Zeus Building Products and Construction Round-Up - 7 August 2024

Collectively, the Building Products and Construction sectors had a strong performance over July, no doubt supported by positive statements made from the newly appointed Labour government, continued expansion in Construction PMI and the highly anticipated 25bp interest rate cut.

PANMURE LIBERUM: James Halstead: FY24 pre close update

James Halstead (JHD LN) - A record year of profitability

James Halstead, a manufacturer and international distributor of commercial floor coverings, has this morning provided a trading update on the year ended 30 June 2024, reporting PBT in line with recently upgraded expectations. The business continues to benefit from its weighting towards commercial flooring markets, with healthcare, education and other institutional sectors reported to be performing markedly better than the domestic segment, notably within the UK and Europe. Record PBT is anticipa

James Halstead - Interim results: Forecasts raised on strong margin performance

James Halstead is a manufacturer and international distributor of commercial floor coverings. This morning the group has released interim results to 31 December 2023, reporting a mixed market backdrop leading to a 9% reduction in revenue more than offset by a strong margin performance, resulting in an 18% rise in PBT and 12% increase in EPS, while the proposed dividend has increased by 11%. Positive demand in smaller growth markets such as South America and the Middle East (revenue +36% and +26%

PANMURE: James Halstead : Interim results demonstrate a robust performance

James Halstead - H1 trading update illustrates continued positive momentum

James Halstead is a manufacturer and international distributor of commercial floor coverings. This morning, the group has released a brief H1 update for the six months to 31 December 2023, pointing to a continuation in the positive momentum previously seen. H1 2024E PBT is expected to be c.15-20% ahead of the comparative period (H1 2023A £23.2m), benefiting from both good levels of demand, notwithstanding some softening in certain European markets, and equally importantly, inflationary and suppl

James Halstead - AGM update demonstrates continued positive trading momentum

James Halstead is a manufacturer and international distributor of commercial floor coverings. This morning the group has released a brief AGM update, pointing to the positive sales and margin performance seen in H2 2023A continuing during the first five months of the current financial year, alongside confirmation of the final dividend of 5.75p (FY 2023A 8.0p +3.2%), the 47th consecutive year in which it has increased. While key markets remain highly competitive, the group reports increased outpu

PANMURE: James Halstead : AGM update

James Halstead - FY earnings ahead; strong margin recovery amid varied markets

James Halstead is a manufacturer and international distributor of commercial floor coverings. This morning the group has released full year results to 30 June 2023, with earnings ahead of expectations reflecting a material improvement in margins over the period, despite a varied backdrop across Halstead's key markets. Input costs, a number of which had escalated in H1 2022, are now reported to have eased in H2, combining with a succession of price increases to deliver an encouraging improvement

PANMURE: James Halstead : FY23 results

James Halstead - FY 2023E EPS raised 3.2% on H2 margin improvement

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released a robust trading update for the year ended 30 June 2023 and reaffirming market expectations for the full year. While the business faced a number of headwinds in H1, including an escalation in energy costs, wider inflationary costs and difficulties in securing shipping, alongside strike action at its Radcliffe plant, today's update illustrates continuing improving tren

PANMURE: James Halstead : Full year pre close

James Halstead (JHD) – Corporate – Potential margin/pricing benefit following UK/CPTPP trade agreement

The announcement on Friday that the UK has finalised an agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) could provide an interesting development for James Halstead. The agreement, which follows more than 21-months of negotiations on quotas, standards and tariffs, sees the UK joining the CPTPP, whose membership consists of Australia, Canada, Japan, Mexico, New Zealand, Singapore, Brunei, Chile, Malaysia, Peru and Vietnam. Following the agreement

Hybridan Small Cap Feast - 31 Mar 23

31 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

James Halstead - Interims in line with positive drivers moving into H2; forecasts reaffirmed

