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The group posted a strong set of results showing faster and stronger-than-expected net interest margin expansion and no signs of a deterioration and above all anxiety on the asset quality front. It remains to be seen if the UK government will allow banks to hold on to the benefit of interest rate increases and if the UK economy proves as resilient as expected.
Companies: Lloyds Banking Group plc
Revolution Beauty has announced a downgrade to the outlook for FY23 driven by retailer challenges and the unprecedented macroeconomic backdrop. It has confirmed it will now report FY22 results on 30 August 2022.
Companies: Revolution Beauty Group plc
Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy
Companies: EQT IES DRX NESF PHE SAE
Cenkos:Duke Royalty Ltd -Record revenues keep on rolling
Companies: Duke Royalty Limited
Companies: Oakley Capital Investments Limited
Management’s reluctance to commit to precise short-term guidance signals that the strong first-half operating performance cannot be taken for granted. The return to a sustainable decent profitability level (above 10%) remains a distant objective as reminded by the management itself.
Companies: Barclays PLC
Companies: Renewables Infrastructure Group (TRIG:LON)Oakley Capital Investments Limited (OCI:LON)
Market performance washed over Liontrust and was the primary detractor as AuM fell by 11% organically (+2% incl. Majedie completion). There were net outflows (£541m) which are never ideal, but exploring this further we see that these are distributed across products/channels, making them relatively near-negligible despite prevailing caution. The AuM outturn was lower than our £35.7bn estimate, driving a 5-6% reduction to our earnings estimates. We think the current 8x PER is pricing in “worst cas
Companies: Liontrust Asset Management PLC
Singer Capital Markets
Companies: Gore Street Energy Storage Fund PLC
Dish of the day
No joiners today.
No leavers today.
What’s cooking in the IPO kitchen?
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export
Companies: SDI FUL PURP OSI IXI BSE BRSD ATM
A year on from the end of lockdown on July 19 2021, celebrations at the UK's economic bounce-back in H2-21 have long lost their fizz. Two intertwined themes have remained salient / gathered pace over the past six months since our mid-year sector review: exchange rates and inflation. As we write today, press speculation is focussing on the possibility of a 0.5% rise in UK interest rates in August, billed as the biggest move in 27 years. Looking further afield, economists are looking to the F
Companies: FOUR JIM JIM CODE PEN PTD WATR SPSY
Calima Energy (CE1 AU)C; Target price of A$0.70 per share: No surprise in the 2Q22 update – 2Q22 production was 3,839 boe/d. While this is lower that the initial guidance provided by the company, this is higher than we expected (3.7 mboe/d) following the announcement in early July of low production in June due to unexpected weather and maintenance issues. As announced in early July, production is back to 4.1 mboe/d. 3Q22 production gui
Companies: VOG UKOG SQZ SLE SEPL RHC RHC PPC XOM XOM NOG JSE XOP ABP CE1 DEC FEC BP/ TETY TETY EQNR EQNR OMV OMV REP REP ENI ENI TTE
This quarter’s key observations
• Subsector performance: Marketplaces was by far the best performing subsector from an aggregate share price perspective (up 19.9%) vs. an average –5.2% for the other five subsectors. UK Digital Media was the worst performing subsector with a -12.4% aggregate share price move.
• Valuation trends: UK Managed Services saw the largest EV/ EBITDA derating (-2.1x) and is now on the lowest EV/Sales multiple (1.5x FY1) and second lowest average EV/EBITDA (11.3x FY1
Companies: CNIC BIG DEVO LBG OTMP SYS
NESF has boosted its effective electricity price hedging with the winning of 86W under the UK’s CfD renewable support scheme. This provides an index-linked 15-year income stream providing a strong underpinning to the fund’s earnings.
Companies: NextEnergy Solar Fund Ltd
Enclosed is our weekly round-up of news and updates from the professional services sector.
Companies: Personal Group Holdings Plc