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The quarter enjoyed the ongoing recovery in revenue margins and net provision releases further boosted by a portion of the announced tax gains. The question is not at what pace profitability will recover but instead at what pace will it normalise? In the meantime, the group is accumulating excess capital that will be returned to shareholders.
Companies: Lloyds Banking Group plc
Duke has provided a positive Q1/21 update, confirming a record quarterly cash revenue, exceeding results seen prior to COVID-19. This evidences Duke's successful navigation of the pandemic and the strength of its portfolio, where NAV has remained above 30p p/s. Q2/22 should see cash revenues materially rise to c£3.2m given recent deployments, boding well for future DPS uplifts. Our forecasts remain unchanged, awaiting further deployments, but we see great upside potential via FV gains, as tradin
Companies: Duke Royalty Limited
The quarter enjoyed stronger-than-expected provision releases and a partial reversal of the first quarter negative equity adjustments, whereas the DTA remeasurement offset ongoing restructuring charges.
Companies: Barclays PLC
Companies: Oakley Capital Investments
Avation is a lessor of 44 aircraft to a diversified airline client base of 19 commercial airlines across 15 countries. This morning, the group has provided a brief update as of 30 June 2021, which points to an impairment review having been completed in line with its standard accounting policies across its turboprop, narrow-body and wide-body fleet. The net impact is to reduce the book value of the fleet by c.$32m, which follows on from the H1 2021A impairment of $46.7m. Management believes that
Companies: Avation PLC
TPFG has delivered an impressive H1/21E trading update, confirming a doubling of interim revenues. The result reflects a buoyant sales market and only a partial contribution from sales-focused Hunters, whose March 2021 purchase looks astute. Given sales pipelines remain robust (set to convert largely over H2/21E); the 73k managed properties continue to provide a high degree of recurring & transactional income; and Ewemove continues to scale quickly, we view the outlook positively. Despite the sh
Companies: Property Franchise Group PLC
Trident Royalties Plc (AIM: TRR) has, this morning, announced the appointment of Mr Peter Bacchus as Non-Executive Director with immediate effect with James Kelly stepping down to pursue other business interests. We would also like to highlight the favourable development at Thacker Pass Lithium Project, over which Trident holds a Gross Revenue Royalty (GRR), where a federal judge denied a motion from four environmental groups to stop digging at the planned lithium mine.
Companies: Trident Royalties Plc
Ground Rents Income Fund (GRIO) has today released its Interim Results for the period ending 31 March 2021. The NAV fell by 1.1% to £101.4m (104.5 pps). Dividends of 1.98p have been paid over the six month period, but going forward the Board have announced that they will be reducing the annual dividend target to 3.0pps and expect the dividend to be fully covered by the year ending 30 Sep 2022. At the AGM in March, shareholders approved the authority for the Company to purchase up to 14.99% of it
Companies: Ground Rents Income Fund PLC
Altus Strategies* (ALS LN) - La Mancha launches La Mancha Fund, a Luxembourg based long only fund dedicated primarily to gold mining.
Ariana Resources (AAU LN) – Kiziltepe production guidance maintained
Castillo Copper (CCZ LN) – Quarterly report highlights the ‘Big One' prospect
Chaarat Gold (CGH LN) – Robust Kapan production in H1/21 with Tulkubash funding completion pushed to Q3/21
Glencore (GLEN LN) – Glencore to pay $9.85m to settle zinc rigging dispute
Jervois Mining (JRV AU) – Jervoi
Companies: SO4 ALS AAU CGH GLEN POW TYM CCZ JRV LYC
The quarter enjoyed accelerated provision releases. The improved visibility on the group’s mid-term perspectives enabled management to increase its capital distribution plan over the next three years.
Companies: NatWest Group Plc
The past year has been highly successful for Deltic. The key highlight was the irrevocable decision by the Shell/Deltic JV at the end of March to drill the Pensacola Zechstein prospect. This decision was an important validation of Deltic’s technical capabilities. We would also identify three other important developments. These are the upgrade to the chance of success on Selene, the de-risking of the Cupertino and potentially the Cortez prospects and the award of six licences under the UK’s 32nd
Companies: Deltic Energy PLC
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
Duke has today confirmed its second new royalty partner this month, through a £7.7m agreement with InTec Business Solutions (InTec). The deal, disclosed in April's placing, sees Duke re-establish exposure to the technology sector (following Welltel's earlier exit), maintains portfolio diversification and takes the current royalty portfolio to eleven partners. Should the other disclosed deal from the placing be executed as planned, we would expect to revise FY22E forecasts. The stock currently tr
DSM offers a rare opportunity to gain exposure to a concentrated portfolio of UK micro-cap stocks, an area of the market which is often overlooked. The portfolio has navigated the pandemic well, with most holdings having either returned to or exceeded pre-Covid levels. The companies have also emerged from the crisis in a much stronger position with far more operationally efficient business models. A series of positive trading updates and director buying across 60% of the portfolio since the star
Companies: Downing Strategic Micro-Cap Investment Trust PLC GBP
Record’s assets under management equivalent (AUME) has continued to grow in Q122 with net inflows including the launch of the new Record Emerging Market Sustainable Finance Fund. This is the first of several new product initiatives to be realised and will contribute to diversification of revenues. The group is also continuing to focus on modernisation and succession to support future growth.
Companies: Record plc