James Halstead is a manufacturer and international distributor of commercial floor coverings. Interim results this morning illustrate a robust performance against the varied and numerous challenges faced during the six month period to 31 December 2022. Revenue in the period increased by 9.5%, this set against a lack of international shipping availability, high energy and raw material costs rendering the 8.6% reduction in PBT to £23.2m very creditable. Since the beginning of H2, demand has been p

Renewi - Trading supports unchanged full-year guidance

Renewi has made a solid start to the year with no change to guidance. It is clearly well placed in the growing circular economy and exiting the UK Municipal business provides a simpler investment proposition. We believe the key for the shares will be progress towards management’s medium-term financial targets, in particular at least 5% organic growth and operating margins of 8–10% (FY24: 6.2%).

PROGRESSIVE: SDI Group: Resilient FY24 and strategy refresh

SDI’s FY24 results, released this morning, confirm that while markets have experienced headwinds from inflationary pressures, and customer destocking issues linger, overall performance has been resilient. We note improving cash generation, with £3.8m of free cash flow in H2. Net debt was flat at £13.2m (FY23: £13.3m) after acquisition spend of £3.4m. Despite the unwinding of inflated Covid demand, SDI has made strategic and operational progress, with a strong team in place to support the next ph

PANMURE LIBERUM: Costain Group: Strong momentum

Water Intelligence Credit Expansion for Growth Plan

Water Intelligence has announced a refinancing and expansion of its credit facilities with its existing lender M&T Bank which provides additional non-dilutive funding to execute its strategic growth plan.

Drax Group - Ofgem Investigation Closed

Poor reporting relating to the newly acquired Pinnacle Renewable Energy during FY 22 has resulted in a £25m redress payment for Drax by Ofgem but the regulator has found no evidence that ROCs were issued incorrectly. More importantly, Drax is now compliant with the reporting requirements and will additionally add an external audit process on biomass profiling. We see this as drawing a line under historic issues and should give comfort that the company now has the process in place to comply with

LIBERUM: Eneraqua Technologies* - Initiation - Saving money... and the planet

PANMURE LIBERUM: Yü Group: Growth in revenue, meter points and smart meters

Hybridan Small Cap Feast 16/12/2021

Joiners DSW Capital plc (DSW.L) a profitable, fast growing, mid-market, challenger professional services network joins AIM. DSW operates a licencing model and licences the DSW and associated brand names in return for a royalty based on a percentage of fee income. Public Policy Holding Company (PPHC.L) leading bi-partisan, full-service US government affairs business joins AIM. Through its wholly-owned companies, PPHC operates a portfolio of independent firms that offer public affairs, crisis mana

Hybridan Small Cap Feast - 21 Feb 23

21 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

Hybridan Small Cap Feast - 14 Jul 23

14th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti

Judges Scientific (JDG LN) - Magsputter deal & Geotek contract

Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. Following Judges’ H1 business update back in July, it’s pleasing to see that Judges’ ability to execute outstanding and earnings enhancing deals is unhindered (Magsputter acquisition on 15/8). Further, an announcement today confirms Geotek has signed the anticipated coring contract that will be recognised in FY2025, providing a significant underpinning to the coming year. Back on the

New direct awards secured

Morning Note – 27 June 2024

Somero Enterprises - Interims: looking for a stronger H2, guidance unchanged

With FY24 guidance reiterated, we maintain our existing forecasts. Interims show the weaker trading experienced, as recently flagged at its pre-close update. Poor weather conditions in N. America and Australia have impacted performance, with other known issues such as concrete availability and elevated interest rates also affecting customer demand for new equipment. Management cost action should help mitigate the effect of revenue weakness. Somero remains a high-quality business with attractive

Secular Growth Trends

Morgan Sindall (LON:MGNS) operates in construction and regeneration, with activities in partnership housing, UK infrastructure, office fit out, and general construction. Morgan Sindall (LON:MGNS) operates through six divisions:  Construction & Infrastructure, Fit Out, Property Services, Partnership Housing, Urban Regeneration, and Investments.