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%

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

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

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

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

Hybridan Small Cap Feast - 02 Feb 23

02 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

James Halstead - H1 trading update robust with an improving H2 outlook; EPS unchanged

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released a robust update for the six months to 31 December 2022, pointing to revenue growth of c.8-9% ahead of the comparative period, set against a lack of international shipping availability, high energy and raw material costs. Since December, JHD reports that it has seen international freight and raw material costs beginning to ease, with energy costs not increasing beyond

WH Ireland: James Halstead (JHD) - AGM - robust demand against costs pressures; EPS forecasts reduced 2%

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning provided an update to coincide with its AGM, pointing to continued robust demand in the commercial flooring market. Set against this, cost pressures continue, most notably in energy at the group's production facilities, while strike action at Radcliffe reduced production by an estimated eight weeks. On the back of the update, we have nudged our 2-year earnings expectations low

WH Ireland: James Halstead (JHD) - FY results slightly ahead; delivering against a challenging backdrop

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released full year results to 30 June, marginally ahead of our forecasts and illustrating a robust performance in the year against a highly challenging backdrop, with at least one global competitor falling into receivership during the period. The current financial year is reported to have started well, with both pricing and volumes moving higher but with the increase in energy

Year-end update – positive demand set against margin pressures

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released a full year update, pointing to a continuation of the trends previously reported, in other words positive demand offset by margin pressures. Revenue in the year is reported to have moved 9-10% higher, which was set against the various logistical and inflationary challenges presented and management deliberately choosing to invest in stock to ensure demand can be met in

Hybridan Small Cap Feast 01/02/2022

Joiners: Unbound Group PLC has joined AIM, (currently called Electra Private Equity PLC on the Main Market). Unbound Group, will be the parent company for a range of brands focused on the 55 plus demographic. Initially focused on Hotter Shoes, Unbound's curated, multi-brand retail platform will offer additional products and services that will enhance the enjoyment and wellbeing of its targeted customer community. This online platform will be based on the foundations of Hotter Shoes as a trusted

WH Ireland: James Halstead (JHD) - H1 update illustrates another robust performance against challenges; forecasts unchanged

James Halstead is a manufacturer and international distributor of commercial floor coverings. This morning, the group has provided a short H1 2022E update, pointing to the fact that demand since its AGM update in November has been robust, particularly in the UK, and across a diverse range of projects. As a result, H1 revenue in the six months to 31 December 2021 is expected to be ahead of the comparative period.

Morning Note – 22 April 2024

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

SP Angel Spec Sits: FY Trading Update (LTHM)

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

AUCTUS ON FRIDAY - 19/04/2024

AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te

VSA Morning Flow Test 19/04/24 (Quadrise)

Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: SigmaRoc: Solid Q1 performance

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

Epwin (EPWN LN) - Strong performance in difficult markets with EBIT +19% yoy

Epwin’s FY23 results show a strong performance in both absolute and relative terms with operating profit increasing 19% yoy to £25.5m (FY22: £21.5m) as the margin expanded 140bps yoy to 7.4%.

Morning Note – 26 March 2024

Hybridan Small Cap Feast - 14 Mar 2024

Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024