CVS Group (CVSG LN) FY18 – Progress on various fronts but some temporary growth pains | Spirent Communications (SPT LN) Interims in-line; FY second half weighted as expected | Vp (VP/ LN) AGM statement confirms strong start to FY19
Companies: CVSG SPT VP/
Avon Rubber (AVON LN) Interims in line | boohoo.com (BOO LN) Leading e-commerce fashion brands undervalued | Oxford BioMedica (OXB LN) Kymriah® gains FDA approval in second indication | Photo-Me International (PHTM LN) CGT strikes could be taxing for French Photo-ID, but not materially so | Realm Therapeutics (RLM LN) FY results in line, lead programmes on track | Spirent Communications (SPT LN) Q1 update highlights expected H2 weighting
Companies: AVON BOO PHTM RLM SPT OXB
Spirent’s results last week showed good traction from the group’s strategic growth areas (Lifecycle Service Assurance and Application Security), which combined with effective cost control, resulted in strong earnings growth and excellent cash generation. The group remains heavily H2 weighted, but we believe it is well placed to deliver a long awaited return to top-line growth going forwards. With gross margins remaining strong and management maintaining a tight grip on costs, we expect the growt
Companies: Spirent Communications plc
Spirent has reported its results for the year to December 2017. Group revenue and adj, EBIT are both slightly ahead of expectations, with a strong performance in Lifecycle Service Assurance and good cost control in Connected Devices offsetting some weakness in Networks & Security. Effective tax management in FY’17 has resulted in 43% adj. EPS growth to 7.55 cents, well ahead of our 6.3 cents estimate. Cash generation was also strong, with net cash at the period end of $128.4m. This has resulted
Applied Graphene Materials (AGM LN) Collaboration on W Motors Fenyr SuperSport car | ATTRAQT Group (ATQT LN) Opportunities intact, focus on execution | Domino’s Pizza Group (DOM LN) Good set of finals and strong start to FY18 | Frontier Smart Technologies Group (FST LN) Strong results with more to come | Spirent Communications (SPT LN) Good progress in FY’17 | Summit Therapeutics (SUMM LN) Enrolment opened for an additional group in PhaseOut DMD trial
Companies: AGM ATQT DOM FST SPT SUMM
Spirent Communications is a world leader in providing products and services for test and measurement of communications systems across fixed and mobile voice, data and video applications and networks.
In this report we argue that the company is positioned for increased earnings growth in the coming years, based on the success of the recent cost-base reduction program, and the company’s strategic alignment to the major growth drivers in the market place.
Spirent has released its Q3 trading update showing a number of key contract wins and a continued focus on cost management. Revenue for the 9 months to September ’17 was $326.1m versus $324.4m at the same point last year, with adjusted EBIT significantly higher at $33.4m (2016: $20.6m). Net cash at the end of Q3 was $115.6m. We leave our forecasts and target price methodology unchanged meaning our DCF derived TP remains 116p. After the recent share price weakness this results in our recommendatio
Spirent’s H1’17 interim results showed increased operating margins and good cash generation, but a return to top line growth remains illusive. Networks & Security was the star performer in H1 (+11%) but the transition to 400G Ethernet is causing project delays that will result in a weaker H2 than expected from the division. With Lifecycle Service Assurance expected to be significantly second half weighted and Connected Devices still in decline, the group has a lot to do in H2’17. We have reduced
Bioquell (BQE LN) Positive trading continues | Earthport (EPO LN) Partnership with Kotak Mahindra Bank | Ground Rents Income Fund (GRIO LN) Further clarification on doubling assets | Oxford Metrics (OMG LN) Further product innovation at Vicon | Porta Communications (PTCM LN) Strategic investment and debt reorganisation | Spirent Communications (SPT LN) Still waiting on return to top line growth | StatPro Group (SOG LN) Scale and sales hires should drive organic growth | UDG Healthcare (UDG LN) S
Companies: BQE SPT OMG UDG PTCM GRIO EPO SOG
A G Barr (BAG LN) Weak H1 update. We move to Sell | BBA Aviation (BBA LN) Signature outperforming; ERO still challenging | Dialight (DIA LN) Sales decline and high non u/l costs, but strong cash-flow | Elementis (ELM LN) Challenging H1, well positioned for future recovery | Greggs (GRG LN) A successful first half and a reassuring start to H2 | RhythmOne (RTHM LN) Another positive step | SDL (SDL LN) Building confidence in strategy execution | Spirent Communications (SPT LN) Headwinds mask underl
Companies: SPT GRG DIA BAG CTO ELM BBA RTHM RWS
Avon Rubber (AVON LN) Solid progress in subdued markets | Futura Medical (FUM LN) Recruitment closed in Eroxon® trial | Spirent Communications (SPT LN)
Solid Q1 trading update
Companies: AVON FUM SPT SPA
Spirent has released a short Q1 update for the period to March 2016. Revenue of $102.7m and adjusted operating profit of $1.8m is an improvement on the weak Q1’15 ($96.6m and $3.6m loss respectively) and in-line with expectations for the full year. The group’s largest division, Networks & Applications, continues to perform well (+14% revenue growth) with the expected tough conditions in Wireless and Positioning resulting a 9% drop in revenue. Strong cash generation resulted in $16.2m free cash i
Spirent has announced the appointment of Paula Bell as CFO. Rachel Whiting had previously announced her intention to retire at the AGM in May so we are pleased to see the group has found a suitable replacement, albeit Paula will not start until September. As CFO of Menzies plc Paula has overseen a number of strategic changes which we feel will stand her in good stead for this appointment. We continue to believe that Spirent is capable of delivering EBIT margins will in excess of our FY’18 foreca
Amino Technologies (AMO LN) Contract extension with Vodafone Netherlands | Spirent Communications (SPT LN) Appointment of CFO | Zotefoams (ZTF LN) MuCell momentum building
Companies: AFRN AGM ELM SCPA SYNT VCT BYOT PIM SYN ITX VRS SPT ZTF CRDA
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Companies: Ceres Power Holdings plc
Strix hasn’t missed a beat over the last eighteen months. Despite the pandemic and the resultant lockdowns, it was able to marginally grow earnings in FY20. The COVID impact on the income statement is barely noticeable, a year of low growth rather than the collapse in profitability experienced by others. This was topped off by the Capital Markets Day in November when the challenging five-year growth target of doubling revenue was set.
