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The trading update confirms H2 trading and the FY outlook is in line with expectations, with a good first-half performance and significant investment in new facilities and capabilities. Revenue growth was constrained by continuing pandemic, supply chain and Brexit effects, though with some recent signs of improvement. IHT opportunities are progressing well, including with its EV OEM, with APCBs seeing solid growth but with an increase in demand and order book, it plans to introduce a second shif
Companies: Trackwise Designs Plc
Trackwise Designs expects H121 group revenues to increase 71% year-on-year to £4.1m, reflecting the acquisition of Stevenage Circuits (SCL) in March 2020 and a 130% jump in IHT revenues to £0.6m. Management expects adjusted EBITDA to quadruple to £0.45m and adjusted operating loss to narrow from £0.4m to £0.1m. We leave our estimates unchanged.
Companies: Joules Group Plc
James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released a highly creditable full year trading update to 30th June 2021, reflecting another record revenue and PBT performance, notwithstanding the various challenges faced in the last 12 months. While H2 2021E demand remained strong, input pricing, stock availability and self-isolation of employees all had to be extremely carefully managed in order to achieve this outcome. On
Companies: James Halstead plc
Today’s H1 update makes positive reading. Since the AGM update, strong trading continued into May and June and the Group exits H1 with a strong global order book. Overall, 34% y/y sales growth / 6% LFL (vs H1-19) is a highly impressive outcome against the backdrop of UK lockdown 3.0 and ongoing CV19 related global shipping and supply chain delays. All this reflects favourably on the strategic progress under the new leadership team and supportive of the double-digit sales / margin recovery thesis
Companies: Portmeirion Group PLC
In a positive Q1 trading update discoverIE has confirmed that the strong order growth reported in H2 2021 has continued. The order book at June 2021 was £220m, 50% higher organically than last year and 30% higher organically than two years ago. Q1 was ahead of the Board’s expectations with sales +21% ahead of Q1 2021 at CER (+16% yoy organically and +10% organically compared with two years ago). By region, China and Germany have produced the strongest growth. Organic growth was similar in both d
Companies: discoverIE Group PLC
A new partnership with Alshaya Group in the Middle East, building on Debenhams established store presence in the region, the launch of a new local Debenhams eCommerce platform and providing a new route to market for the Group’s existing portfolio of brands.
Companies: boohoo group Plc
Reckitt Q2/H1 21 numbers missed estimates. Q2 sales declined 1%, hurt by slowing Hygiene growth (+7.8%) and weaknesses in Health (-5.6%) and Nutrition (-9.7%). H1 sales were up 1.5%, driven by Hygiene (+18.1%). The adjusted operating profit margin (-290bp to 21.6%) was hurt by steep rise in input prices.
FY 21 guidance (0-2% growth, 40-90bp margin contraction) was re-iterated (ex-IFCN China incremental margin offset by cost inflation). We will cut our estimates to factor in the soft growth/marg
Companies: Reckitt Benckiser Group plc
The H1 results (in line with expectations) were led by New Category growth (up by +50%) and the partial recovery from the pandemic impact. We see the outlook as good, with annual sales revised upwards and even though margins may be challenged by increased New Category investments. This is definitely good for the long term, but could be (unfairly) misinterpreted by the market at the moment.
Companies: British American Tobacco p.l.c.
L’Oréal has released its H1 21 results, very slightly above (+1.5%) consensus expectations. All divisions experienced double-digit growth except for Consumer Product. The heavier exposure to the make-up business has slowed the recovery pace of the division.
The healthy profitability driven by the rapid margin recovery in the Professional Product and L’Oréal Luxe was encouraging.
With several smashing forecasts publications seen this week, the moderate beat is not enough to comfort the market.
Companies: L'Oreal (OR:EPA)L'Oreal SA (OR:PAR)
In our second edition of “Trend spotting” we note how in the last three weeks the defensive rotation trend has gathered pace and further evidence has emerged of the “relative fading” in the UK economy. However we now see early signs of the “risk on” trend starting to reassert itself in equity markets and we look at small cap laggards plus European exposure as ways to play this.
Companies: GNS REDD SPH TRI XAR BOY VCT GHH CHH DPH INS HILS RPS LWB EKF UDG SYNT MYSL BCA JUP KMK
Due to a change in Analyst role, Cenkos Securities plc has suspended coverage of the following stocks (see table 1). Our previous recommendation and forecasts can no longer be relied upon.
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Companies: ABDP IHC BIRD JWNG MACP RBD FARN MIND EQLS CHRT
Airbus secures €15bn credit facility but partially restarts production in France & Spain, Cummins suspends production and FY20 guidance as customers shutdown
Companies: CGS HAYD HEAD HTG OXIG RSW RNO ROR TWD TRI ZTF GHH
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intend
Companies: SAR PAF PTRO NEXS TYM BOD CLX FAB ODX DUKE