Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: JD., AO., 3IN, INPP, GFRD, HEIQ, KITW, & TEAM.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: LGEN, CTEC, SMDS, QLT, BREE, RAT, GFRD, CPI, ECOR, LIKE, & AVCT.

Galliford Try - Excellent 1HFY24 results - strong momentum

Galliford Try has published an excellent set of results for the half to end December 2023 demonstrating strong momentum and continuing growth. Revenue jumped 21% YoY to £819m while the divisional operating margin improved to 2.5% (1HFY23 2.3%) driving a 33% increase in underlying profit before tax to £15.6m. Management underscored confidence in the sustainability of the results with a 33% hike in the interim dividend to 4.0p. Despite the strength of the performance, management did not raise guid

Galliford Try - Consensus forecasts increased, post positive trading statement

Galliford Try published a positive trading statement for 1HFY24 on 17 January 2024 which included guidance that revenue and pre-exceptional profit before tax (Adjusted PBT) for FY24 would be c5% ahead of then market expectations. That prompted four of the five covering brokers to revise their forecasts including one additional broker extending forecasts through FY26. On average, revenue forecasts increased by 3.9% for FY24 with estimates for adjusted PBT increasing by 4.9% and estimates for EPS

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: FRAS, BBOX, SRE, SSPG, GFRD, WHR, ARIX, CYAN, & GOOD.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: ANTP, BP., GSK, PSON, SPX, IBST, LIO, MAB, RAT, SAFE, SHED, GFRD, CRW, MIDW, & BRK.

Galliford Try - HY24 trading statement – expectations raised

Galliford Try has published a positive trading statement for 1HFY24 noting higher trading YoY, ahead of the Board's expectations. With good visibility over 2HFY24, guidance for FY24 has been raised, with revenue and PBT anticipated to be c5% ahead of current market expectations. Given excellent progress to date, Galliford Try expects to update its strategic targets in 2Q calendar 2024, extending them out to FY30. The order book closed the half at £3.7bn (£3.5bn at 1HFY23) and month-end cash for

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: NG., AUTO, IMI, BME, TW., BBY, GFRD, RWI, & UOG.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: ABF, PSN, VTY, WOSG, AAZ, IUG, & GFRD.

LIBERUM: HS2: Exploring the scenarios

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: MNG, PSON, DNLM, CBG, SXS, GFRD, SED, POW, & FIF.

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

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

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

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