Today's news & views, plus announcements from TSCO, IMB, SRE, PAGE & GFRD.
Companies: Galliford Try Holdings PLC
Galliford Try has released its first set of full year results since the disposal of its housebuilding business, closing the door on a successful turnaround. Vitally, it appears to be adhering strictly to the discipline management has emphasised since joining the board. The order book remains strong in a growing market, guidance has been upgraded, the (2x covered) dividend re-instated at 4.7p, and the EV is still laughably small given the net cash position of £164m against a market cap of £200m
Galliford Try has again demonstrated strong progress against its growth and recovery targets, with PBT set to come in “towards the upper end of analysts' current range [of forecasts]” – currently £9m-£11.2m. Management confirmed that all sites are progressing in line with its medium-term EBIT margin target of 2.5%
Today's news & views, plus announcements from NXT, QLT, HBR, GFRD, EQN, RQIH, BREE, DXRX
Companies: GFRD HBR RQIH
As hinted at in the brief trading update on 20th January, Galliford Try has coped well with COVID restrictions and has delivered a return to profitability, a return of the dividend (1.2p interim), and an improved cash profile. This hasn't come easily, and is the result of a root and branch overhaul of risk processes, the costs base, and internal monitoring and attitudes. In this period it has also been helped by supportive end markets.
Today's news & views, plus announcements from BME, AV, SDR, RAT, MGGT, GFRD, SEIT, TYMN
Companies: Galliford Try Holdings PLC (GFRD:LON)SDCL Energy Efficiency Income Trust Plc (SEIT:LON)
Today's news & views, plus announcements from BRBY, BHB, DPLM, IWG,GFTU, CMCX, JDW, GFRD, BGO
Companies: Bango plc (BGO:LON)Galliford Try Holdings PLC (GFRD:LON)
This brief but important update has underlined that Galliford Try is coping admirably with the seemingly constantly changing COVID restrictions, with all sites open (as they have been since the start of the financial year in July 2020) and trading at “normal” levels – in line with management expectations.
Crucially, a return of profitability and dividends (as previously flagged) is expected with the half year results, due to be released on 4th March. Consensus is for a 2.5p dividend for the y
After the significant (and timely) sale of its housebuilding businesses in January 2020, Galliford Try is an old name with a newly focused business model, no debt, no pension liabilities, and significant cash on its balance sheet. It is a pure-play construction business with a large order book and highly visible revenue (90% of FY21 revenue was already secured by 30th June 2020), which is set to be profitable and cashflow positive this year. As a result, it will re-instate its dividend at the
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Companies mentioned in this edition include: IAG, Tesco, Bunzl, Rathbones, Dunelm, Marks & Spencer, Mitchell & Butlers, Card Factory, *SIG, Galliford Try, Liontrust, Hipgnosis Songs Fund, *Avation, Nichols, Naked Wines, John Lewis and the potential upcoming IPO of Calisen Group Holdings.
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Companies: AVAP SHI GFRD
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.
Companies: ABBY CSP WJG TW/ BWY PSN GLV BDEV RDW BKG VTY CRN GLE SPR GFRD
Due to a change in Analyst role, Cenkos Securities plc has suspended coverage of the following stocks (see table 1). Our previous recommendation and forecasts can no longer be relied upon.
Companies: BDEV BWY BKG VTY COST CRST BBY FERG GLE KLR KIE MSLH MER MTO NXR PSN RDW RNWH SFR SHI MGNS TW/ CTO TEF TPK GFRD
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Shoe Zone’s accelerated digital strategy and defined store rationalisation programme, alongside decisive action on cost control and cash preservation, means the Group is emerging from the pandemic as a leaner, stronger and more resilient business. Robust cash generation means we expect the Group to be debt free and able to reinstate its dividend in the current year.
Companies: Shoe Zone PLC
Companies: Accrol Group Holdings plc
Victoria has issued a positive half-year trading update that confirms underlying profit before tax for FY2022E will be ahead of consensus market expectations. Against a background of strong consumer demand for its flooring products, the first half has seen record operating earnings. Management expect this demand picture to continue into next year and beyond with the added support from the high level of housing transactions which is a good lead indicator of future refurbishment activity. Septembe
Companies: Victoria PLC
discoverIE has confirmed continued strong trading momentum and we have upgraded our FY 2022E EPS forecast by +2%. H1 sales were up +23% on last year at CER, driven by +15% organic growth over last year (+8% compared with two years ago) and a strong contribution from acquisitions. Orders remained well ahead of sales with organic growth of +64% against last year and +34% against two years ago. The Group is managing widespread supply chain challenges effectively and we have made no changes to our g
Companies: discoverIE Group PLC
Accrol has issued a trading update confirming that cost pressures both from input and distribution costs has intensified over recent weeks echoing trends we have seen in other industries. Revenue pressures have also built as fulfilment becomes more challenging. These headwinds are reflected in our downgrade to EPS forecasts of 37.4% and 18.3% in FY22E and FY23E respectively. Over the long term we continue to believe Accrol is a strategically important asset with a key position in a resilient mar
Today's news & views, plus announcements from NWG, WPP, SMDS, BDEV, CSP, EMG, HICL, QTX, RLE, MTEC, BOOM, CAPD & THG.
Companies: Barratt Developments PLC (BDEV:LON)HICL Infrastructure Company (HICL:LON)
Today's news & views, plus announcements from BATS, GRI, HAS, NEX, RAT, QQ., BRK, PURP, POLR & CAY.
Companies: British American Tobacco p.l.c.
Q2 results were roughly in line with expectations. With little surprise, the FY21 margin outlook was cut given the price uncertainties of the raw materials. This is the first bad signal for the sector.
Companies: Unilever PLC
discoverIE’s trading update confirmed that performance in H122 was ahead of board expectations, with organic revenue growth of 15% y-o-y and 8% versus the pre-COVID H120. Despite supply chain challenges, the company maintained gross margins. Q222 order intake continued in the same strong vein as H221 and Q122, resulting in a record order book entering H222 and driving a small upgrade to our FY22 and FY23 forecasts.
Sosandar, the celebrity-endorsed women’s fashion brand, benefits from a simple and scalable capital-light online model, a fast-growing affluent customer base and a robust pipeline of new styles introduced each month. The company is achieving impressive growth across all key performance metrics and has a solid balance sheet to support its rapid expansion in the UK and, we believe, internationally over the medium term.
Companies: Sosandar Plc
Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation £20m raising c. £8m “to finalise the development and launch
Companies: SYM ABDX NBI BPM TND BRCK PRES ENET CDGP
Although renewable energy has been gaining increasing traction over the past decade as the costs of renewable energy generation and perhaps more importantly, energy storage have fallen, 2020 was a seminal year for transitional energy investors driven by governments seeking to “build back better” after COVID-19. The US has committed US$2.25trn largely focused on the energy transition while the EU has committed US$0.54trn with companies around the world including China committing to net zero targe
Companies: LAM FSJ TGP PRES JMAT CRPR NEXS VLX
The H1 results (in line with expectations) were led by New Category growth (up by +50%) and the partial recovery from the pandemic impact. We see the outlook as good, with annual sales revised upwards and even though margins may be challenged by increased New Category investments. This is definitely good for the long term, but could be (unfairly) misinterpreted by the market at the moment.
Solid State is a manufacturer of computing, power and communications products, and a value added supplier of electronic components. This morning, the group has released an upbeat AGM statement confirming that the positive trends in trading previously reported at the full year results in July have continued in recent weeks. The order book is described as ‘strong' with a good balance across industry sectors and geographies, including a rebound in certain segments that had been impacted by delays r
Companies: Solid State plc