Modest profit upgrade despite cost pressures

Solid update

The Promised Land

Red Dwarf, the very British sci-fi comedy franchise, ran for 11 seasons – most recently in 2017; and The Promised Land is a feature-length TV movie – out this year. Yes, the programme is an acquired taste. Strangely, too, many episodes are impacted by a virus or three (physiological, not main-frame).

UK Housebuilding Sector: 2020 vision: Sharpness and clarity for industry prospects

For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t

UK Housebuilding Sector in 3Q 2019: ‘And then there were 17’

Dame Agatha Christie (née Miller) published more than 80 books and plays; and the Guinness Book of World Records lists her as the best-selling novelist of all time with roughly two billion copies sold. ‘And then there were none’ was originally published in 1939, with an un-politically correct title; and it is still the world’s best-selling mystery (with more than 100 million sold). It is also number six on the list of best-selling books of all-time.

UK Housebuilding Sector in 2Q 2019

Dwight Barkley PhD is a Professor of Mathematics at the University of Warwick. He studies waves in excitable media such as the Belousov-Zhabotinsky reaction, heart tissue and neurons. In 1997, Dr Barkley and Dr Laurette Tuckerman, a Paris-based mathematical physicist, developed ‘bifurcation analysis for time steppers’, which is a technique for modifying computer codes to perform bifurcation analysis. More lyrical, perhaps, Dwight is also known for formulating an equation to estimate how long it

UK Housebuilding Sector in 1Q 2019

Y2K is a numeronym and was the common abbreviation for the year 2000 software problem; and, for the benefit of millennial readers, the abbreviation combines the letter ‘Y’ for year and ‘K’ for the SI unit prefix kilo, meaning 1000. Hence, 2K signifies 2000.

UK Housebuilding Sector in 2018

‘From the deserts of East Ham to the gardens of Cottenham’, the UK Housebuilding Sector was whacked to the tune of 27% in 2018; and not one share price (out of 18) rose on the London Stock Exchange.

UK Housebuilding Sector in 3Q 2018…

“It’s like the cow that every single day during 10 years sees the train crossing in front of it at the same time. And if you ask the cow what time is the train going to come, it’s not going to have the right answer. In football it’s the same”.

UK Housebuilding Sector in 2Q 2018

This VAR was conceived in 2010 by the Royal Netherlands Football Association (KNVB) but it was seven years later, in April 2017, that it had its professional club competition debut in the A-League in Australia in a match between Melbourne and Adelaide.

UK Housebuilding Sector

This ominous-sounding term originated from the work of famed Swedish meteorologist, Tor Bergeron (1897-1977), but it only entered popular vernacular this year – and there have been ample opportunities in 2018 to use it.

Morning Song

Dechra Pharmaceuticals (DPH LN) Significant European acquisition | Northern lights The year of the Great Exhibition

The year of the Great Exhibition

2018 is the year of the Great Exhibition of the North. This summer, Newcastle and Gateshead will play host to a government-sponsored, 80-day marathon of events. Billed as the largest event in England this year, the Great Exhibition will showcase the best of the North East’s art, culture, design and innovation and we expect it to highlight the region’s ongoing success in high-end engineering, technology and life sciences. It may also reflect on the success of the North East’s plcs, the most strik

Cenkos: Seeing Machines Ltd -- A tech unicorn its share price belies

We view Seeing Machines's recent deal with Magna as a game changing moment that signals the start of a period of significant value creation, cashing in on more than 20-years of technology development. The Magna deal takes away the balance sheet risk but also provides a highly motivated global Tier-1 partner with a track record in securing significant market shares. In our view its DMS/OMS rear-view mirror is the most competitive solution in the market and one that has been selected by VW and Hon

Hybridan Small Cap Feast 23/11/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr

Surface Transforms (SCE LN) - £100m contract win vs. near-term headwinds

Surface Transforms has announced a £100m contract with OEM 10, a major global automaker. The Group will be the sole supplier for two model variants, and discs will replace those of a key competitor on an earlier model variant, providing validation of Surface’s superior technology. Revenue from this contract will flow in 2025e. In contrast, current trading has been hit by production delays at OEM 8. Production is now restored but Surface has struggled to provide enough discs in a shortened period

LIBERUM: Accrol Group Holdings Plc* - Very strong first half

Surface Transforms - Trading update and OEM 10 contract win worth £100m

The group has announced the award of possibly its most significant contract to date worth £100m over six years for OEM 10, which takes its total contract value to £290m, and is an important validation by a leading automotive OEM that supplants its rival ceramic disc competitor. Its trading update highlights a recent short halt in production for OEM 8, with production now resumed and ramping up, reducing forecast FY22 revenues by £6.5m, with profits reduced by £3.6m. FY23 and FY24 forecasts are u

Prudently rebasing forecasts given market challenges

Today’s AGM update follows recent commentary from peers in highlighting the impact of market volatility on buyer confidence. There has been a significant slowdown in demand over the past six weeks, as evidenced by a reduction in reservation rates to 0.26 (prior year equivalent: 0.42) and an increase in cancellation rates to 41% (from 20% in the first ten weeks of the year). This period covers the eye of the storm of the mini-budget and it is therefore difficult to gauge the likely pace of recove

discoverIE - Well positioned for further growth in a changing world

Strong H1 results from discoverIE provide further evidence of the value of the group’s focus on the structurally growing markets of renewables, medical, transport and industrial & connectivity. H1 2023 sales were up +26% (+23% CER, +14% organic) and adj. EPS up +37%. Operating margins rose from 10.3% to 11.7%, evidencing rising value-add and the group’s ability to pass on the impact of inflation and supply chain issues. discoverIE’s components are essential to client projects but generally only

WH Ireland: Solid State (SOLI) - Follow on £9.8m NATO Defence Contract provides further order coverage for FY 2024E

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Following on from last week's announcement of a £7.3m contract through the NATO Support and Procurement Agency to supply communications equipment to a defence customer (expected to be delivered in the current financial year), this morning, the group has announced a follow on contract worth £9.8m due for delivery in the year to 31 March 2024.

SHORE CAPITAL - N Brown Group+ (BWNG) - House Stock at 23p - Resignation of Chief Financial Officer

Morning Note – 22 November 2022

Cenkos: CAP-XX Ltd -- A$2.05m R&D rebate received

CAP-XX has announced that it has received a A$2.05m R&D tax rebate from the Australian Tax Office.

Morning Note – 23 November 2022

In-line interims, guidance unchanged

Victoria has reported underlying EBITDA of £100.1m that is in-line with October’s trading update. Revenues of £776m were ahead 59% (7.7% like-for-like organic growth) with significant impacts from acquisitions, namely the Balta carpets and rugs businesses, and inflationary price increases. Underlying PBT and diluted EPS were down 3.1% and 26% respectively. Despite on-going macro challenges, the Board has reaffirmed that it continues to be confident that synergy gains and other management actions

Cenkos: Seeing Machines Ltd -- First quarterly KPIs

Seeing Machines has published quarterly Key Performance Indicators for its quarter ended 30 September 2022. Cars on the road with its DMS technology were 559,302, representing an increase of 112,077 over the prior quarter. Guardian connections were 41,415 at the period end representing growth 1,523 units over the end of the prior quarter, with 9,698 units sold that have yet to be connected.

Hybridan Small Cap Feast 24/11/2022

Dish of the day Joiners: One Health Group plc (AQSE: OHGR), joins the Apex segment of the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. Market Cap on admission £15.05m. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act