – FY19 CAGR of 99%) generating revenue of £137.5m in the 12m to 31 December 2020. Revolution has an established retail footprint of c.11,000 doors across leading retail chains in the UK, USA and internationally, driving global brand recognition. This is complemented by a fast-growing digital business (+81% in 2020) including it
Companies: Revolution Beauty Group plc
Companies: Aquis Exchange Plc
Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
Oversubscription of Gore Street’s PrimaryBid offer is helpful although given the attractions of the energy storage market perhaps not surprising. The larger placing remains open with results announced at the end of the month. Together the c.£70m raise will provide the fund with ammunition to pursue its strong pipeline of storage opportunities.
Companies: Gore Street Energy Storage Fund PLC
Companies: Real Estate Investors plc
Following the successful completion of the Hawthorn disposal, towards the top-end of our £180-230m range, and the transformation to a pure retail property group we update forecasts and briefly set out our investment thesis ahead of the Group’s CMD. We estimate FFO for FY22F, FY23F and FY24F of 7.2p, 8.3p and 9.4p per share respectively; a 3-year CAGR of c35% over the 3.8p generated in FY21A. Post-Hawthorn, balance sheet metrics have markedly improved, flexibility enhanced, and refinancing risk r
Companies: NewRiver REIT plc
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Today's in-line results illustrate the financial impact from restrictions upon face-to-face Insurance sales over the past 15 months. However, they heavily mask the strategic momentum underway across the Group. Since the lifting of restrictions from June, Insurance is exhibiting a strong and accelerating rebound in demand, which should mark an inflection point for policyholder numbers and restore premium income to pre-pandemic levels over the medium-term. We expect the Group's other product lines
Companies: Personal Group Holdings Plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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What’s cooking in the IPO kitchen?
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European
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What’s cooking in the IPO kitchen?
Poolbeg, Proposed AIM listing and demerger from Open Orphan (ORPH.L). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBA
Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange as s
Companies: ANP DMTR FCRM HUR I3E IGE KWG MTR MEAL POW
Belvoir’s H1 2021 results are exceptionally strong, with adj. EPS up +50%. They were, of course, aided by a very buoyant housing market, but this does not detract from the strategic progress the group continues to make. The group’s growth strategy has supported 24 years of unbroken profit growth and, while 2022 will likely see cooler market conditions, there are increasing signs it will be a gradual return to more normal conditions. The acquisition of Nicholas Humphreys in H1 and The Nottingham
Companies: Belvoir Group PLC
In-line interim results to 30 June 2021 show revenues up 93% to £8.5m, EBITDA up 118% to £2.4m and AUM up 15% to £1.1bn compared with the FTSE All Share, which grew 11.1%. DFM assets outperformed the All Share by almost 4x, increasing 40% to £606m. Recent acquisitions are all performing as initially expected, with the full opportunities that can be realised as a result of the network effects and joined up approach, likely yet to come. While EBITDA is performing very well, reaching 54% of our 202
Companies: Frenkel Topping Group plc
AfriTin* (ATM LN) – Conditional credit approval for Uis mine expansion
Altus Strategies* (ALS LN) - BUY – 125p – Numerous artisanal gold workings discovered on new licenses in Egypt
Botswana Diamonds (BOD LN) – Drilling results link two kimberlite ‘blows' at Thorny River
Caerus Mineral Resources (CMRS LN) – Raising £1.5m in placing and subscription
GoldStone Resources* (GRL LN) – Extension of Gold Loan
Rio Tinto (RIO LN) – Battery storage facility to be installed at Queensland mine
Companies: ATM ALS BOD CMRS GRL RIO
Big Technologies (BIG) provides market leading electronic monitoring (EM) systems on a SaaS (Software as a Service) basis primarily to criminal justice systems around the world. EM involves utilising location technologies to remotely monitor and manage people within correctional systems.
Companies: Big Technologies PLC