Companies: Strix Group PLC
Companies: Kier Group plc
The Velocys interims show the recognition of sales to the Red Rock Biofuels project with a good gross margin indicating the value in these sales. With recent commercial progress in Japan we see this as helping to underpin the value of these developments. Overall, the company is making progress across the board and both the policy and wider industry background, notably in aviation, remain highly supportive.
Companies: Velocys plc
Companies: Safestyle UK Plc
Companies: Judges Scientific plc
Oil declined amid Russia's plans to boost upcoming overseas oil sales and as the dollar rallied.
Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency.
Despite weaker prices on Friday, US benchmark crude futures gained more than 3% this week due to tightening supplies. In the US, crude inventories
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Plant Health Care has released its interim results in line with expectations following its trading update in July. In light of this, we do not make any changes to our numbers. We maintain our view that given current market trends, our forecasts remain well underpinned with considerable upgrade potential. Reiterate Buy.
Companies: Plant Health Care PLC
Velocys, the next generation sustainable aviation fuels (SAF) specialist, has reported interim results this morning (23 September). The company's first-half period to end June saw an encouraging rise in strategic activity, as well as a noticeable step up in general news flow surrounding the future needs of the aviation sector for renewable fuels as the industry begins its recovery from the pandemic. We note that this positive news flow has continued into the current Q3 period. The results demons
First half performance indicates that the turnaround is almost complete with Safestyle reporting the best half year financial performance since H2 2017. Revenue of £73.0m is up 73.4% yoy but more importantly increased 13.3% on the H1 ’19 performance. The recovery in revenue picked up pace during the half, after four months it was 10.9%. Gross margin increased 639bps to 32.3% on HY19 as average selling price increased 11% despite a negative movement in mix. This resulted in adj. profit before tax
Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. Despite lingering covid induced friction to global trade, Judges has delivered an excellent first half with order books rebuilding nicely. Revenue increased by 14.7% (organic +5%) to £43.0m (H1-20: £37.4m) which, after the continued sensible management of the cost base (and reduced international travel), yielded an adjusted pre-tax profit of £8.5m (H1-20 £6.4m), a 31.5% YoY increase, a
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Esken now has financing in place for the recovery. The Group has raised £55m in fresh equity and secured a £125m convertible loan from Carlyle Group, who become a strategic investor in London Southend Airport. Strategy is focused on two core divisions. The Energy division, which supplies wood biomass to green power plants is profitable and has performed robustly. Trading in Aviation remains subdued. Cargo handling at London Southend has grown strongly but passenger traffic has been hit hard by C
Companies: Esken Limited
Xeros has reported H1 2021 results for the six-month period up to end June 2021. Revenues are broadly inline but cash is slightly behind expectations due to ramp up in XFiltra investment. These results are not reflective of the longer-term potential of the Group. Despite some inevitable further pandemic-induced delays, commercial progress is encouraging, with the potential of XFiltra looking particularly exciting. We reiterate our 400p/share price target.
Companies: Xeros Technology Group (XSG:LON)Xeros Technology Group Plc (XSG:LON)
Billington provides structural steel and safety solutions to the construction industry. Despite sector wide challenges of the last 18+ months, Billington's interim results to June 2021 reflect a solid operational and trading performance. H1 revenue increased 15.1% YoY to £37.7m with adjusted PBT rising 24.6% to £0.76m. Billington commenced the year with full order books. Moreover, order intake has been strong, meaning the order book has remained at ‘consistently high levels', with the macro back
Companies: Billington Holdings Plc