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Duke have released their annual results for the FY22A year ending 31 March 2022 and are in-line with both their prior trading update and our own expectations. FY22A was a behemoth year for the business as it transitioned from a more defensive positioning during the outset of the pandemic to an expansionary phase as things began to settle. We have released forecasts for FY24E for the first time and is a useful gauge for what a normalised year looks like post-deployment of available funds during F
Companies: Duke Royalty Limited
Companies: Plus500 Ltd.
CLIG’s annual report & accounts is precisely in line with its pre-close update of 19 July, which revealed $102m of net inflows, Sterling value of Group Funds under Management “FUM” of £7.6 billion and recommendation of a final DPS of 22p (2021 final: 22p).
Companies: City of London Investment Group PLC
Results are consistent with August’s update and confirm a breakout FY22, as Made Tech materially scaled its business – growing revenue 120% y/y (organic) to £29.3m, an exceptional result, which in turn drove a return to profitability, AOP: £2.3m (PY:£-0.8m). This was achieved by Made Tech more than doubling its headcount and alongside this, also delivered sales bookings of £51.1m (+115% y/y) which includes Made Tech’s largest ever win. Made Tech’s y/e backlog is also up sharply at £38.2m (+133%
Companies: Made Tech Group PLC
Singer Capital Markets
Companies: Aquis Exchange Plc
Companies: Gore Street Energy Storage Fund PLC
Facilities by ADF have released interim results for the period ending 30 June 2022 and in-line with their prior trading update. ADF achieved record revenues in H1/22A and has continued to grow their fleet to support future growth. The current trading and outlook remain in-line with our expectations, and we leave forecasts unchanged. The valuation remains attractive with an FY23E P/E ratio of 10.1x and a normalised FCF yield of c15%.
Companies: Facilities by ADF PLC
Companies: FNX JOG PCIP
Salarius announced a product line expansion for MicroSalt®. Demand for MicroSalt®, as a low sodium salt alternative, has resulted in a new line of table salt shakers for direct to consumer and business sales starting 1 October 2022. MicroSalt® Salt Shakers are going to be launched at Expo Food Eas as part of: The Natural Products Expo being held 28 September to 1 October 2022 in Philadelphia, US.
Companies: Tekcapital Plc
Inflation has now persisted beyond most people's 2021 expectations for a “short term blip” following the COVID crisis, and investors are increasingly under pressure to generate positive real returns in the first highly inflationary (i.e., >5%) environment since 1991. We expect a degree of asset price volatility to continue across all asset classes for quite some time.
In this note we look at the factors behind the current inflationary environment, evaluate which ones are likely to persist and
Companies: AEWU BERI HICL HHI ADIG PCFT PHP TRIG RICA SERE SEIT
Capital Access Group
Time Finance released their FY22 annual results ending 31 May 2022 in-line with the trading update in July. It has also released a Q1/23A update which provides colour on the success of its new strategy focused on the core business. We leave forecasts unchanged and believe the company remains on track to hit our FY23E forecasts. Time looks significantly undervalued given it trades on a P/TNAV of 0.5x, an FY24E PE of 4.1x and over 65% growth forecasted in Adj PBT over the next two years.
Companies: Time Finance plc
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Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming co
Companies: MEX RBBS BBSN JADE LTG PCIP
Tavistock’s full year results confirm the year to March 2022 was its most impressive to date with a balance sheet changing disposal and continued growth of the advisory business. The highlight of the year was the transformational disposal of Tavistock Wealth, the Group’s wealth management business, for up to £40m. The initial £20m receipt enabled debt repayment, share buy backs and dividend payments but the Company still ended the year with a net cash position of over £15m. The retained advisory
Companies: Tavistock Investments PLC
We note Friday's RNS from JIM announcing that part of their business is subject to a Section 166 review and that there are restrictions in relation to certain of its Model “B" clients. JIM provides an efficient and cost-effective trading product together with an outsourced settlements and administration operation. The latter, intended largely for wealth managers, including IHT and pension schemes, fund managers and stockbrokers, is the Model “B” business stream alluded to in the announcement.
Companies: Jarvis Securities (JIM:LON)Jarvis Securities plc (JIM:LON)
Companies: Real Estate Investors plc