Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NORTHGATE PLC. We currently have 18 research reports from 2 professional analysts.
|06Dec16 07:00||RNS||Directorate Change|
|06Dec16 07:00||RNS||Half-year Report|
|02Dec16 07:00||RNS||Company Secretary Announcement|
|10Oct16 10:23||RNS||Holding(s) in Company|
|28Sep16 07:00||RNS||Change in Board Responsibilities|
|28Sep16 07:00||RNS||Change of Registered Office|
|26Sep16 10:45||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
N+1 Singer - Northgate - Trading in line, change in CEO
06 Dec 16
In H1 Northgate was a tale of two countries, with Spain continuing to grow (operating profit +4.7%) and the UK struggling to take advantage of a market leading position and generally supportive market conditions (operating profit -25%). There are, though, signs that the UK performance is stabilising, which bodes well for H2. Full year guidance is reiterated this morning. The other significant news this morning is the departure of Bob Contreras as CEO after 9 years. He will be replaced by Kevin Bradshaw, previously UK MD of Avis Europe. We are inclined to retain our HOLD recommendation at this stage, although a price/book valuation of little more than 1x suggests value in the shares, and reiterated guidance should be well received.
N+1 Singer - Morning Song 21-09-2016
21 Sep 16
Sinclair’s interim results for the six-month period to 30th June are in line with expectations and the company’s trading update in July, with revenue of £17.3m and a strong balance sheet at period-end in spite of significant deferred consideration payments during the period. The potentially transformational US launch of Silhouette Instalift™ is ongoing since August, backed by ThermiGen’s 65-strong sales force. We remain at Buy with a target price of 42p.
N+1 Singer - Northgate - Results in line, softer UK performance
28 Jun 16
Northgate’s FY16 results are a touch ahead of our expectations (PBT 1% ahead at £82.9m) as continuing strength in Spain offset a softer than expected performance in the UK. DPS has increased by a generous 10%, ahead of expectations, given the ample cover (3x). Net debt was better than expected following recent currency movements (£:€) at £309.9m (£354m forecast). In the UK, average vehicles on hire were 3% lower than the prior year and the year end number of vehicles on hire was 45,700, down from 48,600 last year. Average utilisation was 87% (from 88% last year). This partly reflects lower demand from the renewables sector as well as a planned reduction in short term rentals. In Spain, average vehicles on hire and utilisation were consistent with the prior year. The outlook statement points to a stronger second half weighting this year having begun the new year with a lower number of vehicles on hire than expected. This will be reliant on a positive influence from recent UK management changes. The big unknown is clearly any impact from the recent Brexit vote, and it is too early to predict the impact of this.
N+1 Singer - Morning Song 28-06-2016
28 Jun 16
Swallowfield has completed the acquisition of Brand Architekts, a highly profitable portfolio of beauty & personal care brands with good growth potential. This is a transformational deal, establishing critical mass in SWL’s owned brand portfolio, one of its 4 key strategic pillars, and strengthening growth prospects. It has paid £11m (£8m new equity). The deal materially enhances EBITDA margins (c10% by FY’19) and cash generation and led us to upgrade EPS by 29% (see 6 Jun note). The extra scale and growth suggests potential to deliver £100m revenue/£10m EBITDA in the future.
N+1 Singer - MS - Support Services - Chaos and uncertainty cloud sector view
27 Jun 16
It is still clearly too early to predict the full repercussions of the vote to leave the EU. The events of the past couple of days have been seismic enough with the resignation of the Prime Minister, the prospect of another Scottish independence referendum and the disintegration of the Shadow Cabinet. There is no timetable for Brexit and there is speculation that a compromise deal may be sought or even that the Scottish Parliament could veto the whole thing. None of this is likely to be resolved quickly and there is a threat of UK recession. Some are even anticipating a structural rather than a cyclical downturn. We sincerely hope that these concerns are overdone but the current uncertainty does somewhat undermine our sector view of a benign economic backdrop. As a result, we retire our BUY recommendations on Speedy Hire and Northgate, given the historic cyclicality of both businesses. If we were to look for safer havens, we would highlight Restore and Vp, both of which we would expect to outperform peers.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
06 Dec 16
Acal’s H117 results reflected the weaker demand that was previously flagged combined with positive FX trends. Design & Manufacturing (D&M) continues to grow as a proportion of total revenues and profits and management has raised its targets for this part of the business. The company continues to consider further acquisitions, recently increasing its debt facility to support its growth strategy. The outlook for FY17 is unchanged – based on H117 order inflow, H217 is expected to be stronger and we leave our earnings forecasts substantially unchanged.