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|04/08/2016 07:00:18||London Stock Exchange||Interim results for six months ended 30 June 2016|
|07/07/2016 07:00:07||London Stock Exchange||Trading Update|
|15/06/2016 16:32:28||London Stock Exchange||Directors' Holdings|
|20/05/2016 08:26:47||London Stock Exchange||AGM Resolutions|
|19/05/2016 07:00:13||London Stock Exchange||AGM Statement|
|12/05/2016 12:36:15||London Stock Exchange||Options Announcement|
|05/05/2016 07:00:11||London Stock Exchange||Acquisition of Lighthouse Holdings Limited|
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Research reports on PORTMEIRION GROUP PLC
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Short term blip provides an attractive entry point
04 Aug 16
Portmeirion Group has reported their interim results this morning which are inline with our revised estimates. The company has had a mixed first half year but should be well positioned to rectify underlying issues in South Korea and India and hit our full-year numbers. The recent profit warning should be viewed as a blip and should not overshadow the company’s fantastic track record.
07 Jul 16
Portmeirion has released a trading update this morning stating that PBT is expected to be materially below the record level of £8.6m reported for 2015. The company has seen an immediate negative on demand in the UK following the vote to leave the EU referendum with the potential benefits of a weaker pound yet to translate into firm overseas orders. We believe that this is a short term set-back and take comfort from the fact that management intends to increase the 2016 interim dividend by c14%.
HOUSEHOLD GOODS FLASH
05 May 16
Portmeirion has announced the acquisition of Lighthouse Holdings Ltd for a total consideration of £17.5m plus surplus cash. We think that Lighthouse’s wholly owned subsidiary, Wax Lyrical, is a great addition to the group’s portfolio of brands and represents a strong strategic fit; substantial revenue synergies are expected from this acquisition going forward as Portmeirion grows the brand through existing customers, websites, outlets and distribution channels. We therefore increase our estimates this morning, taking into account the acquisition, and increase our Price Target from 1171p to 1296p.
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UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
Safe as houses
17 Oct 16
Telford Homes is in as strong a position as it has ever been in the 15 years since flotation. The company has a strong balance sheet, with an expanded equity base and significant headroom on its banking facilities, a large development pipeline and impressive forward sales position, and good levels of demand for its product and geography from a diverse group of buyers.
“Encouraging”Q1: Positive transformation momentum continues
24 Oct 16
“Encouraging” AGM/Q1 (July-Sept 2016) FY17 trading update should reassure further as it builds on the strong momentum of the recent FY16 results. Management’s self-help initiatives appear increasingly sure-footed. Reflecting the balance of this encouraging Q1 outcome and the highly uncertain backdrop (e.g. raw material prices/input cost inflation, currency movements, and other macro pressures), we think it prudent to keep our FY17 forecasts unchanged for now, not least as there are another 3 financial quarters to navigate. That said, so far so good. We therefore retain our BUY.
AGM trading update
20 Oct 16
While current trading is a beneficiary of Sterling weakness, near-term FX volatility prevents us from upgrading our FY forecasts at this stage. In the event, however, that Euro and Yen exchange rates remain at current levels or lower, existing forecasts have considerable upside risk.